443. Acuu00f1a vs Caluag (1957).docx - 443 Acuu00f1a vs...

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443. Acuña vs Caluag (1957)FACTS:On April 21, 1950, petitioner Emiliano Acuña and his wife, Nieves B. Acuña, executed infavor of Reynaldo T. Santos a real estate mortgage over two parcels of land to securethe payment of a loan of P25,000, with interest at 12 per cent per annum, with theundertaking that the properties mortgaged should be insured and that the insurancepolicy would be kept in force, and that furthermore, in case it became necessary for themortgagee to institute judicial or extrajudicial foreclosure proceedings, the mortgagorswould pay as liquidated damages an additional sum equivalent to 20 per cent of thetotal obligation then due and payable, and another amount of P500 as attorney's fees.May 2, 1951, respondent Santos filed a complaint for foreclosure of the mortgagebecause the latter had failed to make payment within and after the expiration of theperiod for payment, including the amount of P317.25 advanced by the mortgagee tokeep the insurance policy in force; that the parties had agreed to reduce the liquidateddamages to P500 only, and that judgment be "rendered in favor of the plaintiff against

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