Example of a Mortgage Agreement

A mortgage contract is a contract, whose purpose is to receive a loan by putting a property as collateral, which can be a land, house, ranch, factory, building and even boats.

Example of a Mortgage contract:

Mortgage contract made in Mexico City D.F. June 14, 2020

This mortgage contract is signed on the one hand by Mrs. María de Lourdes Ramírez López, who identifies himself with a voter's credential (insert the folio number) and Mr. Manuel Ávila Villegas who identifies himself with a voter's credential (put the folio of the credential) who are married and are in a joint property company declaring that they are neighbors of the municipality of Ecatepec de Morelos State of Mexico; his home address is at number 13 maldiva street, Col. Tabachines Ecatepec de Morelos state of Mexico.

On the other hand, Lic. José Luís Elizalde Baltasar, who identifies himself as a representative of Banco Corso, S.A. de C.V.B. by means of a notarial certificate that assigns it as the legal representative of said bank and in particular identifies himself with a voter's credential and / or professional ID with folio (put Invoice).

And on the other hand, Messrs. Mario Rosales Cornejo and Daniela Darío Robles, who identify themselves as a Marriage, acting as witnesses to this contract; They present their electoral credentials with the folios (Put the respective folios).

Those named in this contract conform to the following statements and clauses.

STATEMENTS:

1. Mr. Lic. José Luís Elizalde Baltasar represents Banco Corso, S.A. in this contract. de C.V.B. which is identified as representative by means of a notarial act, held in Mexico D.F. on January 28, 2008 and as undefined. Document granted by Lic Juan Ramon Puente Ambriz, notary public. Number 325 of the Federal District.
2. Messrs. María de Lourdes Ramírez López and Manuel Ávila Villegas present themselves as holders of full rights and ownership of the property:
3. Property House Acquired by the above men; acquisition that they demonstrate with the deed dated March 11, 1958 that is visible in the public notary number (put the number) that is located in the municipality of Ecatepec de Morelos as well as can be visible in the public registry of property and Commerce.
4. This property has its cadastral reference: (put the corresponding reference)
5. The aforementioned property has no charges or encumbrances of any kind, and is free to be mortgaged as a loan guarantee.
6. A certified copy of the property deed will be displayed
7. A lien will be charged as a guarantee in favor of María de Lourdes Ramírez López and Manuel Ávila Villegas for a total amount of 25,500,000.00 (twenty-five million five hundred thousand pesos) to be paid within a period of 10 years, counted from the date of formalization of this contract, and which will have an interest rate of 8% per year, and a discount of 0.5% for the payment of expenses and coasts.
8. A lien will be charged as a guarantee in favor of María de Lourdes Ramírez López and Manuel Ávila Villegas for a total amount of 25,500,000.00 (twenty-five million five hundred thousand pesos) to be paid within a period of 10 years, counted from the date formalization of this contract, and which will have an interest rate of 8% per year, and a discount of 0.5% for the payment of expenses and coasts.
9.  Both parties declare that it is their wish to enter into this contract and in accordance with the foregoing and having agreed to the granting of this, for this purpose, in accordance with the following:

CLAUSES:

First.- Banco Corso, S.A. de C.V.B by means of the execution of this contract, constitutes a mortgage on the aforementioned property in favor of Messrs. María de Lourdes Ramírez López and Manuel Ávila Villegas for the amount of 25,500,000.00 (twenty-five million five hundred thousand pesos) subject to the corresponding valuation and that has already been approved.

The amount borrowed will accrue interest of a total of 8% per year

The new debtors are committed to revoking the aforementioned amount plus the corresponding interest, which is generated during the term of the debt.

The corresponding payment will be made through deposits that will be paid to account number (put the account number corresponding) that is in the issuing bank of this contract and that is located in Av Montecristi number 74.

The corresponding claim by the issuing bank will be made in the following cases.

Failure to pay one or more of the amounts marked in the corresponding period, which will be three months.

In case of not paying the contributions and taxes on the mortgaged property on time.

1. This mortgage is covered and represented by the articles (put the corresponding articles) of the commercial code of the state of Mexico
2. If necessary, the lender may file a legal claim in accordance with the provisions of this contract.
3. The debtors set as domicile for the practice of requirements the property of this contract.
4. In case of reaching the auction, the debtors will assign all the documentation and the corresponding obligations on their part.
5. The party that contracts the debt, undertakes to insure the property against fire for an amount equal to or greater than the amount of this contract
6. The debtor party declares to waive the right to be notified in case of assignment of the credit.
7. The debtors specify and agree to submit to the jurisdiction of (put the place of jurisdiction) and lose that of the place where they reside.
8. The parties may request and have the copies they deem necessary, prior payment and corresponding annotation.
9. All expenses, taxes and contingencies that arise or derive from this mortgage remain at the debtor's account.

Second.- If it exists, the parties to the lien undertake to cancel any debt they have before the celebration of the hioteca and that they may affect.

Third.- All expenses and taxes arising from the granting of this deed, both in relation to the constitution of mortgage voluntary, as with regard to the postponement will be satisfied by María de Lourdes Ramírez López and Manuel Ávila Villegas

Bedroom.-For the interpretation and fulfillment of this contract, as well as for everything not provided for in it, the parties submit to the jurisdiction and jurisdiction of the courts of the State of Mexico for which they expressly renounce the jurisdiction that by reason of their present or future address, could reciprocate.

Fifth.- Messrs. Mario Rosales Cornejo and Daniela Darío Robles appear as witnesses, who will sign as such at the end of this document.

Having read this and being fully in accordance, they sign it, having this document in a duplicate at the place and date indicated at the beginning, leaving a copy of it in the possession of each contracting party.

Contracting Party 1 Contracting Party 2
Signature Signature

Contractor
Firm

Witness 1 Witness 2
Signature Signature