ADALIA B. FRANCISCO and MERRYLAND DEVELOPMENT CORPORATION vs. RITA C. MEJIA
ADALIA B. FRANCISCO and MERRYLAND DEVELOPMENT CORPORATION vs. RITA C. MEJIA G.R. No. 141617 August 14, 2001 Facts: 1. Andrea Cordova Vda. de Gutierrez was the registered owner of a parcel of lands. 2. The property was later subdivided into five lots. 3. Gutierrez and Cardale Financing and Realty Corporation executed a Deed of Sale with Mortgage relating to the lots, for the consideration of P800,000.00. 4. Upon the execution of the deed, Cardale paid Gutierrez P171,000.00. 5. It was agreed that the balance of P629,000.00 would be paid in several installments within five years from the date of the deed, at an interest of nine percent per annum "based on the successive unpaid principal balances." 6. To secure payment of the balance of the purchase price, Cardale constituted a mortgage on...