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PLEDGE This AGREEMENT, made and entered into this ___ day of __________, 2007 by and between __________ of age, single, and residing at _________________, Philippines, now and hereinafter called the Pledgor, and _______________________ likewise of age, married, and residing at ________________________, Philippines, now and hereinafter called the Pledgee.
Witnesseth:
That WHEREAS, the Pledgor has executed a promissory note dated ______, 2007, in favor of the Pledgee and made payable within ____ (__) days after date at _______________ ________________, _, Philippines, Philippines, for amount amount of ________________ ___________________ ___ (P_______) (P_______) Pesos, Philippine Currency; WHEREAS, the Pledgor has agreed with the Pledgee to secure the payment of the said note; NOW THEREFORE, in consideration of the premises and mutual covenants herein contained, the Pledgor has, as a collateral security for the payment of the aforementioned note and by way of pledge, deposited with the said Pledgee the following personal property of his own exclusive ownership, and of which he has the free disposal, to wit:
(Description of Property)
And the said said parties parties to this instrument instrument agree that that the Pledgee Pledgee who who acknowledges acknowledges receipt of the aforementioned personal property of the Pledgor shall take good care of the said property until redeemed by the said Pledgor; That should the said note or any part thereof, or interest to grow thereon, remain due and unpaid, after the said note shall have been due, according to the terms thereof, the said Pledgor, irrevocably empowers and authorizes the said Pledgee, his heirs, executors, administrators and assigns, to sell or dispose of the abovementioned property or any part thereof at public auction as provided for in Article 2112, of the Civil Code, from the proceeds of such sale to pay the principal and interest of the said note, and all such costs as may be incurred by virtue of such sale; and That in case of deterioration or fall in the price or market value of the personal property herein pledged, the Pledgor hereby agrees to put up additional security in proportion to the deterioration or fall in market value of the same, and in default of 1|Page
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which, the said note shall be considered due and payable under the above stipulation; but in the event of payment of said note and interests due therefrom, this agreement is to be void, and the above-named securities are to be returned to the Pledgor. IN WITNESS WHEREOF, we have set our hands this __ day of _____, 2007 at ___________, ___________, Philippines.
________________ _______________________ ______________ _______ Pledgor
______________ ______________________ ______________ _________ ___ Pledgee
In the presence of:
______________ ______________________ ___________ ___
______________ ______________________ ___________ ___
ACKNOWLEDGMENT
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