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CONTRACT OF LEASE

KNOWN ALL MEN BY THESE PRESENTS

This Contract of Lease entered into by and between:

PICAR PROPERTIES INCORPORATED, a corporation duly organized and


existing under Philippines law with business address at Unit 408 Common Goal
Tower, Finance cor. Industry Sts., Ayala Alabang, Muntinlupa City, represented in
this act by its Admin Head, MILTON K. TOLEDO, as evidenced by Secretary
Certificate hereto attached and made an integral part as ANNEX “A”, hereinafter
referred to as the LESSOR.

--and—

ST. AUGUSTINE INTERNATIONAL SCHOOL - MACTAN ISLAND, INC.


a corporation duly organized and existing under Philippine laws with office
address at #59 Panay Avenue Quezon City represented in this act by its Principal,
LOUIE JAY CADUNGOG as evidenced by Secretary’s Certificate hereto
attached and made an integral part hereof as ANNEX “B”, herein referred to as
the LESSEE.

WITNESSETH

Whereas, the LESSOR is the registered owner of the real property


located at Kagudoy Road, Basak Lapu-Lapu City, which is standing at a parcel of
land covered by TCT No. 26544-26571, hereto attached and made an integral part
hereof as ANNEX “C”.

Whereas, the LESSEE desires to lease a portion of the aforementioned


property and the LESSOR is willing to lease the same unto the LESSEE

NOW, THEREFORE FOR AND IN CONSIDERATION OF THE


FOREGOING PREMISES AND MUTUAL COVENANT AND
STIPULATIONS herein provided, the LESSOR hereby lease and leases unto the
LESSEE portion of the aforementioned property and the LESSEE hereby accepts
the same by way of lease subject to the following terms and conditions:

I. LEASED PREMISES

The leased premises are located in Kagudoy Road, Basak, Lapu-Lapu City
with the total lot area of 16.141 sq.m. and with rental rate of ONE
HUNDRED THOUSAND PESOS (Php 100,000.00) per month.

II TERM OF THE LEASE

The lease period shall be for ten (10) years to commence on March 1,
2016 and to end on February 28, 2026, renewable subject to the agreement of
both parties. This contract is renewable upon its expiration at the option of
both parties at terms and rates to be mutually agreed upon. Upon renewal, the
provision of this contract shall govern and be made applicable to the parties
without prejudice to any addition or modification that the parties may
mutually agree in writing.

III MONTHLY RENTAL

In consideration of the use by LESSEE of the leased premises, the


LESSEE shall pay the LESSOR a monthly rental of THREE HUNDRED
THOUSAND PESOS (Php 300,000.00), inclusive of 10% EVAT and net of
withholding tax with increase of ten percent (10%) every two (2) years.

Upon signing of this Lease Contract, the LESSE should pay the LESSOR
two (2) months ADVANCE RENTAL and two (2) months DEPOSIT.

The DEPOSIT shall serve as security deposit and shall be returned to


LESSEE within thirty (30) days after ( the termination of contract and after )
ascertaining that the LESSEE has no outstanding liability to the LESSOR for
unpaid rentals, damages as well as all obligations to public utilities which
have to be paid.

IV PERMITS, TAXES AND OTHER CHARGES

In the event that at anytime during the term of this lease, the real property
tax on the building or the land on which it stands is increased or there is levied
any new or addition assessment or charge on the building or the land on which
is stands, then the said charge/charges shall be the sole account of the
LESSOR.

The LESSOR shall apply, pay and secure the necessary permits and
licenses required or to be required by the government bodies such as ECC
Certificate, Building and occupancy permit among others and comply with
zoning regulations, to make the leased premises fit for the LESSEE’s purpose
or business.

V USE OF THE LEASED PREMISES

The LESSEE hereby agrees and warrants that the leased premises shall be
used exclusively as an educational center not to be used for dwelling or
sleeping purpose or purposes not related to school activities. However, the
LESSE may put up a snack bar or canteen or bookstores to be operated by
concessionaires.

VI NOTICES AND SIGNS

The LESSEE shall have the right to affix, inscribe or paint, or cause
the affixing, inscribing or painting of, any notice, sign or other
advertising media on any part of the Leased Premises or building, including
any sign or media which when illuminated shall be visible from outside the
Leased Premises. The LESSEE may permit or give consent to any person or
entity to affix, inscribe or paint any notice, sign or other advertising media on
the Leased Premises or on any part of the Building, and the LESSOR will
allow entry to the Leased Premises to those persons or representatives of the
entity pending the completion of their tasks.

VII. ALTERATIONS OR IMPROVEMENTS

The LESSEE may make improvements and alterations in the leased


premises, after proper notice to the LESSOR. All such improvements or
alterations shall remain the property of the LESSEE and may be removed
upon the termination of the contract for as long as its removal shall not cause
substantial damage to the leased premises.

VIII. PUBLIC UTILITIES

The LESSEE shall pay monthly bills for the electricity and water
consumption of the leased premises from the date of its actual use and
possession and shall be allowed to install other public utilities as the need
arises. The LESSEE shall provide for transformer to accept and distribute
phases of supply of electricity.
IX. FITNESS OF LEASED PREMISES FOR OCCUPANCY AND USE

The LESSOR hereby warrants that the leased premises are in such
condition as to render it fit for occupancy and the use intended that it is
structurally sound and in good and stable condition for the use intended.

The LESSOR shall likewise promptly repair damages to the leased


premises due to fortuitous events or causes beyond the control of the LESSEE
as well as hidden defects in the construction of the building in order to keep
the leased premises suitable for such use. Such repairs, categorized as major
repairs, shall be for the sole account of the LESSOR.

The LESSOR shall also ensure safety therein by keeping the leased
premises free from any material which may expose it to fire or other hazards.
It is hereby expressly understood that in the event the building be rendered
unsuitable due to the foregoing damages or defects, the LESSEE shall have
the right to pre-terminate this contract by reason thereof.

The LESSEE agrees to keep the leased premises in tenantable condition


and to undertake expenses on all ordinary or minor repairs necessary to
maintain the same in said condition. It is expressly agreed and understood,
however, that the LESSEE shall not proceed with any such repair work not in
any case introduce improvement or make alterations in the leased premises or
changes of the LESSOR.

The fitness for the purpose and the use intended is also determined by the
proper government that agencies exercising supervision and control over the
LESSEE such as the local Building Official, the local government unit in the
area; and the Commission on Higher Education (CHED), Technical Education
Skills and Development Authority (TESDA), Department of Education
(DepED) – In the event that any government agency renders the leased
premises unfit for occupancy and use, or fails to certify the fitness and
suitability the LESSEE may pre-terminate this contract of lease, and refund
all payments made, without any liabilities unto the LESSOR.

X. WARRANTY FOR PEACEFUL AND ADEQUATE ENJOYMENT OF


LEASED PREMISES

The LESSOR hereby warrants that the LESSEE shall not be disturbed in
the use, possession and enjoyment of the leased property in any manner. The
LESSOR is aware that the continuity of the intended used of the leased
premises is crucial and is a main consideration of the LESSEE in entering
into this contract. Should the LESSEE be distributed in the use, enjoyment
and possession of the leased premises by the virtue of any charge or
encumbrance on the property, the LESSOR shall be liable to the LESSEE for
all the damages which shall suffer resulting from the disruption of its use,
possession or enjoyment of the leased premises.

The LESSOR, in the event of foreclosure proceedings involving the


leased property, shall bestow upon the LESSEE the right of first refusal to
purchase the property without prejudice to LESSEE’s right to proceed
against the LESSOR for damages, and without prejudice to the
LESSOR’s right to collect the rentals due under this contract during the
foreclosure proceedings and before consolidations of ownership of the
property in the name of the buyer or transferee in the foreclosure sale.

The LESSOR shall cause the annotation of this lease on the title of the
property within one month from signing of this agreement. In the event of
sale, transfer, mortgage or disposition of the leased property, the LESSOR
binds itself to require the transferee or vendee to respect and abide by all the
terms and conditions of this contract.

XI. WARRANTY AGAINST COMPETITION

The LESSOR hereby warrants that it shall not lease any of this property,
adjacent or proximate to that of the leased premises to someone who will
engage in the same line of undertaking or whose trade will conflict with the
interest of the LESSEE.

XII. DAMAGE DUE TO FURTUITOUS EVENTS

In case to damage to the LEASED PREMISES or its appurtenance by fire,


earthquake, war or any unforeseen cause, the LESSEE shall give immediate
notice thereof to the LESSOR. If the leased premises shall be damaged under
said circumstances, without the fault or negligence of the LESSEE, or its
agents, clerks, servants, or visitors, the injury shall be repaired at the expense
of the LESSOR, as speedily as possible after such notice.

However, if the destruction or damage caused is beyond repair, the lease


shall be deemed terminated upon proper notice by the LESSEE to the
LESSOR.

XIII. INSPECTION OF PREMISES

The LESSOR, or its duly authorized representative shall, by previous


arrangement with the LESSEE, have the right to enter the leased premises at
any reasonable hour of the day to examine the same or make alteration or
repairs for the operation or maintenance of the building or its installation.

XIV. PRE-TERMINATION OF LEASE

The LESSEE may pre-terminate this lease for cause subject to thirty
(30)days prior notice.

XV. LIABILITY OF SUIT

The LESSEE shall be responsible at all times for all acts by its agents or
employees and other person entering the leased premises insofar as the as the
enforcement of the provisions of this contract is concerned. Any damage or
injury to the leased premises due to the fault of the LESSEE, its agent,
employees and/ or servants or other persons who may have gained access to
the leased premises shall be repaired promptly by the LESSEE at its exclusive
expense provided that the LESSOR did not in any way contribute or was
negligent in preventing or causing the damage or injury. The LESSOR,
however, shall not be held responsible or accountable for any losses or
damages which the LESSEE may sustain in the leased premises by reason of
theft, robbery or other crimes provided that the former exercised prudence of a
good father of a family in maintaining security in the leased premises.

XVI. PROHIBITIONS

The LESSEE shall not store in the leased premises any inflammable or
explosive good or article which may expose the leased premises to fire or
increase fire hazards except those that may be necessary in the operation of its
business.
XVII. NON- WAIVER OF RIGHTS

The failure of a party herein to require from the other party a strict
compliance with the terms and conditions of this contract, shall not operate as
a waiver of any right herein may have, to enforce compliance with the other
terms and conditions or to seek remedy or appropriate legal relief for their
breach.

XVIII. JUDUCIAL RELIEF

Should any party to this agreement be compelled to seek judicial relief


against the other party, the latter shall, in addition to the damages recoverable
under the law, pay an amount equivalent to 25% of the amount claimed in the
complaints as attorney’s fees, aside from the costs of litigation and other
expenses which the law may entitle the offended party to recover from the
offending party.

XIX. ENTIRE AGREEMENT

This agreement embodies the entire agreement between the parties and
any agreement hereafter made shall be ineffective unless in writing and signed
by both parties hereto.

XX. VENUE AND JURISDICTION IN CASE OF LITIGATION

Any legal action arising from the enforcement, implementation or


violation of the terms and conditions of this contract shall be filed with
the courts of Quezon City only, to the exclusion of all other courts.

IN WITNESS WHEREOF, the LESSOR and the LESSE have hereunto set
their hands on this instruments this ________ day of ____________________ at
________________________.

_________________________ _______________________
LESSOR LESSEE

Signed in the presence of :

_________________________ ________________________
Republic of the Philippines)
_______________________) S.S

\
ACKNOWLEDGEMENT

Before me personally appeared the following persons, exhibiting the


pertinent Residence / Community Tax Certificates:

Name CTC No. Issued at/ on

___________________ ____________________ ___________________


___________________ ____________________ ___________________
___________________ ____________________ ___________________

Known to me and to me known to be the same persons who executed the foregoing
instrument and acknowledge to me the same is their free and voluntary act and deed as
well as of the corporation’s or entity represented.

WITNESS MY HAND AND SEAL this _____________ day of


_______________________, 2004 at ______________________.

Doc No. ___________.


Page No. __________.
Book No. __________.
Series of __________.