The Promissory Note Secured By Deed Of Trust is a crucial financing instrument in the Philippine legal system, commonly used when a borrower needs to obtain funding while offering real property as security. This document serves a dual purpose: it evidences the debt obligation through the promissory note component and creates a security interest through the deed of trust. It's particularly useful in situations where traditional mortgage arrangements may not be preferred or practical. The document must comply with Philippine banking regulations, property laws, and registration requirements. It typically includes detailed payment terms, property descriptions, trustee powers, default provisions, and foreclosure procedures. This type of agreement provides lenders with strong security while offering borrowers a structured repayment framework, making it popular in both commercial and private lending scenarios.
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1. Parties: Identifies the Maker (borrower), Payee (lender), and Trustee, including their complete legal names and addresses
2. Background: Brief context of the loan arrangement and purpose of the security
3. Definitions: Defines key terms used throughout the document
4. Promise to Pay: States the principal amount, payment date(s), and unconditional promise to pay
5. Interest Rate: Specifies the interest rate, calculation method, and payment frequency
6. Payment Terms: Details the payment schedule, method of payment, and allocation of payments
7. Security Interest: Describes the property being held in trust as security and its transfer to the trustee
8. Trustee Powers and Duties: Outlines the trustee's authority, responsibilities, and limitations
9. Default Provisions: Defines events of default and consequences, including foreclosure procedures
10. Representations and Warranties: Maker's declarations regarding property ownership and authority to enter agreement
11. Notice Requirements: Specifies how and where notices must be delivered between parties
12. Governing Law: States that Philippine law governs the agreement and jurisdiction for disputes
13. Execution: Signature blocks for all parties and notarial requirements
1. Prepayment Provisions: Include when early payment is allowed, specifying any penalties or conditions
2. Insurance Requirements: Include when specific insurance coverage for the secured property is required
3. Assignment Rights: Include when the note may be transferred or assigned to other parties
4. Co-Maker Provisions: Include when there are co-makers or guarantors of the note
5. Property Maintenance Requirements: Include when specific maintenance standards for the secured property are required
6. Subordination Provisions: Include when the security interest needs to be subordinated to other liens
7. Collection Costs: Include when the maker must pay collection costs and attorney fees in case of default
1. Schedule A - Property Description: Detailed legal description of the property held in trust, including certificates of title
2. Schedule B - Payment Schedule: Amortization table showing payment dates, amounts, and breakdown of principal and interest
3. Schedule C - Existing Liens: List of any existing liens or encumbrances on the property
4. Appendix 1 - Property Documents: Copies of property title, tax declarations, and other relevant property documents
5. Appendix 2 - Property Valuation: Recent appraisal or valuation report of the security property
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