CONTRACT OF LEASE

(Residential)

This CONTRACT OF LEASE is made and entered into this day of __________________, in the City of
Makati, Philippines, by and between:

_________________________________of legal age, Single/Married, with postal address at

______________________________________ Philippines hereinafter referred to as the “LESSOR”;

and

_________________________________of legal age, Single/Married, with postal address at

______________________________________ Philippines hereinafter referred to as the “LESSEE”;

RECITALS:

WHEREAS, the LESSOR is the legal and absolute owner of a condominium unit specifically described as
follows:
Project: Beacon Residences
Unit No.: 2323
Unit Type: Studio
Location of Unit: 23 Floor
Approximate Floor Area: 21 square meters

Hereinafter referred to as the “LEASED PREMISES”

WHEREAS, the LESSEE desires to occupy the LEASED PREMISES and the LESSOR is willing to lease the
same to the LESSEE, subject to the terms and conditions stated in this Contract.

NOW, THEREFORE, for and in consideration of the foregoing premises, the parties agree as follows:

1. TERM OF LEASE

This lease shall be for a period of Six (6) Months commencing on _________ and ending on
_____________ renewable upon mutual agreement of the parties, provided that the LESSEE shall have
faithfully complied with all the terms and conditions of this Contract.

2. RENTAL RATE

The parties agree that the monthly rental for the LEASED PREMISES shall be Eighteen Thousand Pesos
(Php 18,000.00) inclusive of condominium dues and exclusive of value-added tax (VAT) and appropriate
withholding tax.

3. MANNER OF PAYMENT

Upon signing of this CONTRACT, the LESSEE shall pay to the LESSOR the following amounts:

a. Security Deposit

An amount of Eighteen Thousand Pesos (Php 18,000.00) equivalent to two 2 months rental and
payable in cash basis, representing the Security Deposit to guarantee the faithful compliance by the
LESSEE of all the terms and conditions in this CONTRACT, to answer for any obligation that may
remain unpaid at the termination or expiration of this CONTRACT, such as but not limited to utility bills
and other liabilities, as well as any damage on the LEASED PREMISES due to the LESSEE’s fault or
negligence. Payment for such obligations shall be deducted from this deposit and the balance, if any,
shall be refunded to the LESSEE, without interest, not later than sixty (60) days from termination or
expiration of the lease. If the LESSEE vacates the premises before the expiration of the term of the
lease, the total amount of the Security Deposit and Advance Rentals, as defined below, shall be
forfeited in favor of the LESSOR.

b. Advance Rental

An amount of Eighteen Thousand Pesos (Php 18,000.00) equivalent to one (1) month rental and 1
month deposit to be paid in cash as and by way of Advance Rental representing the period of March
2020 and March 2021 rental.

c. Monthly Rental

Ten (10) post-dated checks representing the remaining monthly rentals from ______2020
to _____ 2021.

4. UTILITIES

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 Monthly electricity and water consumption, as well as subscription and monthly charges for telephone, cable
and internet services, if any, on the LEASED PREMISES shall be for the account of the LESSEE. The
LESSOR shall shoulder the payment for association dues, which shall be paid directly to the Jazz
Residences Condominium Corporation.

5. USE OF THE PREMISES

The Leased Premises shall be used exclusively for RESIDENTIAL purposes of the LESSEE and shall not in
any way be used for commercial or industrial enterprises, as well as any illegal or unlawful activity.

6. IMPROVEMENTS

The LESSEE shall not make any alteration, structural changes or improvements in the LEASED PREMISES
without the prior written consent of the LESSOR. Upon termination of the lease, the LESSEE shall, at its
exclusive expense, restore the LEASED PREMISES to its original state existing at the
commencement of the lease.

Any permanent alteration, addition or improvement permitted to be undertaken on the LEASED PREMISES
shall automatically become the property of the LESSOR upon termination of the Lease without any right on
the part of the LESSEE for reimbursement of the cost. The LESSEE’s contractor shall be required to effect
and maintain a performance bond in favor of the LESSOR from a bonding company acceptable to the
LESSOR to secure the completion of such alteration, addition or improvement in accordance with plans
approved by the LESSOR and the Corporation. Without prejudice to the foregoing, the LESSEE shall have
the right to introduce furniture, appliances, movable improvements, which may be removed from the
LEASED PREMISES without causing damage thereon, at the end of the Lease. If any damage is caused by
the removal of such movable effects, the LESSEE shall have the obligation to reimburse the LESSOR for
any cost that the latter may incur to restore the condition of the LEASED PREMISES.

Upon the expiration of this Contract or any extension thereof, the LESSEE undertakes to vacate and
surrender to the LESSOR the LEASED PREMISES, peacefully and in the same good, clean and tenantable
condition as when first occupied, ordinary wear and tear excepted with the complete set of keys.

7. MAINTENANCE OF THE LEASED PREMISES

The LESSEE shall, at its sole expense, always maintain the LEASED PREMISES in clean and sanitary
condition, free from noxious odors, disturbing noises or other nuisances. LESSEE shall not drive nails,
screws, hooks or other abutments on or into the walls, frames or other portions of the LEASED PREMISES,
or in any manner deface or damage any part of thereof. Any injury or damage caused or done by LESSEE
may be repaired by LESSOR for the sole account of LESSEE.

LESSEE shall not bring and store in the LEASED PREMISES anything of highly flammable or explosive
nature or material, any apparatus, machinery or equipment which may cause obnoxious odor, tremors or
noise or other articles which may expose the LEASED PREMISES to fire or increase the fire hazard and/or
insurance rate of the building and/or the LEASED PREMISES. LESSEE shall be solely responsible for all
damages which may be caused by its violation of this section or may be reasonably attributed thereto,
including any increase in insurance premiums on the building and/or the LEASED PREMISES. In addition,
LESSOR shall have the right to immediately cancel or terminate this Contract upon the occurrence of a
violation of the LESSEE’s obligation under this section.

8. RULES AND REGULATIONS

The LESSEE binds himself to comply with the existing House Rules and Regulations promulgated by the
building administrator and/or the Condominium Corporation, as well as any other environmental or other
laws, ordinances, rules and regulations applicable to the LEASED PREMISES.

Any violation of the House Rules and Regulations shall entitle the building administrator and/or the
Corporation to exercise such rights and remedies available to it under the same against the LESSEE,
including but not limited to, the suspension or disconnection of electricity and water utilities to the LEASED
PREMISES, without incurring any civil and/or criminal liability or responsibility, until such breach is remedied
or cured by the LESSEE.

9. TAXES

The LESSOR shall be solely responsible for all assessments, taxes and other charges which are or maybe
levied against the LEASED PREMISES.

10. FORCE MAJEURE/SUBSTANTIAL DAMAGE TO THE PREMISES

The LESSOR warrants that the LESSEE shall have peaceful enjoyment of the LEASED PREMISES. In case
of substantial damage to the LEASED PREMISES or any portion thereof caused by fire, typhoon,
earthquake or any natural calamities and without the fault or negligence of the LESSEE, its agents, guests
and/or any of his family members, the damage shall be repaired at the expense of the LESSOR as speedily
as possible after such event ceases. If any portion of the LEASED PREMISES shall become unsuitable for
occupancy without fault or negligence of LESSEE, its agents or guests and/or any member of his family, the
LESSEE shall be entitled to a deduction of a proportionate amount from the rentals paid in advance through
the appropriate replacement of post-dated checks with the correct amounts. However, if a substantial portion
of the LEASED PREMISES is completely destroyed as to make the entire LEASED PREMISES
uninhabitable, without the fault or negligence of the LESSEE, its agents, guests, or any of his family

members, either party may demand for the rescission of this CONTRACT. In such case, the Security

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 Deposit shall be refunded to the LESSEE without interest less any unpaid dues for water, gas, electricity,
telephone, garbage fees, association dues and any other outstanding accounts of the LESSEE to the
Corporation, and any unapplied Advance Rentals paid by the LESSEE shall be returned or refunded without
interest to the LESSEE. Nothing in this paragraph shall exempt the LESSEE from liability to the LESSOR, or
to any third party, for any damage resulting from the fault or negligence of the LESSEE, its agents, guests,
or his family members.

11. PRE-TERMINATION CLAUSE

The LESSEE may terminate this Contract for any reason by giving a thirty (30) day prior written notice to the
LESSOR, specifying the intended date of termination. By terminating this Contract prior to the expiration of
its term, the LESSEE shall forfeit his Security Deposit without deduction as liquidated damages. As such,
the LESSEE shall be liable for all other obligations outstanding at the termination date.

12. PENALTY CHARGES

The LESSEE agrees to pay the LESSOR a penalty on any amount due under this Contract, which remains
unpaid on the due date thereof at the rate of two percent (2%) per month, compounded monthly, to be
computed from the date of delinquency until such amount is paid in full. A fraction of a month shall be
considered as one (1) month for purposes of computing said penalty.

13. DISPOSAL OF PROPERTY

In case the LESSOR should sell the LEASED PREMISES during the term of the Contract, the LESSEE shall
have a right of first refusal to purchase the LEASED PREMISES for the same price and under the same
terms and conditions offered to any person. If the LEASED PREMISES is purchased by a third party, the
new owner shall respect all the terms and conditions of this Contract, as may be applicable.

In the event the LESSOR should mortgage or encumber the LEASED PREMISES during the term of this
Contract, the LESSOR undertakes to inform such third party of the existence of this Contract and to require
the incorporation of its terms in the mortgage instrument, either by reference or otherwise. Moreover, the
LESSOR undertakes to require said third party to respect all terms and conditions of this Contract.

14. NON-WAIVER

Failure or delay of either party to insist on the strict performance by the other party of any stipulation or
condition in this Contract and/or exercise of any right or option herein shall not be construed as an
abandonment, withdrawal, waiver or cancellation of such conditions, stipulation, right or option.

15. AMENDMENT OF CONTRACT

Any amendment to this Contract shall be made in writing and signed by both parties for such amendment to
be valid and effective.

16. REMEDIES FOR BREACH

Should the LESSEE violate any of the terms and conditions of this Contract, the LESSOR may, in addition to
any other remedies or recourse prescribed by law, pursue any or all of the following remedies,
simultaneously or successively, as follows:

(a) To immediately terminate this Contract by serving a notice of termination upon the LESSEE;

(b) To immediately repossess the LEASED PREMISES without need to institute any judicial action. In this
connection, the LESSEE hereby names, constitutes, and appoints the LESSOR, its authorized agents,
and/or representatives, as its attorney-in-fact, with full power and authority, to open, break-open,
padlock, enter, occupy, secure, clean up, make repairs, remove the furniture or appliances left in the
LEASED PREMISES and to take such other steps and employ such other means to enable the
LESSOR to take full and complete physical possession and control of the LEASED PREMISES, barring
the LESSEE from entering the LEASED PREMISES. The LESSEE hereby expressly stipulates and
agrees that any or all acts done or performed by the LESSOR, its authorized agents, and/or
representatives under the preceding provision may not be the subject of any petition for a temporary
restraining order or writ of preliminary injunction or mandatory injunction in court, and that the LESSOR
and/or its authorized agents, employees, or representatives will be free and harmless from any civil
and/or criminal liability or responsibility therefor.

The LESSEE’s furniture, fixtures, and other equipment contained within the LEASED PREMISES upon
the repossession thereof by the LESSOR shall automatically serve as additional security for its unpaid
obligations. If after fifteen (15) days from the date the LESSOR shall have taken possession of the
aforesaid furniture, fixtures, and equipment by way of security, the LESSEE still fails to pay or settle its
unpaid obligations to the LESSOR, the LESSEE hereby irrevocably appoints the LESSOR as its
Attorney-in-Fact to sell by way of public or private sale any or all the LESSEE’s furniture, fixtures, and
equipment as may be sufficient to pay his outstanding obligations. If the sale proceeds prove to be
inadequate to fully settle the unpaid obligations of the LESSEE, the LESSEE shall remain liable to the
LESSOR and shall settle the remaining balance plus accrued interests and attorney's fee equivalent to
25% of the total amount due and unpaid. All expenses that may be incurred in the sale shall be for the
account of the LESSEE.

Should the proceeds of the sale of any of the aforesaid properties be sufficient to pay or settle all of the
unpaid obligations of the LESSEE, the LESSEE may get back its other properties not sold by the
LESSOR. However, after thirty (30) days from written notice of the LESSOR directed to the last known
address of the LESSEE and the LESSEE still fails to claim these back, said properties shall then be
deemed abandoned in favor of the LESSOR; and

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 (c) To automatically forfeit the Security Deposit in its favor.

17. LITIGATION

In the event the LESSOR is compelled to seek judicial relief against the LESSEE in order to enforce any or
all of its rights under this Contract, the LESSEE, in addition to any other damages that may be awarded by
the Court, hereby agrees to pay an amount equivalent to twenty-five (25%) percent of the amount claimed
but in no case less than P50,000.00, as and by way of attorney’s fees, aside from the costs of litigation and
other expenses which the law entitles the offended party to recover from the offending party.

18. VENUE

All court actions arising from this Contract shall be filed only in the proper courts of Makati , Philippines to
the exclusion of all other venues.

IN WITNESS WHEREOF, the parties hereto have entered into this Contract of Lease at the place and on
the date first written above.

________________________ ______________________________

LESSOR LESSEE

SIGNED IN THE PRESENCE OF:

RHEA MII CRUZADO ____________________________

Licensed Sales Person
Under PRC

ACKNOWLEDGMENT

Republic of the Philippines )

________________ ) S.S.

BEFORE ME, a Notary Public for and in the above jurisdiction, this ____ day of March 2020, personally
appeared the following:

Name Competent Proof of Identity Date/Place Issued

known to me to be the same person who executed the foregoing CONTRACT of LEASE, which consists of five
(5) pages including its annexes and the page whereon this acknowledgement is written, and they acknowledged
to me that the same is their free and voluntary act and deed.

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

Doc. No. ______ NOTARY PUBLIC

Page No. ______
Book No. ______
Series of 2020

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