This AGREEMENT, made and entered into by and between:

                     _________, of legal age, Filipino, single/married and residing at ______, hereinafter known as the MORTGAGOR, and ______, also of legal age, Filipino, single/married and with residence and postal address at ______, hereinafter referred to as the MORTGAGEE,

           That the MORTGAGOR is indebted unto the MORTGAGEE in the sum of _____PESOS (P______), Philippine Currency, receipt whereof is hereby acknowledged and confessed, payable within a period of TWO (2) years, with interest at the rate if ____per cent (___%) per annum;

           FOR AND IN CONSIDERATION of said indebtedness, the MORTGAGOR does hereby convey and deliver by way of MORTGAGE unto the said MORTGAGEE and the latter's heirs and assigns, the following parcel of land, together with all the improvements thereon and situated at ____ covered by Transfer Certificate of Title No. ___ of the Register of Deeds of _____, specifically described as follows:

           It is the essence of this contract that if the MORTGAGOR fails to pay the principal obligation as above mentioned, then this mortgage shall be foreclosed and the above-mentioned properties shall be sold in accordance with law; however, if the MORTGAGOR pays said obligation together with the interest, then this mortgage shall be discharged and rendered of no force and effect.

           IN WITNESS WHEREOF, the parties have set their hands on the ___day of October, 2002, at the City of Manila.