CONTRACT OF LEASE

KNOWN AL MEN BY THESE PRESENTS:

This Contract of Lease executed this ____ day of February 2015 is entered into
by and between:
JUAN DELA CRUZ, Filipino, of legal age, and a resident of Kanta Subdivision,
Talisay City, hereinafter referred to as the LESSOR;
JUANA DELA CRUZ, of legal age, Canadian, and presently residing at Studio
Unit No. 10F, The Twin Tower, Mabolo, Cebu City, hereinafter referred to as the
LESSEE;

WITNESSETH
WHEREAS, the LESSOR is the registered owner of a parcel of land, Lot 12, Blk.
12, of the consolidation-subdivision plan Pcs-07-001222 covered by Transfer Certificate
of Title No. T-123913, situated at Barangay Lagtang, City of Talisay, Province of Cebu,
hereinafter referred to as the Premises/Property;
WHEREAS, the parcel of land hereto referred as the Premises/Property has a
total area of four hundred (400) square meters, more or less;
WHEREAS, the LESSEE is desirous of leasing the abovementioned parcel of
land from the LESSOR and the latter is willing and able to lease the same to the
LESSEE;
NOW, THEREFORE, for and in consideration of the foregoing premises and in
compliance of all the conditions and covenants hereinafter contained, the LESSOR, has
agreed to lease as it does hereby lease unto the LESSEE, and the latter has agreed to
accept, as it does hereby accept under lease, the above described premises as is under
the following terms and conditions:
1. LEASE PERIOD
The term of this lease is twenty-five (25) years commencing from February
17, 2015 and to terminate or expire on February 17, 2040, with the
LESSEE informing the LESSOR in writing two (2) months before
termination, whether to terminate or extend the lease. Absence of such
notice means extension of contract for another 25 years, but shall not go
beyond that.
2. MONTHLY RENTAL
The LESSEE binds itself to pay the LESSOR for the use and occupancy
of the Leased Premises a monthly rental of:
MONTHLY LEASE

P 3,000.00

In Philippine Currency, the same monthly rental shall be payable within the
first FIVE (5) DAYS of the month to which it corresponds to without need
of demand.

3. IMPROVEMENTS
The LESSEE is hereby authorized by the LESSOR to erect or introduce a
building, residence on the leased premises or property.
All improvements whether permanent or not shall remain the property of
the LESSEE during the term of this Contract of Lease or any extension
thereof. However, upon expiration of the lease, any such improvements made
which are permanent by nature shall become the property of the LESSOR,
however with an obligation on her part to reimburse the LESSEE of said
expenses.
The LESSEE may remove improvements, which by their nature are not
permanent, when this lease of Contract terminates.
LESSOR warrants delivery of possession of the leased premises to the
LESSEE free from any liens and encumbrances.

4. LESSORS COVENANT
The LESSOR shall maintain and ensure the LESSEEs peaceful
possession of the leased premises during the period of this lease and it
binds herself to keep the property free from any liens or encumbrances.
5. LESSEES COVENANT
The LESSEE, on the other hand, shall keep the leased premises and all
its appurtenances thereto in good and proper state.
9. THIRD PARTY LIABILITY
The LESSEE during the affectivity of this Contract of Lease shall hold the
LESSOR free and harmless from any damages, liabilities or
responsibilities to any person or property arising out of or as a
consequence of the use of the property by the LESSEEs agents,
employees, domestic help, customers or guests. The LESSOR shall not
be liable for any loss or losses that may be suffered by the LESSEE by
reason of theft, robbery or the crimes committed in or about the Leased
Premises.
10. COMPLIANCE OF RULES AND REGULATIONS
The LESSEE shall comply with any and all laws, ordinances, regulations,
or orders of the national, city or municipal authorities arising from or
regarding the use, occupation and sanitation of the Leased Premises

11. TERMINATION OF LEASE

The LESSEE hereby agrees to vacate, surrender and yield to the
LESSOR the Leased Premises upon the termination hereof or at the
expiration of this Contract of Lease or at the end of renewal as herein
above stipulated.

12. USAGE OF LEASED PREMISES

The Leased Premises shall be used by the LESSEE for residential, office
and/or warehouse or business purposes and shall not divert the Leased
Premises to any other use without the prior consent of the LESSOR.

13. SUBLEASE OR TRANSFER OF RIGHT

The LESSEE may directly or indirectly assign, sublease or in any way
encumber its right of the lease over the Leased Premises to any party, but
shall furnish the LESSOR a copy of such separate contract of sublease or
deed of assignment, if any.

14. TAXES
The LESSOR shall pay and defray at its own expenses all real estate
taxes, and other government assessments. Any taxes on rental payment
shall be withheld and settled by the LESSEE to the Commissioner of
Internal Revenue for the account of the LESSOR. The LESSEE shall pay
value-Added Tax (VAT) on the rental.

15. AMENDMENTS
No alteration, modification or amendment of this Contract shall be
effective without the written consent of the parties.

16. HEIRS AND ASSIGNS

This Contract shall be binding upon the parties, their heirs, assigns and /or
successors-in-interest.

IN WITNESS WHEREOF, the parties have hereunto set their hands this
____day of February 2015 at Cebu City, Philippines.

JUAN DELA CRUZ

JUANA DELA CRUZ

Lessor

Lessee

SIGNED IN THE PRESENCE OF:

___________________________

_________________________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES)

CITY OF CEBU
) S.S.
Before me, Notary Public for and in the City of Cebu, Philippines, this ________day of
February 2015. Personally appeared the following:
NAME

I.D. NO.

DATE

PLACE OF ISSUE

JUAN DELA CRUZ

JUANA DELA CRUZ
Known to me and to me known to be the same persons who executed the foregoing
instrument and acknowledged to me that the same is their own fee and voluntary act
and deed.
This document refers to a Contract of Lease and consists of FOUR (4) PAGES,
including this page wherein the acknowledgment is written and signed by the parties
and their instrumental witness on each and every page thereof.
WITNESS MY HAND AND SEAL at the place and on the date first above written.

Doc. No.________
Page no.________
Book No.________
Series of 2015.