Form 22

EQUIPMENT LEASE AGREEMENT

This Equipment Lease Agreement (“Agreement”) is entered into by and between:

_____________________________., a corporation with address

at _________________________________________________,
represented herein by ___________________________, its
___________________________, hereinafter referred to as “OWNER”;

- and -

____________________, a corporation with address at

____________________________________________________________
________________________________________, represented herein by
_____________________, its _______________________ hereinafter
referred to as “LESSEE”.

WITNESSETH: that –

WHEREAS, the OWNER is the registered owner/assignee/possessor with right to

use, of the machineries and equipment more particularly listed and described in Annex
“A”, hereinafter referred to as “Equipment” which the OWNER used in its manufacturing
business before it ceased business operation;

WHEREAS, the LESSEE desires to lease and use the Equipment for its business
in manufacturing________________.

NOW, THEREFORE, the parties hereby agree as follows:

1. The OWNER hereby lease the Equipment to the LESSEE, and LESSEE
accepts the Equipment under lease to be used by the LESSEE solely for its manufacturing
business.

2. The LESSEE shall pay the OWNER a lease rental in the amount of
P___________ per month to be effective on__________.

3. This lease shall commence on __________and shall be for a term of one (1)
year. The parties may agree on the extension of this lease under such terms and
conditions as the parties may agree.

4. The LESSEE shall not remove any of the Equipment from its present location
at ______________________________________________________________.

5. The LESSEE shall at its own cost maintain the Equipment in accordance with
normal repair and maintenance standard and procedure acceptable to the OWNER.

6. The LESSEE shall insure the Equipment against fire, typhoon, theft and other
risks as may be normal in the industry for their replacement value with such reputable
insurance companies acceptable to the OWNER. All proceeds of insurance shall be used
to indemnify the OWNER if a contingency insured against happens.

7. LESSEE shall pay the real estate tax on the Equipment during the term of this
Lease.

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Form 22

8. The OWNER shall have the right to enter the premises of the LESSEE to
inspect the Equipment, the record of payment of insurance premium, real property tax,
repair and maintenance and to determine compliance by the LESSEE of its obligations
and warranties under this Agreement.

9. The OWNER shall have the right to terminate this Agreement in the event the
LESSEE is in breach of any of its obligations or warranties under this Agreement. Upon
the termination or expiration of this Agreement, LESSEE shall turn over possession and
control of the Equipment to OWNER. And the LESSEE hereby designates the OWNER
or any of its representatives as attorney in fact with full authority to enter the premises of
the LESSEE to take possession and control of the Equipment without necessity of court
order, and without any liability for enforcing this provision.

10. The LESSEE is prohibited from assigning, or subleasing or mortgaging or

encumbering the Equipment.

SIGNED by the duly authorized representative of the parties this _____th day of
________ at _________________.

_______________________________ ______________________________
“LESSEE” “OWNER”

By: By:

_______________________________ ______________________________

SIGNED IN THE PRESENCE OF:

_______________________________ ______________________________

ACKNOWLEDGMENT

_____________________________ ) S.S.

BEFORE ME, a Notary Public for and in the above jurisdiction, personally appeared the
following:

Name Comm. Tax Cert. No. Date/Place Issued

known to me to be the same persons who executed the foregoing Equipment Lease Agreement,
and they acknowledged to me that the same is their free and voluntary act and deed as well as the
corporations they represented herein.

WITNESS MY HAND AND NOTARIAL SEAL this _____th day of ______________

at the place first abovewritten.

Doc. No. _____;

Page No. _____;
Book No. _____;
Series of 200___.