CONTRACT OF LEASE

KNOW ALL MEN BY THESE PRESENTS:

This Contract of Lease is made and executed on 7 May 2001 at Antipolo City by and among
REYDANTE A. CRUZ, Filipino, of legal age, residing at 1061 Vicente Cruz St., Sampaloc,
Metro Manila;
DORINDA A. CRUZ, Filipino, of legal age, residing at 10 Camias St., Pasig City, Metro
Manila;
ELENIDAD C. SANTOS, Filipino, of legal age, residing at 1 Cougar St, Village East
Executive Homes, Cainta, Rizal;
JULIE C. SAMSON, represented by ELENIDAD C. SANTOS, American, of legal age,
residing at 236 Elk Grove, California, USA;
WILFREDO A. CRUZ, Filipino, of legal age, residing at 21 Vista Verde Avenue St., Vista
Verde Executive Homes, Cainta, Rizal;
ROBERTO A. CRUZ, represented by WILFREDO A. CRUZ, Filipino, of legal age,
residing at 1063 GENINE St; California, USA; and
MYRNA A. CRUZ, represented by WILFREDO A. CRUZ, Filipino, of legal age, residing
at 275 Chula Vista, San Diego, USA hereinafter called the LESSORS,
AND
LISI LESSEE PHILIPPINES, Corporation duly organized and existing under Philippine
laws, with a principal office address at 57 th Floor, 6750 Ayala Avenue, Antipolo City,
hereinafter called the LESSEE
WITNESSETH:
WHEREAS, the LESSORS are the registered owners of a parcel of land with a total area of
two thousand three hundred thirty six point eighty eight (2,336.88) square meters, more or
less, situated at 625 Epifanio De Los Santos Avenue (EDSA), Pasay City.
WHEREAS, On 15 March 2001, the LESSEE entered into a Contract of Lease (March
2001 Lease Contract) with the LESSORS with respect to a portion of the Pasay Property
amounting to one thousand one hundred fifty one point seven (1,151.7) square meters, more
or less.
NOW, THEREFORE, for and in consideration of the foregoing premises, the LESSORS
hereby lets and leases unto the LESSEE the aforestated property, subject to the following
terms and conditions:
1. PARTIES: REYDANTE A. CRUZ, DORINDA A. CRUZ, ELENIDAD C.
SANTOS, JULIE C. SAMSON, WILFREDO A. CRUZ, ROBERTO A. CRUZ,
and MYRNA A. CRUZ as LESSORS; and LISI LESSEE PHILIPPINES as
LESSEE;
2. LEASE PERIOD: Term of fifteen (15) years from pre termination of the March
2001 Lease Contract after LESSEE gives notice to the LESSORS in writing of
the exact day of the commencement of the lease after the occurrence of the
following conditions:
i.
Registration of lease;
ii.
Issuance of all necessary government permits for the construction of the
service station building and installation of equipment;
iii.
Turnover of the Leased Premises, clear of all occupants; and

iv.
3.

Issuance of Environmental Pollution Clearance;

RENTAL FEE: Rental fee of one hundred fifty pesos (P150.00) per month for
the first seven years and one hundred eighty pesos (P180.00) per month for the
eight to the fifteenth year, such amount being the maximum rental;

4. RENTAL FEE REDUCTION: Rental fee shall be reduced proportionately in

the event of the Governments expropriation of the Leased Premises, without
rendering the remaining portion unsuitable for carrying on LESSEEs business;
5. RENTAL FEE ABATEMENT: Abatement of rental fee should LESSEE be
prevented from occupying the Leased Premises or be obliged to give up its
possession by reason of war, civil commotion, act of God or any other cause
beyond LESSEEs control for such period of time that LESSEE cannot occupy
the same, subject to the right of the LESSORS to lease the same to any person
until such date as LESSEE may reoccupy the same, the term of the May 2001
Lease Contract being considered as extended for such period of time equal to that
during which LESSEE was not in possession of the Leased Premises;
6. TERMS OF PAYMENT: Terms of payment for the rental fee as follows:
i.
LESSEE shall pay seven (7) years advance rental corresponding to the first
seven (7) years of the lease, without deducting discount and bank charges,
payable upon the effectivity of the May 2001 Lease Contract;
ii.
Rental fee for eight to the fifteenth year payable annually in advance within
the first fifteen (15) days of each anniversary year;
iii.
In case the Bautista Siblings become indebted to LESSEE, the latter shall be
entitled to apply to the payment of the formers obligation, all or such
portions of the rentals accruing;
7. PREDETERMINATION: Predetermination of the May 2001 Lease Contract:
i.
Termination by LESSEE at any time upon thirty (30) days written notice to
the LESSORS;
ii.
Advance rentals fees paid to be forfeited in favor of the LESSORS in case of
predetermination without any fault or delay attributable to the LESSSORS;
iii.
Termination by the LESSORS upon thirty (30) days written notice to the
LESSEE in case of failure of the latter to pay rental fee due after thirty (30)
days written notice of such default has actually been delivered to the General
Manager Marketing Retail of LESSEE;
8. PERMANENT IMPROVEMENTS: The LESSEE has the right to erect any
buildings or structures it may desire without the consent or approval of the
LESSORS; all building, improvements, fixtures and equipment erected, installed,
or owned by the LESSEE shall remain the latters property, except permanent
structures such as buildings, driveway and perimeter walls, which shall become
the property of the LESSORS after termination and non-renewal of the lease
contract;
9. ABANDONMENT, SEVERANCE AND REMOVAL: The LESSEE has the
right at any time during the lease contract or within sixty (60) days after its
termination to abandon, sever and remove any or all fixtures, equipment,
improvements and other property it has placed on the leased premised during the
period of the May 2001 Lease Contract or any extension or renewal thereof;
LESSEE to fill up any excavation it has introduced in the Leased Premises;

10. WARRANTY: The LESSORS are well seized of the Leased Premises, having
good right to lease the same, warranting and agreeing to defend their title thereto
and to reimburse and hold the LESSEE harmless for all damages and expenses,
including attorneys fees LESSEE may suffer by reason of any restriction,
encumbrance or defect in such title or in the description of the same;
11. TAX ON IMPROVEMENTS: The LESSEE shall pay all taxes in the
improvements it introduced;
12. TAXES AND OBLIGATIONS: The LESSORS shall pay all taxes and
obligations if any, which are or may become a lien on the Leased Premises, as
they become due;
13. RIGHT OF FIRST REFUSAL: The LESSORS grant LESSEE the right of first
refusal in case of sale, transfer or assignment of a part of or all of the Leased
Premises upon written notice thereof, subject to the alternative right of the
LESSEE to look for a bonafide and qualified purchaser of the same, the latter
having in turn, the right to purchase at the same price offered to third persons
should LESSEE be disqualified to acquire and own land;
14. CONDITION: The LESSORS shall include as a condition of its sale, transfer,
or assignment of the said property to a third person that the terms, and condition
of the May 2001 Lease Contract shall be respected by the latter, subject to giving
notice to the LESSEE of any such sale, transfer or assignment at least ten (10)
days prior thereto, should LESSEE decide not to purchase the same;
15. SUB-LEASE: The LESSEE has the right to sub-lease any portion of the Leased
Premised to any person or entity;
16. ASSIGNMENT: The LESSEE has the right to assign the May 2001 Lease
Contract, in whole or in part, to any third party in a position to perform the
formers obligations under the said contract; and
17. JUDICIAL EXPENSES: In case the LESSEE or the LESSOR shall resort
judicial proceedings to enforce any of its rights under the said contract, the party
at fault shall pay the other reasonable compensation for its expenses and charges,
including attorneys fees.
IN WITNESS WHEREOF, the parties hereto set their hands on this instrument this day of
_________________ at ________________, Philippines.

REYDANTE A. CRUZ
LESSOR
DORINDA A. CRUZ
LESSOR
ELENIDAD C. SANTOS
LESSOR

LISI LESSEE PHILIPPINES

LESSEE

JULIE C. SAMSON
LESSOR
WILFREDO A. CRUZ
LESSOR
ROBERTO A. CRUZ
LESSOR
MYRNA A. CRUZ
LESSOR

SIGNED IN THE PRESENCE OF:

________________________________

______________________________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES

ANTIPOLO CITY

)
)
)

S. S.

Before me this 7 day of May, 2015, personally appeared the persons listed below,
known to me and to me known to be the same persons who executed the above Contract of Lease and
sworn that the same was executed of their own free will:

ELENIDAD C. SANTOS
WILFREDO A. CRUZ

Valid ID No.
PP ECO180688
33-6727636-7
SSS

Issued at
PCG, OSAKA

Date
30-01-2019.

This Contract of Lease consists of four (4) pages, including the page on which this
acknowledgment is written, and has been signed on the left margin of each and every page
thereof by the parties and their witnesses, and sealed with my notarial seal.
WITNESS MY HAND AND SEAL.

Doc. No. _____

Page No. _____

Book No. _____
Series of 2015

ATTY. CAESAR V. SUELO

NOTARY PUBLIC
Cainta, Taytay and Antipolo City
valid until December 31, 2015
PTR No. 3114626 issued on 01.07.2015 at Rizal
Roll No. 40356, IBP LRN 01750, MCLE IV 0023039