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Special Power of Attorney for House and Lot Loan

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pipeds


Arresto Menor
Hello guys.
I'm new here.
Nakuha ko po kasi yung copy ng SPA na dapat kong asikasuhin para makakuha ng House and Lot Loan. But when I saw the details written in the SPA, I saw that they also included this one:

FURTHERMORE, I firmly undertake to indemnify ROBINSONS BANK CORPORATION, its directors, officers and/or employees, for all and whatever damages it/they may sustain relative to or in connection with any and all acts done by ROBINSONS BANK CORPORATION with reliance on and pursuant to this representation and authority given to said attorney-in-fact.

The problem is, when I look at the format of the SPA's of other banks, they don't include such a thing. So, is it allowed or okay for me to not include this paragraph in the SPA that I will submit? If I agree to sign this SPA that was given to me, it's like I cannot file any case against the bank if something went wrong.

I hope someone can help me.
Here is the partial copy of the SPA.

KNOW ALL MEN BY THESE PRESENTS:
 
                That I/We, ____________________, of legal age, Filipino, and currently residing at  ______________________________________do hereby appoint, name and constitute________________________, of legal age, Filipino, and currently residing __________________________to be my/our true and lawful at attorney-in-fact and in my/our name, place and stead and on my behalf to do and execute any or all of the following acts, deeds and things, to wit:
 
       1. To apply for and obtain loan/s from Robinsons Bank Corporation in the amount of PESOS: ____________________(P______________), under such terms and conditions as my attorney-in-fact shall find to be acceptable;
 
        2. To mortgage the real estate property located at ____________________covered by CCT/TCT Nos. _____________ of the Register of Deeds of _________ , including any and all improvements thereon, and/or otherwise deliver as collateral for such loan/s any other assets/properties which are in my name, wherever located, real or personal or mixed;
 
        3. To sign, execute and deliver all documents/papers relative to or necessary or required for such loan/s and mortgage/collateral; and
 
        4. To receive, collect, encash or endorse any check, representing the proceeds of such loan/s or otherwise dispose of such loan proceeds.
 
 
          HEREBY GIVING AND GRANTING unto my/our said attorney-in-fact full power and authority whatsoever requisite, necessary or proper to be done in or about the premises, as fully to all intents and purposes as I might or could lawfully do if personally present, and hereby ratifying and confirming all that my said attorney-in-fact shall do or cause to be done under and by virtue of these presents.
 
      FURTHERMORE, I firmly undertake to indemnify ROBINSONS BANK CORPORATION, its directors, officers and/or employees, for all and whatever damages it/they may sustain relative to or in connection with any and all acts done by ROBINSONS BANK CORPORATION with reliance on and pursuant to this representation and authority given to said attorney-in-fact.
 
        This Special Power of Attorney shall be in full force and effect while any of the sum borrowed by virtue hereof remain outstanding and until revoked in writing and communicated to the concerned parties.

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attyLLL


moderator
that's for protection of the bank and to hopefully prevent fraud. whether it's there or not, the bank will have cause to seek damages from you if something is actually wrong with your SPA.


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