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Form No. 2--Petition for Extra Judicial Foreclosure of Chattel Mortgage under Act 1508
(Petition for Extra Judicial Foreclosure of Chattel Mortgage under Act 1508)
The City/Provincial Sheriff
City/Province of _____________, Philippines
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 Chattel Mortgage in my favor, mortgaging the property described in the Chattel 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 his obligation under the aforementioned Chattel Mortgage Contract and Promissory Note;
4.That under the terms and conditions of the Chattel Mortgage Contract, the Mortgagee is entitled to foreclose extra-judicially the mortgaged property, which is more particularly described as follows, to wit:
Type of Body:________Plate No.:___________
CR No.: _____________MVRR No.:____________
5.That by the terms and conditions of the Chattel 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 Chattel Mortgage Contract and sell the same at Public Auction in accordance with the provisions of Act 1508.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__.