(NAR) VOL. 9 NO. 1 / JANUARY-MARCH 1998
1. When the title to the property is in the name of the Creditor; orB. The Creditor is considered a lien-holder and/or mortgagee if as of the date the land transfer claim was received by the Land Bank of the Philippines (LBP) from the Department of Agrarian Reform (DAR):
2. When the affidavit of consolidation of ownership or affidavit of non-redemption of the property has been annotated on the title.
1. The mortgage on the property is still existing; orC. Agricultural lands subject of foreclosure but whose redemption periods have not yet expired may either be offered by the registered owner through Voluntary Offer to Sell (VOS) or be covered under Compulsory Acquisition (CA). In either case, the DAR shall furnish the Creditor a copy of said offer or notice of coverage.
2. The mortgage on the property has been foreclosed and the period of redemption has not yet expired; or
3. When there is as yet no consolidation of title of the mortgaged property even if the redemption has expired.
1. To receive all notices, advices, correspondence, and all other communications from the DAR and/or LBP, such as, but not limited to, Notice of Coverage, Notice of Valuation and Acquisition, Letter-Requirement for Processing and Payment of Claim, etc.B. As lien-holder and/or mortgagee, the Creditor shall be entitled, among others, to the following:
2. To opt for compensation through either Voluntary Land Transfer/Direct Payment Scheme or Land Bank Financing;
3. To transact with DAR and/or LBP regarding all aspects of subject land transfer claim, to the exclusion of all other persons;
4. To be named as the recipient of all cash and bond deposits; and
5. To receive all the proceeds of subject land transfer claim, less deductions such as realty tax delinquencies, etc.
1. To collect payment up to the extent of the obligation of the landowner-debtor (mortgagor), and
2. To receive notices, advices, and all other communications pertaining only to the obligation of the landowner-debtor (mortgagor).
1. Comply with all the requirements for processing and payment of the claim such as surrender of the Owner's Duplicate Copy of the Title; andB. As lien holder and/or mortgagee, the Creditor shall:
2. Sign all land transfer documents required as a consequence of the processing and payment of the land transfer claim such as: Deed of Assignment, Warranties and Undertaking (DAWU), Deed of Transfer (DOT), Deed of Confirmation of Coverage and Transfer, etc.
1. Issue a release of mortgage, or execute a deed of redemption, and deliver the owner's duplicate copy of title in favor of the landowner-debtor (mortgagor) after the payment of the value of the lien; and,
2. Sign all land transfer documents as may be required in connection with the payment of the obligation of the landowner-debtor (mortgagor).