1

LEASE CONTRACT
KNOW ALL MEN BY THESE PRESENTS:

This CONTRACT OF LEASE is made and executed at the Libacao, Aklan, Philippines, this
_27th day of November, 2015, by and between:

ALLEN Z. NOCHE, of legal age, married, Filipino, and with residence and postal
address at Poblacion, Libacao, Aklan, hereinafter referred to as the LESSOR.

-AND-

VINCENT I. NAVAROSA, of legal age, single, Filipino and with residence and postal
address at Poblacion, Libacao, Aklan, hereinafter referred to as the LESSEE.

WITNESSETH; That

WHEREAS, the LESSOR is the owner of herein leased real property, to wit: residential lot,
containing an area of One Thousand (1,000) square meters, situated at Pagharion Street,
Poblacion, Libacao, Aklan, designated as Lot No. 36 pt. and declared under ARP No. 001-
1205 in the name of Allen Z. Noche;

WHEREAS, the LESSOR agrees to lease-out the above-mentioned property to the LESSEE
and the LESSEE is willing to lease the same;

NOW THEREFORE, for and in consideration of the foregoing premises, the LESSOR leases
unto the LESSEE and the LESSEE hereby accepts from the LESSOR the LEASED premises,
subject to the following:

TERMS AND CONDITIONS

1. PURPOSES: That the premises hereby leased is a residential and commercial lot which
shall be used by the LESSEE for either or both residential and commercial purposes;

2. TERM/STIPULATION: This term of lease is for THREE (3) YEARS- from November
2016 up to November 2021, inclusive, subject to the herein stipulation that the LESSOR
cannot sell or convey the same to any third person while this contract subsist. After the
expiration of this contract, this lease may be revised under such terms and conditions as
may be mutually agreed upon by both parties;

3. RENTAL RATE: The monthly rentals over the leased premises shall be paid every end
of the month by the LESSEE to the LESSOR in the following manner:

1) From November 2016 up to November 2017 - - - - P5,000.00;

2) From November 2017 up to November 2018 - - - - P8,000.00; and
3) From November 2018 up to November 2019 - - - - P8,000.00
All rental payments shall be payable directly to the LESSOR or to her authorized
representative.

4. COST OF IMPROVEMENTS: The LESSEE may introduce improvements over the leased
premises, subject to the condition that all the costs spent thereto shall be borne by the
LESSEE without reimbursement to the LESSOR in case of the termination of this contract or
its non-renewal;

5. DEPOSIT/ADVANCE PAYMENT: That upon signing of this contract and prior to move-
in, the LESSEE shall pay the LESSOR the amount of FIFTEEN THOUSAND PESOS
(P15,000.00) as three (3) months deposit and the amount of (10,000.00) as two (2)
months advance rentals or a total amount of TWENTY FIVE THOUSAND PESOS: (P
25,000.00), Philippine Currency, of which amount may be applied as rentals for the
remaining months of lease before the end of this contract;

6. DEFAULT PAYMENT: In case of default by the LESSEE in the payment of the rent, such
as when the checks are dishonored, the LESSOR at its option may terminate
this contract and eject the LESSEE;
2

7. FORCE MAJEURE: If the whole or any part of the leased premises shall be destroyed or
damaged by fire, flood, lightning, typhoon, earthquake, storm, riot or any other unforeseen
disabling cause of acts of God, as to render the leased premises during the term
substantially unfit for use and occupation of the LESSEE, then this lease contract may be
terminated without compensation by the LESSOR or by the LESSEE by notice in writing to
the other.

8. LESSOR'S RIGHT OF ENTRY: The LESSOR or its authorized agent shall after giving
due notice to the LESSEE shall have the right to enter the premises in the presence of the
LESSEE or its representative at any reasonable hour to examine the same or for any other
lawful purposes which it may deem necessary.

9. EXPIRATION OF LEASE: At the expiration of the term of this lease or cancellation

thereof, as herein provided, the LESSEE will promptly deliver to the LESSOR the
leased premises with all corresponding keys and in as good and tenable condition.

10. This CONTRACT OF LEASE shall be valid and binding between the parties, their
successors-in-interest and assigns.

IN WITNESS WHEREOF, parties herein affixed their signatures on the date and place
above written.

ALLEN Z. NOCHE VINCENT I. NAVAROSA

LESSOR LESSEE

Signed in the presence of:

_____________________________ ______________________________

ACKNOWLEDGEMENT

Republic of the Philippines)

Province of AKLAN ) S.S
Municipality of LIBACAO )

BEFORE ME, personally appeared:

Name VALID I.D./CTC Date/Place Issued
ALLEN Z. NOCHE OSCA I.D. No. LIB2-0367 June 26, 2009/ Libacao, Aklan
VINCENT I. NAVAROSA CTC No. A-16727670 January 19, 2015 /Libacao, Aklan
Known to me and to me known 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 two (2) pages, including the page on which this
acknowledgement is written, has been signed on each and every page thereof by the
concerned parties and their witnesses, and sealed with my notarial seal.

WITNESS MY HAND AND SEAL, on the date and place first above written.

ULDARICO Z. CEREZO
Doc. No.610; Notary Public
Page No. 122_; My commission expires until
Book No. XXXV_; December 31, 2016
Series of 2015.