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This Contract of Lease, made and entered into this _________________, at Manila,
Philippines by and between:
AND
WITNESSTH:
THAT FOR and in consideration of the payment of the rent and of the compliance
of all conditions hereinafter contained the LESSOR has agreed to lease unto the LESSEE,
and the latter to lease, the property with postal address at __________________________
___________________ with an area of _____SQM more or less, owned by the LESSOR.
1. TERM – This CONTRACT OF LEASE shall be for a fixed period of one (1) year,
commencing on ________________and shall expire on midnight of ________________.
The amount of rent specified in this contract shall be reviewed and agreed upon by both
LESSOR and LESSEE at the end of the lease. In case the LESSOR and LESSEE fail to
agree on the new rental rate, this contract shall be deemed terminated without prejudice.
The term herein agreed upon is for the benefit of the LESSOR. Should the
LESSEE terminate this contract before the expiration of period stipulated, the LESSEE’S
deposit shall be forfeited in favor of the LESSOR and the LESSEE remains to be liable
for all bills, charges, dues of whatever nature that may arise from his use and occupancy
of the premises.
3. SECURITY DEPOSIT – The LESSEE shall pay to the LESSOR the sum of
__________________________________________________ PESOS ONLY, Philippine
Currency representing Two (2) months deposit. This security deposit shall be refunded to
LESSEE upon termination of this Lease only after full settlement of any rent in arrears,
bills for utilities, and damages to the premises caused by LESSEE on the leased premises
and such other costs as may be chargeable against LESSEE under this contract.
4. UTILITIES – All expenses for water, electricity, telephone, and such other utilities
shall be for the account of the LESSEE.
LESSOR shall rescind this Contract in case the leased premises are subleased or
used for purposes other than that stated above.
-2-
6. IMPROVEMENTS – The LESSEE shall not make any structural changes, alterations
or improvements in the leased premises without the written consent of the LESSOR. It is
agreed that any major repairs/improvements which are non-movable objects or things
made or introduced by the LESSEE with or without LESSOR’S consent shall upon
termination of the Lease Contract inure to the benefit of the leased premises and become
property of the LESSOR without any obligation on the latter’s part to pay and refund its
value or cost to the LESSEE.
7. SANITATION AND REPAIRS – The Lessee shall keep the premises in clean and
sanitary condition. The LESSEE hereby expressly acknowledges that the leased premises
are in good and tenantable condition and agrees to keep the same in good and tenantable
condition. Any provision of law, present or future or any stipulation in this Contract to
the contrary notwithstanding, the LESSEE hereby agrees and binds itself to undertake
through qualified workmen or contractors and at its own exclusive expense, all repairs,
necessary or otherwise, such as to maintain the leased premises in practically the same
condition as it was upon the commencement of the lease contract.
It shall be the obligation of the LESSEE to notify the LESSOR of the need for
repair before any work is conducted thereon.
8. FIRE HAZARD AND OBNOXIOUS SUBSTANCES – The Lessee shall not keep,
deposit or store in the leased premises any obnoxious substances or any flammable
materials or substances that may constitute fire hazard.
9. TAXES – Real Estate Taxes shall be for the account of the LESSOR. Any other tax,
dues, assessments or charges that may be imposed by the building administration, or by
the national or local government in connection with the use of facilities and other utilities
or occupancy of the leased premises shall be for the sole account of the LESSEE.
14. ABANDONMENT OF LEASED PREMISES – If during the term of this lease, the
premises shall be deserted or remain unoccupied for a continuous period of Forty-Five
(45) days, the LESSOR shall have the right to enter the premises as agent of the LESSEE
and to receive the rent and apply the same to the payments of the rent due for the whole
term of this lease, holding the LESSEE liable for any deficiency. At its option, the
LESSOR may lease out the premises, without notice to the LESSEE, to any such party
and under such terms it may decide.
The LESSOR shall also have the right to retain the properties in the premises
owned by the LESSEE as security for the payment of the LESSEE’S obligations under
this Contract, which properties the LESSOR may, as attorney-in-fact, of the LESSEE,
dispose of at public auction or by private sale, the proceeds to be applied to such
obligations and the excess to be turned over to the LESSEE or whoever is entitled thereto
or place the same on deposit, if necessary, without prejudice to the right to the LESSOR
to collect the deficiency, if any, from the LESSEE.
15. FIRE – In case of damage to the leased premises or its appurtenances by fire,
earthquake, typhoons, riots, civil commotion, or any other unforeseen cause, the LESSEE
shall give immediate notice thereof to the LESSOR. If the leased premises shall be
damaged by fire, or other events caused by the LESSEE, the damage shall be repaired at
LESSEE’S expense (without prejudice to the LESSOR’S right of action against the
responsible party(ies). If the premises is damaged by earthquake, typhoon and other
calamity beyond the control of LESSEE, the LESSOR shall have the option to repair or
not to repair the damages. The monthly rentals to be paid by the LESSEE shall be
reduced in proportion to the area not suitable for occupancy until the repairs shall have
been completed. But if the building or the leased premises are so nearly untenantable,
either party may demand the rescission of this Contract, and the LESSOR shall return any
unused advance rental, including any refundable deposit made by the LESSEE.
IN WITNESS WHEREOF, the parties hereto have signed these presents on the date and
at the place above written.
(Lessor)
(Lessee)
_______________________________ _______________________________
ACKNOWLEDGEMENT
All known to me and to me known to be the same persons who executed the foregoing
Contract of Lease consisting of Four (4) pages, including this one, signed by them and
their instrumental witnesses and they acknowledged to me that the same is their own free
and voluntary act and deed and of the corporation(s) herein represented.
WITNESS MY HAND AND SEAL, at the place and on the date first above
written.