The Note and Deed of Trust is a fundamental financing instrument in Philippine property transactions, commonly used when a borrower needs to secure a loan using real property as collateral. This document type emerged from the need to provide lenders with security while allowing borrowers to maintain property possession. Under Philippine law, it creates a special arrangement where a trustee holds legal title while the borrower retains possession and use of the property. The document is particularly relevant in both residential and commercial property financing, requiring compliance with the Civil Code of the Philippines, Property Registration Decree, and related banking regulations. A Note and Deed of Trust must be properly executed, notarized, and registered with the appropriate Registry of Deeds to be fully effective.
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1. Parties: Identifies all parties to the agreement: Borrower/Grantor, Lender/Beneficiary, and Trustee
2. Background: Explains the context of the loan and security arrangement, including the purpose of the loan
3. Definitions: Defines key terms used throughout the document
4. Loan Terms: Details of the loan amount, interest rate, payment schedule, and maturity date
5. Grant of Security Interest: Formal conveyance of the property interest to the Trustee
6. Property Description: Detailed legal description of the property being used as security
7. Borrower's Covenants: Borrower's obligations including property maintenance, insurance, taxes, and other responsibilities
8. Trustee Powers and Duties: Enumeration of Trustee's rights, responsibilities, and powers
9. Events of Default: Specific circumstances that constitute default under the agreement
10. Remedies: Actions available to the Lender/Beneficiary in case of default
11. Notice Requirements: Procedures for giving notice between parties
12. Governing Law and Jurisdiction: Specifies Philippine law as governing law and designates jurisdiction for disputes
1. Insurance Requirements: Detailed insurance requirements when the property requires specific coverage
2. Environmental Provisions: Required for commercial properties or when environmental risks are present
3. Due on Sale Clause: Optional acceleration clause triggered by property transfer
4. Subordination Provisions: Used when there are multiple lenders or security interests
5. Assignment and Transfer Rights: Details conditions under which the note or security interest may be assigned
6. Escrow Requirements: Used when an escrow account is required for taxes and insurance
7. Construction Provisions: Included when the property is under construction or renovation
1. Schedule A - Property Description: Detailed legal description of the mortgaged property including boundaries and certificates of title
2. Schedule B - Payment Schedule: Amortization schedule showing payment dates and amounts
3. Schedule C - Permitted Encumbrances: List of any existing liens or encumbrances allowed on the property
4. Schedule D - Insurance Requirements: Detailed specifications for required insurance coverage
5. Appendix 1 - Form of Notice: Standard forms for various notices required under the agreement
6. Appendix 2 - Property Documents: Copies of relevant property documents including tax declarations and surveys
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