PAGLAUM MANAGEMENT VS UNIONBANK.docx - Paglaum Management Development Corp and Health Marketing Technologies Inc vs Union Bank of the Philippines Notary

PAGLAUM MANAGEMENT VS UNIONBANK.docx - Paglaum Management...

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Paglaum Management & Development Corp. andHealth Marketing Technologies, Inc., vs Union Bank ofthe Philippines, Notary Public John Doe, and Registerof Deeds of Cebu City and Cebu Province,G.R. No. 179018, June 18, 2012FACTS:PaglaumManagementandDevelopmentCorporation is the registered owner of three parcels of landlocated in Cebu. Union Bank extended HealthTech a creditline and to secure this obligation Paglaum exectuted threeReal Estate Mortgages in favor of Union Bank. The partiesentered into a Restructuring Agreement, which states thatany action or proceeding arising out of the transaction shallbe commenced in Makati City, with both parties waiving anyother venue. The restructuring was due to HealthTech’sfailure to meet its obligations after the Asian financial crisisadversely affected its business. Heatltech still failed to payits obligation which prompted Union Bank to instituteforeclosure proceedings. Union Bank extra-judiciallyforeclosed the mortgaged properties. The bank filed a
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