CONTRACT OF LEASE

KNOW ALL MEN BY THESE PRESENTS:

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

CHARITO BENLIRO AZAGRA, of legal age, Filipino, married and a

resident of Brgy. Dayao, Roxas City, Capiz, Philippines hereinafter referred to
as the LESSOR;

- AND –

RAKEM SOMBILON, of legal age, Filipino, single and a resident of Brgy.

Brgy. Hipona, Pontevedra, Capiz, Philippines, hereinafter referred to as the
LESSEE.

W I T N E S S E T H:

THAT the LESSOR is the absolute and lawful owner of 7-I (fishpond),
situated at Barrio of Sulo, Municipality of Pontevedra, Province of Capiz,
covered by TCT no. T-21481 and with an area of SIXTY –TWO THOUSAND
EIGHT HUNDRED SEVENTY-NINE (62, 879) square meters, more or less.

THAT the LESSEE has offered to lease from the LESSOR the area of
FORTY EIGHT THOUSAND FIVE HUNDRED FIFTY-EIGHT (48, 558) square
meters, more or less, including the accretion thereof and the LESSOR have
accepted the offer subject to the terms and conditions hereafter set forth ;

NOW THEREFORE, for and in consideration of the foregoing premises

and of the stipulations hereafter set forth, the LESSOR hereby lease unto the
LESSEE who hereby accepts the lease of the above-mentioned lot including
the accretion thereof under the following terms and condition;

1. LEASE PERIOD- This contract shall be for the period of eight (8) years
to commence on December 19, 2013 and will end on December 19,
2021. This lease shall be deemed extended for two (2) years if the
LESSEE shall have concreted the gates of the fishpond subject of this
Lease Contract.

2. RENTAL RATE- The rental of the lease premises shall be at the rate of
SIXTY TWO THOUSAND ONE HUNDRED PESOS (Php 62,100.00)
yearly.

3. ADVANCE RENTAL AND MODE OF PAYMENT OF RENTAL- That upon

signing of this contract, the LESSEE shall pay TWO HUNDRED
THOUSAND PESOS (Php 200,000.00). And the yearly rental payments
to cover for the five (5) years lease period shall be at the following
schedules:

Year Amount

January 15, 2014 Php 150,000.00

March 7, 2014 Php 146,800.00
 4. IMPROVEMENTS- That the LESSEE may introduce permanent
improvements on the leased premises with or without the consent of
the LESSOR, that such permanent improvement made shall belong to
the LESSOR upon the expiration of this lease without need of
reimbursement on her part for the expenses incurred, that the LESSEE
shall repair or replace any damage by the LESSEE to the dikes and
water gates during the term of this lease.

5. WARRANTY BY THE LESSEE- The LESSEE hereby warrants that the

leased premises shall be used exclusively for the raising of fish,
shrimps prawn and other marine products and to maintain the present
set-up of the fishpond subject of this Lease Contract. That LESSEE also
warrants that he will not destroy or cut the trees or mangroves without
the consent of the LESSOR. That LESSEE also warrants to maintain the
integrity of the leased premises after the expiration of this contract in
good condition to the LESSOR.

6. SUBLEASE- The LESSEE shall not assign or transfer his rights under
this contact or sublet the premises or portion thereof without the
written consent of the LESSOR.

7. BREACH AND DEFAULT- the LESSEE agrees that in case of default or

breach or any of the conditions or stipulations stated herein, and then
this lease, at the discretion of the LESSOR may be terminated and
cancelled either judicially or extra judicially upon five days notice,
delivered or posted at the lease premises. LESSEE shall be liable for
any and all damages actual and consequential resulting such breach
and/or default and termination.

8. TERMINATION OR RENEWAL OF LEASE

a.) By Lessor- Should the LESSOR decide to terminate this

lease at its expiry date or not to extend the lease
beyond it stipulated period, LESSOR shall notify
LESSEE, thirty (30) days before the expiry date stating
specifically that such lease shall not be extend or
renewed;
b.) By Lessee- Should for any reason decide to terminate
this lease before its expiry date notice thereof in writing
shall be furnished to LESSOR thirty (30) days before the
intended date termination.

9. RENEWAL OF LEASE- That this Lease Contract is renewable upon

agreement by the LESSOR and the LESSEE.

10. TAXES DUE- That the LESSOR shall be the one responsible for the
payment of taxes concerning the fishpond covered by this Lease
Contract.

IN WITNESS WHEREOF, We hereby set our hand this _____________ at

Roxas City, Capiz, Philippines.

CHARITO BENLIRO AZAGRA RAKEM SOMBILON

First Party Second Party
 Signed in the Presence of:

____________________________ _____________________________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES)

CITY OF ROXAS ) S.S.
x- - - - - - - - - - - - - - - - - - - - x

BEFORE ME, a Notary Public, this _______________ in the City of

Roxas, Province of Capiz, Philippines, personally appeared:

Charito Benliro Azagra F04-82-004789 December 6, 2013 Roxas City

Rakem Sombilon F04-96-029843 June 11, 2016 Roxas City

known to me to be the same persons who executed the foregoing

instrument, and acknowledged to me that the same is their free and voluntary
act and deed.

This instrument consisting of three (3) pages, including the page on

which this acknowledgement is written, has been signed on the left margin of
each and every page thereof, and sealed with my notarial seal.

IN WITNESS WHEREOF, I have hereunto set my hand and affix my

notarial seal the day, year, and place above written.

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