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This Contract of Lease (this "Contract") is made and executive this 9th day of
October 2018 at Cebu City, by and between:
-And-
NOW, THEREFORE, for and in consideration of the foregoing premises and the
covenants hereinafter stipulated, the parties hereby agree as follows:
2. TERM OF THE LEASE- The term of this Lease Contract is for a period of
TWENTY (20) years, renewable for an unspecified duration at terms mutually
agreeable to both parties, commencing on 9 October 2018 and ending at midnight
of 31 May 2038, In case of pre-termination by the lessee, for any reason whatsoever,
the LESSOR has the right to collect any remaining rentals corresponding to the
unexpired portion of the LEASE period, or until such time a new LESSEE comes.
This LEASE shall not be deemed extended or renewed beyond the period
time above-mentioned for any cause or reason whatsoever and unless the parties
agree in writing to extend or renew or enter into a new Contract to Lease upon such
terms and conditions acceptable to them, the possession of the Premises by
the LESSEE or any persons claiming rights through the LESSEE, after the
expiration of the term thereof, shall be illegal.
Any renewal or extension of this Contract must be expressly agreed upon by
the LESSOR and LESSEE in writing and under no circumstances can such renewal
or extension be considered as having made impliedly.
For this purpose, the LESSEE shall notify the LESSOR to the latter’s office
in writing, of this intent to renew or extend the Contract at least sixty (60) calendar
days prior to the expiration of the Leased period, or any extension or renewal thereof,
provided, however, that the notice as aforesaid does not in any way vest unto
the LESSEE the right to demand for such extension or renewal of the Lease Period
or any renewal or extension thereof.
3. RENT- the LESSOR shall pay annual rentals in the amount of Five Million One
Hundred Fifty Thousand Pesos (P 5, 150, 000.00) payable in advanced within five
(5) days from the start of the year, exclusive of VAT. The annual rentals shall be
subject to escalation equivalent to one percent (1%) at the end of every live (5) years.
4. SECURITY DEPOSIT- Upon signing of this Contract and upon delivery of the
LESSOR of the Leased Premises to the LESSEE, the LESSEE shall remit the sum
of Four Hundred Twenty-Five Thousand Four Hundred Twenty-Five Pesos
(P425,425.00) (the "Security Deposit"). The Security Deposit shall remain intact
during the entire term of this lease and shall not be applied by the LESSOR as
payment for rentals, but shall serve as security to answer for any unpaid utility bills,
charges and other obligations due to the LESSOR under this Contract, and real
property taxes due on the improvements introduced by the LESSEE, which are
payable by the LESSEE at the termination or expiration of this Contract. The
Security Deposit shall be refunded by the LESSOR and returned to the LESSEE,
within thirty (30) days after the expiration or termination of this Contract and
after presentation by the LESSEE to the LESSOR of proof that the former has paid
all of its utility bills and real property taxes, if any, and provided that the
LESSEE has vacated the Leased Premises.
7. CARE OF THE LEASED PREMISES- The LESSEE shall examine the Leased
Premises before taking possession thereof, and LESSEE’s entry into possession
shall constitute conclusive evidence or admission by the LESSEE that as of the date
thereof, the said Premises were in good order and satisfactory tenantable condition.
The LESSEE hereby binds itself to keep and maintain the same in such condition as
a prudent person shall do under the circumstances, ordinary wear and tear expected.
The LESSEE shall at its own expense, improve and maintain the Leased Premises
clean and free from rubbish and dirt at all times, store all trash and garbage in proper
containers and not burn any trash and garbage in or about the Leased Premises or
anywhere within the Premises.
8. SECURITY & SANITATION- The LESSOR shall ensure the security of the
premises and provide a security guard for the whole commercial establishment
where the leased premises are located. The LESSOR must also ensure regular
collection of garbage through the barangay garbage collector or any private entity
which shall be to the account of LESSOR. The LESSOR also agrees to make the
septic tank of the leased premises bigger in order to accommodate more waste
volume in anticipation of more customers using the toilet.
13. REVISION OF LEASE CONTRACT- Both parties may revise this lease
contract after six (6) months to one (1) year in the event that LESSEE assigns the
business with a newly-registered business name.
IN WITNESS WHEREOF, the parties have hereunto affixed their signatures this
October 09, 2018 at M. J. Cuenco Avenue, Mabolo, Cebu City, Cebu, Philippines.
ACKNOWLEDGEMENT
BEFORE ME, a Notary Public for and in the CITY of CEBU, this OCT. 09,
2018, personally appeared:
Notary Public
Page No. 5;
Book No. I;
Series of 2018.
Contract of
Lease
(LAND AND BUILDING)
BSA- 1 Blk 2