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Dumapias, Darleene Rae A.

IV – Teehankee Contract of Lease

CONTRACT OF LEASE

KNOW ALL MEN BY THESE PRESENTS:

This CONTRACT OF LEASE made and entered into at Iligan City, Philippines,
this 1st day of April, 2019 by and between:

ABC DEVELOPMENT CORPORATION, a corporation duly organized and

registered under the laws of the Republic of the Philippines, with principal office at the
City of Iligan, hereinafter referred to as “LESSORS” and represented by its Vice
President and General Manager, JUAN DELA CRUZ:

-and-

CDE ENTERPRISES represented by MRS. MARIA CLARA, of legal age,

Filipino, married with residence and postal address at Tibanga, Iligan City, hereinafter
referred to as “LESSEE”;

WITNESSETH:

WHEREAS, the LESSORS is the absolute and registered owner of Door XX of

ABC Building 2 – located at Gen. Aguinaldo St., Supermarket Site, Brgy. Pala-o, Iligan
City;

WHEREAS, the LESSEE desires to lease above-described property (hereinafter

referred to as the “Leased Premises”) and the LESSORS is willing to lease the same
unto the LESSEE subject to the following terms and conditions:

NOW, THEREFORE, for and in consideration of the foregoing and the mutual
covenants herein contained, the LESSORS does hereby lease and let unto the LESSEE
the above-described property, subject to the terms and conditions:

1. That the monthly rental for Door XX is THIRTY THREE THOUSAND PESOS &
00/100 (Php 33,000.00) ONLY. Philippine currency, plus VAT of 12% or a total of
Php 36,960.00 for the period of April 1, 2019 to March 31, 2020;

2. That at the signing of this agreement the LESSEE agrees to pay the LESSORS
[i] security deposit equivalent to three (3) months’ rent, to answer for all
damages, impairment or destruction of the premises at the end of the lease, [ii]
LESSEE shall likewise issue twelve (12) postdated checks with the
corresponding dates due on the first (1st) day of the months in favor of the
LESSORS covering the monthly rentals for the period of effectivity of this
contract. However, should the LESSEE terminate this Contract of Lease prior to
the expiration of the lease period for any reason whatsoever, the security deposit
shall automatically forfeited by the LESSEE in favor of the LESSORS. It is
hereby understood that the LESSEE’s liability arising pursuant to this Contract of
Lease shall not be limited to the amount of the said security;

3. However, should the LESSEE terminate this Contract of Lease before the period
of its term, the said LESSEE shall notify the LESSORS at least sixty (60) days
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before the date intended for termination and provided further that the LESSEE
shall pay all monthly rentals constituting the balance of the period of the term of
this Contract of Lease;

4. To pay the rent aforesaid without the necessity of express demand therefore at
the business address of the LESSORS;

5. That the LESSEE agrees to keep the leased premises in good and habitable
condition and not to make alterations and improvements therein without the
written consent of the LESSORS, and in case of such authorized alterations and
improvements on the said premises, any and all such improvements shall
become the property of the LESSORS at the expiration of this lease;

6. To surrender or yield up quietly and peaceably to the LESSORS the premises

with all the fixtures other than the LESSEE’s at the termination of this lease in the
same condition which he/she/they have found them ordinary wear and tear,
reasonable use, and other unavoidable losses expected;

7. The LESSEE shall pay all charges for water, electric current, telephone and other
services in the leased premises;

8. The LESSEE is prohibited from assigning or subleasing any portion of the leased
premises to any person/s, firm/entity and that the LESSEE, together with
his/her/their immediate members of the family shall be the only persons allowed
to occupy and enjoy the leased premises and a breach of this conditions shall be
a ground for the termination of this agreement;

9. The LESSEE shall permit the LESSORS or his agent to enter and view the
conditions of the premises at reasonable hours and in a convenient manner;

10. The LESSEE is not allowed to raise any kind of animals in and outside the
premises such as cats, dogs, chickens, pigs and the like;

11. The LESSEE is not allowed to store inflammables, combustible gasses and
chemicals such as gasoline and oil inside the building or premises or other fire
hazards;

12. The LESSEE is not allowed to cook anywhere with the use of firewood, charcoal
or kerosene;

13. The LESSEE shall not engage in any activity that will disturb or be a nuisance to
other occupants of the building or neighbourhood such as the operation of a
nightclub, bar, cocktail, lounge, hotel, boarding or lodging houses and the like.
The right or discretion to determine whether an activity is a nuisance or not shall
be the exclusive prerogative of the LESSORS. Once nuisance is determined or
ascertained by the LESSORS, it shall be a ground for the termination of this
agreement;

14. That the life of this agreement shall be for a period of one (1) year from the date
hereof. After the expiration of the period herein agreed upon by the parties, this
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contract shall be enforce on a month to month basis. The LESSORS, however,

has the option and/or discretion to terminate this contract without the necessity of
a notice to the LESSEE at any time after the expiration of the period herein
agreed upon by the parties;

15. That the LESSEE agrees to pay an interest on unpaid monthly rentals at the rate
of 2% a month which is computed after the lapse of thirty (30) days from the date
the monthly rental becomes due and demandable.

16. The LESSORS hereby warrant the peaceful possession and enjoyment of the
leased premises by the LESSEE;

17. In case the premises or any part hereof, be destroyed or damaged by fire or any
unavoidable cause so as to be unfit for the use and occupancy, the rent shall be
proportionally reduced or adjusted or the leased contract terminated at the option
of the LESSORS;

18. Should the LESSEE fail to pay the rent herein stipulated in accordance with the
term abovementioned, or violate the term of this contract, the LESSORS shall
have the right to eject the LESSEE from the premises, and to collect and recover
from the LESSEE all accrued rents. In case the LESSEE fails and refused to pay
the rent for one (1) month or more, the LESSORS shall have the absolute right to
PADLOCK the premises, without the necessity of any court order, and post
guards thereat to prevent the LESSEE from further using the premises;

19. Should the LESSEE hold over and remain in possession of the leased premises
after the expiration or termination of the terms or its renewal or extension without
the LESSOR’s consent, such holdover or continuous possession shall not
deemed or considered as renewal or extension of this lease and the lessee shall
be obliged to pay a monthly rate equivalent to one hundred percent (100%) of the
highest percent-rent paid during the term of this leased without prejudice to the
right of the LESSORS to file ejectment suit to compel recovery of leased
premises and to recover damages it may suffer because of the unlawful detainer;

20. It is further agreed that the LESSEE shall utilize the leased premises as a
commercial establishment, not as a warehouse, and the LESSEE shall be
responsible for all acts and omissions of his/her/their employees and any and all
other persons within the leased premises not occasioned by the ordinary wear
and tear, reasonable use and unavoidable loss, and shall be made good and
paid for by the LESSEE from the advances he/she/they may have made for the
rentals, otherwise from any other source that pertains or belongs to the LESSEE;

21. In case of court litigation by virtue of non-payment of the agreed rents or any
other breach of this contract on the part of the LESSEE, the LESSORS shall be
entitled to collect one month’s rental as liquidated damages and TEN
THOUSAND PESOS (P10,000.00) as attorney’s fees exclusive of the cost legally
taxable;

22. The LESSORS shall have the option to terminate this contract for whatever
cause or reason by giving the LESSEE one (1) month prior notice;
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23. The parties hereto hereby agree that the venue of action for any cause or causes
of action which may arise from this contract shall exclusively tried in the proper
court of Iligan City, Philippines only;

24. This contract supersedes, cancels and revokes all prior contracts and
agreements entered into by the same parties on the same subject matter.

IN WITNESS WHEREOF, the parties have hereunto affixed their hands this 1 st
day of April, 2019 at Iligan City, Philippines.

ABC DEVELOPMENT CORPORATION CDE ENTERPRISES

By: By:

JUAN DELA CRUZ Mrs. MARIA CLARA

Vice Pres. and Gen. Manager Proprietor
(Lessors) (Lessee)

SIGNED IN THE PRESENCE OF:

________________________ ________________________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES )

CITY OF ILIGAN ) S.S.

Before me, a notary public in and for the City of Iligan personally appeared, this
13th day of April, 2019 at Iligan City, Philippines:

NAME IDENTIFICATION DATE/PLACE OF ISSUE

ABC DEVELOPMENT CORP. TIN-000-565-777 RDO 101-BIR-Iligan City
JUAN DELA CRUZ TIN-108-792-836 RDO 101-BIR-Iligan City
MARIA CLARA TIN-144-261-896 RDO 101-BIR-Iligan City

Known to me and to me known to be the same persons whose names are

subscribed and who executed the forgoing instrument contained in five (5) pages
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including this page, and that it was acknowledged to me that the same are their free and
voluntary act and deed.

WITNESS MY HAND AND SEAL, this 13th day of April, 2019 at Iligan City,
Philippines.

ATTY. PEDRO PENDUKO

Notary Public
PTR NO.576503; 01/20/12; Iligan
IBP NO. 802969; 12/15/12; Iligan
Roll No. 34951
MCLE Compliance No. III-0014957;
05/05/12

Doc. No. ______;

Page No. ______;
Book No. ______;
Series of 2019.