TRANSFER CERTIFICATE OF TITLE TECHNICAL DESCRIPTION

A parcel of Land (Lot 5, Blk. 11, Psd-1-014521, being a portion of Lot 19, II-11894, L.R.C. Rec. No. ___), situated in the Bo.Trancoville, City of Baguio, Island of Luzon. Bounded on the SE., along line 6-1-2 by Lot 4, Blk. 11, on the SW., along line 2-3 by Alley Lot 5, on the NW., along line 3-4 by Lot 5, Blk. 11, on the NE., along line 4-5-6 by Drainage I Lot 6, all of the Psd-1-014521. Beginning at a point marked “1” of Lot 5 Blk. 11, on plan being S. 4 deg. 13’W., 797.98 m. from B.L. No. 7, Baguio Townsite, thence:

S. 86 deg. 16’W., 5.40 m. to point 2; N. 51 deg. 24’W., 2.98 m. to point 3; N. 3 deg. 44’W., 9.70 m. to point 4; S. 83 deg. 29’E., 4.48 m. to point 5; S. 51 deg. 08’E., 11.06 m. to point 6;

S. 51 deg. 41’W., 6.02 m. to point of beginning,

containing an area of ONE HUNDRED TWENTY (120) SQUARE METERS, more or less. All points referred to are indicated on the plan and are marked on the grounds as PS cyl. Conc. Mons. 15 x 60 cms., except, bearings true, date of original survey on July 8-August 1916 date of subdivision survey on August 23, 1987 – July 15, 1988, executed by Engr. Lizardo Negro and approved on Nov. 14, 1988.

including the residential house erected therein covered by ARP No. 2009-89-051-85139 of the records of the Assessor’s Office of Baguio City;

That, of which parcel of land, the MORTGAGOR is the absolute owner and present possessor as evidenced by TCT NO.T-73169 of the records of Register of Deeds of Baguio City, under Assessment of Real Property ARP No. 2009-89-051-85139 (land) and (ARP) No. 2009-829- 085--84164 (building) of the records of the City Assessor’s Office and Register of Deeds of Baguio City, free from all liens and encumbrances;

That in case the MORTGAGOR executes subsequent promissory note or notes either as a renewal of the former note, as an extension thereof, or as a new loan, this mortgage shall also stand as security for the payment of the said promissory note or notes and/or accommodations as if they were existing on the date thereof;

That this mortgage shall also stand as security for said obligations and all other obligations of the MORTGAGOR to the MORTGAGEE of

whatever kind and nature whether such obligations have been contracted before, during or after the constitution of this mortgage;

However, if the MORTGAGOR shall pay the MORTGAGEE, his successors or assigns, the obligations secured by this mortgage, together with the interest, cost and other expenses, on or before the date they are due, and shall keep and perform, then this mortgage shall be null and void, otherwise, it shall remain in full force and effect;

That this Mortgage is constituted subjected to the following conditions:

1. Should the MORTGAGEE become involved in any litigation which may have relation with any or all of the properties mortgaged by virtue of this instrument, all expenses of the MORTGAGEE in such litigation, including a reasonable amount of attorney’s fees to be determined by the MORTGAGEE, shall be paid by the MORTGAGOR and this mortgage shall stand as security thereof, and in the event of such litigation, any and all obligations of the MORTGAGOR shall likewise become immediately due, payable and defaulted;

2. The MORTGAGOR shall not make any alteration upon or demolish any building or buildings herein mortgaged or encumber the same, without the prior written consent of the MORTGAGEE;

3. The MORTGAGEE may be a bidder at the sale of the mortgaged properties under foreclosure proceedings;

4. The MORTGAGOR shall execute such other documents as may be required by the MORTGAGEE in connection with the loans secured by this mortgage contract subject to the mutual agreement of both parties;

5. Should the MORTGAGOR duly pay or cause to be paid unto the MORTGAGEE and the latter’s heirs and assigns, his total indebtedness of SIX HUNDRED THOUSAND PESOS (Php 600,000.00), Philippine Currency including its THREE PERCENT (3%) monthly interest on or before May 30, 2014, then this mortgage shall thereby be discharged and rendered of no force and effect. Otherwise, the MORTGAGOR does hereby agree that MORTGAGEE, may enforce his rights herein without judicial proceedings by causing the above-described real property to be sold at

public auction in Baguio City where the property is situated in accordance with Act No. 3135, as amended by Act No. 4118;

6. Effective upon the breach of any condition or stipulation of this mortgage, the MORTGAGEE is hereby appointed by the MORTGAGOR as his attorney-in-fact to sell or dispose of said property according to Act No. 3135, as amended by Act No. 4118; 7. Should the MORTGAGOR fail to pay his debt of SIX HUNDRED

THOUSAND PESOS (Php 600,000.00), Philippine Currency including its THREE PERCENT (3%) monthly interest, on May 30, 2014, said MORTGAGOR does hereby agree to pay a penalty of 1% thereof per month of delay effective on May 30, 2014;

8. Should the MORTGAGOR pay his debt before May 30, 2014, he will only pay the principal amount of SIX HUNDRED THOUSAND PESOS (Php 600,000.00), Philippine Currency plus accrued interests as of the date of payment; and

9. The parties hereto agreed to record this instrument under Act No. 496, as amended and likewise under Act No. 3344.

IN WITNESS WHEREOF, the parties have hereunto set their hands in Baguio City, Philippines, on this 29th _{day of November 2013.}

LAURA M. NAVARRO LEANDRO M. NISPEROS

Mortgagor Mortgagee

SIGNED IN THE PRESENCE OF: