CONTRACT OF LEASE

KNOW ALL MEN BY THESE PRESENTS:

This Contract of Lease (“Contract”) is made and executed by and between:

JUAN DELA CRUZ, married, of legal age, Filipino, and residing at No. 36 CONSOLACION
CAGAYAN DE ORO City, represented herein by his Attorney-In-Fact, DARA ALLENSON REYES, of
legal age, Filipino, and Residing at No. 23 Corregidor Street, CONSOLACION, CAGAYAN DE ORO
City, herein after referred to as the “LESSOR”;

- and -

ABC BANK, a corporation duly organized and existing under and by virtue of the laws of the
Republic of the Philippines, with principal office address at Rosas San Simon, Cagayan De Oro
City, herein represented by its Executive Vice President, ALECXER BALORIO, hereinafter
referred to as the “LESSEE”.

WITNESSETH: That

WHEREAS, the LESSOR is the owner of a one (1) storey commercial structure (the
“Building”) located at 105 B.G. Molina Street, Lumbia, Cagayan De Oro City, constructed on No.
453359 of the Registry of Deeds for Cagayan De Oro City;

WHEREAS, the LESSEE desires to lease from the LESSOR a portion of the Building with
an aggregate floor area of TWO HUNDRED FIFTY SQUARE METERS( 250 sqm), more or less,
herein referred to as the “Leased Premises”;

NOW, THEREFORE, for and in consideration of the foregoing premises and the mutual
covenants hereinafter set forth, the LESSOR hereby leases, lets and delivers by way of lease,
and the LESSEE hereby accepts, under the concept of lease, the Leased Premises under the
following terms and conditions:

1. PERIOD OF LEASE – this lease shall be for a period of FIVE (5) years, commencing on July 1,
2019 and expiring on June 30, 2024, renewable at the option of the LESSEE, under such terms
and conditions as may be mutually agreed upon in writing by the parties.

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2. RENTAL – the monthly rental for the Leased Premises shall be in the amount of: ONE
HUNDRED THOUSAND (Php 100,000.00), Philippine Currency, to be paid by the LESSEE at the
office of the LESSOR on or before the fifth (5th) day of each and every month, plus one per
centum (1%) surcharge per month for the payment of rentals made after the 5 th day of the
month due and shall be exclusive of the Value Added Tax (VAT), if any, which shall be for the
LESSEE’s account. It is expressly agreed and understood the payment of the rental herein
stipulated shall be made without the necessity of express demand and without delay on ay
ground whatsoever.

3. ADVANCE RENTAL – the LESSEE agrees that upon the execution of this Contract, the advance
rental fee equivalent to TWO (2) months rental or the sum of PESOS: TWO HUNDRED
THOUSAND (Php 200,000.00), shall be paid to the LESSOR to be applied to the first TWO (2)
months of the lease.

4. SECURITY DEPOSIT – Upon the signing of this Contract, the LESSEE shall pay the LESSOR a
Security Deposit equivalent to ONE (1) month rental or the sum of PESOS: 100 HUNDRED
THOUSAND (Php 100,000.00), (the “Security Deposit”)

The Security Deposit shall be returned to the LESSEE, without interest or need of
demand upon the expiration of this Contract or its termination for any cause, less whatever
obligation which may then be due from the LESSEE to the LESSOR. The Security Deposit shall
answer for whatever damages the Leased Premises may suffer due to the fault or negligence of
the LESSEE during the term hereof. It shall also answer for whatever bills for electricity, water,
telephone and other utilities that may be installed in the Leased Premises should the same
remain unpaid at the expiration or termination of this Contract.

5. DOCUMENTARY STAMP TAX – the Documentary Stamp Tax (DST) to be affixed in this
Contract pursuant to Section 194 of the National Internal Revenue Code, as amended, shall be
for the account of the LESSEE.

6. REAL ESTATE TAXES – real estate taxes on the land and the Building shall be for the sole
account of the LESSOR, except for real estate taxes on the improvements that may be
introduced by the LESSEE, if any, which shall be exclusively for the latter’s account. In the event
the LESSOR fails to pay the real estate taxes, the LESSEE has the option to pay for said taxes and
deduct the same from the rentals due the LESSOR.

7. CREDITABLE WITHHOLDING TAX – the LESSEE shall deduct from the monthly rental the
amount corresponding to the creditable withholding tax which the LESSEE shall remit to the
Bureau of Internal Revenue as required by law.

8. NECESSARY IMPROVEMENTS – the LESSOR, upon the execution of this Contract, hereby
authorizes the LESSEE and its representatives to enter the Leased Premises to introduce the
necessary improvements thereon.

9. SIGNS AND OTHER IMPROVEMENTS – the LESSEE , may, at its discretion, install, affix,
inscribe or paint such signs, notices, and other advertising media on such part of the interior
and exterior of the Leased Premises, to show or give notice the public of its place and purpose
of business. The LESSEE is further empowered to construct, for its own account, steel vault
doors, tellers’ cages, counters and partitions, and provide for air conditioning units, lighting

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equipment and other facilities and improvements which may be required by, or necessary for,
the business operations of the LESSEE as a bank.

10. UTILITY CHARGES – All utility services such as electricity, water and telephone utilized in the
Leased Premises during the term of the Lease shall be for the account of the LESSEE.

11. PARKING SPACE – The LESSOR hereby designates the front portion of the Leased Premises
as parking space for the use of the LESSEE, its representatives, employees, visitors and clients,
and shall be free of charge.

12. USE OF COMMON AREAS – the sidewalks, entries, passages, corridors, balconies and
staircases of the Leased Premises shall not be obstructed or used by the LESSEE and/or its
representatives for any purpose other than ingress to, and egress from, the Leased Premises.

13. DAMAGE / REPAIRS – In case of damage to the Leased Premises or its appurtenances by
fire, earthquake, typhoon, war or any other unforeseen event or by any other cause without
the fault or negligence of the LESSEE, its agents, employees or visitors, the LESSEE shall give
immediate notice hereof to the LESSOR, and the LESSOR, within a reasonable period after such
notice, must undertake the repair of said damage at its exclusive expense. However, should the
damage be total or so substantial as to deprive the LESSEE effective use of the Leased Premises,
the LESSEE, at its option may either rescind this Contract, or, wait for the repair to be
completed and reoccupy the Leased Premises thereafter; Provided that, in the latter case, the
LESSEE shall be exempt from the obligation to pay rent for the period that it was unable to use
the Leased Premises, and provided, further, that a period equivalent to the time during which
the LESSEE was deprived of the use of the Leased Premises shall be added to the original term
of the lease without any increase in rent. Notwithstanding the foregoing, the LESSEE, at its
option, may undertake the minor repairs of the Leased Premises for its own account. Damage
to the Building/Leased Premises due to the fault or negligence of the LESSEE, its agents,
employees or visitors shall be the sole responsibility of the LESSEE, which shall immediately
undertake the repair of said damage at its exclusive expense.

14. INSURANCE – To better ensure compliance by the LESSOR with its obligation to repair under
Section 13 hereof, the LESSOR, at its own expense, shall insure the Leased Premises, against
loss or damage due to fire and typhoon with a reputable insurance company. All moneys arising
from the insurance collected and received by the LESSOR shall be used by the latter for such
repairs.

15. VISITORIAL RIGHTS – The LESSOR or her duly authorized representatives must have the
right to enter the Leased Premises on such day and at such time previously agreed upon with
the LESSEE, to enable the former to examine the same and/or to undertake any and all such
necessary works or activities therein for the preservation, conservation, improvement or
decoration of the same or any part thereof.

16. OWNERSHIP OF IMPROVEMENTS – the ownership of all improvements, equipment and

properties introduced by the LESSEE upon the Leased Premises must remain vested exclusively
in the LESSEE even after the termination of the lease, without any interference, supervision or
color of title on the part of the LESSOR; Provided, however, that should the LESSOR so demand,
the LESSEE, at its own expense, shall restore all damages done to the interior original structural
design of the Leased Premises.

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17. TERMINATION OF CONTRACT – Either party may, upon violation of any of the terms and
conditions of this Contract, terminate the same upon written notice of the aggrieved party to
the offending party, without prejudice to the legal remedies that the aggrieved party may avail
under the circumstances; Provided, however, that the LESSEE may terminate this Contract at
any time, without incurring any liability, upon sixty (60) days prior written notice to the LESSOR
of its intention to do so.

18. OPTION TO PURCHASE – Should the LESSOR desire to sell, donate, assign, transfer or
otherwise dispose of the Building or the Leased Premises during the term of this Contract, the
LESSEE shall have the first option to purchase the same at a reasonable price based on the
prevailing market value. Upon receipt of any offer to buy the Leased Premises, the LESSOR shall
submit the same to the LESSEE and the latter shall then be entitled to a period of sixty (60) days
therefrom within which to decide whether or not to purchase the Leased Premises. Should the
LESSEE decide not to purchase the Building or the Leased Premises, the LESSOR covenants that
she will cause the buyer, done, assignee or transferee thereof to respect this Contract,
including the amendments and renewals hereof.

19. ANNOTATION – The Contract shall be annotated on TCT No. 453359 of the Registry of
Deeds for Cagayan De Oro City, at the expense of the LESSEE. For this purpose, the LESSOR shall
tender said title to the LESSEE.

20. PROHIBITION AGAINST LEASE TO ANOTHER CORPORATION – During the effectivity of this
Contract, no portion or space of the Leased Premises or the parcel of land abovementioned
shall be leased to another corporation or any party or establishment engaged in business
without the prior written consent of the LESSEE. Otherwise, the LESSOR shall be liable to the
LESSEE in the amount of PESOS: TWO MILLION (P2,000,000.00) as liquidated damages.

21. WARRANTY – the LESSOR represents and warrants that she will keep the LESSEE in peaceful
and quiet possession of the Leased Premises.

22. TURNOVER OF LEASED PREMISES – Upon the expiration of the stipulated term of this lease,
the LESSEE shall turn over the Leased Premises to the LESSOR in good and tenantable condition,
less whatever improvements that may have been introduced thereto by the LESSEE, which,
when removed, will not structurally impair the Leased Premises.

23. NO ASSIGNMENT OF RIGHTS – Neither any party shall assign their/its rights under this
Contract to any person or entity without the prior written consent of the other party.

24. ATTORNEY’S FEES – in case a party is compelled to seek judicial relief in order to enforce its
rights under this Contract, the defaulting party shall pay, in addition to such actual damages as
said party may be adjudged to pay, a sum equivalent to twenty-five percent (25%) of such
adjudged damages as and by way of penalty, plus all expenses and costs of litigation, including
PESOS: TEN THOUSAND (P10,000.00) for and by way of attorney’s fees.

25. VENUE – Any action that may arise from this Contract shall be exclusively vested in any of
the competent courts of Cagayan De Oro City, at the option of the aggrieved party.

26. SEPARABILITY PROVISION – any portion or provision of this Contract that may be
prohibited or unenforceable under the laws of the Republic of the Philippines shall be

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ineffective to the extent of such prohibition or unenforceability, without affecting the validity
or enforceability of the remaining provisions hereof.

27. COMPLETENESS CLAUSE – this Contract represents the entire agreement between the
parties and all representations, prior discussions, conditions and warranties, oral or written,
express or implied, not specifically set forth herein shall be of no effect whatsoever. This
Contract hereof may not be amended, modified or revised, except by written agreements of
the parties.

28. BINDING EFFECT – this Contract shall be binding upon, and inure to the benefit of, the
successors-in-interest and assigns of both parties.

IN WITNESS WHEREOF, the parties hereto have hereunto set their hands.

JUAN DELA CRUZ ABC BANK

“LESSOR” “LESSEE”

By: By:

DARA ALLENSON REYES ALECXER BALORIO

Attorney-In-Fact Executive Vice President

SIGNED IN THE PRESENCE OF:

(Sgd) Janice Mendez

Witness

(Sgd) Andy Cruz

Witness

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 ACKNOWLEDGEMENT

Republic of the Philippines )

City of Cagayan De Oro ) S.S

BEFORE ME, a notary public for and in the above-stated locality this 28th day of April

2019, Cagayan De Oro City, Philippines, personally appeared the parties to the foregoing

instrument with their Valid Identification Cards as appearing below their respective names, all

known to me and to me known to be the same persons who executed the foregoing contract of

lease and they acknowledged to me that the same is their free act and deed. This instrument

consisting of six (6) pages, including this whereon the acknowledgment is written, has been

signed by the left margin of each and every page thereof by the parties and their witnesses,

sealed with my notarial seal, and relates to the lease of a building particularly described

therein.

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

Atty. Viktor Frankl

Notary Public

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