Contract of Lease-legwri

7/27/2019 Contract of Lease-legwri

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CONTRACT OF LEASE

KNOW ALL MEN BY THESE PRESENTS:

This Contract of Lease is entered into at Makati City, Philippines, this 31 st day of January 2012,by and between:

JOLO MARTIN, Filipino Citizen, of legal age, with postal address at of No. 10 Hidalgo St., SanLorenzo Village, Makati City, hereinafter referred to as the LESSOR.

-and-

PABLO PASCUAL with address at No. 20 Ponce Street, San Lorenzo Village, Makati City,hereinafter referred to as the LESSEE,

WITNESSETH: THAT

WHEREAS, the LESSOR is the registered, legal, absolute owner of No. 20 Ponce St.,San Lorenzo Village, Makati City (Commercial Area w/ Parking Slot)

WHEREAS, the LESSEE desires to lease the above-mentioned PREMISES, and theLESSOR is willing to lease the same unto the LESSEE subject to the terms and conditionshereinafter specified.

NOW, THEREFORE, for and in consideration of the foregoing and the mutual covenantshereinafter set forth, the LESSOR has let and leased, and by these presents does hereby leaseunto the LESSEE the aforesaid PREMISES, and the LESSEE hereby accepts the same by wayof lease, subject to the following terms and conditions:

1.) PERIOD OF LEASE. The lease shall be for a period of two (2) years from 31 January,2011 to 01 February, 2013, renewal thereafter upon mutual agreement. The LESSEEmust signify its intention to renew or not renew by written notice thereof to the LESSORat least THIRTY (30) days prior to the expiration of this Contract of Lease.

2.) AMOUNT OF RENT. The parties hereby agree that the monthly rental of the LeasedPremises shall be PESOS: One Hundred Fifty Thousand Pesos ONLY (P150,000.00)

3.) MANNER OF PAYMENT. The LESSEE shall pay to the LESSOR in the followingmanner.Prior to the signing of this Contract of Lease, the LESSEE shall pay to the LESSOR the

amount of PESOS: One Hundred Fifty Thousand Pesos ONLY (P150,000.00)representing the one (1) month Security Deposit.The LESSEE shall pay to the LESSOR the amount PESOS: One Hundred FiftyThousand Pesos ONLY (P150,000.00) representing one (1) month advance rental.

Future Rentals to be paid to Mr. JOLO MARTININ THE NAME OF JOLO MARTIN by the 1st day of each month without any deductionwhatsoever, unless specific written permission is given by the Landlord, to makedeductions for reimbursement for repairs and/or renovation/alterations, carried out by the


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compressors are not liable by the Tenant. The Lessee to service the a/c prior to thehandover of the PREMISES back to the Lessor.

9.) TAXES AND INSURANCE: Real Estate taxes and government assessments shall be forthe LESSORs account. Either party to the Contract may at its respective insurance onthe Leased Premises, the proceeds of which shall be payable to the party obtaining such

insurance policy.

10.) SUBLEASE PROHIBITION: The LESSEE shall not assign or sublease thepremises hereby leased or any part thereof without the written consent of the LESSORand any breach of the contract/ condition shall be ground for termination of this contractat the option of the LESSOR, without any obligation to refund the rental payments.

11.) FIRE HAZARD AND OBNOXIOUS SUBSTANCES: The LESSEE shall not keep/deposit or store in the premises any obnoxious substance or inflammable materials orsubstances that might constitute a fire hazard.

12.) THIRD PARTY LIABILITY: The LESSEE, during its occupancy of the Leased

Premises, shall hold the LESSOR free and without fault for any damages, liability orresponsibility to any person or property arising out of or as consequence of the use ofthe Leased Premises. When fortuitous events or acts of God such as typhoon,earthquakes, flood, etc. cause such damage or liability, the LESSEE shall not be liableto the LESSOR.

13.) PREFERENCE TO BUY LEASED PREMISES: In case the LESSOR decide tosell the Leased Premises, the LESSEE has the first option to buy it and decide withinfifteen (15) days, and upon failure to do so, the LESSOR is free to negotiate for the saleof the Leased Premises with other parties.

14.) RETURN OF PREMISES: Upon termination of this contract for any reasonwhatsoever, the LESSEE shall immediately vacate the premises and return possessionthereof to the LESSOR upon the latters request.

On the termination of this Tenancy and to the satisfaction of the Landlord, the Tenantshall:

a) Have any item listed on the Inventory which has been damaged,repaired to the satisfactory repair or replaced if required.

b) Repair or replace any walls, windows and/or woodwork, which might have beendamaged due to installation of items by the Tenant other than in a space provided for

this on the Premises.

15.) PROSPECTIVE TENANTS: During the last month of the lease, the LESSEEshall allow the LESSOR or his representative to show the leased premises toprospective tenants at reasonable time and with prior notice. Likewise, the LESSEE shallallow the LESSOR or his representative to put a FOR RENT sign during the period.


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16.) TERMITE AND PEST CONTROL: The LESSOR at his own expense, shallretain the services of the reputable pest control company to ensure the extermination ofor protection against termites and beetles (anay/ bukbok). The LESSEE shall beresponsible for the extermination of or protection against rats, cockroaches, ants andother insects.

17.) PRE-TERMINATION: Should the occupant during the term of this lease berequired to leave the Philippines due to circumstances beyond his control, THE LESSEEshall have the option to:

a) Assign any other staff, officer or any person related to him, by giving thirty (30)days prior written notice to the LESSOR, or

b) Terminate this Lease of contract by giving written notice to the LESSOR, at leastthirty (30) days before the termination date of its intention to vacate the LEASEDPREMISES and forfeiting by way of liquidated damages the amount equivalent totwo (2) months rent. All unused rental after forfeiting two (2) months rental aspenalty shall be returned by the LESSOR to the LESSEE within thirty (30) daysfrom termination date. The security deposit shall be refunded by the LESSOR

[less damages ,outstanding electric, water, cable TV ,or any other bill] to theLESSEE as provided on section hereof

18.) DISPOSAL OF PROPERTY: The LESSOR may sell, mortgage or encumber theLeased Premises provided the Vendee or Mortgagor Creditor agrees in writing torespect all the terms and conditions of the lease.

19.) In the case of court litigation by virtue of non-payment of the agreed rents or anybreach or violation of this contract on the part of the LESSEE, the LESSOR shall beentitled to collect reasonable attorneys fees, exclusive of costs legally from theLESSEE.

IN WITNESS WHEREOF, the parties have hereunto set our hands this ..... day of............................ , 200...

............................................ ......................................................

LESSEE LESSOR

Signed in the Presence of:

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Contract of Lease-legwri