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It is further agreed that the amount secured by the herein MORTGAGE shall
earn an interest of three (3%) percent monthly and that the same shall be deemed
automatically extinguish and without any force and effect upon payment of said
amount, including earned interest, within the period of TWO (2) years from date
hereof.
Furthermore, it is agreed that the parties will allow a NINETY (90)-day grace
period for the payment of the consideration and interest from the lapse of the TWO
(2) years.
Lastly, it is agreed upon that the MORTGAGEE will cause the cancellation of
the Memorandum of Encumbrance annotated at the back of the Transfer Certificate
of Title subject of this deed.
IN TESTIMONY WHEREOF, we have hereinto affixed our signatures this day 9th
day of February 2019 in the Province of Lanao del Norte, Philippines.
GAVIOLA M. MALAQUE
2
Mortgagee
_____________________ ____________________
ACKNOWLEDGEMENT
BEFORE ME, a Notary Public, for and in the City of Cebu, personally
appeared the following:
GAVIOLA M. MALAQUE
ID number:
SOFIA P. MARTINEZ
ID number:
DANILO F. MARTINEZ
ID number:
with their respective Identification nos. indicated below their names, known to me
and to me known be the same persons who executed the foregoing Real Estate
Mortgage and they acknowledged before me that the same is their free and
voluntary act and deed.
That this instrument consisting of three (3) pages including the page
whereon the acknowledgement is written has been signed at the left hand margin by
the parties and their instrumental witnesses.
WITNESS MY HAND AND SEAL THIS 9th day of February 2019 in Province of
Lanao del Norte, Philippines.