(Contract of Lease of Hacienda)

CONTRACT OF LEASE
KNOW ALL MEN BY THESE PRESENTS:

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

______, of legal age, Filipino, (single / married / widow), and a
resident of _____________, Philippines, (hereinafter referred to as the
"LESSOR"),
- and -

_____________, of legal age, Filipino, (single / married / widow), and a

resident of _____________, Philippines, (hereinaft er referred to as the
"LESSEE");
WITNESSETH
WHEREAS, the LESSOR is the absolute and registered owner in fee
simple of a parcel of land, situated in the _____________, Philippines, and
more particularly described as follows:

(Technical Description of Property)

WHEREAS, the LESSEE desires to lease the above-mentioned
parcel of agricultural land with a total plantable area of approximately
__________________________ (_________) hectares which shall be the
basis for the computation of the rentals, under the terms and conditions
hereinafter provided.
NOW, THEREFORE, for and in consideration of the terms and conditions
mutually agreed upon by the parties, the LESSOR, his heirs, successors and
assigns, hereby convey of way of lease unto the LESSEE, his heirs,
successors and assigns, the above-described parcel of land, including the
improvements found and existing thereon, subject to the following terms,
conditions and stipulations, to wit:

PERIOD OF THE LEASE: This contract of lease shall be for a

period of _____________ (______) agricultural sugar crop-years, to
commence with sugar crop-year (C.Y.) _____________ up to and including
sugar crop year (C.Y.) _____________, provided further that the LESSEE
shall harvest only _____________ times during the term of this lease,
otherwise the LESSEE shall pay rental pro rata based on the period and
hectarage without a need of court order.
RENTAL: The consideration of this lease contract shall be an
annual lease rental of _____________ (_____) "LKG" per hectare computed
on the basis of actual hectarage planted to sugarcanes or the amount is
__________________________ (P_____________) per hectare. The total
hectarage is _____________ therefore the total yearly rental is
__________________________ (P_____________). The
sum of __________________________ (P_____________) will be the total
rental for this contract.

PAYMENT OF THE RENTAL: The sum of __________________________

(P_____________) will be due upon the signing of the contract.
TURN-OVER OF LEASED PROPERTY TO LESSEE: The LESSEE shall permit the
LESSOR or its authorized representatives to take gradual
possession of the leased premises as the C.Y. _____________ standing
crops are being harvested by the LESSEE to enable the LESSOR to
propagate and cultivate the crops for C.Y. _____________. The LESSOR
shall deliver full physical possession of the leased premises to the LESSEE
upon the termination of this contract and that all ratoon crops found therein
shall inure to the benefit of the LESSOR.

IMPROVEMENTS AND ALTERATIONS: The LESSEE may with the written

consent of the LESSOR build houses and other structures in the leased
premises which however shall not exceed four (4) units for use of the
LESSEE's or his management team to include but not limited to the
encargado and staff and if the LESSEE so desires, structures for a small
poultry, piggery or the like;

The LESSEE is also authorized to alter the fields' divisions, roads, canals
including its culverts provided that such alteration will not result in the
diminution of the plantable area;

RIGHT OF INSPECTION: Since the LESSOR will be operating a pumping

station for the water needs of her other farms, parties agree that the
LESSOR or her duly authorized representative shall have free access at all
times to the leased premises for the sole purpose of operating said pumping
station and the water-ways traversing through the leased premises;

REAL ESTATE TAXES, ETC.: The real estate taxes and other land
assessments over the leased premises shall be for the exclusive
account of the LESSOR while this lease is in effect;

TERMINATION DUE TO FORCE MAJEURE, ETC.: This contract was entered

into by the parties in good faith and under the assumption that no event or
circumstances will obtain that will make it extremely difficult or impossible
for the LESSEE to continue planting and cultivating the leased premises as
intended under this contract, therefore, in the event that the LESSEE feels
that his life is in danger, and/or that the peace and order situation in the
locality or region where the aforesaid parcel of land is found or situated
deteriorates to such an extent that it would no longer be either feasible or
possible to still plant or cultivate sugarcane over the leased premises, or
where the prices of sugar make the operation of the farm no longer
profitable, then the herein parties are agreed that the LESSEE may
preterminate this lease by giving the LESSOR at least THREE (3) months
prior notice, provided that the LESSEE may still harvest his standing
sugarcane crops and the LESSOR is paid the pertinent rentals due thereon;

WARRANTY, RIGHT OF WAY. The LESSOR hereby agree, by these presents

that she shall provide and guaranty the necessary right-of-way to the
benefit of the LESSEE, including use and access to common roads and other
hacienda facilities and that the LESSOR further warrants the peaceful
possession and occupation of the LESSEE over said parcels of lands or from
eviction thereof.

AGRICULTURAL PRODUCT. That the LESSEE shall devote the said

parcel of land, subject matter of this contract, to the cultivation of sugar
cane or such other agricultural products he may deem suitable and
financially viable and shall be free to introduce therein whatever
improvements he may deem proper and convenient, provided that upon the
termination of this contract, all improvements introduced therein by the
LESSEE shall remain and will inure to the benefit of the LESSOR.
MISCELLANEOUS. That in the event that any provisions of Rep. Act No.
6657, otherwise known as the Comprehensive Agrarian Reform Law of 1988,
shall cover or be implemented in the leased premises or any portion thereof,
the rental due shall be reduced in proportion to the area actually being
occupied by the LESSEE;

IN WITNESS WHEREOF, the parties have hereunto set their hands this
_____________ at _____________, Philippines.
LESSOR LESSEE

SIGNED IN THE PRESENCE OF:

__________________ _________________

ACKNOWLEDGEMENT
REPUBLIC OF THE PHILIPPINES )
PROVINCE OF ______________ ) S.S.

MUNICIPALITY OF _____________)

BEFORE ME this _____ day of _______________, 2001 in the Municipality of

_________________, Province of ____________, Philippines, personally appeared
______________________, with Community Tax Certificate No. _________ issued at
________________ on ________________ and T.I.N. No. ________, known to me to
be the same person who executed the foregoing instrument, and he acknowledged to
me that the same is his free act and deed.

This instrument, consisting of _____ pages, including the page on which this
acknowledgement is written , he has been signed on the left margin of each and every
page thereof by __________________ and his witness, and sealed with my notarial
seal.

IN WITNESS WHEREOF, I have hereunto set my hand, the day, the year, and
the place above written.

NOTARY PUBLIC

My Commission expires Dec. 31, 2001

IBP No. ______, 1/2/2001, Pasig City

P.T.R. No. ____, 2/2/2001, Pasig City

Doc. No. _____;

Page No. _____;

Book No. _____;

Series of 20____