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CONTRACT OF LEASE

KNOW ALL MEN BY THESE PRESENTS:

This Contract of Lease is made and entered into, by and between:

_________________________ married, of legal age, Filipino, a resident of and


with postal address at ___________________ (hereinafter referred to as the
“LESSOR”);

- and -

_____________________, of legal age, Filipino, a resident of and with postal


address at _____________________________ (hereinafter referred to as the
“LESSEE”);

WITNESSETH THAT:

WHEREAS, the LESSOR is the attorney-in-fact of ________________________, the


registered and absolute owner of _______________________________________, Philippines.

WHEREAS, the LESSEE desires to lease the PROPERTY and the LESSOR is willing to
lease the same unto the LESSEE subject to the terms and conditions herein specified;

NOW, AND THEREFORE, for and in consideration of the forgoing and the mutual
covenants herein contained, the LESSOR has let and by these presents does hereby let and lease
unto the LESSEE the aforesaid PROPERTY and the LESSEE hereby accepts the same by way of
lease subject to the following terms and conditions:

1. SUBJECT OF THE LEASE

__________________________________ to be devoted as office/commercial space and which


will be provided by LESSOR (hereinafter referred to as the “Leased Premises”).

2. TERM OF THE LEASE

The lease shall be for a period of two (2) years. The first year shall commence
on_________________. The second year on ________________________. This lease may be
extended or renewed upon mutual agreement of the parties. The foregoing notwithstanding,
the LESSOR may terminate this lease for whatever reason upon an advance notice of thirty (30)
days served upon the LESSEE.

3. RENT AND SECURITY DEPOSIT

The parties agree that the monthly rental of the Leased Premises shall be PESOS:
____________________exclusive of Value-Added Tax, which shall be for the sole account of
the ___________.

Upon signing of the contract of lease, the LESSEE shall pay the LESSOR two (2) months
advance lease and two (2) months lease as security deposit, or a total amount of PESOS:
_______________________________ exclusive of VAT, for the faithful compliance by the
LESSEE of the covenants hereof and to answer for any bills for water, electricity, telephone and

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other utility bills, as well as, other expenses reasonably incurred by the LESSOR for the account
of the LESSEE which is not settled. The balance, if any, shall be refunded by the LESSOR to the
LESSEE, upon settlement of such accounts which shall not exceed thirty (30) days after
termination of this contract.

4. UTILITIES

The LESSOR shall provide for a sub-meter for water and electricity. All charges and expenses
for water and electric current shall be paid to the LESSOR. All other charges such as but not
limited to telephone, internet, cable fees, and other public utilities now installed or hereinafter to
be installed shall be for the account of the LESSEE.

5. USE OF PREMISES

The LESSEE upon payment of all the sums referred to herein as being payable by the LESSEE
and the LESSEE’S performance of all the LESSEE’S covenants contained herein and the
LESSEE’S observance of all rules and regulations, shall and may peacefully and quietly have,
hold and enjoy the leased premises for the term hereof. The Leased Premises shall be used for
commercial or industrial purposes only.

In the operations of its business (food & beverage), introduction of additional menu is always
subject for approval of the LESSOR’s management.

6. IMPROVEMENTS

The LESSEE may not introduce major alterations or additions to, or improvements upon the
Leased Premises including electrical and plumbing installations thereon, without first obtaining
the consent of the LESSOR.

The LESSEE shall be permitted to make such renovations to the area provided that all plans for
work shall require the consent and approval of LESSOR
.
The LESSEE has the right to exhibit signage at the leased premises at the l, LESSEE’s expense.
Upon termination of the lease the LESSEE shall be permitted to remove the signage at its own
expense but shall repair any damage caused to the leased premises or any other part of the
LESSOR’s property affected during such removal, at its sole expense/account.

Any equipment/fixtures installed by the LESSEE may be removed by the lessor at the end of the
term provided that any damage caused by such removal shall be repaired by the LESSEE at its
own expense.

Upon the expiration of the lease, all fixed and permanent improvements introduced or built on
the Leased Premises by the LESSEE may be removed by the LESSEE without defacing or
causing damage to the Leased Premises. In case of the LESSEE’s failure to remove the
improvements at the expiration or termination of the lease, or in case it is not possible to remove
the improvements without defacing or causing damage to the Leased Premises, it shall be the
LESSOR’s right to appropriate the improvements, subject to reimbursement of the costs thereof
to the LESSEE.

7. MOVABLE IMPROVEMENTS

The LESSEE may install movable improvements within the Leased Premises, which shall
remain the property of the LESSEE. The LESSEE shall take care that the removal of the items
shall not cause any damage to the Leased Premises.

8. SANITATION AND REPAIRS

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The LESSEE shall strictly maintain the Leased Premises in clean and in sanitary condition and
on the expiration or sooner termination of the tenancy shall surrender the Leased Premises to the
LESSOR in as good condition as when received, ordinary wear and tear and damage by the
elements excepted.

The LESSOR shall be responsible for all major repairs that may be required in connection with
the Leased Premises.

The LESSOR undertakes to do all reasonable and necessary minor repairs for breakdowns in the
premises, which may occur within the first thirty (30) days of the lease. Provided that, the
breakdowns are not due to the fault or negligence of the LESSEE, and is reported to the
LESSOR by the LESSEE in writing, within the said period. After this time all minor repairs will
be for the account of the LESSEE.

For the purposes of these provisions, major repairs are those costing (Php10,000.00) or more per
occurrence, while, minor repairs are those costing less than Ten Thousand Pesos (Php10,000.00)
per occurrence.

9. PEST CONTROL

The LESSOR shall retain the services of a reputable pest control organization to ensure the
extermination or protection against termites and beetles (“anay” or “bukbok”), rats, cockroaches
and other insects.

10. TAXES AND INSURANCE

Any and all taxes arising from this contract including but not limited to Value-Added Tax, and
other government assessments/fees and fire insurance charges shall be for the LESSEE’s
account. For its own protection, the LESSEE may insure its own properties, equipment,
machinery and other properties found and installed in the Leased Premises.

11. SALE, TRANSFER AND MORTGAGE

In the event of sale or disposition of the Leased Premises, the LESSEE shall have the right of
first refusal to purchase the Leased Premises at the same terms and conditions as the LESSOR
shall offer the Leased Premises for sale to any third party. In case of denial or waiver on the part
of the LESSEE to purchase the Leased Premises in writing after being offered to purchase the
Leased Premises, the LESSOR shall in no case offer the Leased Premises to any third party at the
price better than the one offered to the LESSEE. The foregoing right of first refusal shall apply in
the event that the LESSOR decides to mortgage or encumber the Leased Premises, provided that
in case such right is denied or waived by the LESSEE in writing, and the Leased Premises is
mortgaged to any third party, such third party mortgagor shall respect the terms and conditions of
this contract and may not terminate the lease, as if it were an original party to this contract.

12. PRE-TERMINATION

In case of pre-termination of this lease by the LESSEE, any advance rentals paid to the LESSOR
shall be refunded to the LESSEE within thirty (30) days from the actual termination hereof by
the LESSEE, after final accounting.

13. BREACH OF CONTRACT

Any violation of the terms of this contract on the part of the LESSOR or LESSEE shall be
sufficient ground for the termination of this Contract of Lease by the aggrieved party. In the
event of such breach, the aggrieved party shall notify the other party in writing of the occurrence
of such breach, and the latter shall have a period of thirty (30) business days from receipt of the
notice within which to remedy or cure the breach. If the breach is not remedied or cured within
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the aforementioned period, then the aggrieved party shall have the right to terminate this
Contract of Lease without need for judicial determination.

14. WAIVER CLAUSE

Failure of either party to insist in one or more instances upon strict performance of any of the
covenants of this lease or exercise any portion therein contained, shall not be construed as
abandonment or cancellation or waiver of such covenant or option. No waiver by either party
shall be deemed to have been made unless expressed in writing and signed by the party or parties
concerned.

IN WITNESS WHEREOF, the parties have hereunto signed the Contract of Lease on
____________________ at ______________, Philippines.

__________________________ _________________________

SIGNED IN THE PRESENCE OF:

________________________ ________________________

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ACKNOWLEDGEMENT

REPUBLIC OF THE PHILIPPINES)


) S.S.

BEFORE ME, a Notary Public for and in the City of __________ this _________ day
of______________, personally appeared the following:

NAME COMPETENT EVIDENCE OF IDENTITY

both known to me and to me known to be the same persons who have executed the foregoing
Contract of Lease presenting competent evidence of identity with their photograph and signature
appearing thereon, and acknowledged that this instrument same is their own act and deed. This
document consists of _____ (____) pages signed by the parties and their instrumental witnesses.

WITNESS MY HAND AND SEAL, on this __________ day of ___________ at


_________________, Philippines.

Doc. No. __________


Page No. _________
Book No.__________
Series of 20__