Antichresis
CONTRACT OF
ANTICHRESIS
KNOW ALL MEN BY THESE PRESENTS:
This CONTRACT OF ANTICHRESIS made and entered
into this _____________ day of
_______________ 19_____, by and between _______________, of age, single (or
married to____________________), residing at ____________________,
hereinafter called the DEBTOR, and ____________________, of age, single
(or married to _________________________), residing at
__________________________, hereinafter called the CREDITOR,
Witnesseth:
That the DEBTOR hereby acknowledges to be
indebted to the CREDITOR in the principal sum of ___________ PESOS
(P__________) due and payable since
_______________ , 19_____
, with interest at the rate of _____% from ____________, the date
of the loan;
That the accrued
interest alone now due and payable on the principal amounts to
_________________ PESOS (P____________), as of _________________
,19_____;
That the total
amount owing by the DEBTOR to the CREDITOR, including the interest is
________________PESOS (P__________) as of this
date;
That the DEBTOR,
in order to be able to pay the CREDITOR, hereby agrees to permit and allow
the latter to take possession of a certain parcel of rice land belonging
to the DEBTOR, located in ___________________ and more particularly
described as follows, to wit:
(Description of DEBTOR'S property),
Which land is covered by T.C.T. No.
____________________of the registry of
deeds of the province of
____________________;
That the CREDITOR by virtue hereof shall have the.
right to cultivate, and receive the fruits of, the above-described land,
with the obligation of applying the net proceeds thereof to the
extinguishment of the above-mentioned loan;
That the net
market value of the fruits obtained or harvested at the time of the
application thereof to the interest and principal shall be the measure of
such application of payments;
That the parties
hereby agree that the DEBTOR shall not reacquire the possession and
enjoyment of the above-described property without first having totally
paid what he owes the CREDITOR: Provided, however, that in no case
shall the right of possession and enjoyment on the part of the CREDITOR
continue for more than ___________ years, after which the right of
possession and enjoyment shall revert automatically to the DEBTOR, without
prejudice on the part of the CREDITOR to avail himself of the other
remedies provided for by existing law.
It is
also agreed that while this contract is in effect, all taxes and other
charges upon the estate in question shall be for the account of the
DEBTOR.
IN WITNESS WHEREOF, the parties hereto have
hereunto signed this contract the day and year first above written, in the
municipality of _______________________, province of
______________________,Philippines.
___________________________ ____________________________
(Creditor) (Debtor)