CONTRACT OF LEASE

KNOW ALL MEN BY THESE PRESENTS:

This CONTRACT OF LEASE, made and entered into this ____ day of ____________,

______ at ________________, Philippines, by and between:

__________________________________, ______________ national,

of legal age ______ and with address at

_______________________________________________ hereinafter

referred to as the “LESSOR”;

- And -

__________________________________, ______________ national,

of legal age ______ and with address at

_______________________________________________ hereinafter

referred to as the “LESSOR”;

- WITNESSETH : That -

WHEREAS, the LESSOR is the registered owner of a furnished two-bedroom

condominium located at Unit _____________________ with address at

__________________________________. The lease premise has a total floor area of

_____ sqm., and the attached list of appliances and fixtures as Annex “A”, herein

referred to as the “Leased Premises”.

 WHEREAS, the LESSEE desires to lease the Leased Premises and the LESSOR

is willing to lease the same unto the LESSEE subject to the terms and conditions

hereinafter specified.

NOW, THEREFORE, for and in consideration of the foregoing and the

mutual covenants herein contained, the LESSOR has let and by these presents

does hereby let and lease unto the LESSEE the Leased Premises and the LESSEE

hereby accepts the same by way of lease subject to the terms and conditions

which follows:

1. PERIOD - The lease shall be for a period of ___________, ______ commencing on

the _______ day of ____________ up to the ____ day of

_____________, provided that the LESSEE shall have the option to

extend/renew the lease for another period by giving the LESSOR written
notice thereof thirty (30) days prior to the expiration of the lease period. The

option to extend shall be governed by the same terms and conditions

hereof except the rental price, which shall be subject to the mutual

agreement of the parties.

2. RENTAL

(a) PAYMENT - The parties herein agree that the monthly rental of the Leased
Premises throughout the period of lease, shall be at PH PESOS:

_______________________________ only (Php ______.00), Philippine Currency,

inclusive of condominium dues, one (1) parking slot located at

_____________________________ and exclusive of 12% Value Added Tax, and

 5% Withholding Tax, and payable two (2) months advance rental which

shall be paid on or before the start of lease.

(b) DEPOSIT - It is understood that the sum of PH PESOS:

____________________________________________ the equivalent of ______

months rental, shall be deemed as security deposit to be applied as

payment for unpaid bills for utilities such as water, electricity, cable TV,

telephone and internet, missing items or damages to the premises, which

damages shall exclude those arising from natural wear and tear, at the

termination of this lease contract. The same currency and amount paid by
the LESSEE shall be returned to the LESSEE THIRTY (30) days after the Leased

Premises have been vacated by the LESSEE and after the LESSEE has been

cleared of all utilities costs (water, electricity, telephone and other private

utilities), or repairs dues to the fault or negligence of the LESSEE and

associated with the Leased Premises.

The ____ months advance rental and ____ months security deposit

amounting to PH PESOS: __________________________________ only (Php

_______.00) shall be paid to the LESSOR on or before the start of lease.

(c) PAYMENT TERMS – The LESSEE shall pay the LESSOR the amount of PH PESOS:

_________________________________________ only (Php __________.00) monthly

representing the remaining ___ months advance rental via post dated

checks with the following dates:

(d) FURNISHING – The leased premises is a furnished unit with appliances and

fixtures that are listed in detail in attached Annex “A” of this contract. Upon
 the expiration of the lease, the LESSEE shall ensure the appliances are

returned in the same condition. Damages to appliances that are deemed

not arising from the usual wear and tear will be deducted from the security

deposit.

The inventory of fixtures has been made between the parties. In case of

damages or bad functioning (structure, appliances, on water and

electrical installation) discovered during inspection, LESSOR warrants repairs

and the good and tenantable condition before signature of the lease

contract and setting in.

The reading meter of water and electricity will be executed upon the day

of turnover of the unit. Payment due for the said utilities will be paid by the

LESSOR or the authorized representative before LESSEE moves in.

3. UTILITIES - The LESSEE shall pay at his exclusive expense the consumption for

electricity, water, cable TV, telephone, internet, and other private utilities

used in the premises. The LESSEE is prohibited from engaging in illegal

connections of water and electric supply within the Leased Premises.

4. CONDOMINIUM DUES – Monthly condominium/association dues shall be

inclusive of the rental rate.

5. OBSERVANCE OF LAWS, RULES AND POLICIES – The LESSEE is required to

comply with all the laws, rules, regulations and policies set by the building

administration office. LESSEE is also accountable for all other dues and
 payments, if there’s any, aside from the monthly dues, which are for the

account of the LESSOR, during the period covered by this lease contract.

6. RESIDENTIAL PURPOSE - The Leased Premises shall be used for residential

purposes of ______________________________________________________ only

and shall not be used for purposes other than residential without the written

consent of the LESSOR. The LESSEE shall not assign or sublet the Leased

Premises without the written consent of the LESSOR.

7. IMPROVEMENTS - The LESSEE may not introduce any improvements or

alterations in the Leased Premises unless a written consent of the intended

improvements and/or alterations is approved by the LESSOR. But all

movable improvements and alterations as may be made by the LESSEE on

Leased Premises shall remain the exclusive property of the LESSEE upon the

termination of this contract except those which are permanent in nature

and those which cannot be removed without causing damage or injury to

the Leased Premises, for which the same shall inure to the benefit of the

LESSOR. Any major alteration or improvement made or introduced by the

LESSEE in the Leased Premises with the written consent of the LESSOR shall

automatically inure to the benefit of the LESSOR and become the property

of the LESSOR without any obligation on the latter's part to pay or refund

the value or cost of these improvements, unless the said improvements may

be removed without causing damage to the Leased Premises.

8. SANITATION AND REPAIRS – The LESSEE has inspected the leased premises

and found the same to be the same and in good tenantable condition

that the LESSEE shall at her expense keep the premises clean and in sanitary
 condition and keep them in all times in good condition. The LESSOR shall be

responsible for all major repairs on the leased premises including water,

electrical and sewage installations caused by force nature, ordinary wear

and tear, the lapse of time or any damage attributable to termite or other

similar causes, except for repairs required for damage due to the fault or

negligence of the LESSEE, guests, visitors, and members of his household.

The LESSOR, upon prior notice to the LESSEE, shall have the right during

reasonable hours with prior consent of the LESSEE, to enter and inspect the

LEASED PREMISES and to make the necessary repair thereon. Minor repairs

shall be the responsibility of the LESSEE.

For the purpose of clarifying these provisions, “major repairs” shall refer to

those which entail an expenditure of more than _________________________

(Php_______________) while “minor repairs” are those which will entail a

expenditure of FIVE THOUSAND PESOS (Php5,000) or less per item of repair

including cost of material and labor. Minor repair shall be for the account of

the LESSEE while major repair shall be for the account of the LESSOR. The

LESSEE shall be responsible for all repairs due to the fault or negligence of

the LESSEE, member of her household, guests or visitors.

9. FIRE HAZARDS - The LESSEE shall not keep, deposit or store in the Leased

Premises any obnoxious substance or inflammable material or substance

that might constitute fire hazard.

10. INSPECTION AND VISITATION - The LESSEE shall maintain the Leased Premises

in good tenantable condition and for such purpose, the LESSOR reserves

the right, at reasonable times and with prior notice to the LESSEE, to enter
 and inspect the Leased Premises and to make necessary repairs, therein.

The LESSEE likewise agrees to cooperate with the LESSOR in keeping the

Leased Premises in good and tenantable condition.

The LESSEE agrees to cooperate with the LESSOR or her authorized

representative or agents and allow them to enter the Leased Premises at

any reasonable time and hour or as otherwise arranged by mutual consent,

in order to inspect the same, undertake maintenance, repairs and such

other works or services necessary for the preservation, conservation or

improvement of the Leased Premises, after prior notice is given to the

LESSEE.

11. TAXES AND INSURANCE - Real estate taxes and all other government

assessments and fire insurance charges, shall be for account of the

LESSOR/UNIT OWNER.

12. PEACEFUL POSSESSION - During the existence and continuance of this

agreement, the LESSOR shall warrant the peaceful possession and

enjoyment of the Leased Premises by the LESSEE.

13. SALE, TRANSFER, MORTGAGE - In the event of a sale, transfer, mortgage or

any other encumbrance of the Leased Premises, or any sale, transfer,

mortgage or encumbrance of the same, the LESSEE shall have the first

option to purchase the property under the same terms and conditions that

is offered to the buyer. The LESSOR shall warrant that the purchaser,

mortgager or encumbrance shall respect the terms of this lease contract

including the provisions for the renewal thereof. To this end, the LESSOR
 undertakes to inform any existing or prospective buyer, mortgagee, or any

transferee of the existence of this lease contract.

14. SUBSTANTIAL DAMAGE TO THE PREMISES - In case of substantial damage to

the Leased Premises or any portion hereof by fire, typhoon, earthquake or

any other cause, the LESSEE shall give immediate notice thereof to the

LESSOR. If the Leased Premises are damaged by fire, typhoon, earthquake

or any other natural calamities and without the fault or negligence of the

LESSEE, members of the households/family, agents, employees or visitors,

the damages shall be repaired at the expense of the LESSOR as speedily as

possible after such notice. However, the LESSEE may make the said repairs

and shall be entitled to full reimbursement from the LESSOR, if the LESSOR is

unable to make the said repairs within a reasonable amount of time.

If due to the damages caused by natural calamities or damages caused

without the fault or negligence of the LESSEE, members of her

household/family, employees, agents or guests, a portion of the Leased

Premises is not suitable for occupancy, the LESSEE shall be entitled to refund

the proportionate amount of the rentals paid in advance. If, however, as a

result of such damages, the Leased Premises be so nearly destroyed as to

render the same untenantable without the fault or negligence of the

LESSEE, members of the household/family, employees, agents or guests,

either party may demand for the rescission of this lease contract and in

such case, the deposit mentioned above, (after deducting any unpaid bills

for the water, electricity and any other outstanding account of the LESSEE)

and any unused or unapplied advance rentals made before termination of

this contract shall be returned or refunded to the LESSEE. Nothing in this

 paragraph shall exempt the LESSEE from liability to the LESSOR for damages

caused by the fault of the LESSEE, her households/family, employees or

guests.

The LESSEE, during his occupancy of the leased premises shall hold the

LESSOR free and harmless from any damage or liability or responsibility to

any person or property arising out of or as a consequence of the use of the

leased premises by the LESSEE, his agents, employees, domestic help and

guests.

15. RETURN OF THE LEASED PREMISES - Upon the termination of this lease

contract for any reason whatsoever or any extension thereof, the LESSEE

undertakes to vacate the Leased Premises and return possession to the

LESSOR peacefully and without need of demand. The LESSEE shall return the

Leased Premises to the LESSOR in the same and tenantable condition as it

was upon LESSEE’s occupancy; otherwise, the cost of such cleaning and

repairs shall be for the account of the LESSEE. The Leased Premises must be

turned over by the LESSEE to the LESSOR in a clean and orderly manner.

Within thirty (30) days prior to the expiration of the agreed lease period, and

in the event that the LESSEE should fail to exercise his option to extend the

lease, the LESSOR or his representative may show the premises to

prospective tenants at reasonable hours and with prior notice to the

LESSEE.
 In the event LESSEE fails to vacate the LEASED PREMISES at the end of the

period of lease, the LESSEE shall, with LESSOR’s prior consent, be extended

on a daily basis with a Daily Rental in the amount of

______________________________________________________ & 00/100 ONLY

(Php __________________.00).

16. PRE-TERMINATION – The LESSEE warrants the fulfillment of the initial full term

of this lease contract during which no refund of the advance rentals and

____ months security deposit can be made. However, should the LESSEE be

transferred, reassigned, or cause to leave the Philippines due to

circumstances beyond his control during the initial lease term, the LESSEE

shall have the option to assign another officer of the LESSEE’s company or

representative and provide a written notice to the LESSOR informing him of

the new assignee. Upon notice to the LESSOR, the said new occupant shall

continue the remaining portion of the lease and abide by the terms and

conditions of this Contract.

Upon receipt of the said notice to terminate, the LESSOR may show the

lease premises to prospective tenants at reasonable hours and with prior

notice to the LESSEE.

In the event of the termination of this lease contract for any reason

whatsoever, the LESSEE shall immediately vacate the premises with due

notice to the LESSOR and peacefully surrender possession thereof to the

LESSOR in the same habitable condition as it was when the LESSEE set in

without need of further act or deed.

17. ATTORNEY’S FEES - In the event of any breach of this lease contract by the

LESSEE or LESSOR, the party causing the breach by court of law or

arbitration shall pay the aggrieved party, the sum equivalent to twenty five

(25%) percent of the total amount claimed in the complaint as attorney’s

fees which amount, however, shall in no case be less than

____________________________________ (P_________________) in Philippine

currency plus the cost of the suit.

18. VENUE OF ACTION - Any action arising under this contract shall be brought

before the proper Courts of Makati.

19. This contract supersedes any and all contract executed prior hereto, which

shall be considered of no force and effect.

IN WITNESS WHEREOF, the parties hereto have signed these presents on the date

at the place first above-mentioned or written.

LESSOR LESSEE

By: By:

_________________________________ ___________________________________

SIGNED IN THE PRESENCE OF:

_________________________________ ___________________________________
 ACKNOWLEDGEMENT

REPUBLIC OF THE PHILIPPINES)

) SS.

BEFORE ME, this day personally appeared:

CTC/ Passport No. Date/Place Issue

________________ ______________________ ____________________________

________________ ______________________ ____________________________

Known to me and to me known to be the same persons who executed the

foregoing Contract and acknowledge to me that the same is their free and

voluntary act and deed which they represent for uses and purposes therein set

forth.

I further certify that said Contract consists of eight (8) pages including this one

and Annex A and signed by the above named parties and his witness.

IN WITNESS WHEREOF, I have hereunto affixed my signature and notaries seal in

_________ City, this ____ day of __________ year ________.

Doc. No.______; NOTARY PUBLIC

Page No.______;

Book No.______;

Series of 20____.