(First paragraph format is the same as real estate mortgage)

           That the MORTGAGOR is indebted unto the MORTGAGEE in the sum of ____PESOS (P______), Philippine Currency, receipt of which is acknowledged by the MORTGAGOR upon the signing of this instrument, payable within a period of ____ ( ) years, with interest thereon at the rate of ____ ( ) per cent, per annum;

           That for and in consideration of this indebtedness and to assure the performance of said obligation to pay, the MORTGAGOR hereby conveys by way of CHATTEL MORTGAGE unto the MORTGAGEE, his heirs, and assigns, the following personal property now in the possession of said MORTGAGOR:

           That the condition of this obligation is that should the MORTGAGOR perform the obligation to pay the herein-above indebtedness of _____, together with accrued interest thereon, this chattel mortgage shall at once become null and void and of no effect whatsoever, otherwise, it shall remain in full force and effect.

           IN WITNESS WHEREOF, the parties have hereunto set their hands on the ___ day of January, 2001 at Quezon City, Philippines.

           We severally swear that the foregoing mortgage is made for the purpose of securing the obligation specified in the conditions thereof, and for no other purpose, and that the same is a just and valid obligation, and one not entered in for the purpose of fraud.