CHATTEL MORTGAGE

KNOW ALL MEN BY THESE PRESENTS:

JEFFREY O. REYES of legal age, married, with postal address at Bgy.

Pardeco, Bgy. Bancao-Bancao, Puerto Princesa CIty, Palawan, hereinafter
referred to as MORTGAGOR:
-and-
P AR AGU A DISTRIBUTION, INC. , a corporation organized and
existing under and by virtue of the laws of the Republic of the Philippines, with
business address at Abad Santos Extension, Puerto Princesa City, herein
represented by ALVIN T. LAO, Filipino, of legal age, married, with office address
at Abad Santos Extension, Puerto Princesa City hereinafter known as the
MORTGAGEE;
WITNESSETH:
That the MORTGAGOR is indebted unto the MORTGAGEE in the sum of
SIXTY FIVE THOUSAND PESOS (Php65,000.00) Philippine Currency, receipt of
which is acknowledged by the MORTGAGOR upon the signing of this instrument,
payable to the order of the MORTGAGEE without need of prior demand or notice
every monthly payroll at One Thousand Pesos (Php1,000.00) every 15th day and
30th day of the month starting on September 15, 2017 until fully paid without
interest.
The MORTGAGOR authorizes the officers of Paragua Distribution Inc., to
make appropriate deductions against his payroll in the amount of Php1,000.00
per payroll twice a month or Php2,000.00 once a month.
That for and consideration of aforementioned indebtedness and to assure
the performance of said obligation to pay, the MORTGAGOR hereby conveys by
way of CHATTEL MORTGAGE unto the MORTGAGEE, his respective executor,
administrator, assigns and representatives, the following motorcycle now in the
possession of said MORTGAGOR;
MV File No. 0401-00000156178 ENGINE No.: KSW00E108681
MAKE/SERIES: Honda/CCC125WHF CHASSIS No.: KSW00108377
YEAR MODEL: 2015 PLATE No.:

That this Chattel Mortgage is given as security for the payment of the
MORTGAGEE, of the sum of SIXTY FIVE THOUSAND PESOS (Php65,000.00)
without interest.

That it is the condition of this Chattel Mortgage that should the

MORTGAGOR perform the obligation to pay the afore-cited indebtedness of
SIXTY FIVE THOUSAND PESOS (Php65,000.00) without interest thereon, within
the agreed term, this Chattel Mortgage shall be discharged and shall at once
become null and void and of no effect whatsoever, otherwise, it shall subsist and
remain in full force and effect and be subject to foreclosure in the manner and
form prescribed by law.

IN WITNESS WHEREOF, the parties have hereunto set their hands, this
September 5, 2017 at Puerto Princesa City, Palawan.
 JEFFREY O. REYES PARAGUA DISTRIBUTION, INC.
MORTGAGOR MORTGAGEE
PhilHealth No. 09-200928712-6

Represented by:

ALVIN T. LAO

SIGNED IN THE PRESENCE OF:

_______________________________ __________________________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES )

CITY OF PUERTO PRINCESA ) S.S.

BEFORE ME this ______________________________ at Puerto Princesa City,

Palawan, Philippines, personally appeared JEFFREY O. REYES and ALVIN LAO
known to me to be the same persons who executed the foregoing instrument and they
acknowledged to me that the same are their free acts and voluntary deeds.
This Chattel Mortgage, relates to one (1) Honda motorcycle, and consisting of
two (2) pages, including the page whereon the acknowledgement is written, has been
signed on the left margin of each and every page thereof by the party and her
witnesses.
WITNESS MY HAND AND SEAL.
Doc. No._______;
Page No.______;
Book No.______;
Series of 2017.