Chattel Mortgage

CHATTEL MORTGAGE

KNOW ALL MEN BY THESE PRESENTS:

I, (name of mortgagor) of legal age, single/married to ____________________ with postal address at _____________________________ hereinafter known as the MORTGAGOR, and _________________________________ of legal age, single/married to ______________________ with postal address at _______________________________ hereinafter known as the MORTGAGEE, witnesseth:

That the MORTGAGOR is indebted unto the MORTGAGEE in the sum of (amount in words) P (000,000.00), 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 (___)% per annum;

That for, and consideration of, this indebtedness, 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:		MOTOR NO.:
SERIES:		SERIAL/CHASSIS NO.:
TYPE OF BODY:		PLATE NO.:
YEAR MODEL:		FILE NO.:

That the condition of this obligation is that should the MORTGAGOR perform the obligation to pay the hereinabove cited indebtedness of (amount in words) (000,000.00) together with accrued interest thereon, 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 ____________ 20___ at ____________, Philippines.

(NAME OF MORTGAGOR)         (NAME OF MORTGAGEE)
Mortgagor                        Mortgageer

WITH MARITAL CONSENT:

________________________         _________________________
Name of Mortgagor’s Spouse                Name of Mortgagee’s Spouse

SIGNED IN THE PRESENCE OF:

__________________________         ____________________________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES )
_____________________________ ) SS.

BEFORE ME, a Notary Public for and in the City of ___________________, this ___________________, personally appeared:

Name                   SSS Nos. / Driver’s License No.
(Name of Mortgagor)       ____________________________
(Name of Mortgagee)       ____________________________

who are known to me and to me known to be the same persons who executed the foregoing instrument and acknowledged to me that the same is their own free act and voluntary act and deed.

This instrument, consisting of (__) pages, including the page on which this acknowledgment is written, has been signed on the left margin of each and every page hereof by the concerned parties and their witnesses, and sealed with my notarial seal.

WITNESS MY HAND AND SEAL, at the place and date above-written.

Notary Public                      

Doc. No. ……..;
Page No. …….;
Book No. …….;
Series of 2010.

AFFIDAVIT OF GOOD FAITH

We, the undersigned MORTGAGOR and MORTGAGEE hereby jointly and severally swear that we executed the foregoing Chattel Mortgage in order to secure the indebtedness therein and for no other purpose or purposes contrary to law.

(NAME OF MORTGAGOR)         (NAME OF MORTGAGEE)
Mortgagor                        Mortgagee