CONTRACT OF LEASE

This Contract of Lease made and executed by and between:

SALCEDO CORPORATE EXCHANGE INC., a domestic corporation duly organized and existing under and
by virtue of the laws of the Republic of the Philippines, with business address at 538 BONI SERRANO
QUEZON CITY, herein represented by their PRESIDENT, ENRICO B. TENSUAN, and hereinafter called the
LESSOR;

-AND-

_________________, ______________, with address at ________________________________________,

hereinafter called the LESSEE;

WITNESSETH:

WHEREAS, the LESSEE desires to lease 61B Buendia Avenue, Palanan, Makati City, Metro Manila
hereinafter referred to as the “LEASED PREMISES” and the LESSOR is willing to lease the same unto the
LESSEE unfurnished, subject to the terms and conditions hereinafter specified;

NOW THEREFORE, for and in consideration of the foregoing and mutual covenants herein contained, the
LESSOR has let and by these presents does hereby lease and let unto the LESSEE, the LEASED
PREMISES, and the LESSEE hereby accepts the same by way of lease, according to the following terms
and conditions:

1. TERM OF LEASE: The term of this lease shall be for a period of one (1) year, commencing on ____________
and ending on _______________. This lease may be renewed upon renegotiation and mutual agreement of both
parties, provided a 90-days prior written notice is first served by the LESSEE to the LESSOR and provided further
that both parties shall have agreed on the new rental rate corresponding to the renewal period not later than 90
days before the expiration of the original lease. In the event no mutual agreement is reached within the said
period, this lease contract shall automatically terminate at the end of the one year period and the LESSEE agrees
to vacate the premises as provided for in Section 17 hereof.

LESSEE hereby permits any authorized representative of LESSOR to show the PREMISES to interested
parties at least three (3) months before expiration of the term, provided no renewal has as of yet been entered
into.

2. RENTAL: The agreed monthly rental of the Leased Premises for the entire term of this contract shall be
PESOS TWENTY FIVE THOUSAND ONLY (P25,000.00) inclusive of 12% VAT subject to 5% withholding tax
computed as follows:
Monthly Rent 22,321.43
Plus: 12% VAT 2,678.72
P 25,000.00
Less: 5% Withholding Tax ( 1,116.07 )
Monthly Rent Due to Lessor P 23,883.93
X 12 months Advance
Amount Due To Lessor P 286,607.16

2.1 Not later than the contract signing date , the LESSEE shall pay in cash the amount of PESOS TWO
HUNDRED EIGHTY SIX THOUSAND SIX HUNDRED SEVEN AND 16/XX ONLY (P 286,607.16) covering
the RENTAL PAYMENT FOR THE period __________________ TO __________________.

2.2 Upon LESSEE’s failure to pay the rental due on time, LESSEE shall be in default, and shall be liable to pay
LESSOR interest at the rate of three percent (3%) per month and a penalty of P500.00 per day, both of which
are to be computed from the day immediately following the due date specified without prejudice to such other
rights that LESSOR may have under the Contract of Law.

2.3 In case a particular check bounces, the LESSEE shall be liable to pay the same interest and penalty
charges. This is without prejudice to the filing of an appropriate case and/or ejectment suit by the LESSOR
for violation of the applicable laws as the LESSOR may deem appropriate.

3. SECURITY DEPOSIT: Upon acceptance by LESSOR of LESSEE’s offer, LESSEE shall pay LESSOR in Cash,
a non-interest bearing deposit equivalent to Two (2) Months rental amounting to PESOS FIFTY THOUSAND
 (P 50,000.00). These amounts shall be held without interest by the latter as Security Deposit, in order to
guarantee the LESSEE’s faithful observance of this Contract; to answer for the return in good order and condition
of the Leased Premises and its contents; to cover the cost of any damage beyond normal and reasonable wear
and tear that the Leased Premises and its contents may suffer through the LESSEE’s fault; and to settle the
LESSEE’s other accountabilities that may rise from this Contract; or that may be left unsettled upon the expiry or
termination of this Contract; or that may become due thereafter, such as but not limited to electricity, water,
installation and usage of cable, internet, and telephone LINES for all installed UTILITIES within the Leased
Premises whether or not they are under the account name of the LESSEE.

It is agreed and understood that the LESSEE may not apply the Security Deposit in any case whatsoever,
against any overdue and unpaid rentals unless such is permitted by the LESSOR, and further that the Security
Deposit shall not be made a measure of the accountabilities of the LESSEE, who shall remain liable for any
balance on the same in case the Deposit proves to be insufficient.

Should the LESSEE decide not to continue with this Contract of Lease before the commencement of this
Contract, the deposit and any amount already paid to the LESSOR should be forfeited in favor of the LESSOR.

Any unused portion of the Security Deposit shall be refunded by the LESSOR to the LESSEE ninety (90)
days after the expiry or termination of this Contract and surrender of the Leased Premises, subject to the final
settlement of said accountabilities including damages to the Leased Premises occasioned by the fault or
negligence of the LESSEE whereby the LESSEE agrees to provide the LESSOR with the proofs of payment for all
accountabilities that may arise from this Contract such as but not limited to electricity, water, installation and
usage of cable, internet, and telephone LINES within the Leased Premises whether or not THEY ARE under the
account name of the LESSEE.

4. TAXES, UTILITIES, & SERVICES: All, electricity, water, installation and USAGE OF CABLE,
INTERNET, TELEPHONE LINES and other public services or utilities incurred for and within the Leased Premises
during the lease term shall be for the LESSEE’s account and be paid within five (5) days from receipt of billing
statement during the full term of this agreement. LESSEE agrees that his failure to pay these accountabilities
within the said five (5) days will give the LESSOR the right to suspend the availability of electricity, water, cable ,
telephone, and internet within the Leased Premises. In view of the LESSEE’s usage and paying habits, the
LESSOR may, at its discretion, require the LESSEE to make additional cash security deposits for water,
electricity, cable, telephone and other utilities and service charges for a certain period.

Real property taxes on the Leased Premises shall be for the LESSOR’s account. Any other additional
government taxes over the 12% VAT to be imposed on the rental income generated from this Contract of Lease
shall be for the account of the LESSEE.

5. USE OF PREMISES. PROHIBITION TO SUB-LEASE: The Leased Premises shall be used solely and
exclusively by the LESSEE as their SINGLE family residence WITH A MAXIMUM NUMBER OF 8 MEMBERS.

The LESSEE shall not permit any unlawful or immoral practice to be committed on the LEASED PREMISES
nor shall the LEASED PREMISES be used as follows: (a) as a boarding or lodging house; (b) as a recruitment
agency or business similar thereto; or (c) for any other purpose which will injure the reputation of the village or
disturb the peace and convenience of the inhabitants of the neighborhood.

The LESSEE is likewise prohibited from doing the following acts:

(a) Bringing, keeping, depositing, storing or otherwise introducing into the LEASED PREMISES or any
portion of the LEASED PREMISES any highly flammable, explosive, toxic, harmful, poisonous or
noxious goods, substances, or materials which may expose the LEASED PREMISES, or the adjoining
properties, to fire and other hazards, or increase the risks of such, or any other article which the
LESSOR may prohibit in writing.
(b) Bringing, keeping, depositing, storing or otherwise introducing into the LEASED PREMISES or any
portion of the LEASED PREMISES any item or contraband of which the possession, use, distribution or
sale thereof is prohibited by law, including but not limited to prohibited drugs, firearms, ammunition,
explosives, pornographic materials, and the like.
(c) Permitting or tolerating upon the LEASED PREMISES any activity, trade or occupation which may
expose the same or any portion of the LEASED PREMISES to fire or other hazard, or thereby increase
such hazard or render any increase or extra premium payable against fire, earthquake and the like, or
which may make void or voidable the whole or part of any policy for such insurance.
(d) Permitting or tolerating upon the LEASED PREMISES any illegal activity, trade or occupation including
but not limited to any form of gambling, cybersex, bypassing of international telephone gateways,

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 dealing in securities without a license, engaging in securities fraud including involvement in pyramiding
and other scams, human trafficking and illegal recruitment.

The rights of the LESSEE hereunder shall not be assigned nor sub-leased in whole nor in part without written
consent from the LESSOR. Should such consent be given, it is understood to be without prejudice to the
LESSEE’s obligations under this Contract, and its solidary liability for any breach that may be committed by its
own sub-lessee or assignee.

6. ENTRY BY LESSOR: The LESSEE hereby grants the LESSOR or their duly authorized representative, the right
to enter into the Leased Premises at normal office hours for the purpose of inspecting the premises, or to make
repairs or otherwise to assure the LESSOR that the LESSEE is complying with all the terms and conditions of this
lease.

7. SANITATION, MAINTENANCE AND REPAIRS - The LESSEE, at his own expense, shall keep the LEASED
PREMISES clean, sanitary and free from all waste materials and obnoxious or unpleasant odors. The LESSEE
shall not discharge any toxic or non-biodegradable substance in the sewer system.

Any damage or injury to the LEASED PREMISES caused by the LESSEE, or any member of his family or
domestic help, guests, or other persons whom the LESSEE may have permitted in or about the LEASED
PREMISES, shall promptly be repaired at the expense of the LESSEE. Should he fail to do so within five (5) days
from demand by the LESSOR, the latter is authorized to repair said damage or injury at the LESSEE’s expense.

The LESSOR shall undertake to do repairs of all breakdowns in the LEASED PREMISES which may occur within
the first FIFTEEN (15) DAYS of the Lease Period as a result of age or previous use, provided that these
breakdowns were not due to the fault or negligence of the LESSEE or any of his family, helps, guests or other
persons whom the LESSEE may have permitted in or about the LEASED PREMISES and that these breakdowns
are reported to the LESSOR by the LESSEE in writing within the first fifteen (15) days of the Lease Period.

Henceforth, the LESSEE shall undertake the overall maintenance and repair of the LEASED PREMISES . The
LESSEE shall undertake to do repairs of all breakdowns both minor and major in the LEASED PREMISES which
may occur within the Lease Period as a result of age or previous use. The LESSEE shall immediately report to the
LESSOR all major work the LESSEE will undertake in and about the Leased Premises, the consequent damage
arising from failure to so report being for the account of the LESSEE.

The LESSEE shall, at his own expense, be responsible for all repairs including but not limited to the following:
a. replacement of light bulbs and fuses.
b. breakage or loss of cabinets, doors, kitchen counter tops, door knobs, water closet, sinks, faucets, shower
heads, drawer or cabinet pulls and catches, keys, locks, water heaters, toilet seats, water tank covers,
electrical switches or outlets, and buzzers.
c. periodic cleaning and maintenance of air-conditioning units if provided, grease traps and other movable
furnishings and appliances if provided
d. regular maintenance of curb side of the property
e. regular cleaning of the sewerage tank/line - siphoning and declogging of sewerage tank and sewerage lines

No compensation or claim will be allowed or paid by the LESSOR by reason of inconvenience, annoyance or injury
to the LESSEE, arising out of necessity to repair any portion of the building or LEASED PREMISES regardless of
the cause of the damage or injury.

The LESSEE is required to comply with the San Miguel Village Homeowner’s Association, BARANGAY and SCEI
Management regulations governing garbage disposal, health, safety and other reasonable rules and regulations
which have been or will be promulgated by the LESSOR, the San Miguel Village Association, and/or the local or
national authorities in connection with, or related to, the use, occupancy and sanitation of the LEASED
PREMISES.

8. IMPROVEMENTS: The LESSEE shall not make any structural changes, alterations or improvements in the
LEASED PREMISES, nor alter or change any electric or water outlet or inlet without the prior express written
consent of the LESSOR. Any structural changes, alterations or improvements made or introduced by the LESSEE
in the LEASED PREMISES with the consent of the LESSOR shall, upon termination of this Contract, automatically
inure to the benefit of the LEASED PREMISES and become property of the LESSOR without any obligation on the
latter’s part to pay or refund its value or cost to the LESSEE.

For purposes of this Contract, structural changes, alterations or improvement shall refer to all things that cannot be
removed from the LEASED PREMISES without destroying, altering, defacing, or impairing the LEASED

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 PREMISES. In case of disagreement between the LESSEE and the LESSOR as to whether said improvement,
change, alteration or addition is capable of being removed without injury or defacement to the building or the
LEASED PREMISES, the LESSEE hereby agrees to abide by the LESSOR’s decision on the matter, which
decision shall be final.

The LESSEE, at his sole expense, may install air-conditioning units and other movable furnishings, appliances and
decorative items within the LEASED PREMISES. The LESSEE shall take care of the removal of these items and
shall not cause any damage to the LEASED PREMISES, otherwise the LESSOR may charge any such damage to
the LESSEE.

Without prejudice to LESSOR’s right to terminate this Contract for such violation, LESSOR, may or otherwise
require LESSEE to for LESSEE’S own account, remove said major permanent alterations, additions or
improvements introduced by LESSEE without LESSOR’s consent and repair and restore the PREMISES to its
original condition.

9. CALAMITIES: In case of damage to the PREMISES or its appurtenances by fire, earthquake, typhoons, riots,
civil commotion or any other unforeseen cause, LESSEE shall give immediate notice thereof to LESSOR. If the
Premises shall be damaged by fire, earthquake, etc., without the fault or negligence of the LESSEE or its agents,
employees, servants or visitors, LESSOR shall, as speedily as practicable after such notice, cause the repair of
the PREMISES according to the original plans of the building without prejudice to the right of action against the
responsible parties. The monthly rentals due from LESSEE shall be reduced in proportion to the area not suitable
for occupancy until the repairs shall been completed. If, however, the building ,or the Premises are so damaged
as to be nearly un-tenantable, either party may demand rescission or resolution of the Contract and LESSOR
shall refund any unused advance rental, including any refundable deposit.

No compensation or claim shall be allowed against LESSOR by reason of inconvenience, annoyance or

injury to business arising out of the necessity of repairing any portion of the building however the necessity may
arise.

10. LESSOR’S EXEMPTION FROM LIABILITY: The LESSOR shall not be liable for any damage caused
by or arising from the failure of the water supply, failure or fluctuation of the electric current, or defects in the
plumbing, water or electrical installation, or the bursting, leaking or running water on any washstand, water closet,
cistern, tank or waste pipe, clogging of sewerage lines in or adjacent to the Leased Premises, or for damage
caused by water coming through the roof.

The LESSEE shall hold the LESSOR harmless against all action, suit or claim by whomsoever such may be
brought or made, by reason of the LESSEE’s non-observance or non-compliance with the terms and conditions of
this Contract.

Likewise, the LESSEE holds the LESSOR free and harmless from any liability or responsibility from injury,
loss or damage to any person or property arising out of or as a consequence of the use of the Leased Premises
by its family members, employees or authorized occupant, his household help, agents or guests including
wrongful death which the LESSEE may suffer within the Leased Premises including but not limited to those
caused by fire, robbery, theft, or any other crimes; acts of negligence or vandalism by LESSEE or its agents,
guests or visitors; for any for any other cause whatsoever.

11. COMPLIANCE WITH LAWS, REGULATIONS, RULES, AND RESTRICTIONS: The LESSEE shall promptly
comply with any and all laws, ordinances, rules, regulations and orders which the national, provincial or local
government, or any department, bureau, commission or other agency or instrumentality thereof may promulgate,
and with all regulations that the LESSOR may from time to time adopt and enforce regarding the use, occupation,
sanitation and safety of the Leased Premises.

If at any time during the term of this lease, the government or any of its instrumentalities and political
subdivisions, or any public service company shall expropriate or condemn the Leased property or any part thereof
or interest therein, then and in every case, the LESSEE, shall, when requested by LESSOR, deliver the peaceful
possession of such portions of the leased property as may be affected or taken by such expropriation and
LESSEE shall not, by reason of such expropriation, be entitled to any claim against the LESSOR for
compensations or indemnity.

The LESSEE agrees further to abide by all the rules and restrictions pertaining to the use of the premises as
contained in the master deed with declaration of restrictions, as well as the building house rules, pertinent rules
and regulations of the LESSOR Management, Village Association and Barangay of which the premises is
governed by during the entire term of this Contract of Lease.

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12. INSURANCE: LESSEE shall insure, at its own expense its stocks, its furniture, fixtures and equipment
within the PREMISES, and hereby waives any right or recovery against LESSOR for any loss or damage it may
suffer while occupying the PREMISES.

13. INSPECTION OF PREMISES: Prior to the execution of this Lease Contract, the Leased Premises were
inspected by the LESSOR and the LESSEE and the same was found to be in good and tenantable condition
without requiring any further repair or refurbishing for account of the LESSOR.

Upon the expiration of the lease, LESSEE shall surrender and return the Leased Premises and fixtures in as
good condition as they were found at the beginning of the lease, ordinary wear and tear excepted.

14. EFFECTS OF BREACH OF CONTRACT: All covenants contained are the primary considerations for entering
into this agreement and if a breach of any of the foregoing provisions be made, then this Contract may, at the
discretion of the innocent party, be cancelled and extra-judicially terminated by serving notice to that effect to the
other party who shall have thirty (30) days from such notice to remedy the indicated breach of violation, failing
which, such termination shall take effect.

EVENTS OF DEFAULT- The LESSEE shall be considered in default upon the occurrence of any of the following
events:
(a) failure of the LESSEE to pay, in whole or in part on due date the rent and/or any of the fees,
charges, dues and other payments required of the LESSEE under this Contract, or under the
LESSOR Management, Village Association or Barangay Rules and Regulations.
(b) failure of any of the checks described in par. 2 to clear on its due date;
(c) failure to comply with any of the terms and conditions of this Contract; and
(d) abandonment by LESSEE of the LEASED PREMISES, as explained in Par. 15 (Abandonment).

CONSEQUENCE OF DEFAULT - In addition, upon the occurrence of any of the Events of Default , the
LESSOR shall have the sole option:
(a) to demand specific performance of the pertinent provision(s) of the Contract; and/or
(b) to have the utilities in the LEASED PREMISES cut-off or disconnected and/or
(c) to consider this Contract terminated and the Security Deposit and any advance rentals forfeited
as liquidated damages in favor of the LESSOR, and the LESSEE shall vacate and deliver
possession of the LEASED PREMISES in accordance with par. 17 hereof; and/or
(d) to take possession of the LEASED PREMISES immediately and let the same as agent of the
LESSEE, and apply the proceeds received from such letting, toward the payment of the rent due
from the LESSEE under this Contract. Such re-entry and re-letting shall not discharge the
LESSEE from liability for rent nor from any other obligation of the LESSEE under the terms hereof.
Should the LEASED PREMISES be left abandoned and locked by the LESSEE, the LESSOR shall
have the right and is authorized to open and enter the LEASED PREMISES, take an inventory of
any and all furniture, equipment and properties found therein, remove the same from the LEASED
PREMISES and place them in storage and for which storage fees shall be for the account of the
LESSEE.

Where the breach consists of the LESSEE’s failure to pay rent when the same is due, only five (5) days
notice shall be required to terminate this Contract. Upon such termination, LESSOR shall have the right to take
actual possession of the PREMISES and refuse LESSEE entry into the same. All unpaid rentals shall constitute a
lien on the properties found within the PREMISES. LESSEE hereby appoints the LESSOR as its attorney in fact
to sell or otherwise dispose of all properties found at the PREMISES at public auction or by private sale and the
excess shall be turned over to LESSEE or whoever is entitled thereto or placed on deposit, if necessary, without
prejudice to LESSOR’s right to collect the deficiency, if any, from LESSEE. For this purpose, LESSOR may use
whatever means or force LESSOR deems necessary, to do any of the foregoing. In such event, the LESSEE
hereby binds himself not to move out any of his properties without the written conformity of the LESSOR. The
LESSOR may only be compelled to release the said properties if the LESSEE shall pay all his arrearages in rental
and other charges as the case may be. Similarly the LESSOR may store the said properties of the LESSEE in a
suitable place other than the PREMISES subject of this Contract so that it may be able to offer the same
PREMISES to other interested parties. This act shall not be construed as an act of trespass or coercion on the
part of the LESSOR. This is without prejudice to the filing by the LESSOR of an ejectment suit against the
LESSEE for such ground mentioned in the Rules of Court and other applicable laws.

In the event of any suit between the LESSOR and the LESSEE for the enforcement of any stipulation of this
contract, and in the event of any violation by LESSEE of any of the foregoing stipulations shall be cause for
LESSEE’s immediate ejectment and recovery by LESSOR of rentals, or compensation fixed by LESSOR for use

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 of the Leased Premises, and utilities consumptions up to LESSEE’s actually vacating the premises, as well as at
LESSOR’s option of either liquidated damages in an amount equivalent to ten (10) months rental or actual
damages with attorney’s fees which shall be not less than Pesos 50,000.00 for the services before the lower
court, not less than Pesos 100,000.00 for services intermediate appellate court, and not less than Pesos
150,000.00 for services in the higher court, in addition to LESSOR’s right to immediate repossession of the
PREMISES, whether by writ of possession or execution or not thereby, for which LESSEE hereby irrevocably
empowers LESSOR and its agents to effect including forcibly entry.

Should it be necessary to avail the services of an attorney or collecting agent in order to collect unpaid rental,
even without any formal court action against the LESSEE, the LESSEE shall reimburse the LESSOR for the
actual attorney’s or collector’s fees spent for said collection purposes.

Venue for all suits, whether for breach hereof or damages or any other cause between LESSOR and
LESSEE, and persons claiming under each, shall be the courts of appropriate jurisdiction in Makati.

15. ABANDONMENT OF THE PREMISES: The LEASED PREMISES shall be deemed abandoned when it has
become vacant during the term of this Contract, without the LESSEE having paid in full the rent for the entire term.
In such case, LESSOR shall have the right to enter the PREMISES as the agent of LESSEE. At its option,
LESSOR may lease out the PREMISES to any other party, without notice to the LESSEE. LESSEE hereby
appoints LESSOR as attorney-in-fact to sell or otherwise dispose of all properties found at the PREMISES at public
auction or by private sale, the proceeds to be applied to any and all of the LESSEE’s obligations to LESSOR,
including the cost of such auction or sale and the storage of such properties, and the excess shall. be turned over
to LESSEE or whoever is entitled thereto or placed on deposit, if necessary, without prejudice to LESSOR’s right to
collect the deficiency, if any, from LESSEE.

16. TERMINATION. The LESSEE warrants the non-interruption of this Lease Contract during the one (1) year of the
lease term. Should the LESSEE pre-terminate this Contract or the Leased Premises be vacated prior to the
expiration of the LEASE, for whatever reason, the Security Deposit and all unused advance payments and post
dated rental check payments shall be deposited and forfeited as liquidated damages in favor of the LESSOR. Upon
the said pre-termination, the LESSOR may immediately offer the same PREMISES to other interested parties.
This act shall not be construed as an act of trespass or coercion on the part of the LESSOR. In any case, other
dues, utilities, repairs and common expenses which are for the LESSEE’s account as specified in this Contract
shall remain for the account of the LESSEE.

Should the lease be terminated by LESSOR, whether judicially or extra-judicially, for the LESSEE’s breach of
any of its obligations, LESSEE shall likewise forfeit, by the way of liquidated damages, its right to reimbursement
of the security deposit and advances made at the time of such termination and shall in addition be liable for all
other damages which LESSOR may suffer by reason of the said breach. The LESSEE shall be liable to pay the
LESSOR for all the remaining utility bill such as electricity, water, telephone, association dues, and damages to
the Premises before clearance and release from this contract could be granted to the LESSEE by the LESSOR.

Should the LESSOR request for the pre-termination of this Contract for reasons other than breach or default
by the LESSEE, the LESSEE agrees to vacate the Premises within sixty (60) days from the date at which the
written notice was delivered by the LESSOR.

17. RETURN OF THE LEASED PREMISES. Upon the expiration of this Lease Contract, the LESSEE shall peacefully
and immediately vacate the Leased Premises and restore possession thereof to the LESSOR, free of the former’s
occupants, furniture, articles, in the same good and clean condition as it was at the time of delivery, normal wear
ant tear excepted. The LESSEE shall continue paying rent up to the time the LEASED PREMISES has been
restored in good and tenantable condition to the satisfaction of the LESSOR and has been turned over to the
possession of the LESSOR. Cost of such cleaning shall be for the account of the LESSEE. It is also agreed that
the LESSEE shall provided proof of full payment of all utilities before LESSOR could grant clearance and release
from this Lease of Contract.

In the event that the LESSEE should fail to surrender the LEASED PREMISES upon expiration or termination of
this Lease, to the LESSOR and the LESSEE continues to occupy the LEASED PREMISES beyond the termination
of this Contract, the LESSEE shall be liable for three times the monthly rental and LESSEE shall be responsible to
the LESSOR for all damages which the LESSOR shall suffer by reason thereof and will indemnify the LESSOR
against any and all claims made by any succeeding tenant against the LESSOR, resulting from delay by the
LESSEE to so surrender the LEASED PREMISES on time. All other terms and conditions of this Contract shall
continue in force and effect during the hold-over period.

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18. LIEN ON THE PROPERTIES OF THE LESSEE – Upon the termination of this Contract for cause provided herein,
or upon the expiration of the Lease Period, without the rentals, charges and/or damages, if any, being fully paid or
settled by the LESSEE, the LESSOR shall have the right to retain possession of the properties of the LESSEE
found or situated in the LEASED PREMISES, and the LESSEE hereby authorizes the LESSOR to offset the
prevailing depreciated value thereof as appraised by the LESSOR against any unpaid rentals, interests, penalties,
charges, and/or damages due from the LESSEE. If the LESSOR does not want to use said properties, it may
instead sell the same to third parties and apply the proceeds thereof against any unpaid rentals, interest, penalties,
charges and/or damages due from the LESSEE.

19. DISPOSAL OF PROPERTY: The LESSOR may sell, mortgage, or encumber the Leased Property provided
the Vendee or Mortgagee or Creditor agrees in writing to respect all the terms of this lease.

20. COVERAGE OF CONTRACT: All the terms, covenants, conditions and provisions of this Agreement shall be
binding upon the heirs, executors, administrators, principals, successors and assigns of the parties hereof.

21. NON-WAIVER OF RIGHTS; AMENDMENT OF CONTRACT: Failure or delay of the LESSOR to insist once or
in several instances on the strict performances by the LESSEE of any stipulation or condition of this contract
and/or to exercise any right or option herein shall not be construed as abandonment, withdrawal, waiver nor
cancellation of such stipulation, condition, right or option. Any amendment of this contract shall, to be operative,
be in writing and be stated expressly that the parties intend that this contract be considered amended.

IN WITNESS WHEREOF, the parties have signed these presents in City of Makati, Metro Manila, Philippines this
____ day of ________ 2018.

SALCEDO CORPORATE EXCHANGE INC. __________________

(LESSOR)
(LESSEE)
By: ENRICO B. TENSUAN

SIGNED IN THE PRESENCE OF

_________________________ _____________________
ACKNOWLEDGMENT
Republic of the Philippines)
City of Makati, Metro-Manila) S.S.

BEFORE ME, a Notary Public in and for Makati, Metro-Manila, this ____day of ________ 2018, personally
appeared the following:
NAME TIN Passport Number DATE OF ISSUE PLACE OF ISSUE
Enrico B. Tensuan 113-429-086 EC 3404627 Feb. 7, 2015 DFA NCR South
Salcedo Corporate Exchange Inc. 003-883-386 CTC 00175556 Jan. 19, 2018 Muntinlupa

Mr. Enrico B. Tensuan, in his capacity as President of Salcedo Corporate Exchange Inc.(SCEI) and ___________ ,
both known to me and to me known to be the same persons who executed the foregoing “CONTRACT OF LEASE”,
and all acknowledged to me that the same is their true act and deed as well as that of the corporations herein
represented.

This instrument consist of seven (7) pages, including the page whereon this Acknowledgment is written duly
signed by the controlling parties and their instrumental witnesses.

IN TESTIMONY WHEREOF, I have hereunto affixed my notarial seal at the place and on the date first above
written.

Doc. No. _____

Page No._____
Book No._____
Series of 2018