Chattel Mortgage

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CHATTEL MORTGAGE
KNOW ALL MEN BY THESE PRESENTS: This CHATTEL MORTGAGE, made and executed by ARIEL I. MALUNES, Filipino, of legal age, married and a resident of EastHomes II Subdivision, Brgy. Estefania, Bacolod City, Philipines, hereinafter called MORTGAGOR, in favor of CHARITO APELO, also Filipino, of legal age, married and a resident of Galo-San Juan St., Bacolod City, Philippines, hereinafter called the MORTGAGEE, witnesseth: That the MORTGAGOR does hereby convey by way of chattel mortgage unto the MORTGAGEE, the following described personal property, presently in the possession of the MORTGAGOR to wit: MODEL: Body Tyoe: CR No: Engine No: Chassis No: Plate No: Color: ISUZU FUEGO (1999) Pick-up 11531383-3 580670 PABTFR54HDX204392 EEC-222 Olive Green

That this CHATTEL MORTGAGE is given as security for the payment to the MORTGAGEE, of a loan amounting to THREE HUNDRED THOUSAND PESOS ONLY, (P 300,000.00) Philippine Currency, with interest thereon at the rate of 3.5% per month according to the terms thereof, the following: a) This contract shall be for a term of six (6) months starting on June 15, 2012; b) The first monthly interest will be deducted from the loan proceeds upon take out and the remaining interests shall be payable every 15th day of the month thereafter until November 15, 2012, or until the principal is fully paid c) The principal loan shall be payable in full not later than the last day of December 2012, unless otherwise extended upon express agreement by the parties; d) Should the Mortgagor pay in partial the principal loan, the interest rate shall be adjusted on diminishing scheme; e) That the Mortgagee shall release in advance the amount of P 50,000.00; That should the MORTGAGOR, his heirs, executors, or administrators shall well and truly perform the full obligation above stated according to the term hereof, then this CHATTEL MORTGAGE shall be null and void, otherwise, it shall remain in full force and effect and shall be enforceable in the manner provided for by law. IN WITNESS WHEREOF, parties have ______________________ at Bacolod City, Philippines. ARIEL I. MALUNES Mortgagor ______________________________ hereunto affixed their signatures this

CHARITO APELO Mortgagee _____________________________ In the presence of: ________________________ __________________________

SUBSCRIBED AND SWORN TO before me this ______________________the affiants personally appeared to me and exhibited their government issued ID’s as proof of their identities, and I am truly satisfied that they are the same persons who voluntarily and freely executed this instrument. Doc. No. Page No. Book No. Series of 2012

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