CONTRACT OF LEASE

KNOW ALL MEN BY THESE PRESENTS: This CONTRACT OF LEASE, executed and entered into this_______________________ by and between: EVANGELINE G. TEJADA, of legal age, Filipino, married and residing at 1111-B C.P. Romulo Street, Clark Freeport Zone, hereinafter referred to as the LESSOR; AND PARK, SOONCHEON, of legal age, Korean with postal address at (Philippines) 25-06 Mayflower Street, Timog Park, Angeles City, hereinafter referred to as the PRINCIPAL APPLICANT &/or LESSEE; WITNESSETH: WHEREAS, the LESSOR is the owner and operator of the residential unit located at 3-8 Molave Street, Woodland Drive Carmenville Subdivision, Angeles City; WHEREAS, the LESSOR hereby lets and leases unto the LESSEE, and the latter hereby accepts, the contract of lease under the terms following covenants and conditions of this agreement. NOW THEREFORE, the parties agree as follows: SECTION 1 OBJECT OF LEASE The LESSOR in consideration of the rents, covenants and restrictions herein imposed by the LESSOR on the part of the LESSEE to comply herewith rents/leases unto the LESSEE, the residential unit located at 3-8 Molave Street, Woodland Drive, Carmenville Subdivision, Angeles City with approximately SIX HUNDRED SQUARE METERS (600 SQ.M) of land area, which the LESSOR, has the legal power to dispose of by way of lease, and the LESSEE hereby rents and leases from the LESSOR. SECTION 2 TERMS / PERIOD OF LEASE The lease shall be for One (1) year period commencing from 01 December 2010 and terminating on 30 November 2011. This lease may be renewed or extended under such terms and conditions that may be the subject of negotiation and agreement of both parties, provided that a written notice of the intention to extend or renew, or not to renew the lease is first served by the LESSEE to the LESSOR at least thirty (30) days before the expiry date of the lease. SECTION 3 RENTAL AND SECURITY DEPOSIT / COMMON AREA MAINTENANCE DUES The Monthly Rental for the leased premises shall be PESOS: TWENTY FIVE THOUSAND PESOS (PhP25,000.00), Philippine Currency and shall be paid as follows:

a. PhP25,000.00 upon signing of this Lease Contract representing rent for the last
month of occupancy, from 01 November to 30 November 2011. Check shall be dated upon signing/execution of Lease Contract. b. Eleven (11) post dated checks each amounting to PhP25,000.00 upon signing of this Lease Contract representing rent from 01 December 2010 to 31 October 2011, and each check dated on the 1st of each monthly period. c. PhP 25,000.00 Security Deposit shall be put up by the LESSEE due upon signing/execution of Lease Contract.

SECTION 4 SECURITY DEPOSIT The SECURITY DEPOSIT shall answer for the faithful compliance by the LESSEE of the conditions of this contract, it being understood that the same shall not earn interest and under no circumstances said deposit shall be applied for payment of unpaid rentals in case of renewal or extension of the lease or other financial obligation of the LESSEE under this Contract. Said deposit shall be applied to unpaid bills for electricity, gas, telephone, cable TV and/or damages that may be caused to the Leased Premises by the LESSEE, his/her children, servant or guests; upon termination of the Lease Contract, with the balance thereof to be refunded to the LESSEE. And without prejudice to the right of the LESSOR to demand and collect from the LESSEE such further amount as may be necessary in the event the amount of the security deposit be not sufficient. If upon expiration of this Contract none of the above contingencies occur, the security deposit shall be returned by the LESSOR to the LESSEE. SECTION 5 CHARGES FOR LATE PAYMENT / OVERDUE RENT Without prejudice to any other remedy that the LESSOR may have under this agreement or the law, in the event that the LESSEE shall fail to timely pay the Rent, Utility Bills, or any other amount payable under this agreement, the LESSEE shall pay the LESSOR interest of Three Percent (3%) per month on the amount due. The penalty shall be capitalized monthly and shall be charged at the same rate of 3% per month until fully paid, with a fraction of a month considered as One (1) month. SECTION 6 UTILITIES The LESSEE shall pay all utility expenses such as electricity, water, telephone, cable, internet and other public service utilities. SECTION 7 USE OF THE PREMISES The Leased Premises shall be used for RESIDENTIAL PURPOSES ONLY by the LESSEE. The LESSEE shall not assign his/her rights under this Contract and shall not directly or indirectly sublease, assign, transfer, convey, mortgage or in any way encumber his/her rights of lease over the Leased Premises or any portion thereof under circumstances whatsoever; any contract that may be made in violation of this clause shall be null and void. The LESSEE shall continue to be bound to the LESSOR of his/her obligations under this Contract. The LESSEE hereby undertakes and warrants to use the leased unit exclusively as residence of LESSEE and his/her family. SECTION 8 ALTERATION AND IMPROVEMENTS The LESSEE shall not make any alterations, additions or improvements on the Leased Premises without the written consent of the LESSOR. All alterations and improvements if any, introduced by the LESSEE, which cannot be removed without defacing or damaging the Leased Premises or portion thereof shall become the property of the LESSOR at the termination of this lease without reimbursement for the value thereof. The LESSOR, however reserves the right to require the LESSEE, at the latters expense, to restore the altered portion of the Leased Premises to its original state and/or remove any improvement introduced. SECTION 9 INSPECTION OF THE LEASED PREMISES The LESSOR or his authorized representative shall, by previous arrangements with the LESSEE have the right to enter the leased premises during reasonable hours to examine and assess the same or make major alterations or repairs, or for any purpose which may be deemed necessary for the maintenance of the building or operation of its installations.

SECTION 10 CARE OF PREMISES, MAINTENANCE AND REPAIRS Any loss or damage to the Leased Premises due to any cause whatsoever, other than ordinary wear and tear, fortuitous events or act of God such as typhoons, earthquakes, war, explosions, fire, flood, or any other unforeseen causes etc. shall be for the account of LESSEE. The LESSEE shall keep the premises free from any obnoxious odors, disturbing noises, or other nuisance, and upon expiration of lease, surrender and deliver possession of the leased premises in the same condition as found at the beginning of the lease. The LESSEE shall at all times maintain the leased unit in clean and sanitary condition. All minor repairs of the unit shall be performed by the LESSEE at his/her own expense. SECTION 11 RENEWAL OF LEASE At the option of the LESSOR, this Contract may be renewed for another period under such new terms and conditions that will be mutually agreed upon by both parties, provided that the LESSEE signifies in writing to the LESSOR of its intention to renew the lease at least Sixty (60) days prior to the expiration of this Contract. SECTION 12 PEACEFUL SURRENDER AND RETURN OF LEASED PREMISES Upon expiration of the term or period of Lease Contract, or notice of early termination, as the case may be, the LESSEE shall immediately and peacefully vacate the leased premises, clear it of all belongings of the LESSEE, and restore the possession thereof to the LESSOR in as good condition as at the time of delivery to the LESSEE and all keys should be turned over, including duplicates. The LESSEE shall ensure that no waste or garbage is left in the Leased Premises. Otherwise, LESSEE shall be liable to pay LESSOR the amount of FIVE HUNDRED PESOS (PhP500.00) to answer for effort and expenses in collecting said waste or garbage. The Security Deposit shall also answer for the said amount. In the event that the LESSEE made it necessary for the LESSOR to resort to judicial ejectment, the LESSEE shall be liable to pay the LESSOR attorneys fees in an amount not less than TWENTY THOUSAND PESOS (PhP20,000.00) plus the other expenses of litigation and costs, over and above the unpaid obligations/ liabilities of the LESSEE under this Contract.

SECTION 13 TERMINATION / PRE-TERMINATION CLAUSE The LESSOR and/or LESSEE may pre-terminate this lease contract by way of a written notice no less than Sixty (60) days prior to intended date of termination. In such a case, all post dated checks issued by the LESSEE covering rental periods beyond the date of termination shall be returned by the LESSOR. The LESSOR, on the other hand, shall have the right to terminate this Contract prior to its expiration in the event of violation by the LESSEE of any terms and conditions hereunder without prejudice to the right of the LESSOR to demand and collect payment by the LESSEE of any accrued obligation under this Contract. The LESSOR shall also have the right to forfeit the entire Security Deposit in the event of pre-termination. In no case shall theft in the leased premises be a ground for pre-termination of Contract by LESSEE.

SECTION 14 SPECIAL POWER GIVEN TO LESSOR CONCERNING LESSEES FURNITURE, EQUIPMENT AND OTHER PROPERTIES IN THE LEASED PREMISES IN THE EVENT OF BREACH OF CONTRACT Upon violation by the LESSEE of any of the terms or conditions hereof, particularly the non-payment of the monthly rentals on time, the LESSEE gives the LESSOR the absolute right and authority to retain so much of the LESSEEs household furniture, equipment and other properties in the leased premises to satisfy the unpaid rentals, light and water bills. The LESSOR is designated and named by the LESSEE as his attorney-in-fact and given the absolute right to take out from the Leased Premises so much of the LESSEEs household furniture, fixtures and things, to padlock the door of the Leased Premises in case the LESSEE fails to comply with the terms and conditions of the Contract, and to dispose and sell the same within Thirty (30) days from the date of retention to satisfy the unpaid rentals, electric and water bills including telephone charges, if any. SECTION 15 ABANDONMENT OF PREMISES The LESSEE shall not abandon or leave untenanted the Leased Premises for a continuous period of more than Seven (7) days at any time during the leased period; otherwise, the LESSEE gives right to the LESSOR to enter the same by force or otherwise without liability for prosecution therefore, and to relet the same to another party. Likewise, the LESSOR is hereby constituted and appointed attorney-in-fact of the LESSEE to take possession of the furniture, equipment and other properties in the premises; and if after a period of Thirty (30) days the same not having been claimed by LESSEE, LESSOR is further authorized to sell the same with the proceeds thereof applied to the payment of any and all obligations of the LESSEE arising out of and under this Contract. The LEESEEs rent fixed herein shall continue to accrue to the LESSOR until the expiration of the lease, or until the premises have been relet, whichever comes first. SECTION 16 SEPARABILITY CLAUSE In the event that any particular clause of this Contract be declared as null and void by competent judicial authority, all the other clauses and conditions not so declared shall remain in full force and enforceable. SECTION 17 SPECIAL CONDITIONS & GUIDELINES The LESSEE hereby covenants and agrees to the following special conditions and guidelines of this Contract:

1. LESSOR shall not be liable or responsible in any way for injury to any person, or
for loss or damage to any article belonging to LESSEE located in the Leased Premises or other premises.

2. LESSEE shall not bring into or store within the Leased Premises anything of highly
inflammable or explosive goods, materials or substances other than those necessary for kitchen needs.

3. LESSEE shall not install any apparatus, machinery or equipment which may cause
obnoxious tremors or noise, or cause to be done any act or thing which may expose the Leased Premises to fire hazards or increase the insurance rate of the building, it being understood that any damage caused the LESSOR and/or of tenants arising from such violation by the LESSEE under this paragraph shall be considered as one of LESSEEs other liabilities under this Contract.

4. LESSEE shall not install in or about the premises any interior/exterior or

electrical/plumbing fixtures, doors, partitions/walls or make any structural changes

or alterations to any part of the building of the Leased Premises without the consent of the LESSOR.

5. The installation of additional plumbing, electrical fixtures, water fixtures at the

Leased Premises shall be for the account of the LESSEE after obtaining the prior consent and approval of the LESSOR.

6. LESSEE hereby assume full responsibility on any damage which may be caused
to the person or property of third person within the Leased Premises and further binds himself/itself to hold the LESSOR free and harmless from any such claim from injury or damage. The LESSEE shall be responsible at all times for all acts done by his guests, visitors and other persons entering the Leased Premises insofar as the enforcement of this Contract is concerned. IN WITNESS WHEREOF, the parties have caused this Contract of Lease to be executed on the date and at the place above-mentioned. LESSOR: LESSEE:

EVANGELINE G. TEJADA TIN NO. 138-529-990

PARK, SOONCHEON TIN NO. SIGNED IN THE PRESENCE OF :

____________________________

__________________________

ACKNOWLEDGMENT
Republic of the Philippines } S. S. Makati City } BEFORE ME, Notary Public for and in___________, Philippines this ________________ day of _____________________, 2010 personally appeared: NAME Passport/Community Tax Number
______________________

Date / Place Issued

EVANGELINE G. TEJADA PARK, SOONCHEON

______________________

____________________

____________________

Known to me and to me known to be the same persons who executed the foregoing instrument and they acknowledge to me that the same is their free and voluntary act and deed. The foregoing instrument to a CONTRACT OF LEASE consisting of FIVE (5) pages, including this page and annexes, signed by the parties and their instrumental witnesses. IN WITNESS WHEREOF, I have hereunto signed and sealed these presents at the place and on the date above written. Notary Public Doc No. ______________ Page No. ______________

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