Mortgage Assignment Agreement Template for Philippines

The Mortgage Assignment Agreement is a crucial document used in Philippine property and banking transactions when transferring mortgage rights from one party to another. This document becomes necessary during loan portfolio sales, bank restructuring, securitization transactions, or when financial institutions need to transfer their mortgage interests. The agreement must comply with Philippine property law, particularly the Civil Code of the Philippines and the Property Registration Decree (PD 1529), and requires proper registration with the Registry of Deeds. It includes detailed information about the original mortgage, the property, outstanding amounts, and the terms of transfer, while ensuring all necessary consents and regulatory requirements are met. The document is particularly important in the Philippine context due to specific local requirements for property transactions and the need for proper documentation for registration purposes.

1. Parties: Identifies and provides full details of the Assignor (current mortgagee) and Assignee (new mortgagee), including their respective addresses and registration details if corporate entities

2. Background: Recitals explaining the existing mortgage, its registration details, and the intention to assign the mortgage

3. Definitions: Defines key terms used throughout the agreement, including 'Mortgage', 'Property', 'Mortgage Debt', 'Completion Date', and other relevant terms

4. Assignment: Core provision detailing the transfer of the mortgage from Assignor to Assignee, including all associated rights and obligations

5. Consideration: States the payment or other consideration for the assignment

6. Completion: Specifies the completion date and mechanics of the assignment, including delivery of documents and payment procedures

7. Representations and Warranties: Assignor's warranties regarding the mortgage, outstanding amount, no prior assignments, and authority to assign

8. Registration and Formalities: Requirements for registering the assignment with relevant authorities, including the Registry of Deeds

9. Costs and Expenses: Allocation of costs related to the assignment, including registration fees and taxes

10. Notices: Procedure for giving notices under the agreement

11. Governing Law and Jurisdiction: Specifies Philippine law as governing law and sets jurisdiction for disputes