CONTRACT OF LEASE

KNOW ALL MEN BY THESE PRESENTS:

This Contract of Lease, made and entered into by and between:

_____________, a domestic corporation duly organized and existing under

and by virtue of the laws of the Republic of the Philippines, with
principal office at _____________, Philippines and represented in this act by
its __Positition__, __Officer__, (hereinafter referred to as the "LESSOR");
- and -
_____________, of legal age, Filipino, (single / married / widow), and a
resident of _____________, Philippines, (hereinafter referred to as the
"LESSEE");

WITNESSETH: that -
WHEREAS, the LESSOR is the owner of a condominium unit located at
_____________, more particularly described as follows:
(Technical Description of Condo Unit)
WHEREAS, the LESSEE desires to occupy the above-named condominium
unit and the LESSOR is willing to leasethe 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 _________ (____) year
commencing from _____________ and to end on _____________,
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: __________________________ (P_____________),
Philippine currency. Upon signing of this Contract of Lease, the LESSEE shall
pay the LESSOR __________ (_____) months' rentals in advance to be
applied on the last __________ (_____) months of the
term of this LEASE.The LESSEE shall also issued ________ (____) post-
dated checks covering the monthly rentals for the duration of this LEASE.
3.Deposit: The LESSEE shall also pay the LESSOR the sum of __________
(_____) months deposit of Pesos: _____________ (P___________),
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 _________ (_____) days after the terminationof 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 favorof the LESSOR.
4.Association Dues: Association dues per month of Pesos: _____________
(P___________), 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 theleased 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 _____________
(_______) 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 faultof 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
automatically rescinded and canceled, without need of any court action,
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 vacated 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 proceeding 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 oproved 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 leasecontract, the LESSEE hereby agrees to pay
attorney's fee equivalent to _____________ (_______%) percent ofthe total
amount involved pr claimed by the LESSOR as against the LESSEE plus all
court expenses and/or costsof litigation.
19. Venue: All court actions from this contact of lease shall be filed only in
the proper courts of _____________, 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, the parties have hereunto set their hands, this
_____________ at _____________, Philippines.
LESSOR LESSEE

SIGNED IN THE PRESENCE OF:

__________________ _________________

(ACKNOWLEDGMENT)