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    Lease of Personal Property

    Uploaded by

    Rudolph Alcazaren
    This document is a chattel mortgage between a mortgagor and mortgagee. The mortgagor owes the mortgagee PHP 50,000 and to secure repayment, the mortgagor conveys ownership of his 1987 Mitsubishi 4-door sedan to the mortgagee. The chattel mortgage will become void if the mortgagor repays the PHP 50,000 loan plus any repair costs within the specified period, otherwise the mortgagee will retain ownership of the vehicle.

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    © All Rights Reserved
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    Lease of Personal Property

    Uploaded by

    Rudolph Alcazaren
    56 views2 pages
    This document is a chattel mortgage between a mortgagor and mortgagee. The mortgagor owes the mortgagee PHP 50,000 and to secure repayment, the mortgagor conveys ownership of his 1987 Mitsubishi 4-door sedan to the mortgagee. The chattel mortgage will become void if the mortgagor repays the PHP 50,000 loan plus any repair costs within the specified period, otherwise the mortgagee will retain ownership of the vehicle.

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    LEASE OF PERSONAL PROPERTY.docx

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    This document is a chattel mortgage between a mortgagor and mortgagee. The mortgagor owes the mortgagee PHP 50,000 and to secure repayment, the mortgagor conveys ownership of his 1987 Mitsubishi 4-door sedan to the mortgagee. The chattel mortgage will become void if the mortgagor repays the PHP 50,000 loan plus any repair costs within the specified period, otherwise the mortgagee will retain ownership of the vehicle.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    56 views2 pages

    Lease of Personal Property

    Uploaded by

    Rudolph Alcazaren
    This document is a chattel mortgage between a mortgagor and mortgagee. The mortgagor owes the mortgagee PHP 50,000 and to secure repayment, the mortgagor conveys ownership of his 1987 Mitsubishi 4-door sedan to the mortgagee. The chattel mortgage will become void if the mortgagor repays the PHP 50,000 loan plus any repair costs within the specified period, otherwise the mortgagee will retain ownership of the vehicle.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    CHATTEL MORTGAGE

    KNOW ALL MEN BY THESE PRESENTS:

    That I, ______, Filipino, of legal age, single and a resident of ________ Philippines hereinafter
    known as the MORTGAGOR, and ________, of legal age, married, Filipino and a naturalized American
    citizen with postal address at ________________hereinafter known as the MORTGAGEE, witnessth:

    That the MORTGAGOR is indebted unto the MORTGAGEE in the sum of FIFTY THOUSAND
    PESOS (P50,000.00) Philippine Currency, receipt of which is acknowledged by the MORTGAGOR
    upon the signing of this instrument, payable within a period of _____ years, with interest thereon at the
    rate of 10% per annum.

    That for, and consideration of, this indebtness, and to assure the performance of said obligation to
    pay, the MORTGAGOR hereby conveys by way of CHATTEL MORTGAGE unto the MORTGAGEE,
    his heirs and assigns, the following personality now in the possession of said MORTGAGOR.

    MAKE : Mitsubishi MOTOR NO. : 4G1114


    YEAR MODEL : 1987 CHASSIS NO. : AO5AXNMHL6
    BODY TYPE : 4-door sedan PLATE NO. : GHF 939

    That the condition of this obligation is that should the MORTGAGOR perform the obligation to
    pay the hereinabvove cited indebtedness of FIFTY THOUSAND PESOS (P50,000.00) together with
    accrued interest hereon, plus the actual value of any repair work related expenditures of the said vehicle
    while in the possession of the MORTGAGEE, this chattel mortgage shall at once become null and void
    and of no effect whatsoever, otherwise, it shall remain in full force and effect.

    IN WITNESS WHEREOF, the parties have hereunto set their hands this_________day of_______2018
    at Cebu City, Philippines.

    ___________________________ ________________________
    MORTGAGOR MORTGAGEE

    IN THE PRESENCE OF:

    ___________________________ ________________________

    ACKNOWLEDGEMENT

    Republic of the Philippines)


    ______________________) S.S.

    BEFORE ME, personally appeared:

    Name CTC Number Date/Place Issued

    Known to me to be the same person who executed the foregoing instrument and acknowledged tome that
    the same is their free and voluntary act and deed.

    WITNESS MY HAND AND SEAL, on the date and place first above written.

    Doc. No.______
    Page No.______
    Book No.______
    Series of 20____

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