REPUBLIC OF THE PHILIPPINES)

CITY OF CEBU ) S.S.

CONTRACT OF LEASE

KNOW ALL MEN BY THESE PRESENTS:

This Contract of Lease (the “Contract”), made and entered

into this 1st day of January, 2018 at #345 White Hills, North
Street, Banawa Cebu City, Philippines, by and between:

LESSOR : DANIEL KANG; of legal age, with postal

address at Unit 8, Caimito St., Labangon,
Cebu City

LESSEE : SARANG CHOO, of legal age, with postal

address at #345 White Hills, North Street,
Banawa, hereinafter referred to as the
“LESSEE”

WITNESSETH:

WHEREAS, the LESSOR is the owner of one (1) residential

house, located at #345 White Hills, North Street, Banawa, Cebu
City, with lighting facilities and furnishings listed in Annex “A”
hereof (collectively referred to as the Leased Premises”).

WHEREAS, the LESSOR agrees to lease-out the property

to the LESSEE and the LESSEE is willing to lease the same,
subject to the terms and conditions hereinafter specified:

NOW, THEREFORE, for and in consideration of the

foregoing and mutual covenants herein contained, the LESSOR
leases unto the LESSEE the Leased Premises and the LESSEE
hereby accepts the same by way of lease subject to the following
terms and conditions:

1. TERM - This lease for the Leased Premises shall be for a period of twelve
(12) months, commencing on January 1, 2018 and terminating on December
31, 2018, subject to renewal or extension upon expiration on such terms and
conditions as may mutually be agreed upon between the parties.
2. RENTAL - The rental shall be at the rate of PESOS: THIRTY FIVE
THOUSAND Philippine Currency per month, EXCLUSIVE of applicable
taxes, monthly cable fees and other utilities, and maintenance expenses.
Monthly rentals shall be due every 1st of the month without making prior
demand for the payment thereof. This can be payable in cash or check in the
name of Daniel Kang.

Should the LESSEE fail to pay the monthly rental on due date, the
LESSEE shall be liable to pay a penalty of two percent (2%) per month
interest without prejudice to the right of the LESSOR to terminate this
Contract and eject the LESSEE as hereinafter set forth.)

In case where renewal of contract is done, the Lessor may opt to request
an increase in rental up to a maximum of 10% of the contracted rate for
the first year and a maximum of 5% for subsequent years.

3. ADVANCE RENTAL AND SECURITY DEPOSIT- Upon signing of the

Contract, the LESSEE agrees to pay the LESSOR the amount of PESOS:
THIRTY FIVE THOUSAND (P35,000.00) Philippine currency, to be
applied as follows:

a. the amount of Pesos: TWENTY TWO THOUSAND (P22,000.00) as one (1)

month/s advance rent covering the first one (1) month of the Contract
from January 1, 2018 to January 31, 2018;

B. The amount of PESOS: TWENTY TWO THOUSAND (P22,000.00) shall be

applied as security deposit for the Leased Premises which will be refunded
without interest within a period of thirty (30) days by the LESSOR to the
LESSEE upon expiration or effective date of termination of the Contract,
less any actual unpaid water and electricity bills incurred by the LESSEE
inside the Leased Premises, damages to the Leased Premises, natural
wear and tear excepted, and other actual, reasonable and documented bills
which LESSOR may be required to pay for the account of the LESSEE. It
is also further understood that the security deposit shall in no case be
applied as rental payments.

4. UTILITIES, ELECTRICITY, FUEL, MAINTENANCE FEES AND

OTHER DUES AND FEES - All actual expenses for water, cable, internet
and electricity incurred by the LESSEE on the Leased Premises are for the
account of the LESSEE.

5. REAL ESTATE TAXES AND INSURANCE - All taxes and insurance

premiums on the Leased Premises shall be for the account of the LESSOR.

6. RESIDENTIAL PURPOSE AND PRIVATE USE ONLY - The Leased

Premises shall be used for residential purpose only of the LESSEE and for no
other purpose without the written consent of the LESSOR.
7. SUBLEASE - The LESSEE shall not sublease, in whole or in part, the
Leased Premises or transfer, convey, assign or encumber its right under this
Contract without the prior written consent of the LESSOR.

8. IMPROVEMENTS - The LESSEE shall not make any major structural

changes, alterations or improvements in the Leased Premises without the prior
written consent of the LESSOR.

However, any major structural alterations, improvements or accessories made or

introduced by the LESSEE in the Leased Premises with the written consent of the
LESSOR shall, upon the expiration or termination of the Contract, become the
property of the LESSOR without any obligation on the latter’s part to pay or refund
its value or cost to the LESSEE.

9. SANITATION AND REPAIRS - The LESSEE shall keep the Leased

Premises clean and in sanitary condition and keep them at all times in good
tenantable and working condition. The LESSEE has inspected the Leased
Premises and found the same to be in good and tenantable condition subject
however to the LESSOR’s undertaking in the following paragraph.

The LESSOR also undertakes to do all repairs and breakdowns in the Leased
Premises which may occur within the first SIXTY (60) DAYS of the lease, provided
that it is not due to the fault or negligence of the LESSEE and reported to the
LESSOR by the LESSEE in writing within the said period.

10. PROHIBITION - The LESSEE shall not bring into or store in the Leased
Premises anything flammable in nature or explosive character nor install
therein any apparatus or equipment which may expose the Leased Premises
to fire or increase the fire hazard of the building or change the insurance rate
of the building, except gas tank with the stove for cooking food. It being
understood that should the LESSEE do so, not only shall it be responsible for
all damages which such violation may cause the LESSOR, but the LESSOR
shall, in addition thereto, have the right to cancel this Contract pursuant to the
provision of Section 12 hereof.

11. INSPECTION - The LESSOR reserves the right at reasonable times with
prior notice to LESSEE to enter into and inspect the Leased Premises and to
make necessary repairs thereon.

12. TERMINATION OF CONTRACT - Either party shall have the right to

terminate this Contract in the event of violation by the offending party of its
obligations herein, by furnishing the offending party with written notice at
least thirty (30) days prior to the intended date of termination. If the LESSEE
is constrained to exercise its right of termination due to the LESSOR’s
violation of the terms of this Contract, the LESSOR shall, on or before the
effective date of termination of this Contract, refund to the LESSEE any
unused advance rental and the Security Deposit less any charges for the
account of the LESSEE in Section 3(b) hereof.
14. RETURN OF LEASED PREMISES - Subject to the LESSOR’s obligation
in Section 9 hereof, the LESSEE acknowledges the receipt of possession of
the Leased Premises in good and satisfactory working condition and habitable
and fit for the use and purpose for which the same is intended, and agrees that
upon expiration or effective date of termination of this Contract of Lease, to
quietly and peacefully surrender unto the LESSOR the possession of the
Leased Premises in the same and satisfactory condition upon LESSEE’s
occupancy, reasonable wear and tear excepted.

15. VENUE - In case of suit arising from this Agreement for damages or
enforcement for breach or violation hereof, the venue of the action shall be
the proper courts of Cebu City, to the exclusion of all other courts.

IN WITNESS WHEREOF, the parties have signed this

Contract of Lease on the date and at the place first above written.

DANIEL KANG SARANG CHOO

Lessor (Lessee)

SIGNED IN THE PRESENCE OF:

ACKNOWLEDGMENT

BEFORE ME, this 10th day of January 2018 in the City of Cebu personally
appeared Daniel Kang who presented to me his Philippine Passport No. EB 8868190
issued by Department of Foreign Affairs Cebu on January 2, 2016 valid until January 2,
2021; and Sarang Choo who presented to me her Philippine Passport No. EB9547132
issued by Department of Foreign Affairs Cebu on January 2, 2017 valid until January 2,
2022; both known to me to be the same persons who executed the foregoing
instrument and who acknowledged to me that the same is their free and voluntary
act.

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

ATTY. ZIDANE TRIBAL

Notary Public for Cebu City, San Fernando, Carcar,
Unit 1, XYZ Building,
North Reclamation Area, Cebu City
Appointment No. 123, until Dec. 31, 2018
IBP No. 488130, Cebu City, 01/03/17

Doc. No. 56;

Page No. 100;
Book No. 3;
Series of 2018.
 ”ANNEX A”

LIST OF FURNISHINGS

1. Electrolux 2-door Refrigerator

2. TV set and DVD set with TV table

3. LG Aircon (1.5HP) and Koppel Aircon (.75HP)

4. Master’s bed with cushion and with 2 side tables

5. Double bed with cushion (at the Boy’s Room)

6. 2 single cushions (at the Girls’ Room)

7. 4 cabinets

8. 4 Book shelves/utility cabinets

9. 1 study table with chair

10. Dining set

11. Sala set in the family room (w/ center table)

12. Sala set in the lanai (w/ center table)

13. 2 figurines (elephant)

14. Curtains in all 3 bedroom