CONTRACT OF LEASE

KNOW ALL MEN BY THESE PRESENTS:

This Contract of Lease made and executed by and between:

ATM MANAGEMENT AND DEVELOPMENT CORPORATION, a corporation duly

organized and existing under Philippine Laws with office at ATM Business Center
corner Jalandoni-Ledesma Sts., Iloilo City, represented herein by ANTONIO S. JON,
Chairman and President, of legal age, Filipino and a resident of Iloilo City, hereinafter
referred to as LESSOR;

And

JOHN GERSHWIN TUERES, of legal ages, Filipino, married to JENNIFER HOPE

TUERES and a resident of #3 Tupan St. Tigbauan, Iloilo, hereinafter referred to as the
“LESSEE”;

WI TNESSETH

WHEREAS, the LESSOR is the absolute owner of the commercial lot and
Building located at corner Jalandoni-Ledesma Sts., Iloilo City, covered by TCT No. T-
83082 of the Registry of Deeds of Iloilo City, known as ATM BUSINESS CENTER;

WHEREAS, the LESSOR hereby leases unto the LESSEE and the latter agrees
to lease portions of the aforesaid commercial building particularly described as
follows:

The office space located at the third (3rd) floor of the commercial building
comprising an approximate area of SIXTY (60) square meters.

NOW THEREFORE, for and in consideration of the foregoing, the parties have
hereto agreed as follows:

1. TERM – The period of lease shall start from January 1, 2009– December 31,
2010.

2. RENTAL – The monthly rental shall be P 15, 972.00 plus VAT.

3. SUBLEASE AND ASSIGNMENT - The LESSEE shall not assign, transfer, mortgage,
sub-lease or otherwise encumber its right and obligations under this contract to any
person or to the third parties without the written consent of the LESSOR first being
obtained.

4. SECURITY DEPOSIT – The deposit of the previous contract of FIFTY-EIGTH

THOUSAND EIGHTY PESOS (Php58, 080.00) shall be applied. Hence a net of FIVE
THOUSAND EIGHT HUNDRED EIGHT PESOS (Php5, 808.00) should be paid.

5. PAYMENT AND SURCHARGES - The aforesaid monthly rental shall be payable,

without demand, during the first ten (10) days of each and every month at the office of
the LESSOR; that in any event of the failure by the LESSEE to pay the rent on the aforesaid
period, an interest at the rate of three percent (3%) per month shall be imposed on the
unpaid rental for each month of the delay;

6. PRETERMINATION – The LESSEE hereby expressly acknowledges and admits that

the fixing of the period of the lease has been arrived in good faith, upon mature and
deliberate negotiations by the parties and that its pre-termination shall cause the LESSOR
undue damages and serious financial dislocations; however, business imperatives or other
reasons may compel the LESSEE to close its business operations before the lapse of the
period of the lease as provided in Paragraph No. 1, hereof, hence in case of pre-
termination of this contract before the period of one (1) year has elapsed, the LESSEE is
still bound to pay the rentals for the remaining period as damages; except in cases where
the LESSEE has to vacate the premises for reason beyond its control such as fire,
 earthquake, fortuitous events or where the LESSOR cannot provide the LESSEE basic
facilities such as water and electricity;

7. VIOLATION – In the event that the LESSEE fails to pay monthly rentals, the LESSOR
have the right to declare the contract automatically canceled and terminated; to enter the
leased premises, to close and padlock the same without resort to the courts or judicial
processes and exercise other rights of the LESSOR as provided herein;

8. PURPOSE – That the LESSEE hereby expressly agrees and warrants that the leased
premises shall be used as office only. In no way shall the LESSEE use the premises directly
or indirectly, for activities contrary to public morals and offensive to family and Christian
values. Should the LESSEE fail to comply with this, the LESSOR shall have the right to
declare the contract automatically canceled and terminated; to enter the premises, to
close and padlock the same without resort to courts or judicial processes;

9. IMMORALITY AND INDECENCY PROHIBITED – No immorality or indecency of any

kind such as shows, goods, merchandise, pictures, literature, lewd and indecent exhibition,
strip-tease, massage parlors, prostitution and bawdy rooms and all such forms or
pornography shall be allowed in the premises and are, thus strictly prohibited;

10. CONDITION OF PREMISES – The LESSEE hereby expressly acknowledges that the
leased premises are in good and tenantable condition and shall exert due care to prevent
wastage, spoilage and damage thereto;

11. IMPROVEMENTS – The LESSEE shall not introduce or make any improvements,
alterations and renovations within the leased premises without prior written approval and
consent of the LESSOR and such work shall not impair the structure or weaken the
building; upon the termination or the expiration of this contract as the case maybe, all
improvements that have been permanently attached to the building or those which cannot
be removed without causing damages shall become the property of the LESSOR without
benefit of reimbursement to the LESSEE;

12. AIR-CONDITIONING EQUIPMENT – The LESSEE will provide for his own air-
conditioning equipment. LESSOR will designate the place where condensers/compressors
are to be placed;

13. COMPLIANCE WITH LAWS – That the LESSEE shall comply with any and all laws,
ordinances, regulations, orders of the national or City Government arising from or
regarding the use, occupation, and sanitation of the leased premises. Failure to comply
with the said laws, ordinances, regulations or orders shall be at the exclusive risk and
expense of the LESSEE;

14. STORAGE OF INFLAMMABLES – That the LESSEE shall not bring into or store in
the leased premises, any highly inflammable or explosive goods or materials nor any
articles which may expose the leased premises to fire or increase the rate of insurance of
the building, or any other articles which the LESSOR may prohibit; except those that are
sold pursuant to its trade; nor shall the LESSEE do or cause to be done any act or thing
which will likewise increase the fire hazard or fire insurance of the building;

15. INSPECTION – That the LESSOR, or its duly authorized representative shall have
the right to inspect the leased premises at any reasonable hour of the day;

16. RESPONSIBILITY AND LIABILITY – That the LESSEE shall be responsible at all
times for all acts done by his agents or employees and other persons entering the leased
premises. Any damage or injury to the leased premises due to the fault of the LESSEE, his
agents, employees and/or servants and other third persons who may have gained access
to the leased premises shall be repaired promptly by the LESSEE at his exclusive expense.
The LESSOR however, shall not be responsible for any loss or damage which the LESSEE
may sustain in the premises, due to any cause not attributable to the LESSOR;

17. REPAIRS – The LESSEE hereby expressly acknowledges that the leased premises
are in good and tenantable conditions and bind himself/herself at his/her exclusive or sole
expense to make any and all repairs necessary or as maybe required to maintain the said
premises in such tenantable condition. This maintenance shall include the periodical
treatment of pest or termite control. LESSEE shall through out the term of this lease, take
good care of the leased premises, the fixture and appurtenances therein at his/her sole
expense, make all non-structural repairs or replacements thereto as maybe necessary and
 when needed to preserve them in good working order and condition or caused by the
negligence of the LESSEE, and his/her personnel or agents;

18. SIGNS – No sign, advertisement, notice or other lettering shall be exhibited,

inscribed, painted or affixed by LESSEE on any part of the leased premises or building
without the prior written approval and consent of the LESSOR;

19. PUBLIC AREAS – The sidewalks, entrances, driveways, passages, courts, stairways,
corridors shall not be obstructed or encumbered by the LESSEE or used for any purpose
other than for ingress and egress from the leased premises and for delivery of
merchandise and equipment in a prompt and efficient manner using stairways and
passageways only designated for such delivery be LESSOR. No carts, etc. shall be used in
the building unless equipped with rubber tires and side guards;

20. INSOLVENCY – If at any time the LESSEE shall become judicially insolvent either by
virtue of a voluntary or insolvency proceedings, or shall compound with its creditors, this
lease contract shall become automatically terminated and canceled and the LESSOR shall
be shall be entitled to be paid or file a claim in such proceedings. The premises shall be
vacated peacefully by the LESSEE for the LESSOR to hold and enjoy and its shall be lawful
for the LESSOR or any person or persons duly authorized in his behalf, without any notice
or demand either to the LESSEE, receiver or its assignee-in-solvency, to enter into and
upon said leased premises, or any part thereof take any possession thereof as though the
lease contract had expired; and exercise other rights under Paragraphs No. 4 and 5 hereof;

21. SURRENDER OF PREMISES – That the LESSEE, at the expiration of the lease as
provided under Paragraph No. 1, hereof at the termination or cancellation of the lease
contract by the LESSOR for violations of any terms and conditions hereof, shall promptly
deliver the leased premises to the LESSOR as in good and tenantable condition in all
respects, as the same are now, reasonable wear and tear excepted, devoid of all
occupants, furniture, articles, stocks, garbage trash or effects of any kind except those
improvements as are provided herein; and the replacement of damaged parts on the
leased premises caused by the negligence of the LESSEE and his/her personnel;

22. ABANDONMENT OF PREMISES – If the leased premises should remain closed for
longer than one (1) month without any person therein to receive notice from the LESSORS
or any court processes, the premises shall be deemed abandoned by the LESSEE and the
LESSOR may treat the lease as terminated and is hereby given by the LESSEE the right to
obtain possession of the premises. The LESSEE agrees that in such an event, the LESSOR
is empowered and authorized and is herein named by the LESSEE as the latter’s agent or
representative to open or break into the leased premises, with the use of force if
necessary, and may take inventory of all merchandise and equipment, furniture and all
such goods found within the premises and remove the same to the LESSOR’S bodega. The
LESSEE agrees to shoulder all expenses in connection therewith including storage fees. It
is understood and agreed that the LESSEE is and shall be duly-bound to claim his goods,
equipment, merchandise from the LESSOR within ten (10) days from the inventory,
otherwise, the LESSOR may dispose of the same at private or public auction sale and apply
the proceeds of the same to the payment of accounts of the LESSEE for back rents or other
charges. It is understood that this right of the LESSOR to hold or retain property of the
LESEE shall be without prejudice to the right of the LESSOR to file action in court for
ejectment and/or collection of the amounts due.

23. SALE OF LEASED PREMISES – That the LESSEE hereby expressly recognizes and
acknowledges the absolute right of the LESSOR to sell the lease premises and the land on
which it is constituted, and in the event of such sale, the LESSOR shall ensure the
protection of the LESSEE’S rights under this contract by incorporating the same reference
in the deed of sale and shall remain, continue to be respected by the buyer;

24. NON-WAIVER - That the failure of the LESSOR to insist upon a strict compliance
with any of the terms, conditions and covenants, hereof shall not be deemed a
relinquishment or waiver of any right or remedy that said LESSOR may have, nor shall it
be construed as a waiver of any subsequent breach or default of the terms and conditions,
and waiver by the LESSOR shall not be deemed to have been made unless express in
writing and signed by the LESSOR;

25. VENUE - That in case of suit or action arising out of this contract, venue is hereby
agreed to be only in Iloilo City to the exclusion of all courts in the Philippines and in such
event the defaulting party agrees to pay in addition to all the damages specified herein,
cost of collection, expenses of litigation and reasonable attorney’s fee;
26. INTERPRETATION AND AMENDMENTS- That it is hereby agreed that in the
interpretation and construction of this Contract of Lease, whenever the context so permits,
the expression “LESSOR” shall include and embrace his successors, administrators, and
assigns, and that covenants and stipulations hereof shall be binding upon and shall insure
to the benefit of the persons included and embraced under the said expressions as
aforesaid;

Any amendment, addendum or supplement to this Contract, mutually agreed

and signed by the parties shall not affect all other terms and conditions hereof,
save those expressly amended, added or supplemented, and this Contract shall
continue to be valid, binding and effective for all parties;

27. OTHERS - Electricity water and telephone are for the account of the LESSEE.

28. KEYS - Upon the termination of this Lease of Contract, the LESSEE shall
immediately turn over the LESSOR all the keys of the leased premises including duplicates.

IN WITNESS WHEREOF, Parties hereunto set their hands this __________________

day of _____________________, at Iloilo City.

ATM MANAGEMENT & DEVELOPMENT CORP.

Lessor
By:

ANTONIO S. JON
President

JOHN GERSHWIN TUERES

Lessee

Signed in the presence of:

1. _____________________________ 2. _____________________________

ACKNOWLEDGEMENT
(REPUBLIC OF THE PHILIPPINES)
IN THE CITY OF ILOILO ) S.S.
x---------------------------------------------x

BEFORE ME, a Notary Public for and in the City of Iloilo on this _____ day of
______________, personally appeared the following persons, with their Residence Certificate
Nos. to wit:
ANTONIO S. JON Res. Cert. No.: 13391517 Jan. 6, 2010,
Iloilo City
JOHN GERSHWIN TUERES Res. Cert. No.:
 Known to me and to me known to be the same persons who executed the foregoing
instrument and that the same is their free and voluntary act and deed of the corporation
they represent.
The instrument, consisting of twenty-eight (28) paragraphs and four (4) pages
including this page of acknowledgment and signed by the parties and their instrumental
witness at the foot thereof and at the left hand margin of each and every page, refers to
Contract of Lease.

WITNESS MY HAND AND SEAL this _____ day of _____________.

NOTARY PUBLIC

Doc. No. _____:

Page No. _____:
Book No._____ :
Series of 2010.