CONTRACT OF LEASE

KNOW ALL MEN BY THESE PRESENTS:

This contract of lease is made and executed at the City of Paranaque, this day of
February 22, 2012, by and between:
Joaquin Ferrer Veracruz, of legal age, married to Olivia Veracruz, Filipino and
with residence and postal address at 401 Rome St. BF Homes Paranaque City, herein
referred to as the LESSOR.
-ANDChristian Canoy Ong, of legal age, married to Rica Ong, Filipino and with
residence and postal address at 30 May St. Congressional Village, Project 8, Quezon
City, herein referred to as the LESSEE.
WITNESSETH; That
WHEREAS, the LESSOR is the owner of a condominium unit located at 805 B, building
1, SM Field Residences, Paranaque City, more particularly described as follows:
Floor Area: 45 square meters. One bedroom, corner unit in the 8 th floor.
WHEREAS, the LESSEE desires to occupy the above-named condominium unit and
the LESSOR is willing to lease the same unto the LESSEE, subject to the terms and
conditions hereinbelow set forth.
NOW THEREFORE, for and in consideration of the foregoing premises and the
covenants hereinafter stipulated, the parties hereby agree as follows:
1.Term: This lease shall be for a duration of one (1) year commencing from June 22,
2012 and to end on June 22, 2013, renewable at the option of the LESSEE at such new
terms and conditions as may agreed upon by the parties.
2. Rental: The LESSEE agrees to pay the LESSOR the monthly rental fee of Pesos:
Twenty Five Thousand (P30,000.00), Philippine currency..
3. Deposit: The LESSEE shall also pay the LESSOR the sum of two (2) months deposit
of Pesos: Fifty thousand (P60,000.00), Philippine Currency, to guarantee the payment
of any damage to the leased premises, unpaid utilities and other obligations to third
parties by the LESSEE during the term of the agreement, which deposit shall bear no
interest. Unless applied to said damages, unpaid utilities and other obligations to third
parties, said deposit shall be returned to the LESSEE within thirty (30) days after the
termination of this agreement: Provided, however, that the deposit cannot be
applied to unpaid back rentals owed by the LESSEE prior to the expiration of this
agreement. Furthermore, if the LESSEE vacates the premises before the expiration of
the period of lease, the total amount of the deposit and advance rentals shall be
forfeited in favor of the LESSOR.
4. Association Dues: Association dues per month of Pesos: Three thousand
(P3,000.00), Philippine Currency or as may be determined by the Association from time
to time, including interest or penalties that may be imposed for late payment, shall be for
the account of the LESSEE.

5. Use of the Premises: The premises shall be used exclusively for residential purposes
only of the LESSEE and the immediate members of (his/her)family and shall not in any
way be used for any illegal or unlawful activity or to keep materials, chemicals and other
matters considered as fire hazards or nuisance to the building.
6. Improvements: The LESSEE shall not make any alteration, structural changes or
improvement in the leased premises without the prior written consent of the LESSOR.
However, at the termination of the lease, the same not having been renewed by the
parties, the LESSEE shall restore the leased premises in its original state existing at the
commencement of the agreement. Restoration of the LEASED PREMISES shall be for
the exclusive account of the LESSEE. Any improvement after the lease is terminated
and after the LESSEE shall have vacated the premises shall belong to the LESSOR.
7. Facilities: All charges for water, electricity, telephone, association dues and other
public utilities used in the leased premises as well as janitorial and security services or
any other charges as may be imposed by the building administrator of the condominium
building shall be for the account of the LESSEE. The LESSEE hereby guarantee the
prompt payment of any and all charges heretofore mentioned as they fall due. Any delay
in the payment thereof shall constitute a material breach of this agreement.
8. Insurance: The LESSOR shall insure the leased premises against fire. Should the
leased premises be damaged by fire, earthquake, storm or any fortuitous events to the
extent that the same be rendered untenable this agreement shall be automatically
canceled and the deposit as well as the unused portion of the advance rentals be
refunded within thirty (30) days, minus any unpaid obligation.
9. Repairs: The LESSEE shall, during the duration of the lease, make all minor repairs
on the leased premises to preserve the same in serviceable or tenantable conditions at
the LESSEE's expense except replacement of parts due to natural wear and tear. The
LESSEE, however, shall give advance written notice to the LESSOR of Ten (10) days
prior to undertaking any minor repair. All damages caused to the leased premises due to
the fault, misuse, carelessness, and/or negligence or on account of the use thereof by
the LESSEE and other occupants therein shall be made good and repaired by the
repairs done. Should the LESSEE fails to make the necessary and appropriate repairs
within five (5) days from demand, the LESSOR shall undertake the needed repairs and
shall charge the costs thereof to the LESSEE.
10. Inspection of the Premises: To ensure that the lease premises is being maintained in
good and tenantable conditions, the LESSOR or his authorized representative is hereby
given the right after due notice, to enter and inspect any part of the leased premises
during reasonable hours and as the occasion thereof might require.
11. Assignment and Sub-Lease: The LESSEE hereby shall have no right to assign or
transfer its rights, interest and obligations under the lease contract or sub-lease contract
premises or any portion thereof to any person or entity without the prior written consent
of the LESSOR.
12. Injury or Damage: The LESSEE hereby assumes the full responsibility for any
damage which may be caused to the person or property of any third person in the
leased premises during the duration of the lease. LESSEE further binds himself to hold
the LESSOR free and harmless from damages as a result thereof, unless such damage
or liability arose out of structural or other inherent defects in the leased premises or is
due to the fault of the LESSOR, his agent or representatives.
13. Sale of Leased Premises: The LESSEE recognizes the right of the LESSOR to sell
or otherwise convey ownership of the leased premises to any other interested party,
provided the LESSEE's rights under the lease are respected.

14. Hazardous and Prohibited Materials:The 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.
15. Rules and Regulations: The LESSEE binds himself to comply with the existing rules
and regulations promulgated by the building administrator and/or association and any
other environmental or other laws, ordinances, rules and regulations applicable to the
leased premises.
16. Violations: The LESSOR may, at this options, consider this agreement rescinded
and canceled, upon ten (10) days notice given to the LESSEE based on any of the
following grounds:
a. Failure of the LESSEE to pay two (2) months advance rental and other bills or
charges therefore mentioned as they fall due for any reason whatsoever within the
period to pay.
b. For any violation made by the LESSEE or its agents and representatives of any of the
terms and conditions stipulated in this contract.
c. In case the leased premises shall be vacated or abandoned for a period of thirty (30)
days without prior written notice to the LESSOR. Consequently, the LESSOR is hereby
permitted authorized by the LESSEE to enter the premises, either by force or otherwise,
without being liable to prosecution therefor.
Upon termination of the contact of lease based on any of the foregoing grounds and
upon demand, the LESSEE shall immediately vacate and peacefully surrender
possession of the lease premises to the LESSOR or his duly authorize representative.
17. Remedies: In addition to the provisions of the preceding paragraph, the LESSEE
hereby acknowledges and recognizes the right of the LESSOR to avail or resort to any
or all of the following remedial measures without need of court action:
a. In case of failure of the LESSEE to pay or settle any due and unpaid obligations
(rentals, electricity, water, telephone, association dues etc.) as provided for under this
lease contract , the LESSEE hereby authorizes the LESSOR, who is hereby given the
right, to disconnect all facilities such as but not limited to disconnect all facilities such as
but not limited to electricity, telephone, water in the leased premises without need of
further notice to the LESSEE.
b. Likewise, until the aforesaid unpaid obligations are paid or settled, the LESSEE
hereby given the rights, to re-renter the lease premises, remove all persons therefrom,
take possession of any of all furniture, fixtures and equipment's found thereon or therein
and/or padlocked the door of the premises.
c. Moreover, by way of a security or to secure the payment of any of the unpaid
obligations of the LESSEE, the LESSEE consents and authorizes the LESSOR to retain
possession of any of all the furniture, fixtures and equipment's that may found on the
premises as belongings to the LESSEE until such time that all the unpaid obligations of
the LESSEE are paid or settled.
d. If after ten (10) days from the date the LESSOR shall have taken possession of the
aforesaid furniture, fixtures and equipment by way of security, the LESSEE still fails to
pay or settle its unpaid obligations to the LESSOR the LESSEE hereby consents and
authorizes the LESSOR to sell by way of public or private sale any or all the furniture's
fixtures equipment as may be sufficient to pay or settle the lessee's unpaid obligations

plus the accrued interests and attorney's fee equivalent to 25% of the total amount due
and unpaid. All expenses that may be incurred in the sale shall be for the account of the
LESSEE.
For purposes of selling the aforesaid properties, the LESSEE hereby irrevocably
appoint the LESSOR as its attorney-in-fact to sell and dispose of any or all of the
aforesaid the property of the LESSEE in a private or public sale at a price as may be
determined to be just and reasonable by the LESSOR and to apply the proceeds
therefrom to any or all the unpaid obligations of the LESSEE.
If the sale proceeds should proved to be inadequate to fully payer settle the unpaid
obligations of the LESSEE, the LESSEE shall remain liable to the LESSOR for any of
the deficiency.
Should the proceeds of the sale of any of the aforesaid properties be sufficient to pay or
settle all of the lessee's unpaid obligations, the LESSEE may get back its other
properties not sold by the LESSOR. If after thirty(30) days from written notice of the
LESSOR directed to the last known address of the LESSEE, the LESSEE still fails to
get back the remaining properties, said properties shall then be deemed abandoned in
favor of the LESSOR.
The above enumerated remedies for the LESSOR shall not be exclusive, but shall be
cumulative and without prejudice to any court action that may be instituted by the
LESSOR for any causes of action that may arise under this contract of lease.
18. Attorney's Fee: In case the LESSOR resorts to judicial action base upon or in
connection with this lease contract, the LESSEE hereby agrees to pay attorney's fee
equivalent to twenty five (25%) percent of the total amount involved pr claimed by the
LESSOR as against the LESSEE plus all court expenses and/or costs of litigation.
19. Venue: All court actions from this contact of lease shall be filed only in the proper
courts of Paranaque City, Philippines to exclusion of all other courts.
20. Time of Essense: Time is the essence hereof any waiver by the LESSOR of a
breach of any term, covenant or condition herein contained, whether express or implied,
shall not constitute of a waiver of any subsequent breach thereof, or a breach of
covenant to pay the rent so accepted. No waiver by the LESSOR shall be deemed to
have been made unless expressed in writing and signed by the LESSOR.
IN WITNESS WHEREOF, parties herein affixed their signatures on the date and place
above written.

Joaquin Veracruz
LESSOR

Christian Ong
LESSEE
Signed in the presence of:

_____________________________ ______________________________

ACKNOWLEDGEMENT
Republic of the Philippines)
Paranaque City, Metro Manila) S.S
BEFORE ME, personally appeared:
Joaquin Veracruz
Christian Ong
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 5 page/s, 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.

Atty. Paolo Juan

Notary Public
Until December 31, 2012
IBP No. 9876543 Paranaque City - 01/5/2011
PTR. No. 8543786 Paranaque City - 1/5/2011
Doc. No. 403;
Page No. 108;
Book No. 03;
Series of 2011.