AMENDED

C O N T R A CO
TFLEASE

KNOWALL MENBY THESEPRESENTS:

This Contractof Leasemadeand enteredinto by and between:

INDUSTRIAL TIMBER CORPORATION, a Corporation duly registered with the

s e c u r i t i e sa n d E x c h a n g ec o m m i s s i o n( s E c ) , w i t h b u s i n e s sa d d r e s sa t R M . g 0 4 - A l r c B l d g . ,
337 sen. Gil Puyat Avenue, Makati city representedhereinby jts AuthorjzedRepresentativl,
ATTY.cERARDO B. MACARAEc, hereinatterreferredto as the,,LESSOR,,.

and -

P H I L I P P I N EH E A L T H I N S U R A N C EC O R p O R A T I O N ,a G o v e r n m e n ! O w n e da n d
controlledCorporationduly regisieredand existingunder Philippinelaws with office addressat
C i t y s t a t e C e n t e r B u i l d i n g , 7 0 9 S h a w B o u l e v a r d ,B r g y O r d n b o , P a s i g C i t y , r e p r e s e n i e d
h-.reinby its OlC, President and Chief Executive Officer, DR. ENRTQUET. ONA, hereinafter
referredas the "LESSEE".

WITNESSETH_

WHEREAS,the LESSORis the duly authorizedrepresentative of the managementof lhe

I N D U S T R I ATLI N I B E RC O R P O R A T I O N
l o c a t e da t 3 3 7 S e n . G i l P u y a tA v e n u e ,M a k a t iC i t ya n d
has madeavajlablecertainofficespacesthereinfor the leaseol ihe LESSEE;

WHEREAS,the LESSEEis anneed ol officespace for the operationsand servicesof its

NCR Souih - LocalHealih InsuranceOfficein MakatiCity to meet the needsand demandsof its
slakeholderswithin their area of jurisdiotionand nearby localitiesfor the furtheranceof ihe
obleclivesof the NationalHealthlnsuranceProgram;

WHEREAS,aftera negotiatedpfocurementwas undertakenby the Corporation,awarded

t o t h e L E S S O Ro n 0 6 N o v e m b e r2 0 1 2 a n dw h i c hw a s a c c o r d i n g layc c e p t e d ;

WHEREAS, ihe LESSEE has formallyintendedto lease the specifiedareas from the
LESSORspecificallydescribedhereunder,

NOW THEREFORE, of the abovestipulations,

for and in oonsr.leralion the LESSOR
herebyleasesuntothe LESSEEthe subjectarea hereinspecifiedand the latteracceptsthe
lease,subjectto ihe
e, subject ihe tollowrng
following
itemsaDd
atems any'conditions,
conditions, wit:
to wit:

1 S U B J E cI O F L E A S E T l r e l e a s e do r e n r i s e u s n d e rt h e c o n t r a c ti s w , t h a n e l r e n t a L : l e
a r e ao f 6 7 9 . 0 2s q . m .' o c a t e d l aItl C B l c j g, 3 l l 7 S e n .G r lP u y a tA v e n u e N , 4 a k aCt ji t y .

2. TERM OF LEASE The tqlrn of the contraci shall be for a period of two (2) years
c o m m e n c i nogn 0 1 J u n e a n de n d i n go n 3 1 M a y 2 0 1 5 .
.,f13
3 . L E S S E E ' , SR I G H T Q F F T R S TR E F U S A L .T h e L E S S O R h e r e b y a g r e e s t o g i v e t h e
LESSEEthe pre emptiveright to lease other vacantareas of the LESSORas the need
arises

4. RENEWAL. Upon expirationof ihis contract,the partiesmay renew the contractunder

such t-armsand conditionsas may then be mutuallyagreed upon by the partiesand for
such penodsas may be allowedby law.

5. LEASERATE.I-he|easeTaIeis FOURHUNDRED FIFTYEIGHTTHOUSAND SEVEN

HUNDRED TWENTY-FIVE PESOS ANDFIFTYFOURCENTAVOS PER MONTH
( PhP458,725.54 ) inclusive
of all taxes,Fees, coststo
charges,and othermainienance
be paidon or beforethe tenth(101h) monthuponpresentation
dayof the follqwing of the
billingstaternentor noticefor paymentby the LESSOR.

f
6 . DEPOSIT. LESSEEshallmakea depositpaymentto the LESSORequivalent to
three(3) leaserentaland whichshallbe held In trust by the LESSOR. lt is
herebysti thatthe LESSORundertakes to returnto the LESSEEthe amountso
deposited, ss expenses, for the repairof the premisesand unpaidutilitybills,if any,
without of priornoticeor demandwithinten (10)daysfromthe expiration of the
term of the lease and there being no renewalenteredinto by the partiesor pre-
termlnation theleasecontract as stioulatedin Section23 of thiscontract.

Note: madefrompreviouscontractbetweenthe Dartiesstillin effect.

7. USEOF TH PREMISES.The leasedpremisesshall solelybe used by the LESSEEfor

office and shallnot be convertedintoanyotherusewithoutpriorauthorityand
consent the LESSOR.The use of the premisesshallbe subjectto the uniform
applicable ildingrulesand regulations whichthe LESSORshallprovideto all lessee's
ano/or ntswiththe objective theirpersonsand personalities,
of safeguarding the
common and welfareand more importantly, fosteringa desirablerelationship
among and betweenthe LESSEE'Sofficials,employees/staff, visitorsand other
occupants the LESSOR's buildinoadministrator.

8. PARKING. LESSOR shall provideeight (8) parking slots, free of charge, for the
exclustve ofthe LESSEEdurinothetermofthisleaseor anvrenewalthereof.

9. The shall provide24-hoursecurityserviceson the groundfloor,parkingareas,

and other areasfor the protection of the buildingand/ortheir
of the occupants
officeequi . However,the LESEEreservesthe rightto engageits own security
guardswith itsleasedpremises.

10.The LE shallprovide, freeof charge,lhe useof the existingair-conditioning

units
locatedand in the leasedpremises,if any. The LESSEE,however,shall have
unitsif necessary.
the option installits own air-conditioning

1 1 .t M . The LESSEE undertakesand obliqates itself to submit to the

LESSOR a plansfor proposed improvements withinthe subjectareafor its reviewand
approval. LESSOR, however,consents to anyamendment of the subjectareawhere
corTecl ta of electricllnes and/orservicesand other utilitiesare considered
necessary.n this regard,the LESSEEmay avail of the buildingelectricianand
nanoyman such purpose,with basicchargesto be shoulderedby the LESSEE.Where
ponrons or of the imDrovemenis affectDortionsor part of the structure,the LESSOR
will require of the submittedplans.Any subsequent
corrections alteration,
additionor improvements on the leasedpremiseswill requirethe submission of
theplanfor reviewand aDDroval of the LESSOR.

12,UTILITIES. subjectbuilding wlthelectricpowerand waterfacilities.

will be provided
All electrica waterbillsusedby the LESSEEshallbe for the accountof the LESSEE
and the LE of the
R shallbe free fromany liabilityarisingout of the non-payment
electricity waterbillsby the LESSEE.

1 3 . T E L E P H O N AND GOMMUNUNIGATTON. The subject buildingwill be providedwith

telephone ble lines and facilities.All telephonebills and tolls for the lines used by the
LESSEE be for its own accountand the LESSORshallbe free fromany liability
arisingout the non-payment servicesby the LESSEE
of thetelephone

14.LIGHTS LIGHTN|NG FIXTURES. The subjectbuildingis providedwith lightand

lightning reswithfluorescent tubesand diffusers. Theselightsand/orfixtureswithin
the leases may be replacedwhenbustedor damagedfor the accountof the
LESSEE. H , the bustedand/ordamagedlightsand/orfixtureswithinthe common
areasof the shallbe immedjatelyreplacedby the LESSOR.

1 5 . A D V E R T I S IG/SIGNSAND ADVERTISING MEDIA.The LESSEEshallnot fix, hang'

inscribeor sign,
nt any notice, streamer, mediumoutsidethe
or otheradvertising
lease0 withoutpriorwritten from
approval the LESSOR and undersuchterms
and as may be prescribedby the latter.

f
 The LESSORhowever,consentsthat the LESSEEshall put up and maintain,at its own
expense,the requiredbusinesssign(s),the size, color, and design,all of which shall be
reducedin writingand submittedto the LESSORfor reviewand approval.

1 6 . R E S P O N S I B I L I T I EOSF T H E P A R T I E S

A. The LESSEE hereby agrees to keep the leased premisesin clean, good and
sanitaryconditionat all times in accordancewith the quality standardsof the
b ui l di n g ;

B. The LESSORshall conductregularpest controlservicesin the leasedpremises

at the LESSOR'Sexpensewith priornoticeto the LESSEE;

C. The LESSEEshall informthe LESSORwheneverfurniture,equipmentand other

bulky items are to be deliveredwithinthe leasedpremisesand consentsto the
LESSOR'sinspectionof said items;

D. The LESSEEshall have the rightto take out from the building,at anytimeof the
day, any of its furniture,machines,or any other type of office equipmentand
accessories,providedthat prior noticeshall have been given to the LESSORor
his reoresentative:

E. The common corridors,hallwaysand lobbies of the buildingare destinedas

passagewayfor ingressand egressfrom the leasedpremisesand no obstruction
s h a l lb e c a u s e dt h e r e i n ;

F. The LESSEEshall not cause the exteriorfaqadeof the buildingto be changedor

alteredin any way, withoutpriorwrittenconsentfrom the LESSOR;

G. The LESSEE shall see to it that the leased premisesare free from annoying
sounds,disturbingnoises,free from obnoxiousodors and other nuisancesand
that it is used in a mannerthat will not disturbthe peace and tranquilityof other
buildingoccupants;

H. Nothingshall be brought and stored in the leased premiseson a permanent

basis consistingof articlesthat are fire hazards or that which will cause the
occurrenceof fire and/orexplosions,such as explosivesof any kind, gasolineor
flammablefluids.When this conditionis violatedand resultsin damage and/or
destructionof the leasedpremises,the LESSORshall be free from all claimsfor
damagesand any and all otheractionsarisingtherefrom;

L The LESSORshallseeto it thatpremises are renderedin tenantable condition.

In the eventcertaindamageand/ordestructionsis causedby the occurrence of
naturaleventsor force majeure,immediate repair and/or restoration
shall be
undertakenby the LESSOR. Furthermore, the LESSOR shall grant a
moratorium payment
or waiverof therental for the periodof timeneededfor such
repairor restoration,

J. The LESSEEshall undertakeall ordinaryrepairson the leasedpremises

including,but not limitedto the repairof electricaloutlets,telephone,
switch
boxes,andplumbing fixtures:

K. The LESSORshallundertake repairson the leasedpremises

all extraordinary at
its own expense.In the eventthatthe leasedpremises cannotbe utilizedduring
the periodof repair,the LESSORshalllikewisegranta moratorium or waiverof
rentalpayment for suchperiod;

The LESSORwarrantsthat the LESSEEshallhavepeacefulpossession of the

leasedpremisesfor the durationof the term agreed upon except when the
disiurbanceis caused by calamities
natural or acts outsideof the LESSOR's
on its part;
controlwithoutfaultand/ornegligence

M. The LESSORherebyallowsthe LESSEEto put up the verticaland horizontal

u
signageas provided (TS).
Specifications
in theTechnical

17. LAWSANDORDINANCES. The LESSEEshallcomplyandabidewiththeordinances of

T
andcomplywithexistinghealthregulations
to the useof the premises
thecitypertaining
andsecurepermitsand/orlicensefor itsbusiness
operations.
18. INSPECTION OF PREMISES. with propernoticeto
The LESSORor its representative,
the LESSEq,at a reasonablehourof any workingday, shallbe allowedentryto the
leasedpremisesto conductinspectionfor repairsand/orimprovements.Subsequent
accessto the leasedpremisesshall be given to the authorizedperson/swho will
undertake
thgrepairand/orimprovements_

The LESSO$,however,maydesignate the timewhensuchrepairand/orimprovemeni

will be undertaken
in order to lesseninconvenience
to the other occupantsof the
building.

19. REALTYTAX.Therealestatetaxesandotherpaymentsimposed
on the leasedproperty
shallbe fortheexclusive
accountof the LESSOR.

20. SUBLEASEI ASSIGNMENT, TRANSFER OF RlcHTS.The transferand/orassignment

of rightsof the LESSEEunderthiscontractand/orthe sublease of any partor portionof
theleasepremises shallnotbe madeunlessa writtennoticeto the LESSORis givenand
approvalof lhe latteris secured.Any violationof this conditionwill be a basisfor a
termination of thecontract.

21. MORTGAGE AND ENCUMBRANCE. The LESSORreservesits rightto mortgagethe

propertyincludingthe leasedpremisesor to sell the propertywithoutneedof a prior
noticeto or consentfrom the LESSEE,providedthat the termsand conditions in this
contractandtherightsacquired by theLESSEEareprotected
therefrom in itsentirely.

22. VIOLATION; Any violationby eitherpartyof the termsFnd conditionsset forthherein

shallbe a basisfor thetermination ln suchevent,the aggrieved
of thiscontract. partywill
makea forrlralnoticeto the otherpartyof the term and conditionviolated.However,
despitethe rightto terminatethenobtaining, the partiesshallendeavorto amicablyor
extra-judicially
settlethemaiter.

23. TERMINATION

dateas agreeduponby the

A. Thiscontractof leaseshallend on the termination
parties,unlessa renewal/ extension of Leaseis agreeduponby
of the Contract
thepartiespriorto thesaiddate.

due to any violationor breachby eitherpartyof

B. lt shalllikewisebe terminated
any of the agreedtermsand conditions set forthin this contractand amicable
settlement cannotbe reachedbythe parties.

C. The sameshallalsobe terminated whenas a resultof the occurrenceof natural

or forcemajeure,withoutfaultand/or negligence
calarnities on the partof the
LESSOR, the leasedpremisesis rendereduntenantable.

occursdueto the expiration

ln casethe termination of the leasecontractand no
renewalor gxtension is agreedupon,then the LESSEE shall peacefullyvacatethe
leasedpremises and returnthe samein theconditionit wasfirstenteredinto,exceptfor
the effectsof ordinarywearand tear.Minoror ordinarydamageor injuryto the leased
premisescausedby the removalof articlesor improvements by the LESSEEshallbe
allowedby the LESSOR, withoutcosuexpenseto theformer.

Withinfive(5) calendardaysafterthe leasedpremises are vacated,the deposit

constitutedshallreturnedby the LESSORto the LESSEEwithoutneedof demandin
accordance with Section6 and afterdeducting the amountmentioned in Section24, if
any.In casethetermjnation occursas a resultof theLESSEE'S breachor violation of any
of thetermsor conditionsagreedupon,theLESSEEshallpeacefully vacatethe premises
and returnthe samefreeof its effectsand improvements. Exceptfor ordinarywearand
tear,any darnageor injuryto the leased premises shallbe repairedand restoredby the
LESSEE.A movingout period of ten (10)working days without rentalchargeshallbe
allowedby the LESSOR.ln casethe LESSOR is the guiltyparty, the lattershallalsopay
damagesequivalent to one (1) month rentalto the LESSEE before the actualvacation of
the premises,withoutprejudice to othqr remedies as provided by law.

lf termination of the leasedpremises

ensuesdueto the destruction withoutfault
or negligenceon the part of the LESSOR,the LESSORshall returnthe deposit
constituted withinthe same Deriodas abovementioned. The LESSORshall not be
responsible or personalities
for any damageor injuryto the properties of the LESSEE
causedby thedestruction dueto naturalevents
of the leasedpremises withoutf+ultand/
or negligence on thepartof the LESSOR. I

,':' -.
Lzy't-l
L,t /,/
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I
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 24 DELAYING lN VACATTNG OF THE PREM|SES. Except as provided for in the
immediateryprecedingparagraph,if the premisesis not vacared*ithin the ten (10) day
grace period allowed by the LESSOR, then the LESSEE shafi be charqed with th;
correspondingdaily rentalsof the premisesto be effeotedfrom the terminardate to ihe
date when the premisesis tota|y vacated.The riairyrentarpaymentis withoutprejudice
to the claimfor damagescausedby the LESSEE,S d'elayin vaclting the premises.

2 5 . N o N - w A l v E R . T h e f a i l u r eo f t h e L E S S O Ro r L E S S E E t o i n s i s t u p o n t h e s t r i c t
performanceof any of the ierms,conditionsand covenantshereofshall not be deemed
a
relinquishmentor waiver of any subsequentbreach or default of such terms and
c o n d i l i o nas n d c o v e n a n t .

20. LlrlGATloN AND VENUE. In the eventjudicialreliefagainstthe breachingparty is fited

beforethe courtsfor the enforcementof the termsand condatioos set forth in ihe ;onkact,
the breachingparty,in additionto any otherdamagesihat may be awarde.lby the court,
agrees to pay ten percent(10%) of the arnountclaimed but in no case less than Ten
ThousandPesos(PhpP10,000.00) as attorneysiees, asidefront the cost of litigationand
other expenseswhich the law entitlesthe aggtrrieved pariy to recover.The partiesagree
that the venueot courtaction\ll'iill
be in the propercourtsof Makati

2 7 . S E P A R A B I L I T YC L A U S E .l f a n y p a r a g r a p hs, u b - p a r a g r a pohr p a r t o f t h i s c o n t r a c it s
declaredcontraryto law, publicpolicyor otheMise dectaredinvatid,such shall not affect
the otherparagraphs,sub-paragraphs or partsof thiscontractdecidedvaljcj.

28 SUPERCEDINC G L A U E .T h i sC o n t r a cot f L e a s es u p e r s e d easn d r e n d e r sv o i da n y a n a l l

otheragreemenlsand undertaking,oral or written,which may have been enteredinto by
and betweenthe parties,the 6ame beingconsideredas havingbeen mergedherein.Any
changesor aliernationin this contractshall be valid if made in writingand duly signedby
the partiesherein

lN WITNESSWHEREOF,
the partieshavesignedthis contractin the representation
of
grn:l;::::::,'. corporation
".
tui8l{g
5 2813f
.january
2013,
at Pas.s
city,Repubric
ofrhe

PHILIPPINH E E A L T HI N S U R A N C E I N D U S T R I AT
L I M B E RC O R P O R A T I O N
C O R P O R A T I O N( L e s s e e ) (Lessor)

/'--oo't
Y.(/ t ^
L-',\t\//t
DR.ENRIOUE T:ONA B. MACARAEG
OlC,Presideni
& ChiefExecutive
Officer

SrgnedIn lhe Presenceof:

SHTRLEYB.DOMINGO.M.D. F. PIA
e PresidenP
t , R O N C Ra n d R i z a l Admin officef
lndustrial Corporation

- ,/ [/:')--
fw r-errcrfi
P.P*rucAL, vr.D.
Branch
ManageY
PRONCRSol

ATTY.YASSERIS A. ABBAS
l-lead,Legal PRONCR
 ACKNOWLEDGEMENT

Republ ines)
Pasig } S.S.

BEFOR ME&tiill]-[1 1&L?ofJanuary,

201s Drivers No./,personaly
License appeared
:

:noa&n to me and lo me knownto be the same personswho executedthe foregotng

of LeasearDdacknowledged to rnethat the sameis theirfree act and deed and that of
:s theyarerepresenting.

Contraotof Lease,consisting of six (6) pagesincludingthe page on whichthis

'nentis writtenhas beensignedby thp partiesand theirrespectivewitnesses.

ESSMY HANDANDSEALon thedateanqfplace

firs)abovewritten.

A-rTY.(rMF\!
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