CONTRACT OF LEASE

KNOW ALL MEN BY THESE PRESENTS:

This Contract of Lease is made and entered into by and
between:
LISA Y. LIM, Filipino, of legal age, and a resident of
Eschavez Street, Dipolog City, Philippines, hereinafter referred to
as the Lessor;
And
ANTONIO M. TAN, JR., of legal age, Filipino, married,
resident of Echavez corner, Lacaya St., Dipolog City hereinafter
referred to as the Lessee.
WITNESSETH
That the Lessor is the owner of a commercial building
located at National Highway, Sta. Filomena, Dipolog City, and
that the Lessor hereby lets and leases unto the Lessee the agree
building under the following terms and conditions:

1. That the term of this Contract of Lease shall be for three (3)
years starting September 1, 2016 and to expire on September
1, 2019, renewable at the option of both parties;
2. That the monthly rental for the first two (2) years, payable
every first week of the month, shall be TWENTY FIVE

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THOUSAND PESOS (P25,000.00) only , provided that, an

increase of five (5%) percent rental shall be for the third
year;
3. That the amount of SEVENTY FIVE THOUSAND PESOS
(P75, 000.00) only representing two (2) months security
deposit and one (1) month advance rental. Shall be paid by
the Lessee to the Lessor upon signing of this lease
agreement;
4. That electricity, power, water and telephone bills of the
leased premises shall be for the Lessees account and all the
expenses for the maintenance of the leased premises shall be
for the account of the Lessee;
5. That the Lessee shall not make any alteration, addition, or
improvement on the leases premises without the prior
consent of the Lessor. Permanent improvements or additions
introduced by the Lessee to the leased premises shall become
the property of the Lessor except those improvements which
when removed, will not deface the said property;
6. That the Lessor hereby grants unto the Lessee the right to
pre-terminate

this

said

lease

agreement

before

the

expiration thereof, provided that the Lessee shall give the

Lessor at least two (2) months written notice before the pretermination shall be considered to have taken effect;

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7. That all other terms and conditions of this Contract of Lease

shall be binding upon heirs, successors, and assigns of the
parties thereto.
IN WITNESS WHEREOF, the parties have affixed their
signature

this

____

day

of

_____________

2016,

at

________________.

LISA Y. LIM

ANTONIO M. TAN, JR.

Lessor

Lessee

TIN 114-682-920
Dipolog City

TIN
Dipolog City

Signed in the Presence of:

___________________

____________________

ACKNOWLEDGMENT
Republic of the Philippines )
Dipolog City
) S.S.
Before Me, a Notary Public, in and for, Philippines on
this ______________________, personally appeared before me,

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Lisa Y. Lim and ANTONIO M. TAN, JR., known to me and

to me known to be the same person who executed and signed
the same and acknowledged to me that the same is their own
free and voluntary act and deed.
WITNESS MY HAND AND NOTARIAL SEAL.

Doc. No. _____

Page No. _____
Book No. _____
Series of 2016.

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