1. Secured Obligations. The Secured Obligations ("Obligation") refer to the obligations arising from the Loan extended by the Mortgagee to the Borrower/Mortgagor under this Promissory Note with Chattel Mortgage ("PN-CM"), including increases, renewals, roll-overs, extensions, restructurings, amendments or novations thereof. The Obligation shall include the principal, interest, penalties, fees, advances and other charges appearing in the accounts, books and records of the Mortgagee, whether direct or indirect, principal or accessory, contingent or otherwise, which are presently or hereafter owing to the Mortgagee, and all expenses which the Mortgagee may incur in enforcing any of its rights, powers and remedies under this PN-CM.



The Obligation shall also include the existing indebtedness of the Borrower-Mortgagor to the Mortgagee and additional sums of money under any agreement whatsoever, whether such agreement is absolute or contingent, direct or indirect, principal or secondary, whether as guarantor, surety or in any other capacity, whether contracted before or during the execution of this PN-CM and thus be secured by this PN-CM without the necessity of executing a new agreement to that effect.

2. Applicability of the Terms and Conditions of the Promissory Note with Chattel Mortgage. Whenever this PN-CM refers to the Borrower/Mortgagor,the same shall also refer to the Co-Borrower/Co-Mortgagor. Therefore,all obligations of the Borrower/Mortgagor under this PN-CM shall also be deemed the obligations of the Co-Borrower/Co-Mortgagor.

3. Representations and Warranties of the Borrower/Mortgagor. The Borrower/Mortgagor represents and warrants that:


A. The Borrower/Mortgagor is the sole and absolute owner and is in lawful possession of the Mortgaged Property. The Borrower/Mortgagor warrants that the Mortgaged Property is free and clear from all other mortgages, liens, encumbrances, and adverse claims of whatever kind and nature, and that this Chattel Mortgage, when recorded, will be a first mortgage on the Mortgaged Property;



B. The Borrower/Mortgagor has full power and authority to mortgage the Mortgaged Property under the terms and conditions hereof, and there is no legal or contractual impediment which will impair the validity and enforcement of this Chattel Mortgage;


C. This PN-CM has been authorized by all necessary acts and deeds, including government authorizations when required, and when executed and delivered as contemplated herein, will be valid and binding in accordance with its terms and conditions; and



D. There is no pending, impending or threatened action or proceeding before any court or government agency which may materially and adversely affect the financial condition of the Borrower/Mortgagor, and the Borrower/Mortgagor has the capacity to promptly and fully meet payment of the Obligation and such capacity shall remain unimpaired.

4. Borrower/Mortgagor's Covenants and Undertakings. The Borrower/Mortgagor shall be entitled to the possession and full use of the Mortgaged Property subject to the following:



A. Use of Mortgaged Property. 

The Borrower/Mortgagor hereby covenants and undertakes that the Mortgaged Property is only for the purpose indicated on page one (1) of this PN-CM. The Borrower/Mortgagor shall not use or convert, or permit the use or conversion of, the Mortgaged Property as or into a taxi, a "for hire" vehicle or a vehicle for public utility purposes, without the prior written consent of the Mortgagee, for as long as the Obligation is not fully paid. The Borrower/Mortgagor shall not use the Mortgaged Property for any unlawful purpose and shall register, use, operate, and control the same in full compliance with all laws, ordinances and regulations. A violation hereof shall be construed not only as an event of default but also as a deliberate act of the Borrower/Mortgagor to defraud the Mortgagee, the Borrower/Mortgagor being fully aware that the Mortgagee would not have agreed to grant the Loan and execute this instrument had the Mortgaged Property not been for private/personal use. Therefore, the Borrower/Mortgagor can be held criminally and civilly liable for fraud and damages to compensate the Mortgagee for the accelerated depreciation and loss in market value of the Mortgaged Property.



B. Sale, Encumbrance or Removal. The Borrower/Mortgagor shall not assign, sell, pledge, mortgage or otherwise dispose of or encumber or transfer possession of the Mortgaged Property or any part thereof, or attempt to do so, without the prior written consent of the Mortgagee. The Borrower/Mortgagor shall not remove or permit the removal of the Mortgaged Property from the Borrower/Mortgagor's address stated above without the Mortgagee's prior written consent. The Mortgagee shall have the right to inspect the Mortgaged Property at any reasonable time;



C. Insurance. The Borrower/Mortgagor shall cause the Mortgaged Property to be sufficiently insured against loss or damage arising from accident, theft or fire, and Acts of God, during the term of this PN-CM and until the Obligation is fully paid, in an amount not less than the outstanding balance of the Loan, with an insurance company acceptable to the Mortgagee. The insurance policy shall contain a loss payable clause, satisfactory in form and substance to the Mortgagee, whereby all sums payable under such policy shall be payable directly to the Mortgagee. The proceeds of the insurance shall, at the option of the Mortgagee, be applied toward the payment of the Obligation to the extent of the amount applied, without prejudice to the Mortgagee's claims against the Borrower/Mortgagor for deficiency of difference of the insurance proceeds and the Borrower/Mortgagor's outstanding obligation. The Borrower/Mortgagor hereby appoints the Mortgagee as his attorney-in-fact to claim, collect, prosecute claims related to, and receive the insurance proceeds.

The Borrower/Mortgagor shall deliver to the Mortgagee the original insurance policy for the first year of this PN-CM, together with the receipt of premium payment, upon the signing of this PN-CM and deliver to the Mortgagee the yearly renewal insurance policy/ies, together with the receipt of premium payment, at least thirty (30) days prior to the expiration of any current insurance policy covering the Mortgaged Property. If the Borrower/Mortgagor fails to provide the required insurance policy, to pay all premiums thereon when due, or submit the insurance policy and receipt of payment of the premium to the Mortgagee at least thirty (30) days before the expiration of the current insurance policy, the Mortgagee may, at its own option and without obligation to do so, effect or obtain for the account of the Borrower/Mortgagor the yearly renewal insurance policy/ies with the loss payable clause in an amount not less than the outstanding balance of the Loan and add any money so disbursed by the Mortgagee to the Loan and the same shall be due and payable on the due date of the immediately following installment after the date of such insurance renewal and, if unpaid on the due date, shall bear a monthly penalty charge equal to three percent (3%) times the unpaid premium advanced by the Mortgagee, with a fraction of a month to be considered as one (1) whole month, without need of any notice or demand upon the Borrower/Mortgagor, which the Borrower/Mortgagor hereby expressly waives. If the Mortgagee pays such premiums, the Borrower/Mortgagor shall pay the Mortgagee the amount of the premiums so paid by the Mortgagee, and the obligation of the Borrower/Mortgagor to pay such premiums advanced by the Mortgagee shall be secured by this Chattel Mortgage.

The Borrower/Mortgagor agrees that in the event the insurance coverage of the Mortgaged Property is invalidated due to the conversion in the use thereof (i.e., from private/personal use to taxi, for hire, or public utility purposes) without the knowledge and express consent of the Mortgagee and the insurer, and claims thereunder cannot be paid, any such misrepresentation to the Mortgagee and the insurer shall be considered an act of the Borrower/Mortgagor to defraud the Mortgagee and the insurer. If the Borrower/Mortgagor such cannot have the Mortgaged Property reinstated to its condition prior to the insurance claim, the Borrower/Mortgagor shall be liable for the loss in value of the Mortgaged Property such that even if the repossession and sale of the Mortgaged Property by the Mortgagee is made, the Borrower/Mortgagor shall be liable for the deficiency caused by any misrepresentation by the Borrower/Mortgagor and non-payment of the insurance claim;



D. Care of the Mortgaged Property. The Borrower/Mortgagor shall maintain the Mortgaged Property in good and running condition, reasonable wear and tear expected, and shall not make any alteration or cause or permit to be done upon the Mortgaged Property anything that may impair or otherwise reduce or diminish the value thereof;



E. Additional Collateral. The Borrower/Mortgagor shall provide additional or substitute collateral acceptable to the Mortgagee to fully secure the Obligation in the event the Mortgaged Property is lost, destroyed, damaged or otherwise seized, or depreciates in value;



F. Assessments. The Borrower/Mortgagor shall promptly pay any and all taxes, fees and assessments that may be levied on the Mortgaged Property. The Borrower/Mortgagor will not suffer any lien to be created upon the Mortgaged Property. The Borrower/Mortgagor will promptly notify the Mortgagee of any levy, assessment or imposition of any charge or the filing of any lien, or enforcement of any writ of attachment, garnishment, execution or similar writ on the Mortgaged Property and shall take steps necessary to prevent the Mortgaged Property, or any part thereof, from being subjected to the possibility of loss, forfeiture or sale;



G. Update of Income Documents. The Borrower/Mortgagor shall submit an updated Income Tax Return (ITR) together with the relevant and related financial statements every 30th day of September with proof of receipt by the BIR, without demand from the Bank, as long as aggregate and total outstanding loan balance of all Chattel Mortgage loans with the Bank amounts to more than PHP3-million, unless the Borrower/Mortgagor is exempted under the law. Proof of exemption from complying with the ITR submission requirement shall be provided instead.



H. Other Deeds. The Borrower/Mortgagor shall execute and deliver such further instruments and perform such other acts as the Mortgagee may deem necessary or proper to more effectively carry out the intention of this PN-CM;



I. Documentation and Registration Fees. The Borrower/Mortgagor shall pay any and all taxes, fees and expenses in connection with the execution, notarization and registration of this PN-CM, as well as in connection with any extension, renewal, amendment, modification or cancellation hereof. The Borrower/Mortgagor shall register, at his own expense, this Chattel Mortgage and the Mortgaged Property with the Land Transportation Office, Department of Transportation and Communication within five (5) days from the date hereof and shall show proof of such registration to the Mortgagee or its assigns within five (5) days from the date of registration. All licenses, taxes, fees, fines and/or penalties due and owing to the Government by reason of the failure of the Borrower/Mortgagor to register this Chattel Mortgage and the Mortgaged Property under the law shall be paid by the Borrower/Mortgagor provided that the Mortgagee may, at its option, procure such registration and pay such licenses, taxes, fees, fines, penalties and expenses for the account of the Borrower/Mortgagor, which sum/s advanced by the Mortgagee shall also be secured by and subject to the terms of this Chattel Mortgage. Failure on the part of the Borrower/Mortgagor to comply with the foregoing obligations shall entitle the Mortgagee to foreclose this Chattel Mortgage with like effect as the violation of any other condition hereof. Further, the Mortgagee may, at its sole option, retain possession of the original Registration Certificate/s of the Mortgaged Property until such time that the Obligation is fully settled; and



J. Performance of Agreement. The Borrower/ Mortgagor shall pay the Obligation and perform all covenants and agreements set forth in this PN-CM.


5. Right of Mortgagee to Perform Certain Covenants of Borrower/Mortgagor. Upon the failure of the Borrower/Mortgagor to keep, observe or perform any of the covenants and undertakings specified in Section 4 (c), (f), and (h) hereof, the Mortgagee may, but is not obligated to, perform or cause to be performed those covenants and undertakings on behalf of the Borrower/Mortgagor. Any amount advanced or expended by the Mortgagee in performing or securing the performance of said obligation shall, upon billing by the Mortgagee, be immediately reimbursed by the Borrower/Mortgagor. Interest at the legal rate of twelve percent (12%) per annum shall be imposed on any amount billed by the Mortgagee pursuant to this Section which is not paid by the Borrower/Mortgagor on the related due date (except for insurance premiums advanced by the Mortgagee which are covered by Section 4[c]).

6. Due Date. If the due date of this PN-CM or of any installment payable hereunder falls on a holiday or a non-working day, the due date shall be understood to be the immediately following business day.

7. Adjustment. If there is any extraordinary increase or decrease in the effective purchasing power of the Philippine currency, the Mortgagee shall have the right to make a corresponding adjustment in the interest rate under this PN-CM, which, except for manifest error in the computation thereof, shall be conclusive upon the Borrower/Mortgagor. A change of at least fifteen percent (15%) in the Consumer Price Index for Manila from the date of this PN-CM as set forth in the figures released by the Bangko Sentral ng Pilipinas ("BSP"), or other agencies of the Philippine Government should the figures of BSP be unavailable, shall be regarded as an extraordinary increase or decrease in the effective purchasing power of the Philippine currency. If the Borrower/Mortgagor disagrees with the adjustment, the Borrower/Mortgagor shall have the right to prepay or pre-terminate this PN-CM within thirty (30) days from receipt of the notice of adjustment from the Mortgagee. If the Borrower/Mortgagor does not pre-pay or pre-terminate this PN-CM within the said thirty (30) day period, the Borrower/Mortgagor shall be deemed to have agreed to the adjustment.

8. Additional Taxes and Statutory Fees. Any additional taxes, fees and charges that may be imposed on the Obligation evidenced by this PN-CM, pursuant to law, executive issuances, or other rules and regulations enacted and issued by the Philippine Government, its agencies and other instrumentalities during the effective term of this PN-CM, shall be automatically included herein and the Borrower/Mortgagor shall be liable for these additional charges without necessity of executing any notice, new agreement or other document. The Mortgagee shall have the right but has no obligation to apply any installment payment for the payment of these additional taxes, fees or charges.

9. Continuing Liability. The Borrower/Mortgagor shall continue to be liable with respect to his obligations to the Mortgagee during any extension or renewal, in whole or in part, of this PN-CM, and/or following a partial payment of this PN-CM, and/or following any change in the interest rate or other terms and conditions of this PN-CM as a result of such extension, renewal and/or partial payment, without the necessity of executing a new promissory with chattel mortgage.

10. Prepayment. The Borrower/Mortgagor shall be charged with and pay a service fee when: (a) the entire loan or any part thereof is prepaid before maturity date; or (b) the Borrower/Mortgagor pays an amount over and above the stipulated monthly amortization. The service fee is computed based on the rate provided in the Disclosure Statement x principal amount pre-paid.

11. Payments.


A. Check payments received after clearing cut-off time shall be value dated the next banking day. Payments made by check or other negotiable instruments shall produce the effect of payment only when the same shall have been cleared.



B. Acceptance by the Mortgagee of payments made after the Borrower/Mortgagor has delayed or defaulted in the performance of his obligations shall not prejudice the Mortgagee's rights to claim full payment and exercise its rights and remedies under the loan/mortgage agreements or prejudice pending legal actions filed by the Mortgagee.



C. Acceptance of late or partial payments shall not be construed as a waiver or estoppel on the part of the Mortgagee.



D. Payment/s made by third person/s shall not constitute a novation of the original loan/mortgage agreements.

12. Default. Each of the following events, irrespective of the reasons for its occurrence or whether it is voluntary or involuntary, constitutes an event of default:



A. The failure to pay on a due date any installment, interest, penalty or amount payable under this PN-CM, whether at maturity, by acceleration or otherwise;



B. The breach or the failure to perform any of the terms and conditions of this PN-CM or of any agreement evidencing indebtedness



C. The death, dissolution, or termination of existence of the Borrower/Mortgagor;



D. The non-deilvery,loss, expropriation, destruction, depreciation in value by at least ten percent (10%), or concealment of the Mortgaged Property;



E. This Chattel Mortgage cannot be registered or recorded in the corresponding register or government agency for whatever reason;



F. The insolvency of the Borrower/Mortgagor, the making by the Borrower/Mortgagor of a general assignment for the benefit of other creditors, the commencement by or against the Borrower/Mortgagor of any proceeding for dissolution, insolvency, suspension of payments, appointment of receiver, foreclosure, or the issuance of a writ or order of attachment, garnishment, execution or similar act against the property, assets or income of the Borrower/Mortgagor;



G. Any information, representation or warranty made by the Borrower/Mortgagor in this PN-CM or furnished to the Mortgagee on behalf of the Borrower/Mortgagor in connection with the Obligation or the Mortgaged Property shall become or shall prove to have been false when so made, given or furnished, including the use of the loan for a purpose other than that stated in this PN-CM; or

H. The Mortgagee's good faith belief at any time that (a) the prospect of payment of the Obligation or the performance of this PN-CM is impaired as shown by a default with respect to other obligations of the Borrower/Mortgagor to the Mortgagee under any other credit accommodation, the sale or disposition of any substantial portion of the assets or property of the Borrower/Mortgagor which is not in the ordinary course of the Borrower's/Mortgagor's business, a default in any obligations of the Borrower/Mortgagor to a third party, or such other circumstances and conditions which materially and adversely affect the financial standing of the Borrower/Mortgagor or the ability of the Borrower/Mortgagor to perform his obligations under this PN-CM, or (b) the Mortgaged Property has become insufficient or unsafe.

13. Remedies. Upon the occurrence of any event of default, the Mortgagee shall have all the rights and remedies available under the law, including but not limited to:



A. Acceleration. The Mortgagee may accelerate the payment or performance of any or all of the latter's obligations hereunder.



B. Repossession and Foreclosure. The Mortgagee shall be entitled to be and is hereby irrevocably appointed the attorney-in-fact of the Borrower/Mortgagor with full power and authority to enter the premises where the Mortgaged Property is located and to take actual possession and control thereof without need for any court order or any written permission from the Borrower/Mortgagor, and with full power to sell the Mortgaged Property by lot or in such parcels as the Mortgagee shall determine, at public auction and at the municipality or city where the Mortgaged Property is located or where the principal office or a branch of the Mortgagee is located, at the option of the Mortgagee, unless specifically required by law to be held elsewhere. The manner and procedure for the sale of all or any part of the Mortgaged Property, including the giving of notices for such sale, if made extra-judicially, shall be governed by the applicable provisions of Act No. 1508, as amended, and other pertinent Philippine law. The Mortgagee may be a bidder at the sale of the Mortgaged Property under judicial or extrajudicial proceedings.


C. Application of Proceeds. The Mortgagee shall have full power and authority to apply the proceeds of the foreclosure sale of the Mortgaged Property in payment of the Obligation in such manner as it may deem proper. If the proceeds of the foreclosure sale are insufficient to cover all of the Obligations, the Borrower/Mortgagor shall pay the deficiency within fifteen (15) days after such sale.



D. Appointment as Receiver. In case of judicial or extrajudicial proceedings for the foreclosure of this Chattel Mortgage, the Mortgagee or its duly authorized representative shall be entitled to be appointed and to act as receiver, without bond, of the Mortgaged Property.



E. Right to Set-off. The Mortgagee recognizes the right of the Mortgagor to set-off or legal compensation under the Civil Code. In addition, the Mortgagee is hereby irrevocably constituted and appointed the attorney-in-fact of the Borrower/Mortgagor, with full power and authority and without prior notice, to set-off or apply to the payment of the Obligations any funds which the Borrower/Mortgagor may have deposited with the Mortgagee, or which the Mortgagee may have in its possession or control, including all or any interests or other income which may accrue thereon, including but not limited to time deposit accounts and/or long-term investments, which the Mortgagee is hereby authorized to pre-terminate accordingly, to convert the funds into Philippine peso if denominated in foreign currency at the prevailing exchange rate at the time of set-off or pre-termination, it being understood that all taxes, expenses and charges arising from the pre-termination or the account or investment shall be shouldered by the Borrower/Mortgagor.



F. Proceeds of Expropriation. If the Mortgaged Property is expropriated, the compensation therefor shall be paid directly to the Mortgagee. The Borrower/Mortgagor hereby appoints the Mortgagee as attorney-in-fact to demand, collect and receive such payment and issue receipt therefor on behalf of the Borrower Mortgagor



G. Cumulative. The Mortgagee's rights hereunder are cumulative and not alternative


14. Penalty Charge. In the event any installment or advances made by the Mortgagee is not paid when due or when this PN-CM is deemed in default, the Borrower/Mortgagor is liable to pay a monthly penalty charge equal to six percent (6%) times the unpaid gross monthly installment or advances made by the Mortgagee, with a fraction of a month to be considered as 1 whole month, until such time as the unpaid installment, the advances made by the Mortgagee, or the whole sum remaining unpaid, as applicable, is repaid in full.

15. Collection and Litigation Fees and Expenses. If the Mortgagee is compelled to engage the services of a collection agent or attorney to enforce any of its rights under this PN-CM, the Borrower/Mortgagor shall pay the Mortgagee the collection fees or attorney's fees equivalent to not less than ten percent (10%) of the total outstanding obligation based on the Mortgagee's records, and reimburse the Mortgagee for all actual expenses for collection, including finder's fees, skip tracers, repossessors and the like. If the Mortgagee is constrained to institute extra-judicial foreclosure proceedings and court action to enforce its rights hereunder, the Borrower/Mortgagor shall be liable to the Mortgagee for all expenses of litigation, including the replevin bond as well as attorney's fees equivalent to twenty percent (20%) of the total outstanding obligation based on the Mortgagee's records.

16. Deposits, Placement and Other Properties of the Borrower/Mortgagor. The Borrower/Mortgagor hereby authorizes and empowers the Mortgagee to debit from his deposit account/s, whether individual, joint or in-trust-for, with the Mortgagee at such time/s as the Mortgagee may deem appropriate for the payment in full of any installment or any other amounts that may be due and owing to the Mortgagee under this PN-CM. The Mortgagee may, at its sole option, not debit the Borrower/Mortgagor’s deposit account/s if the outstanding balance therein is not sufficient, cleared and available for debit to cover the payment in full of an installment or any other amounts that may be due thereon including insurance premiums, etc., in which case, the Borrower/Mortgagor shall be liable for the payment of penalty charges on all such overdue installments and/or amounts as provided for in this PN-CM. The option granted to the Mortgagee herein shall not constitute a waiver of any event of default or of the penalties and interest due for late payment.

17. Application of Payment. The Borrower/Mortgagor waives his right to make application of payment under Article 1252 of the Civil Code and the Mortgagee shall have the right to apply payments made by the Borrower/Mortgagor to any of his obligations to the Mortgagee, regardless of the source and nature of the said obligation.

18. Disclosure of Information. The Borrower/Mortgagor authorizes the Mortgagee to disclose information relating to the Borrower/Mortgagor, the Obligation and/or the performance of the Borrower's/Mortgagor's obligations under this PN-CM to the Mortgagee's subsidiaries, affiliates, agents and third parties that are authorized by the Mortgagee to receive such information, for confidential use in connection with the Mortgagee's exercise of its functions to provide banking and related services as well as for any business purposes (including sales and marketing, credit investigation and collection, information technology systems and processes, data processing, imaging and storage, back-up and recovery, and statistical and risk analysis purposes).



The Borrower/Mortgagor further acknowledges and authorizes the Mortgagee to report any credit information relating to the performance of the Borrower's/Mortgagor's obligations under this PN-CM to the BSP, the Anti-Money Laundering Council, the Bankers' Association of the Philippines, the Credit Management Association of the Philippines, or to any other relevant central monitoring or credit information or body. The Borrower/Mortgagor agrees that such disclosure of information shall not be the basis of any claim against the Mortgagee or the parties to whom the Mortgagee makes the disclosure. The Borrower/Mortgagor hereby gives permission for the Mortgagee to request information and to make necessary inquiries about the Borrower/Mortgagor from third parties in connection with any update, re-issuance or ex1ension of the Obligation.

19. Change of Borrower Information. The Borrower/Mortgagor shall immediately notify the Mortgagee in writing of any change in his Personal and Business Data (including civil status, residence, office and/or billing address/es, contact details and/or telephone number/s, employment business, and all related information) and change of my financial status which may prejudice or adversely affect its being a Borrower/Mortgagor. The Borrower/Mortgagor agrees that the Mortgagee may, at its option, update the Borrower/Mortgagor's Personal and Business Data when he applies for or avails of other products and/or services of the Mortgagee.

20. Complaints. For inquiries or complaints, you may call EastWest’s 24-Hour Customer Service at (632) 8888-1700 or e-mail csloans@eastwestbanker.com. Please expect feedback on the inquiry or complaint within 2 banking days from receipt of the concern.

21. Discharge of the Chattel Mortgage. The condition of this Chattel Mortgage is that if the Borrower/Mortgagor shall well and truly perform in full the Obligation, then this Chattel Mortgage shall cease to have force and effect; otherwise, ii shall remain in full force and effect. The Borrower/Mortgagor shall remain liable under this Chattel Mortgage for as long as the Obligation or any portion thereof has not been fully paid and performed notwithstanding any modification, amendment or novation of this PN-CM, and/or any renewal, ex1ension, or grace period with respect to the Obligation or any portion thereof.

22. No Implied Waiver. The exercise of the rights, privileges, and remedies in this PN-CM shall be at the discretion and option of the Mortgagee. No failure, omission, or delay on the part of the Mortgagee in exercising any of the said rights, privileges and remedies shall operate as a waiver thereof. No modification or waiver of any provision or consent by the Mortgagee shall be effective unless the same shall be in writing.

23. Venue of Actions. All actions, including the foreclosure of this Chattel Mortgage, for the enforcement of the rights and obligations under this PN-CM shall be filed in the proper courts where the Mortgagee has an office or branch, or in any court in Metro Manila which has jurisdiction.

24. Notices. Borrower/Mortgagor agrees that all notices and communications between the Borrower/Mortgagor and the Mortgagee relative to this PN-CM shall be given or made in writing, such as but not limited to, mail, electronic mail or facsimile transmission, at the option of the Borrower/Mortgagor as stated in his/its loan application. In case the Borrower/Mortgagor opted for notice or communication n by mail, the same shall be delivered to the address stated on the face of this PN-CM unless the Borrower/Mortgagor notifies Mortgagee of change in address or in the case of other modes of communication, of the change in contact information. Non-receipt of notice of communication after the Mortgagee has exhausted all possible means of contacting the Borrower/Mortgagor through any of his/its chosen mode of notification among the contact details provided to the Bank, shall not relieve the Borrower/Mortgagor from the effects of said notice.

25. Severability. The unenforceability or invalidity of any provision of this PN-CM by a court of competent jurisdiction shall not affect the validity, legality and enforceability of the remaining provisions.

26. Amendments. No amendment to this Agreement or related documents shall be valid unless made in writing and signed by the parties.

Assignment. The Mortgagee may assign or transfer its rights and obligations under this PN-CM for which the Borrower/Mortgagor hereby gives his/its express consent. The Borrower/Mortgagor shall be notified of said assignment or transfer in accordance with Section 23.

27. Effect of Agreement. The rights and privileges of the Mortgagee hereunder shall inure to the benefit of its successors and assigns, and the duties and obligations of the Borrower/Mortgagor shall bind his heirs, representatives, successors and assigns.



Terms and Conditions subject for revision