CONTRACT OF LEASE

KNOW ALL MEN BY THESE PRESENTS:

This CONTRACT OF LEASE, made and entered into by and between:

SPOUSES CONCORDIO BORJA and SOFRONIA BORJA, both American citizens, of legal
age, and residents of Booy Village, Booy District, Tagbilaran City, hereinafter called the LESSORS; and,

KEVIN ASHLEY RUDD, (an Australian national) and MYROLE B. IGOT, a Filipino, of legal
age and presently residing at Dao District, Tagbilaran City, hereinafter called the LESSEES;

W I T N E S S E T H:

That the LESSORS, hereby, lease unto the LESSEE, and the latter hereby accept in lease from
the former, a certain residential unit referred to as Unit E constructed on a parcel of land owned by the
LESSORS and covered by Transfer Certificate of Title No. T-21233 situated at Booy Village, Booy
District, City of Tagbilaran, Philippines under the following terms and conditions:

1. The term of this lease is one (1) year commencing on July 17, 2016 extendable for another year
at the option of either party which shall be conveyed to the other at least a month before the expiry of the
term;

2. The monthly rent is TWELVE THOUSAND PESOS (P12,000.00) payable every tenth (10th)
day of the month and is subject to an increase of five percent (5%) of the rental per annum in the event
that this contract of lease shall be renewed;

3. The LESSEE shall deliver to the LESSOR the amount equivalent to One (1) Month’ rental as
Security Deposit and One (1) Month’s Advance Rental to be applied for the first month of the term of
the lease upon execution of this Contract of Lease; The Security Deposit (less deductions for unpaid
utilities, if any) is refundable without interest after the expiration of the term of this Contract of Lease;

4. The premises leased have been received by the LESSEE in good habitable condition;

5. The LESSEE is expressly prohibited from raising pets of any kind and is, further, prohibited
from bringing inside the compound more than two (2) vehicles. Each vehicle shall not exceed 4,500 kg.
gross weight;

6. The LESSEE shall use the leased premises exclusively for residential purposes;

7. All the ordinary repairs and maintenance within the premises that arise from the daily use of
the facilities therein shall be for the sole account and expense of the LESSEE, without right to
reimbursement;

8. The LESSEE is expressly prohibited to sublease the leased premises to any one, without the
express consent of the LESSORS in writing;

9. All charges for water, light, cable television and telephone used within the premises shall be at
the sole account of the LESSEE;

10. The LESSEE shall be responsible for the observance of sanitary and electrical regulations
required or imposed by the city or government authorities regarding the use of the leased premises;

11. The LESSEE shall secure the permission of the LESSORS for any material improvement
which they wish to introduce to the premises which shall be at the sole account of the LESSEE and the
ownership of those which cannot be detached without destroying the premises shall pass on to the
LESSORS upon termination of this contract;

12. No alteration shall be introduced to the premises by the LESSEE without the consent of the
LESSORS. Cutting of trees is strictly prohibited; and,
 13. Violation of any of the above terms and conditions will produce ipso facto the rescission of
this contract of lease with costs chargeable to the party responsible for said breach.

IN WITNESS WHEREOF, we have hereunto set our signatures this ____ day of _________,
2016, in the City of Tagbilaran, Philippines.

CONCORDIO BORJA SOFRONIA BORJA

Lessor Lessor

KEVIN ASHLEY RUDD MYROLE B. IGOT

Lessee Lessee

Signed in the presence of:

__________________________ ________________________

REPUBLIC OF THE PHILIPPINES)

CITY OF TAGBILARAN ) S.S.
x - - - - - - - - - - - - - - - - - - - - - - - -/

BEFORE ME, this ____ day of ____________, 2016 in the City of Tagbilaran, Philippines,
personally appeared the following with their valid identification card bearing their pictures and signatures
as follows:
CONCORDIO BORJA Driver’s License ID No. E23-81-5006
SOFRONIA BORJA Driver’s License ID No. F23-84-4085
KEVIN ASHLEY RUDD Passport ID No. N1993366
MYROLE B. IGOT Passport ID No. EB4398249
known to me to be the same persons who executed the foregoing and they acknowledged to me that the
same is their free act and deed.

This instrument, consisting of two (2) pages, including the page on which this acknowledgment is
written, is signed on the left margin of the first page by the parties and their instrumental witnesses and
affixed with my notarial seal.

WITNESS MY HAND AND SEAL.

Doc. No. _____

Page No. _____
Book No. _____
Series of 2016