CONTRACT OF LEASE

KNOW ALL MEN BY THESE PRESENTS:

This Contract of Lease (The “Contract”) is entered into and between:

__________________________________ a corporation duly organized and existing
under this laws of the
Philippines with principal address at _____________________________________
Philippines herein represented by its President, ____________________(hereinafter
called the “LESSEE”);

-and-

_______________________________________________________________, a
corporation duly organized and existing under the laws of the Philippines with business
at 2317 Aurora Boulevard, Pasay City, Metro Manila, herein represented by its President
and/or EVP-Treasurer, _____________________ _____ and/or
______________________ hereinafter called the “LESSOR”).

WITNESSETH, THAT

For and in consideration of mutual covenants herein contained:

1. LEASED VEHICLE – The LESSOR hereby rents to the LESSEE on Chauffeur Driven
arrangement the motor vehicle described as follows:

CAR MAKE : TOYOTA INNOVA 2.0 GAS M/T

MODEL : 2019
COLOR : BLACK
ENGINE NUMBER :
CHASSIS NUMBER :
PLATE NUMBER :
CONDUCTIN NO. :

(The described motor vehicle is hereinafter referred to as the “Leased Vehicle”).

Unless the LESSEE gives written notice to the contrary to the LESSOR within sever
(7) days from the delivery of the possession of the Leased Vehicle of the LESSEE,
the Leased Vehicle shall be conclusively presumed to be in neat and proper
appearance, good repair, mechanical condition and running order when delivered to
and accepted by the LESSE. The LESSE has the obligation to provide adequate
parking space for the Leased Vehicle in its premises.

If at any time during the Term (as defined below), the LESSOR supplies the LESSEE
with Labels, plates or other makings to be used in the Leased Vehicle, the LESSEE
shall affix the same upon a prominent place on the Leased Vehicle.

2. NATURE OF THE CONTRACT – The parties expressly understand that this is a

contract of the vehicle of lease only. The LESSEE does not, by this Contract, acquire
any right, title or interest in or to the Leased Vehicle expect the right to use the same
in accordance with the terms and conditions of this Contract.

3. AUTHORIZED USER – The LESSEE hereby provides the LESSOR with the name(s)
of the person(s) who are authorized to use the Leased Vehicle, as follows:
 Authorized User’s Name :
Position :
Address :

The LESSEE shall inform the LESSOR in writing of any change (including any
addition) in respect of Authorize User(s) of the Leased Vehicle. Only the person(s)
who are identified in writing by the LESSEE as Authorized User(s) of the Leased
Vehicles are the authorized to use the Leased Vehicle. The LESSEE shall be liable
to the LESSOR for any and all losses, damages, claims or expenses caused by or
arising from the use of the Leased Vehicle by unauthorized person(s).

4. LEASE TERM – This Contract shall have a term of three (3) year commencing on
_____________ to _________________ (the “Term”).

5. IRREVOCABILITY OF CONTRACT – This contract shall be irrevocable for the full

term of the three (3) years and the LESSE’s obligation to pay the monthly Lease
Charge for the full Term is unconditional, it being understood that the payment of said
rental for three (3) years period is the very essence and special consideration for the
consummation of this Contract. Accordingly, except for (1) material and willful breach
or violation of this Contract by the LESSOR, or (2) fraud, bad faith or gross negligence
on the part of the LESSOR (each, a “ Just Cause of Pre-Termination”) or (3) reasons
of For Majeure under Section 13, which constitute sufficient or just cause for the
LESSEE to pre-terminate this Contract upon seven (7) days prior written notice to the
LESSOR, this Contract shall be irrevocable for the full term of the lease period. Should
this Contract be pre-terminated by the LESSEE for the reasons other than a Just
Cause for Pre-termination or Force Majeure under Section 13, then LESSEE shall be
obligated to pay the Monthly Lease Charge to the Lessor up to the last day of the
unexpired portion of the Contract. For purposes for this Section 5, this Contract shall
be deemed pre-terminated by the LESSEE on the date LESSOR receives notice (in
any form) of the LESSEE’s pre-termination of this Contract.

6. NOTICE OF TERMINATION OF CONTRACT – For pre-termination r termination of

this Contract reasons other than due to (1) Just Cause for Pre-Termination under
Section 5, (2) Force Majeure under Section 13, or (3) breach of the LESSEE under
Sections 7 and 16, the party terminating this Contract shall give the party a prior 30-
day written notice. The written notice of the pre-termination shall expressly indicate
therein the effective date of termination of this Contract. Thereupon, the Contract shall
be deemed terminated on the effective date of termination as expressly indicate in the
written notice, or (if the written notice does not expressly indicate an effective date
termination) on the date of receipt by the recipient of such written notice of termination.

7. MONTHLY CAR LEASE FEES AND DEPOSIT – the LESSEE shall pay the LESSOR
a car lease fee of _____________________________________, per month (the
“Monthly Car Lease Fee”). .

Upon commencement of the Lease, the LESSEE shall pay a deposit of -

__________________________ ____________equivalent of two (2) months – Car
lease Fee (the “Deposit”) and the LESSE shall pay an advance of -
___________________________________ equivalent of one (1) month –Car Lease
Fee (the “Advance”).

The Monthly Car Lease Fee shall be deemed inclusive of the cost of registration of
the Lease Vehicle with the Land Transportation Office and the cost of insuring the
Leased Vehicle during the Term but shall be deemed exclusive of fuel, toll, parking
fees and overtime cost and allowance charges relating to chauffeur service set forth
in Section 8 below, all of which shall be for the account of the LESSEE.
 The LESSOR shall provide and submit to the LESSEE the monthly billing within the
first week of the applicable month. The amount billed shall be paid on the Due Data
which is Thirty (30) days upon receipt of the invoice. Any amount not paid on Due
Date shall have a penalty equivalent to three percent (3%) thereof per month. In the
event the LESSEE is in arrears of at least two (2) months in the payment of the
Monthly Lease Charge, the LESSOR shall be entitled to terminate this Contract
effective immediately and there upon shall have pull out of the leased Vehicle.

8. CHAUFFEUR SERVICE – The LESSOR shall assign to the LESSEE a chauffeur who
may be replaced upon reasonable request of the LESSEE. The assigned chauffeur
shall provide regular chauffeur services of eight (8) hours a day plus one (1) hour for
meal break, six (6) days a week from Monday to Saturday. Outside the regular hours
as aforementioned, the LESSEE shall be liable for cost of overtime and other
allowances of the assigned chauffeur, at the following rates and under the following
terms:

Chauffeur Service Fee :P 771.00/day

Regular OT :P 97.00/hour
Special Holiday :P 101.00/hour
In excess of 8 hrs. :P 132.00/hour
Day Off Special Holyday :P 117.00/hour
In excess of 8 hrs. :P 152.00/hour
Legal Holiday :P 78.00/hour
In excess :P 203.00/hour
Work on LH :P 125.00/hour
In excess :P 263.00/hour
Night Differential :P 10% of overtime rate (between 10:00pm to 6:00am)
Meal Allowance :P 70.00/day (before 06:00am and after 08:29pm)
Transportation Allowance :P 80.00/day (after 09:29pm)

a. In the event of any new government mandated wage increase, the Chauffeur Fee
including the corresponding SSS, Phil health and Pag-ibig contributions and other
assessments, will be adjusted accordingly.

b. The assigned chauffeur shall fill up a Daily Time Record (DTR), which will be
countersigned by the Authorized User of the Leased Vehicle or a representative of
the LESSEE designated in writing to the LESSOR.

c. The LESSOR or its accredited manpower agency (as the case may be) shall retain
control and supervision and maintain discipline over the assigned chauffeur. The
parties agree that the assigned chauffeur is and shall remain the employee of the
LESSOR or its accredited manpower agency.

d. The LESSEE agrees that it shall not compel the assigned chauffeur to perform any
act, thing or deed in connection with the use of the Leased Vehicle or any other
act that may endanger his life and limb and that his passengers or imperil the
condition of the Leased Vehicle.

e. Notwithstanding anything herein to the contrary, the LESSOR reserves the right to
substitute any other chauffeur according to the exigencies of the service.

f. The LESSEE or any of its officers, directions, stockholders, employees or any

person related or affiliated in any way to the LESSEE (each a “LESSEE
Representative”) shall not, during the term and within one (1) year thereafter, hire
in any capacity or under any arrangement, or employ, or entice to hire or employ
 any person who rendered services to the LESSEE or to any LESSEE
Representative on behalf of or in representation of or through any arrangement or
accommodation made by the LESSOR and the LESSEE or any LESSE
Representative (each, a “LESSOR Representative”), regardless of whether said
LESSOR Representative was the chauffeur or other personnel assigned to the
LESSEE under this Contract or otherwise, and/or whether said LESSOR
Representative has since changed employer or employment agency, or connected
with any other person. In the event that the LESSEE and any LESSEE
Representative absorbs or employs a LESSOR Representative in its own
organization, or hires a LESSOR Representative in any capacity or under any
arrangement in contravention of this provision, the LESSEE shall be obligated to
pay the LESSOR, by way of liquidated damages, an amount equivalent to the
Monthly Lease Charge payable for two (2) months, without prejudice to other
remedies the LESSOR may have under applicable law or equity.

g. The LESSOR represents and warrants that any chauffeur assigned by it to the
LESSEE is duly licensed, qualified and skilled, with years of experience as a driver
and no derogatory history or record.

9. CONDITIONS FOR THE USE OF THE LEASE VEHICLE – The LESSEE shall not
permit or cause the Leased Vehicle to be used, or compel or instruct the assigned
chauffeur, to:

a. Carry passengers for hire or reward unless the vehicle is hired with the knowledge
of the LESSOR for use in a passenger service;

b. Sublet or hire the Leased Vehicle to any other person;

c. Permit the Leased Vehicle to be operated after the expiration of the Term;

d. Operate the Leased Vehicle or permit it to be operated in circumstances that

constitute an offense related to driving under the influence of liquor or drug; or in
any race, speed, test, rally or contest; or otherwise permit a person who is not a
holder of a valid driver’s license to drive the Leased vehicle;

e. Operate the Leased Vehicle or permit it to be operated to propel or tow any other
vehicle and to be operated in flooded areas;

f. Operate the Leased Vehicle or permit it to be operated for the hauling and/or
carrying of heavy goods or materials such as logs, lumber, sand, gravel, gasoline
products and/or other inflammable articles or materials; or

g. Permit the assigned chauffeur to bring home or use the Leased vehicle for the
latter’s personal purposes.

The LESSEE shall be liable to the LESSOR for any and all loses, damages, claims
or expenses for bodily injury, death or property damage, including damage to the
Leased Vehicle, caused by or arising from the use of the Leased Vehicle in
violation of the foregoing restrictions.
10. The ECLPI Vehicle is covered by comprehensive vehicle insurance such as:

a. Vehicle Own damage and Theft-

For self-driver rental, LESSEE will be charged for the cost insurance
participation fee or deductible fee in case of collision or damage on the rented
vehicle cost as follows:
P 5,000.00- Compact Sedan
P 7,500.00- Medium Size Sedan
P 10,000.00 SUV and Van

b. Third Party Coverage

1. Third Party Liability Damage up to a maximum total limit of a 300,000.00
per vehicle.

2. Third Party Bodily injury up to a maximum limit of 300,000.00 per vehicle;

c. Personal Accident Insurance-

Personal Accident Insurance up to 200,000.00 per passenger according to
vehicle seating capacity;

d. Medical Reimbursement-
Medical Reimbursement up to a maximum of P 20,000.00 per passenger
according to vehicle seating capacity

The insurance stated above is intended to answer for property damage or loss or expense
for bodily injury or death arising from the use and operation of the Leased Vehicle. Any
excess on the amount insured will be shouldered by the LESSEE, if the claim for
indemnification under the aforesaid insurance is denied by the insurance company, or if
for any reason loss, damage or expense cannot be recovered from the insurance, the
LESSEE shall be liable in full for such loss, damage or expense if the Leased Vehicle is
used or driven in violation of the terms and conditions or any existing laws, rules and
regulations, or if the LESSEE has made false or erroneous declaration or
misrepresentation, or if the damage is the result of careless, reckless or abusive use or
handling of the Leased Vehicle by the LESSEE or by the LESSEE ‘s agents or employees.
It is understood that in case of damage to the Leased Vehicle the liable to pay the
applicable participation charge stated above.

11. DUTIES OF LESSEE IN CASE OF ACCIDENT. The LESSEE agreed to protect the
interest of the LESSOR and the insurer of the Leased Vehicle during the Term of the
contract. In case of accident or occurrence of a crime involving the Leased Vehicle to
the extent possible by:
a. Obtaining the name and addresses of the parties and witnesses involved in
the accident or incident, as well as the plate numbers and other pertinent data
on the vehicle(s) involved;
b. Not abandoning the Leased Vehicle without adequate previsions for
safeguarding and securing the same incase of accident;
c. Giving detailed report of accident (or the incident) including diagram in case of
damage, and within twenty-four (24) hours to inform the LESSOR of such
accident or incident; and
d. Notifying the police promptly and obtaining copy of the police report.

Failure to submit the above mentioned documents within 48 hours after the
incident will lead the LESSEE to pay the total cost of damage including
downtime to the LESSOR.
12. MAINTENANCE AND REPAIR-The Monthly Lease Charge covers full maintenance
of the car including normal servicing and oil change. The LESSOR shall exclusively
bear all maintenance costs of the Leased Vehicle, including expenses for oil and
lubricants. Cost of repairs to the Leased Vehicle arising from ordinary wear and tear
thereof shall likewise be for the account of the LESSOR.

The Leased Vehicle shall be made available by the LESSEE to the LESSOR’s
Maintenance Managers on the [first week of each month], or as otherwise directed
by the LESSOR, for inspection/check-up, necessary repair or maintenance.

The LESSOR, while taking precautions and using best efforts to prevent such
happening, shall not be liable for mechanical failure of the Leased Vehicle should
LESSEE fail to observe the regular monthly checkup imposed by the LESSOR. In
case the Leased Vehicle requires immediate or emergency repair, the LESSEE
shall give prompt notice to the LESSOR. The LESSOR shall have no obligation to
reimburse any cost or expense for any repair of or service to the Leased Vehicle
unless authorized by the LESSOR or otherwise agreed upon by the LESSOR.

If the LESSOR deems it impracticable to repair promptly the Leased Vehicle, the LESSOR
shall temporarily substitute another vehicle in good operating condition but not
necessarily of the same car make or model. While in the service of the LESSEE, the
substituted vehicle shall be subject to the terms and conditions of this Contract.

Without the prior written consent of the LESSOR, LESSEE shall not make any alterations,
additions or improvements on/to the Leased Vehicle.

13. FORCE MAJEURE –

a. The LESSOR shall incur no liability to the LESSEE for failure to supply or repair
the Leased Vehicle or to supply any substitute vehicle or to provide a chauffeur or
a substitute chauffeur, if such failure is due to fire, riot, strike or other labor
problems, or acts of God, or any cause or causes beyond the LESSOR’s control.
In any such event, and during the period of such failure only, the Monthly Lease
Charge may be abated or reduced, subject to agreement of the parties in writing.
The LESSOR shall also have the right to pre-terminate this Contract, should it
become impossible for it to continue to lease the Leased Vehicle or provide a
chauffeur to the LESSEE as a result of force majeure, subject to the notice
provisions in paragraph © of this Section 13.

b. In the same manner, should the use by the LESSEE of the Leased Vehicle be
made impossible due to fire, riot, strike or other labor problems, or acts of God, or
any cause or caused beyond the LESSEE’s control then the obligation of the
LESSEE to pay the Monthly Lease Charge shall be suspended for the time it has
become impossible to use the name, or shall cease entirely in the event the
LESSEE decides to terminate this Contract for the reasons cited in this Section 13,
as may be warranted by the circumstances, subject to the notice provisions of
paragraph © of this Section 13.

c. In the event a party here to decides to terminate this Contract for reasons of force
majeure as provided in this Section 13, the termination party shall send a prior
seven (7)-day written notice of termination to the other party expressly indicating
therein the effective date of termination of this Contract for reasons of force
majeure (the date of receipt by the recipient of such written notice being the date
of termination if the written notice does not expressly indicate an effective date of
termination), and thereupon, the LESSEE shall cease to pay the Monthly Lease
Charge on such effective date of termination of this Contract as provided in
paragraph © of this Section 13.
14. COMPLIANCE WITH LAWS - The Leased Vehicle shall not be used in violation of
any law, ordinance, rule, regulation, policy, directive or issuance applicable to the use or
operation of the Leased Vehicle. In case of violation thereof, the LESSEE agrees to pay
the LESSOR upon demand all fines, costs and other assessments made and/or imposed
in connection therewith, except where such violations are caused by or attributable to the
fault of the LESSOR. The LESSEE shall indemnify the LESSOR against any and all
clients, actions, suits, proceedings, costs, expenses, damages and liabilities, including
attorney’s fees, arising out of connected with or resulting from the unlawful, improper and
unauthorized use of the Leased Vehicle.

15. AUTHORIZATION – The parties thereto warrant and represent to each other that
each has obtained and has in full force and effect any and all authorizations necessary to
enter into and observe its obligations under this Contract and that its obligations under
this Contract are valid and binding and are enforceable against it in accordance with its
terms. Upon execution of this Contract, the LESSEE shall submit to the LESSOR a copy
of a Board of Resolution (or a Secretary’s Certificate attesting to the approval of said
Board Resolution), authorizing the execution by the LESSEE of this Contract under the
terms thereof and the designation of it’s signatories to sign and execute this Contract.

16. BREACH BY LESSEE – In case the LESSEE breaches or violates any term or
condition of this Contract, the LESSOR may terminate this Contract upon seven (7) days
prior notice and thereupon shall have the right pull out the Leased Vehicle. – The effective
date of termination of this Contract due to breach of LESSEE of this Contract pursuant to
this Section 16 shall be the date of receipt by the LESSEE of the written notice of
termination given by the LESSOR. In this instance, the LESS shall cease to pay Monthly
Lease Charge only on the date the Leased Vehicle is pulled out by the LESSOR or the
possession thereof surrendered by the LESSEE to the custody of the LESSOR.

17. RETURN OF THE LEASED VEHICLE – on the date of the effectivity of the
cancellation, pre-termination of this contract, the LESSEE shall immediately return the
Leased Vehicle to the LESSOR at a reasonably accessible place to be designated by the
LESSOR in as good condition and running order as when received aby the LESSEE,
ordinary wear and tear as excepted. If the LESSEE fails or refuses to return the Leased
Vehicle to the LESSOR, the LESSOR or any of its authorized representative shall have
the right, without force or violence, to enter any premises where the Leased Vehicle may
be and to pull-out the Leased Vehicle without being liable to any suit, action, defense or
other proceeding by the LESSEE.

18. COLLECTION EXPENSES/ATTORNEY’S FEES- the LESSEE shall be liable to the

LESSOR for all costs and expenses incurred in collecting payments due or to become
due form the LESSEE or in enforcing any right of the LESSOR pursuant to this Contract,
including but not limited to, the recovery of the possession of the Leased Vehicle. In the
event LESSOR will require assistance of counsel in the collection of the LESSEE’s
obligation or the recovery of possession of the Leased vehicle, the LESSEE agrees to
pay as attorney’s fees the equivalent of ten percent (10%) of the amount of such obligation
or ten percent (10%) of the fair market value of the Leased Vehicle, as the case may be.

19. VENUE OF ACTION- In case of suit arising out of or in connection with this Contract,
the parties hereby agree to submit themselves to the exclusive jurisdiction of the proper
courts in Pasay City, Metro Manila.

20. NON- ASSIGNMENT – The LESSEE cannot assign this Contract or any interest
therein to any third person without the prior written consent of the LESSOR.

21. EXTRAORDINARY INFLATION – the parties agrees that the Monthly Lease Charge
stipulated herein shall be subject to adjustment in the event of extraordinary decrease in
the effective value of the purchasing power of the Philippine Currency. At least 25%
increase over the Consumer Price Index applicable in the Metro Manila area as of the
date of execution of this Contract, as set forth in figures officially released by the Bangko
Sentral ng Pilipinas (BSP), or by any other agency of the Philippine Government should
the BSP figure be not available, shall be regarded as an extraordinary decrease in the
effective value of the purchasing power of the Philippine Currency. It is further agreed
upon that any such increase in the Monthly Lease Charge due to extraordinary inflation
pursuant hereto shall take effect only after prior written notice to the LESSEE.

22. AMENDMENT – This Contract may not be amended or altered in any manner unless
such amendment or alteration is in writing and signed on behalf of the parties.

23. ENTIRE AGREEMENT – This Contract constitutes the entire agreement of the parties
about its subject matter and any previous communication, agreement, understanding and
negotiation on said subject matter cease to have any effect.

24. APPLICABLE LAW – This Contract shall be governed and interpreted in accordance
with the laws of the Republic of the Philippines. In case of doubt as to the meaning of the
provisions of this Contract and/or the Intent of the Parties, the provisions of the applicable
law of the Republic of the Philippines shall apply.

IN WITNESS WHEREOF the parties have executed this Contract of Lease this
______________ day of ______________ at Pasay City.

(Lessee) (Lessor)
By: By:

President President

SIGNED IN THE PRESENCE OF:

________________________________ ______________________________
REPUBLIC OF THE PHILIPPINES )
MAKATI CITY, METRO MANILA ) S.S

ACKNOWLEDGEMENT

BEFORE ME, a Notary Public for and in

__________________________________________________________, personally
appeared:

NAME SOCIAL SECURITY SYSTEM (SSS) / PASSPORT DATE/PLACE ISSUED

Represented By:

Represented By:

Known to me and to me known to be the same persons who executed the foregoing
Contract of Lease and acknowledged that the same is their free and voluntary act and
deed and that of the corporations they duly represent.

WITNESS MY HAND AND SEAL for and in ________________________________ this

___________________________.

Doc. No. __________________;

Page No. __________________;
Book Bo. __________________;
Series of __________________.