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Am checking out a draft of an Antichresis agreement. Basically, it involves a house and lot invested by 4 individuals = 2 locals + 2 foreign citizens. As the law stipulates, only locals can be registered as title owners, but for the protection of the 2 foreigners, they can opt for an antichresis agreement. The draft goes something like this:
NOW ALL MEN BY THESE PRESENTS:
This ANTICHRESIS CONTRACT is made and executed at the City of _____, this day of _______________, 20__, by and between:
(NAME OF DEBTORs), of legal age, single/married to (Name of spouse if any), Filipino, and with residence and postal address at (Address), hereinafter referred to as the DEBTOR.
-AND-
(NAME OF CREDITORS), of legal age and with residence and postal address at (Address), hereinafter referred to as the CREDITOR.
WITNESSETH; That
WHEREAS, the DEBTORS is the owner of a residential property situated at (Address of property to be );
WHEREAS, the CREDITORS acquires the right to receive the fruits of this property of his debtor, with the obligation to apply them to the payment of the interest, if owing, and thereafter to the principal of his credit
NOW THEREFORE, for and in consideration of the foregoing premises, the DEBTOR and CREDITOR hereby accepts this arrangement subject to the following:
PRINCIPAL: Below are the PRINCIPAL amounts owed by debtor to the corresponding creditors respectively,
____________
____________
ANNUAL INTEREST : shall be_____ of the principal amount.
CREDITORS RIGHT OF ENTRY OR ABODE: The CREDITOR has the right of entry or to live in this property with or without consent of the DEBTOR unless CREDITOR has been fully paid by the DEBTOR.
CONTRACT CHANGES OR EXPIRY: The stipulations of this contract shall only expire or be changed upon mutual written agreement of both contracting parties.
This contract of Antichresis shall be valid and binding between the parties, their successors-in-interest, and assigns.
IN WITNESS WHEREOF, parties herein affixed their signatures on the date and place above written.
(Name of DEBTOR) (Name of CREDITOR)
Signed in the presence of:
_____________________________ ______________________________
ACKNOWLEDGEMENT
Republic of the Philippines)
_________________________) S.S
BEFORE ME, personally appeared:
Name CTC Number Date/Place Issued
(Name of DEBTOR) 10000000 February 24, 20__ / Cavite City
(Name of CREDITOR) 10000000 January 07, 20__ / Makati
Known to me and to me known to be the same persons who executed the foregoing instrument and acknowledged to me that the same is their free and voluntary act and deed.
This instrument consisting of ____ page/s, including the page on which this acknowledgement is written, has been signed on each and every page thereof by the concerned parties and their witnesses, and and sealed with my notarial seal.
WITNESS MY HAND AND SEAL, on the date and place first above written.
===========
Is the above draft ok? What is a CTC number by the way?
Kudos for the people behind this forum
NOW ALL MEN BY THESE PRESENTS:
This ANTICHRESIS CONTRACT is made and executed at the City of _____, this day of _______________, 20__, by and between:
(NAME OF DEBTORs), of legal age, single/married to (Name of spouse if any), Filipino, and with residence and postal address at (Address), hereinafter referred to as the DEBTOR.
-AND-
(NAME OF CREDITORS), of legal age and with residence and postal address at (Address), hereinafter referred to as the CREDITOR.
WITNESSETH; That
WHEREAS, the DEBTORS is the owner of a residential property situated at (Address of property to be );
WHEREAS, the CREDITORS acquires the right to receive the fruits of this property of his debtor, with the obligation to apply them to the payment of the interest, if owing, and thereafter to the principal of his credit
NOW THEREFORE, for and in consideration of the foregoing premises, the DEBTOR and CREDITOR hereby accepts this arrangement subject to the following:
PRINCIPAL: Below are the PRINCIPAL amounts owed by debtor to the corresponding creditors respectively,
____________
____________
ANNUAL INTEREST : shall be_____ of the principal amount.
CREDITORS RIGHT OF ENTRY OR ABODE: The CREDITOR has the right of entry or to live in this property with or without consent of the DEBTOR unless CREDITOR has been fully paid by the DEBTOR.
CONTRACT CHANGES OR EXPIRY: The stipulations of this contract shall only expire or be changed upon mutual written agreement of both contracting parties.
This contract of Antichresis shall be valid and binding between the parties, their successors-in-interest, and assigns.
IN WITNESS WHEREOF, parties herein affixed their signatures on the date and place above written.
(Name of DEBTOR) (Name of CREDITOR)
Signed in the presence of:
_____________________________ ______________________________
ACKNOWLEDGEMENT
Republic of the Philippines)
_________________________) S.S
BEFORE ME, personally appeared:
Name CTC Number Date/Place Issued
(Name of DEBTOR) 10000000 February 24, 20__ / Cavite City
(Name of CREDITOR) 10000000 January 07, 20__ / Makati
Known to me and to me known to be the same persons who executed the foregoing instrument and acknowledged to me that the same is their free and voluntary act and deed.
This instrument consisting of ____ page/s, including the page on which this acknowledgement is written, has been signed on each and every page thereof by the concerned parties and their witnesses, and and sealed with my notarial seal.
WITNESS MY HAND AND SEAL, on the date and place first above written.
===========
Is the above draft ok? What is a CTC number by the way?
Kudos for the people behind this forum
