Arcide, Reynil C.

CHATTEL MORTGAGE

KNOW ALL MEN BY THESE PRESENTS:

I, MR. ROEL D. TEVES of legal age, single with postal address at

Dumaguete City hereinafter known as the MORTGAGOR, and Philippine National
Bank Dumaguete Branch through its Branch Manager Mr. William Ong with postal
address at Sta. Catalina St. Dumaguete City hereinafter known as the
MORTGAGEE, witnesseth:

That the MORTGAGOR is indebted unto the MORTGAGEE in the sum of

thirty million pesos (30,000,000.00), Philippine Currency, receipt of which is
acknowledged by the MORTGAGOR upon the signing of this
instrument, payable within a period specified in the provision below;

That for, and consideration of , this indebtedness, and to assure the

performance of said obligation to pay, the MORTGAGOR hereby conveys by
way of CHATTEL MORTGAGE unto the MORTGAGEE, his heirs and
assigns, the following personality now in the possession
of said MORTGAGOR

MAKE :Vessel Vessel/ Motor Number: 8-2482

SERIES : 2014 SERIAL/CHASSIS NO. : #463894
TYPE OF BODY PLATE NO. TUJN 09483
Straight
YEAR MODEL : 2013 FILE NO. JSKN90223

MODE OF PAYMENT

The Borrower shall fully pay and liquidate the Loan within five (10) years from
and after the initial Drawdown date. Sixty percent (60.0%) of the total drawn
amount

The Borrower shall give the Lenders written notice of such prepayment not less
than ten (10) days prior to the proposed prepayment date, which notice, once
given, shall be irrevocable and binding on the Borrower;
The Borrower shall give the Lenders written notice of such prepayment not less
than ten (10) days prior to the proposed prepayment date, which notice, once
given, shall be irrevocable and binding on the Borrower; amount of the Loan plus
any accrued but unpaid interest, penalties and other charges (where applicable);The
amount payable in respect of each prepayment shall be the full or partial
outstanding principal

ATTORNEYS FEES
The Borrower shall reimburse the Lenders on demand for all reasonable attorney’s
fees and expenses, including without limitation, filing fees and fees and expenses
of counsel incurred in the enforcement of any of the Loan Documents from and
after the occurrence of an Event of Default. Such expenses shall be reimbursed
whether or not they arise during the term of this Agreement, or the Lenders
demand acceleration of the Loan or take other action (including judicial remedies)
to enforce the provisions of the Agreement. It is hereby agreed and understood that
the amounts that may be reimbursable under this Section 9.01 are only those that
were actually incurred by the Lenders and supported by proper documentation
and/or receipts, provided that, in the case of attorney’s fees, the reimbursable
amount shall in no case exceed the equivalent of five percent (5%) of the
outstanding principal balance of the Borrowing.\

VENUE OF SUITS
The Borrower irrevocably agrees that any legal action, suit or proceeding
arising out of or relating to this Agreement may be instituted in any competent
court in Makati City, Metro Manila, Republic of the Philippines, and by execution
and delivery of this Agreement, the Borrower submits to and accepts with regard to
any such action or proceeding for itself and in respect of its properties or assets,
generally and unconditionally, the jurisdiction of any such court. Notwithstanding
the foregoing, the right of the Borrower to bring suits, actions or proceedings
arising out of or relating to this Agreement in the courts of any other competent
jurisdiction shall not be affected.

FORCE MAJEURE

In the event that as a result of fire, typhoon, earthquake, act of government

or state, war, civil commotion, insurrection or any other event which is beyond the
control of the Borrower, the Borrower’s conduct of its business or operations is
severely curtailed in such manner as to materially and adversely affect its ability to
meet its obligations under this Agreement, the Borrower may notify the Lenders of
the said fact in writing within fifteen (15) Days from the occurrence of the event
and request for a meeting with the Lenders to discuss the Borrower’s
circumstances.

That the condition of this obligation is that should the MORTGAGOR perform
the obligation to pay the hereinabove cited indebtedness of (thirty million pesos)
(30,000,000.00) together with accrued interest thereon, this chattel mortgage shall at
once become null and void and of no effect whatsoever, otherwise, it shall remain
in full force and effect.

IN WITNESS WHEREOF, the parties have hereunto set their hands, this
th
11 day of November 2014 at Tanjay City, Philippines.
Sgd:

MR. ROEL D. TEVES

MORTGAGOR

MR WILLIAM ONG, PNB-Dumguete Branch Manager

MORTGAGEE

IN THE PRESENCE OF:

Sgd.

MS. REA MALCAMPO

Witness

MR. JULO TALEON

Witness

AFFIDAVIT OF GOOD FAITH

WE, the undersigned MORTGAGOR and MORTGAGEE, swear that the

foregoing chattel mortgage is made and executed for the purpose of securing the
obligation specified herein, and for no other purpose, and that the same is a just
and a valid obligation, and not one entered into for the purpose of fraud.

Sgd:

MR. ROEL D. TEVES MR WILLIAM ONG, PNB-Dumguete

Branch Manager
MORTGAGOR MORTGAGEE

SUBSCRIBED AND SWORN TO BEFORE ME, a notary public in and

for Tanjay City, Negros Oriental this 11th day of November 2014. Affiant
personally came and appeared with Competent Evidence of Identity issued by the
National Statistics Office on October 12, 2014 at Dumaguete City Philippines,
bearing his photograph and signature, known to me as the same person who
personally signed the foregoing instrument before me and avowed under penalty of
law to the whole truth of the contents of said instrument.
 Sgd:
ATTY. REYNIL C. ARCIDE
Affiant

Doc. No. 231 Commission Serial No. 1234333

Page No. 21 Notary Public for: Tanjay City, Negros Oriental
Book No. 231 Until December 31, 2014
Series of 2014 Office: Magallanes St. Tanjay City, Negros Oriental
Roll No. 102803
IBP Lifetime Roll No. 64824; __12/06/2012 ; Negros Oriental
PTR No. 1234222; 12/06/2012: Negros Oriental
MCLE Compliance Cert. No. 123-5473; 10/04/2011