DEED OF REAL ESTATE MORTGAGE

KNOW ALL MEN BY THESE PRESENTS:

This CONTRACT OF REAL ESTATE MORTGAGE is, made, executed and

entered into this 12th day of October, 2019 at the City of Dagupan,

Pangasinan by and between:

Josephina Santos, of legal age, single, Filipino Citizen, and with

residence and postal address at #143 A.B. Fernandez East., Dagupan City,

Pangasinan, hereinafter referred to as the DEBTOR / MORTGAGOR;

-AND-

PHILIPPINE NATIONAL BANK, a Government Owned and

Controlled Banking Corporation duly organized and existing under

Philippine laws, with principal office address at BDO Plaza, 8737 Paseo de

Roxas, Makati City, represented herein by its President, Prudencio Ruiz A.

Agacita, hereinafter referred to as the CREDITOR / MORTGAGEE.

WITNESSETH THAT;

WHEREAS, the MORTGAGOR is the absolute and registered owner of

a parcel of land situated at A.B. Fernandez West, Dagupan City, Pangasinan,

covered by Transfer Certificate of Title No. 85960 of the Registry of Deeds for

Dagupan City with a total land area of 500 square meters and valued at ONE

MILLION PESOS (1,000,000), which title is attached hereto as Annex “A”;

WHEREAS, the MORTGAGOR is indebted unto the MORTGAGEE in

the principal sum of FIVE HUNDRED THOUSAND PESOS (P500,000),

Philippine Currency, under and by virtue of a Promissory Note (“Note),

receipt of which is acknowledged by the MORTGAGOR upon the signing of

this instrument, payable to the order of the MORGAGEE without need of

prior demand or notice within a period of FIVE years at ONE HUNDRED

THOUSAND PESOS (P100,000) yearly starting on October 12, 2019,

thereafter until fully paid, with interest thereon at the rate of SIX PERCENT

(6%) percent per annum, attached herewith and made an integral part hereof

as Annex “B”;

WHEREAS, the MORTGAGOR has agreed to secure the payment of

the Note to the MORTGAGEE by means of a good and valid mortgage upon

the property herein described below;

WHEREAS, in case the maturity of the loan is extended, upon mutual

agreement in writing of the Parties, this mortgage shall be a continuing

security for the obligation/s of the MORTGAGOR to the MORTGAGEE

without the necessity of executing a new contract of Real Estate Mortgage;

NOW, THEREFORE, for and consideration of the foregoing premises

and as security for payment of the aforesaid obligation, the MORTGAGOR

has transferred and conveyed, and by these transfer and convey by way of

MORTGAGE, unto the MORTGAGEE, its successors and assigns, the

following parcel of land situated at A.B. Fernandez West, Dagupan City,

Pangasinan together with all the improvements found and standing thereon,

more particularly described as follows:

"A PARCEL OF LAND (Lot 20 Blk 54 of consolidation subdivision plan

(LRC) Pcs-13265, being a portion of the consolidation of Lots 4751-A and

4751-B (LRC) Psd-50533, Lot 3, Psd-100703, Lot 1, Psd-150980, LRC Rec.

Nos. Nos. N-27024, 51768, 89632, N-11782, N-13466, and 21071 situated in

the Bo. A.B. Fernandez West, City of Dagupan, Prov. of Pangasinan, Is. of
Luzon. Bounded on NE., point 4 to 1 by Road Lot 22, on...to the point of

beginning; containing an area of 500 square meters more or less..."

That it is the condition of this Mortgage that should the MORTGAGOR

perform the obligation to pay the afore-cited indebtedness of FIVE

HUNDRED THOUSAND PESOS (Php 500,000), Philippine Currency

together with accrued interest thereon, within the agreed term, this Real

Estate Mortgage shall be discharged and shall at once become null and void

and of no effect whatsoever, otherwise, it shall subsist and remain in full

force and effect and be subject to foreclosure in the manner and form

prescribed by law.

It is also agreed and understood that if at any time the MORTGAGOR

shall fail or refuse to pay the obligations herein secured, or default in any

installment(s) and/or amortization(s) of such indebtedness or the principal

obligation when due, or to comply with any of the conditions and stipulations

herein agreed or in the separate instruments evidencing the obligations

hereby secured or shall, during the time this mortgage is in force, institute

insolvency, suspension of payment or similar proceedings, or be involuntary

declared insolvent or writ of garnishment and/or attachment be issued

against any of the assets or income of the MORTGAGOR or if this mortgage

cannot be recorded in the Registry of Deeds, then all the obligations of the

MORTGAGOR secured by this Mortgage shall immediately become due and

payable and defaulted and the MORTGAGEE may immediately foreclose this

mortgage judicially, or extra-judicially pursuant to Act No. 3135, as amended.

The MORTGAGEE is hereby appointed attorney-in-fact of the

MORTGAGOR, with full power and authority to take actual possession of the

mortgaged property at once, and to forthwith foreclose this mortgage

judicially, or to sell the above-described properties extra-judicially in

accordance with Act No. 3135, as amended, and to take such other action(s)

as he may be deem necessary to recover the amount due; and in the event of

such judicial or estra-judicial foreclosure or other legal action, the

MORTGAGEE shall be entitled to compensation for expenses, attorney’s fees

and costs of collection, which is stipulated to be twenty five percent (25%) of

the indebtedness then unpaid but not less than Php50,000.00.

IN WITNESS WHEREOF, parties herein affixed their signatures on the 12th

of October 2019, at Dagupan City, Pangasinan.

Josephina Santos Prudencio Ruiz Agacita (For PNB)

MORTGAGOR MORTGAGEE

SIGNED IN THE PRESENCE OF:

Lex Angelo G. Rosario Dexter D. Pamoleras

 ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES )

Province of Pangasinan )
City of Dagupan ) SS.

Before me, a Notary Public in the City of Dagupan, personally appeared:

Name CTC Number Date /Place Issued

Josephina Santos HG-0345785 January 4, 2001 / Manila
Prudencio Ruiz
BPI-0245239 February 5, 2001 / Manila
Agacita

Known to me and to me known to be the same persons who executed

the foregoing instrument and acknowledged to me that the same are their

free act and voluntary deed.

This instrument, consisting of five (5) pages, including the page on

which this acknowledgment is written, refers to a DEED OF REAL ESTATE

MORTGAGE and has been signed on the left margin of each and every page

thereof by the concerned parties and their witnesses, and sealed with my

notarial seal.

WITNESS MY HAND AND SEAL, on this 12th day of October 2019 at

Dagupan City.

Notary Public

JURY ANN P. DE LEON

NOTARY PUBLIC- Dagupan City
Appointment No. 2423
Until December 31, 2019
Roll no. 1130
PTR no. 5678, January 11, 2007, Manila
IBP no. 0011, January 11, 2006, Manila
Office Address: Kaluyagan Building, Roxas Blvd., Dagupan City
Email: juryanndeleon@gmail.com
Contact Number: 09263351197

Doc. No. 11;

Page No. 1-5;
Book No. 1;
Series of 2019.
 ANNEX “B”

PROMISSORY NOTE

FOR VALUE RECEIVED, the undersigned BORROWER promises to pay

to the order of HOLDER, at such address as the holder hereof may designate in
writing, without gracem except as may be otherwise expressly provided for
herein, the principal sum of FIVE HUNDRED THOUSAND PESOS (PHP 500,
000.00), Philippine Currency, plus interest of SIX PERCENT (6%) PER ANNUM
on the principal, at an installment of ONE HUNDRED THOUSAND PESOS per
annum. Payments of the interest shall start on October 1, 2018, thereafter until
fully paid. The Borrower shall have the right at any time or from time to time to
pay all or a portion of the principal without premium or penalty. Prepayments
may not be reborrowed. Any default or delay in the payment of any installment
shall bear a penalty of THREE PERCENT (3%) per month by way of liquidated
damages.

This Note is secured by a Mortgage of even date herewith executed by the

undersigned in favor of the Payee herein, which is a lien on certain collateral
security as described therein.

Should suit be brought to recover on this note, or should the same be

placed in' hands of an attorney for collection, Maker promises to attorney fees
equal to FIFTEEN PERCENT (15%) of the principal and costs incurred in
connection therewith. This note shall be governed and construed accordance with
the laws of the Philippines, and suit hereon may be brought in the Regional Trial
Court of San Carlos City, Metro Manila, and for this purpose, BORROWER
hereby expressly consents to the venue and jurisdiction of said court.

Failure of HOLDER to exercise any option hereunder shall not constitute

a waiver of the right to exercise the same in the event of any subsequent default
or in the event of the continuance of any existing default after demand for strict
performance hereof.

BORROWER hereby waives demand, diligence, presentment for payment,

protest or notice of demand and exercise of any option hereunder. BORROWER
or each individual and entity signing this note, whether or not as a
BORROWER, further agrees that the granting of any extension or extensions of
time for payment of any sum or sums due hereunder, or under any other
instrument securing this note, or for the performance of any covenant, condition
or agreement hereof or thereof or the taking release of other or additional
security shall in no way release or discharge the liability the BORROWER or any
signor or any guarantor hereof.

Time is of the essence of this note and each and every term and provision
herein is intended to insure the prompt payment of the obligation.

IN WITNESS WHEREOF, parties hereto have executed this Note this 15th day
of September, 2019.

Prudencio Ruiz Agacita

Josephina Santos (for Philippine National Bank)
Borrower Holder
SIGNED IN THE PRESENCE OF:

Emelita R. Perez Gilbert F. Rosario

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES )

Province of Pangasinan )
City of San Carlos ) SS.

BEFORE ME, a Notary Public for and in the City of San

Carlos, personally appeared:

Name CTC Number Date /Place Issued

Josephina Santos GE-1903553 December 1, 2000 / Manila
Prudencio Ruiz
DR-3456577 November 28, 2000 / Manila
Agacita

Known to me and to me known to be the same persons who executed the

foregoing instrument and acknowledged to me that the same are their free act
and voluntary deed.

This instrument, consisting of two (2) pages, including the page on which
this acknowledgment is written, refers to a PROMISSORY NOTE and has been
signed on the left margin of each and every page thereof by the concerned parties
and their witnesses, and sealed with my notarial seal.

WITNESS MY HAND AND SEAL, on this 15th day of September 2019 at

Dagupan City.

Notary Public

JURY ANN P. DE LEON

NOTARY PUBLIC- Dagupan City
Appointment No. 2423
Until December 31, 2019
Roll no. 1130
PTR no. 5678, January 11, 2007, Manila
IBP no. 0011, January 11, 2006, Manila
Office Address: Kaluyagan Building, Roxas Blvd., Dagupan
City
Email: juryanndeleon@gmail.com
Contact Number: 09263351197

Doc. No. 1;
Page No. 3-4;
Book No. 1;
Series of 2019