Elena recently served his sentence for committing the crime of theft. Determined to start his new life, Elena went to XYZ Bank to loan PHP1,000,000.00 to start his Single Origin Coffee Shop. Marco, the XYZ Loan Appraiser, after conducting due diligence, advised Elena that the loan will be approved at 8% annual interest and must be secured by a Real Estate Mortgage (REM).

Elena agreed and presented his Certificate of Title covering 2 hectares of coffee bean farm with market value of PHP 1,500,000.00. Marco advised that the XYZ Bank already approved the loan. Elena came to you for professional advice as for the following provision in the REM Contract, "Herein mortgagee is hereby prohibited to alienate, sell, convey, or transfer ownership of the mortgaged property until the loan is fully paid."

Advise Elena with legal basis