CONTRACT OF LEASE

KNOW ALL MEN BY THESE PRESENTS:

This CONTRACT OF LEASE, made and entered into by and between:

ELIZABETH BONDOC, of legal age, with postal address at 251 Hillock Road, MSH. ESR. Brgy. San Martin
de Porres, hereinafter referred to as the LESSOR;

-And-

SUNGLYONG HYUN, of legal age, and with postal address at Unit 507 Pacific Place Pearl Drive, Pasig City,
herein referred to as the LESSEE;

W I T N E S S E T H:

WHEREAS, the LESSOR is the owner of a residential Unit 514 Asia Enclaves, Alabang, Muntinlupa City,
hereinafter referred to as the LEASED PREMISES;

WHEREAS, the LESSEE desires to lease the leased premises on an “Semi-Furnished Unit”, and the LESSOR
is wiling to lease the same unto the LESSEE, subject to the terms and conditions as follows:

1. TERMS- That the lease shall be for a minimum of one (1) year to take effect on ___________________,
with an option to renew upon mutual agreement. During the last thirty (30) days of the leased period,
the LESSOR shall have the right to exhibit the leased premises to prospective tenants during reasonable
hours and upon prior notification and appointment with the LESSEE.

2. RENTAL AND PAYMENT- The parties herein agree that the rental of the LEASED PREMISES shall
be EIGHTEEN THOUSAND PESOS (₱ 18,000.00) ONLY, Philippine Currency monthly, inclusive of
association dues. Ten (10%) Percent monthly surcharge shall be addred by way of penalty in case of
delay in payment. All overdue account shall bear interest of eigteen (18%) percent per annum from date
of default.

The LESSEE agrees to pay the LESSOR the following on or before ___________________ to be applied as
follows:

A. The sum of EIGHTEEN THOUSAND (₱ 18,000.00) representing one (1) month rental inclusive of
association dues, from ___________________ to ___________________;

B. The sum of THIRTY SIX THOUSAND (₱ 36,000.00) representing two (2) months SECURITY DEPOSIT
which shall remain intact during the lease period to take care of unpaid such as light, water, and
damages on the lease property, if there are any. Unused amount is refundable after sixty (60)
working days, uponpresentation by the LESSEE of the necessary clearances from utility companies
such as water, electric, etc. The SECURITY DEPOSIT shall not bear any interest whatsoever and shall
not be applicable to the payment of rental during the period of the lease. Security Deposit shall be
returned promptly upon turn over of the unit to the owners and owners are satisfied as to the
condition of the unit.

C. The remaining balace of eleven (11) months be payable by post dated check every 16th day of the
month from ___________________ to ___________________.

3. RENTAL ADJUSTMENT- If any time during the term of lease, there should be a material variation in the
value of the Philippine Peso due to extra-ordinary inflation of official devaluation, the rental herein
stipulated shall be adjusted in favor of the LESSOR so the such rental shall correspont to the value of the
currency at the time this Contract is executed. It is understood that a”material variation” in the value of
the currency or money is deemed to exist when there is a change, to the extent of FIFTEEN (15%)
PERCENT in the purchasing power of the currency compared with its value at the time of the execution
 of this Contract. The LESSOR further reserves the right during the term of this lease to revise the rent
agreed upon in case of any increase in real property taxes, including national and municipal taxes, levied
against the building, land and building equipement and paid the LESSOR, in proportionate share of the
Unit in the property and/or the building.

4. WATER, LIGHT AND MISC. ETC.- All expenses on water, light, electric current, and other related
expenses accruing to the unit for the use of the building facilities shall be for the account of the LESSEE.
The same shall be subject for clearance from the Building Management upon termination of the lease
contract.

5. RESIDENTIAL PURPOSE-The LEASED PREMISES shall be used for residential purpose only and for no
other purpose without the written consent if the LESSOR. The subject premises may not be sub-leased
without any written consent of the LESSOR.

6. IMPROVEMENTS- The LESSEE shall not make any major structural changes, alterations or
improvements in the LEASED PREMISES without the written consent of the LESSOR; however, any major
alterations or improvements made or introduced by the LESSEE in the LEASED PREMISES with the
written consent of the LESSOR shall, upon the 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 refund its value or cost to the LESSEE. Drilling of holes or driving of nails on the walls
or doors is STRICTLY PROHIBITED.

7. SANITATION AND REPAIR- The LESSOR shall be responsible for any major repairs on the LEASED
PREMISES and on the water, electric and sewerage lines caused by ordinary wear and tear, except
repairs required as a result of the fault or negligence of the LESSEE, the mebers of her household,
domestic helpers and guests. Any minor repairs costing less than FIVE THOUSAND PESOS (₱ 5,000.00)
will be shouldered by the LESSEE;

8. TAXES AND INSURANCE- Real Estate Taxes, Government Assessments and Fire Insurance charges
shall be for the LESSOR’s account.

9. LESSOR’S EXEMPTION FROM LIABILITY- The LESSEE shall hold the LESSOR free and harmless from any
claim or demand by third persons for loss or damage, including claims for property damage, personal
injury or wrongful death arising out of any accident in the leased premises, or occasuined by any
nuisance made or suffered in the premises, or by fire therein and growing out of or caused by any failure
in the part of the LESSEE to maintain the premises in a safe, sanitary and secured condition or by reason
of the LESSEE’s violation, non observance or non-performance of rules, regulations, ordinances laws and
the conditions of this agreement concerning or affecting the leased premises or the improvements
therein.

10. CONDOMINIUM RULES AND REGULATION- The LESSEE agrees to abide by the existing rules and
regulation promulgated by Asia Enclaves Property management office as well as the Master Deed with
Declaration of Restrictions affecting/governing subject leased premises and thos to be promulgated
during the period of this Contract of Lease or its renewal. The LESSEE agrees to comply with any and all
reasonble rules and safety regulations which may be promulgated from time to time by the LESSOR or
the building management and with all the rules, regulation, ordinances and laws made by other duly
constituted authorities of the Municlap, Provincial or Nationalo Government arising from or regarding
the use, occupancy and sanitation of the leased premises and to pay pretinent fees as may be required.

11. INSPECTION OF PREMISES- The LESSEE shall maintain the LEASED PREMISES in good and tenatable
condition and for which purpose the LESSOR reserves the right at the reasonable time and with prior
notice to enter and inspect the leased premises and to make the necessary repairs thereof and for the
purpose of giving effect to the provisions of the succeeding paragraph (No. 13).

12. RETURN OF THE PREMISES- The expiration of this Contract of Lease without extension thereof, the
LESSEE shall immediately vacate the premises and return possession to the LESSOR, pay damages in the
amount of ONE THOUSAND (₱ 1,000.00) PESOS per day of delay plus cost of suit and attorney’s fees of
not less than ₱ 100,000.00 should ejectment proceeding thru the court becomes necessary. Smoking is
 not allowed inside the LEASED PREMISES. The LESSEE should return the unit in the order that it has been
turned over to them, clean and free of odor and personal belongings, otherwise, the LESSEE shall be
charged with the expenses of cleaning and restoring unit to irs original, odor free state;

13. USE AND CARE OF THE PREMISES- The LESSEE shall, for the entire duration of the contract period,
strictly maintain the leased premises in a clean and sanitary condition, free from accumulation of waste
materials and remove any other facility, equipment, improvements and other material which in opinion
of the LESSOR constitute nuisance, fire and health hazards and danger to the public. The LESSEE further
agrees to maintain the unit free from any noise, and not to disturb his neighboring unit occupant/s and
no children/s allowed.

14. PRETERMINATION CLAUSE- Should the LESSEE decide, for any reason at any time to withdraw from
this Contract, the sum of the Security Deposit and Advance Payment shall be automatically forfeited as
liquidated damages. FIFTY (50%) PERCENT of the rental due for the unexpired portion of the lease period
shall be paid by the LESSEE to the LESSOR or ONE HUNDRED (100%) PERCENT of the monthly rental until
such time that the leased premises will be leased to another party by the LESSOR, whichever is less. In
the event that payment has been delayed for a period of two (2) and a half consecutive months, the
LESSEE appoints and authorizeds the LESSOR to disconnect water supply and electricity, enter and
repossess the premises, by force or otherwise, without need of any court order, and to padlock the
LEASED PREMISES for security reasons, all items belongin to the LESSEE will be held for payment of any
arrears that he may incurred during his tenancy.

15. VIOLATIONS OF TERMS AND CONDITIONS- The LESSEE agrees that all covenants and agreements
herein contained shall be deemed essential conditions hereof and that if any violation, defect, breach
or non-compliance will be made on any such conditions, then the LESSOR shall have the right to
terminate and cancel this contract either judicially. When extra judicial cancellation or termination is
restored to by the LESSOR, it is sufficient that the LESSOR gives the LESSEE three (3) days notice in writing
of its intention to cancel or terminate the contract delivered at the LEASED PREMISES or posted on the
main door thereof and hereby appoints and authorizes the LESSOR to disconnect water supply and
electricity, enter and repossess the premises, by force or otherwise, without need of any court order,
and to padlock the LEASED PREMISES for security reasons.

16. TERMINATION/CANCELLATION- The LESSEE shall, upon termination and/or cancellation of the
lease promptly surrender the leased premises, with all the keys there to the LESSOR, in good working
condition, ordinary wear and tear expected, devoid of all occupants, furniture, articles and effects of any
kind other than such alteration, addition and improvements which the LESSEE cannot remove in
accordance with the provision of section 6 hereof.

In case of non-compliance by the LESSEE of any of the terms and conditions of this Contract, the
LESSOR shall have the right to terminate this Contract after sixty (60) days notice and the LESSEE shall
be deemed to have forfeited its security and guarantee deposit, including rentals paid in advance.

17. SUB-LEASE- The LESSEE shall not sublet, transfer, assign or in any manner alienate the leasehold
rights on the leased premises or any part thereof without prior written consent of the LESSOR.

18. ABANDONMENT- In case the LESSEE abandon/deserts the premises before the expiration of the
lease contract, the two (2) months security deposit and advance payment shall be forfeited as penalty;
and the LESSEE hereby appoints and authorizes the LESSOR to enter the premises, by force or otherwise,
without need of any court order and repossess the same.

19. WAIVER- Failure to insist on strict compliance of any of the terms and conditions herein shall not
be deemed a waiver of any right/remedies that may have accrued to the LESSOR, any waiver of LESSOR’s
right under Contract shall be in writing and signed by the LESSOR.

20. WARRANTY OF CONTRACT OF LEASE- In the event of the sale, transfer, mortgage or any other
encumbrances of the Leased Premises, or any existing sale, transfer, mortgage or encumbrances all the
terms and conditions of this Contract of Lease including the provisions for renewal thereof shall be
respected.
 21. Deposit of THIRTY SIX THOUSAND (₱ 36,000.00) PESOS will be returned thirty (30) days after the end of
this Contract.

IN WITNESS WHEREOF, the parties hereto have signed these presents on the date and all the place first
above-mentioned or written.

ELIZABETH BONDOC SUNGLYONG HYUN

LESSOR LESSEE

SIGNED IN THE PRESENCE OF:

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES )

CITY OF MAKATI ) S.S.

Before me, a Notary Public for and in the City of Manila this _____ day of _______________ personally
appeared the following:

NAME VALID ID’S

ELIZABETH BONDOC
SUNGLYONG HYUN

Known to me and to be known to be the same person who executed the foregoing instrument, and
acknowledgement to me that the same is their free and voluntary act and deed.

This instrument consisting of four (4) pages including this page on which this acknowledgement is
written, is signed by the parties and their instrumental witnesses on page three (3) and on the left margin of
pages 1, 2, 3, 4 and refers to the Contract of Lease for a condominium unit of
___________________________________.

WITNESS MY HAND SEAL, this ____ day of _____________ at _______________.

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