THIS MORTGAGE AGREEMENT made and entered into this _____ day of July, 2012, by and between MRS. FEDERINA BALANAY QUINAY, the legal spouse of the late Mr. Federico C. Quinay, Sr. whose address is at Brgy. Luinab, Iligan City, hereinafter referred to as the “Mortgagor”; and MRS. AUDI QUINAY LIQUINGAN, the legal spouse of Mr. Menard Q. Liquingan whose address is at Ineangan, Dupay Del Norte, Nueva Vizcaya, hereinafter referred to as the “Mortgagee”.
WHEREAS, the Mortgagor owns an immovable property consisting of a plot of land situated at Ineagan, Dupay del Norte, Nueva Viscaya with TCT No. 036-T-75115 and with a total land area of four hundred seventy two square meters (472 sq.m.).
WHEREAS, the Mortgagor has requested the Mortgagee to lend her a sum of Thirty Thousand Pesos (Php 30,000.00) which the mortgagee has agreed on the mortgagor mortgaging the said property.
IT IS AGREED by both parties that during the effectivity of this Agreement, the Mortgagee cannot make any improvements, constructions, enter into another mortgage agreement, or sell the said mortgaged property without any prior written agreement from the Mortgagor.
IT IS ALSO FURTHER AGREED AND DECLARED by both parties that this Agreement be terminated after the Mortgagor pays the Mortgagee the mortgage amount of thirty thousand pesos only , with no interest rates, regardless of the length of time the mortgage amount is paid.
IN WITNESS WHEREOF, both has put their hands the day and year hereunto written.
MRS. FEDERINA BALANAY QUINAY MRS. AUDI QUINAY LIQUIGAN
Signed in the presence of:Signed in the presence of: 1. _________________________1. _______________________
2. _________________________2. _______________________
3. _________________________3. _______________________