CONTRACT OF LEASE

KNOW ALL MEN BY THESE PRESENTS:

This Contract made and entered into, by and between
_________, of legal age, Filipino, married, and with residence at __________,
_____________ City, hereinafter referred to as Lessor
-andVL, of legal age, Filipino, married, and with residence at ____, _____City,
hereinafter referred to as Lessee
WITNESSETH:
1. The Lessor is the registered owner of a certain parcel of land with an area
of about 2,000 square meters located at ____, _____ City with TCT No. T35868;
2. The Lessor desires to offer the said property for lease and the Lessee
desires to lease the same for the purpose of erecting a warehouse;
3. For and consideration of the covenants and stipulations herein, the Lessor
agrees to lease the said property to the Lessee under the following terms
and conditions:
3.1The term of the lease shall be for a period of ten (10) years to
commence upon the signing of this Contract and shall be renewable for
another ten (10) years at the option of the Lessee, and thereafter
renewable upon mutual agreement of the parties.
3.2The monthly rentals on the leased parcel of land above-mentioned
shall be one thousand pesos (P 1,000.00), Philippine Currency for the
first two (2) years of this agreement, which shall be increased one
hundred pesos (P 100.00) every year thereafter. The rentals shall be
paid by the Lessee to the Lessor on a monthly basis payable on or
before the seventh (7th) day of every month.
3.3Upon the signing of this Contract, the Lessee agrees to pay advanced
rentals for four (4) months.
3.4Association dues per month of five hundred pesos (P 300.00) or as
determined by the Association from time to time shall be for the
account of the Lessee. Penalty for late payment of Association dues is
4% per month or a fraction of a month compounded until the arrears
are fully paid and settled.
3.5The Lessee may make improvements on the Leased Land after prior
notice to the Lessor. All expense for the improvements shall be for the
account of Lessee. However, permanent improvements shall become
the property of the Lessor upon expiration of this Contract.
3.6The subject land may not be subleased without the written consent of
the Lessor.
3.7The Lessee shall not keep or store in the lease premise any hazardous
and obnoxious substance or inflammable material or substance that
might constitute a fire hazard or other chemicals and materials or
prohibitive drugs in violations of the laws of the Philippines.

3.8Real estate taxes and government assessments charges shall be for

the Lessors account.
IN WITNESS WHEREOF, the parties have signed this contract on March 10,
2015 in Iligan City, Philippines.
__________________
Lessor

VL
Lessee
Signed in the presence of:

LDaga

GLoma

Republic of the Philippines

)
Iligan City
) s.s.
BEFORE ME, this 10th day of March, 2015 in the City of ___________, personally
appeared, the following persons, with their respective valid ID as indicated below:
1. _____________, with Passport Number XX5110728 issued by the
Department of Foreign Affairs on December 7, 2014.
2. VL, with Passport Number XX1851028 issued by the Department of
Foreign Affairs on February 16, 2010.
known to me to be the same persons who executed the foregoing instrument,
denominated as a Contract of Lease consisting of two (2) pages, signed on each and
every page by the parties and their instrumental witnesses, having acknowledged
the same before me as their own free and voluntary act and deed.
IN WITNESS WHEREOF, I have set my hand and affixed my Notarial seal on
the day, year and place written.
(Sgd.) Juan dela Cruz
Notary Public
Until__________________
PTR No. _______________
Issued at ______________
On ___________________
Doc. No.
Page No.
Book No.
Series of 2015.