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CONTRACT OF LEASE

KNOW ALL MEN BY THESE PRESENTS:

This CONTRACT OF LEASE is made and executed at the City of Cebu, this ______ day of
_______, 2016, by and between:
ELIZABETH L. ROJAS, of legal age, Filipino, owner of ELIZABETH PROPERTIES,
Married and a resident of GIO Homes 1, Windy Hills Banawa, Cebu City and hereinafter called
the LESSOR;
-AND_____________________________, of legal age, Filipino, married and a resident of
_____________________________, Philippines, and hereinafter called the LESSEE,
WITNESSETH:
WHEREAS, the LESSOR is the lawful and absolute owner of a parcel of land together with a
commercial building constructed thereon situated at 110 Urgello St. Samba-I, Cebu City with
TCT No. 107-2016000534.
WHEREAS, the LESSOR hereby grants and lets unto the LESSEE and the latter hereby accepts
to lease the aforementioned properties for commercial and residential purposes;
WHEREFORE, for and in consideration of the foregoing premises, and the commitments herein
established, the parties hereto agree as follows:

TERMS AND CONDITIONS


1. PURPOSES: That premises hereby leased shall be used exclusively by the
LESSEEE for commercial or residential purposes on the ground floor and residential
purposes on the second and third floor only and shall not be diverted to other uses. It
is hereby expressly agreed that if at any time the premises are used for other purposes,
the LESSOR shall have the right to rescind this contract without prejudice to its other
rights under the law.
2. TERM: This CONTRACT OF LEASE shall be for a period of one (1) Year that
commenced last _______________, 2016 and will expire on ______________, 2017.
RENEWABLE to another period under the Terms and Conditions acceptable to both
parties and agreed upon in a separate instrument.
3. RENTAL RATE: The LESSEE shall pay the lessor a monthly rental of Forty Five
Thousand Pesos (P 45,000.00) Philippine Currency, payable every 15 th day of the
month. All rental payment shall be payable to the LESSOR or to any authorized
representatives.
4. DEPOSIT: The LESSEE binds itself to make an advance two months deposit
amounting to Ninety Thousand Pesos (P90, 000.00). The deposit is consumable

upon termination and is subject to application for any unforeseen charges on


damages to the property, unpaid water and electric bills, etc.
5. DEFAULT PAYMENT: In case of default by the LESSEE in the payment of the rent,
the LESSOR shall impose a 5% interest as a surcharge to the LESSEE for failure to
pay on time. In case the LESSEE fails to pay for two (2) consecutive monthly
rentals, the LESSOR, at her option, may terminate this contract and eject the LESSEE
and the LESSEE binds itself to vacate the property within seven (7) calendar days.
The LESSOR has the right to padlock the premises when the LESSEE is in default of
payment for one (1) month and may forfeit the deposit given by the LESSEE.
6. SUB-LEASE: The LESSEE is authorized to Sub-Lease any portion of the property
in the 2nd and 3rd floor for dormitory or bed spacer and to carry out any commercial
business at the ground floor that is with prior approval by the LESSOR.
7. PUBLIC UTILITIES: The LESSEE shall pay its own, telephone, internet, cable TV,
water and electric consumption during the duration of the lease and should submit the
water and electric receipts of payments to the LESSOR. The LESSOR shall pay all
real property taxes assessments, and charges which are levied imposed or assessed
upon the leased premises.
8. REPAIRS: The LESSEE being authorized to sub-lease and use the property for
business shall make thereon necessary repairs to the building in order to preserved it
in serviceable manner and maintain the cleanliness of the premises to avoid fast
deterioration of the building.
9. LESSORS RIGHT OF ENTRY: The LESSOR or its authorized representatives
shall after giving due notice to the LESSEE shall have the right to enter the premises
in the presence of the LESSEE or its representative at any reasonable hour to examine
the same or exhibit the leased premises to prospective lessee, or for any other lawful
purposes which it may deem necessary.
10. EXPIRATION OF THE LEASE: At the expiration of the term of this lease or
cancellation thereof, as herein provided, the LESSEE will promptly deliver to the
LESSOR the leased premises with all corresponding keys and in good and tenable
condition as the same is now. Non-compliance with the terms of this clause by the
LESSEE will give the LESSOR the right, at the latter option, to compel the LESSEE
to pay rent therefrom at the same rate plus five (5) percent thereof as penalty until the
LESSEE shall have complied with the terms thereof.
11. JUDICIAL RELIEF: In case of litigation arising from this contract, the venue shall
be the appropriate trial court exercising jurisdiction over the area where the principal
business of the lessor is located.
12. This CONTRACT OF LEASE shall be valid and binding between the parties, their
successor-in-interest and assigns.
IN WITNESS WHEREOF, the parties hereto hereby affix their signatures this _______ day of
_____, 20__ at the City of Cebu, Philippines

ELIZABETH L. ROJAS
LESSOR
OWNER: ELIZABETH PROPERTIES

_____________________________
LESSEE

SIGNED IN THE PRESENCE OF:

1.___________________________
Signature over printed name

2.______________________
Signature over printed name