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Form No. 1--Petition for Extra Judicial Foreclosure of Real Estate Mortgage under Act 3135 as amended
- Category: Philippines Legal Form
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(Petition for Extra Judicial Foreclosure of Real Estate Mortgage under Act 3135 as amended)
The City/Provincial Sheriff
S I R:
G R E E T I N G S :
Mortgagee _____________, of legal age, Filipino, (single / married / widow), and a resident of _____________, Philippines, most respectfully alleges:
1. That on _____________, __Name of Mortgagor-Debtor__, of legal age, Filipino, (single / married / widow), and a resident of _____________, Philippines, executed a Real Estate Mortgage in my favor mortgaging said property described in the Real Estate Mortgage Contract hereto attached as Annex "A" and forming an integral part hereof; to secure the payment of loan in the amount which is shown in the promissory note executed by said Mortgagor-Debtor dated _____________, a copy of which is hereto attached as Annex "B"
2. That to the best of my knowledge, the mortgaged property is subject to no prior mortgage or any lien whatsoever and is now in the possession and full control of the above-named Mortgagor-Debtor;
3.That the Mortgagor-Debtor defaulted in its obligation under the aforementioned Real Estate Mortgage Contract and Promissory Note;
4.That under the terms and conditions of the Real Estate Mortgage Contract, the Mortgagee is entitled to foreclose extra-judicially the mortgaged property, which is more particularly described as follows:
(Technical Description of Property)
4.That by the terms and conditions of the Real Estate Mortgage Contract herein-above referred to, the principal obligation of the Mortgagor which has become overdue as of _____________ is in the amount of __________________________ (P___________), excluding penalties, liquidated damages, past due interest, attorney's fee representing ______% of the total obligation due, other charges and expenses of foreclosure.
WHEREFORE, I respectfully request you to take possession of the property described in the aforementioned Real Estate Mortgage and sell the same at Public Auction in accordance with the provisions of Act 3135 as amended. Please furnish the undersigned and the Mortgagor-Debtor with copies of your notice of Sale at least ten (10) days before the sale.
_____________, Philippines, __Date__.