CONTRACT OF LEASE

KNOW ALL MEN BY THESE PRESENTS:

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

QUIRICO GUIOGUIO, Filipinos, of legal age, married and resident of Danao, Panglao,
Bohol, Philippines, hereinafter referred to as the LESSOR, represented by his Att0rney-in-
fact, RICA MITZI C. GUIOGUIO, likewise Filipino, of legal age, single and a resident of
Danao, Panglao, Bohol.
-and-

DANGUUN INTERNATIONAL INTERIOR INC., a corporation organized and

existing under Philippine laws, represented by SOOYOUNG CHOI, a Korean citizen, of
legal age, married, and a resident of Alona Park, Tawala, Panglao, Bohol, hereinafter referred to
as the LESSEE;
WITNESSETH:

That the herein LESSOR is the lawful OWNER of a certain real property situated at
Brgy. Danao, Panglao, Bohol, Philippines, designated as Lot No. 8373-A of the subdivision
plan, being a portion of Lot 8373, Cad-705-D, identical to Lot 3347-B, Csd-07-003622), his
lawful ownership and title thereto being evidenced by a Deed of Donation executed and
acknowledged before Notary Public Atty. Dennis Hora, on June 2, 2008 at Panglao, Bohol,
Philippines, and entered in his notarial register as Doc. No. 984; Page No. 10; Book No. XVI;
Series of 2008;

That the LESSOR hereby grants and let unto the LESSEE and the latter hereby
accepts to lease the PORTION of the above-described real property consisting of 99 square
meters, more or less, as indicated in the sketch plan (Annex “A”), subject to the following
terms and conditions, to wit:

1. TERM -The term of this lease is fifteen (15) years from the date of execution of this
contract (August 1, 2016) renewable at the will of both parties at the end of the
stipulated term. Should any of the parties intend to pre-terminate the contract, he shall
cause the service of a written notice to the other party one (1) month prior to the
termination date;

2. RENTAL-For and in consideration of this contract of lease, LESSEE binds and

promises to pay or cause to be paid unto the LESSOR the monthly rental in the sum
of TWENTY THOUSAND PESOS (P20,000.00) Philippine Currency, due and payable
every 30th day of each applicable month. Parties understand and agree that the
payment of the rental herein stipulated shall be made without the necessity of express
demand and without on any ground whatsoever;

LESSEE further binds and promises to pay 6-months advance or a total amount of
ONE HUNDRED TWENTY THOUSAND PESOS (P120,000.00) upon the execution
and signing of this contract.

The parties agree a 10% increase every five (5) years on the agreed rental.

3. ASSIGNMENT AND/OR SUBLEASING – Unless otherwise allowed by LESSOR

through writing, the LESSEE shall not assign or sublease the leased premises to any
third person or institution;

4. CONSTRUCTION, REPAIRS and MAINTENANCE - LESSOR shall allow LESSEE to

construct a commercial building on the leased premises, with all costs and expenses
pertaining thereto only for the sole account of the LESSEE. All expenses arising from
the daily use of the premises and for repairs and maintenance thereof shall likewise
be borne by the LESSEE without right to reimbursement of its cost or value;
 5. UTILITY BILLS/CHARGES – The LESSEE shall pay for the usual bills for electricity,
water, telephone and other utilities as well as for the cable TV connection, if there is
any;

6. DAMAGE TO LEASED PREMISES – The LESSEE shall be liable to the LESSOR for
any damage attributable to the act, fault or negligence of the LESSEE, its employees,
agents, customers, guests. In case of damage of the leased premises caused by fire,
earthquake, flood, or any other unforeseen event, the LESSEE shall give immediate
notice to the LESSOR;

7. OTHER TERMS AND CONDITIONS –

a.) The LESSOR or any of his duly authorized representative shall have the
right to inspect the leased premises at any reasonable hour of the day;
b.) The LESSEE shall comply with any and all laws, ordinances, regulations or
orders of the National or Local government authorities arising from or
regarding the use, occupation and sanitation of the leased premises.
Failure to comply therewith shall be at the exclusive risk and expense of
the LESSEE;
c.) That the LESSOR is not in any way a party to whatever business the
LESSEE may enter into.
d.) This Contract shall inure to the benefit of, and be binding upon the parties
hereto, their respective heirs, assigns and/or legal representatives

IN WITNESS WHEREOF, the parties have hereunto set their hands this
_____________________ in the City of Tagbilaran, Bohol, Philippines.

QUIRICO GUIOGUIO
LESSOR, represented by:

RICA MITZI C. GUIOGUIO

Attorney-in fact
ID No. __________________
Issued by: ___________________

SOOYOUNG CHOI
Authorized Representative of DANGUUN INTERNATIONAL INTERIOR INC.
LESSEE
DL No.: X01-10-002461
Issued by: LTO; Exp.: _____________

Signed in the presence of:

_____________________________ ____________________________
Witness Witness

ACKNOWLEDGMENT
REBUPLIC OF THE PHILIPPINES)
CITY OF TAGBILARAN ) S.S
BEFORE ME, personally appeared this __________________, in the City of Tagbilaran, Bohol,
Philippines, RICA MITZI C. GUIOGUIO and SOOYOUNG CHOI known to me to be the same persons who
executed and signed the foregoing instrument and they acknowledge to me that the same is their free act
and voluntary deed.
This document consisting of two (2) pages has been signed by the parties and their witnesses on
each and every page thereof.
WITNESS MY HAND AND SEAL on the date and place first herein mentioned.
Doc. No. ______;
Page No. ______;
Book No. ______;
Series of 2016.