CONTRACT OF LEASE

This contract of lease (“Contract”), made and executed in ____________. Philippines,

this __ day of __________ 20__, by and between:

ELYZABETH BARBRACK, of legal age, Filipino, with address at

________________________________________________________________
hereinafter referred to as the “LESSOR”,

-and-

REENA B. YANG, of legal age, Filipino, and with the address at

________________________________________________________________,
hereinafter referred to as the “LESSEE”.

(The LESSOR and LESSEE may likewise hereinafter be collectively referred to

as the “Parties” and individually as a “Party”)

W I T N E S S E T H:

WHEREAS, the LESSOR is the absolute and registered owner of a residential building
located at #19, Napoleon Street, Kingsville Subdivision, Barangay Mayamot, Antipolo
City (“Property”);

WHEREAS, the LESSEE has proposed to lease the Property with a floor area of [ ]
square meters, more or less (hereinafter the “Leased Premises”);

WHEREAS, the LESSOR has agreed to lease the same unto the LESSEE;

NOW THEREFORE, for and in consideration of the foregoing, the LESSOR hereby
leases unto LESSEE and LESSEE hereby accepts by way of lease from the LESSOR,
the Leased Premises, subject to the following terms and conditions:

Section 1 – Term of the Lease

1.1 This lease shall be for a period of _one____ (_ _1___) year/s to commence on
_____ and expire on __________ 20__ (“Term”).

1.2 The LESSEE warrants the fulfillment of the Term.

1.3 The lease Term may be extended for another _one___(__1__) year/s, by mutual
agreement of the parties in writing, provided the LESSEE notifies the LESSOR in
writing, not less than sixty (60) days prior to the expiration of this Contract, of its
desire to negotiate the terms and conditions for the extension of the Term. If the
Contract is not renewed, the LESSEE shall immediately vacate the Leased
 Premises upon the expiration of the Term without need of demand from the
LESSOR. There shall be no tacit renewal of this Contract, notwithstanding the
continuation of the LESSEE in the possession of the Leased Premises for any
length of time after the expiration of the Term.

Section 2 – Rental and Security Deposit

2.1 The monthly rental of the Leased Premises shall be Twenty three thousand
Philippine Pesos (PHP 23,00.00) per month, exclusive of association dues, VAT
and all other applicable taxes.

2.2 The monthly rental shall be paid as follows:

a.) An amount equivalent to one (1) month rent (PHP 23,000.00) shall be paid
upon execution of this Contract and shall serve as advanced rental
applicable on the last month of the Term;
b.) All other monthly rental payments shall be paid via the issuance of
_eleven__ (11) post dated checks representing the monthly rental
payments for the entire Term (except the last month). All of the post dated
checks shall be dated on the 1st day of the month and payable to
Elyzabeth Barbrack. All of the post dated checks shall be delivered by the
LESSEE to the LESSOR upon execution of this Contract.

2.3 Upon signing of this Contract, the LESSEE shall likewise deliver to the LESSOR
an amount equivalent to two (2) months rent (PHP 46,000.00) to serve as
“Security Deposit”. The Security Deposit shall stand as security for the
performance of all the LESSEE’s obligations under this Contract and as a
security to be maintained throughout the effectivity of this Contract to answer for
any unpaid bills, assessments and/or damages that the LESSOR may incur or
that the Leased Premises may suffer by reason of its use by the LESSEE (except
for ordinary wear and tear), and any other accounts related to this Contract, it
being understood, however, that LESSEE’s liability for such obligations under
this Contract is not limited to the said Security Deposit. The LESSOR is hereby
authorized (but not obligated) to apply the Security Deposit to any outstanding
obligations of the LESSEE. The Security Deposit shall at all times be maintained
in an amount equivalent to two (2) months’ rental and shall be increased
correspondingly by the LESSOR if and when the monthly rental increases.

2.4 The Security Deposit shall be returned to the LESSEE, without interest, within
sixty (60) days after the expiration of the Term and only after the LESSEE shall
have completely and satisfactorily vacated and delivered the Leased Premises to
 the LESSOR, less whatever amounts LESSEE may owe the LESSOR or which
the LESSOR may apply against the Security Deposit as provided hereunder.

2.5 The advanced rental payment and the Security Deposit shall be automatically
forfeited in favor of the LESSOR upon breached by the LESSEE of any of its
obligations and covenants under this Contract, without prejudice to the right of
the LESSOR to recover whatever damages which may be due to the LESSOR
arising from the occurrence of said events. In the event, however, that this
Contract is terminated at the instance of LESSOR without any fault or negligence
of LESSEE but with its conformity, any remaining amount of the advanced rental
and the Security Deposit shall be returned to the LESSEE.

Section 3 – Obligations of the LESSEE

3.1 LESSEE shall use the Leased Premises exclusively for residential purposes only.
The parties agree that the number of occupants of the Leased Premises should
not exceed six (6) persons.

3.2 LESSEE shall not sub-lease or assign any of its rights or obligations under this
Contract.

3.3 During the Term, the LESSEE shall pay all utilities and common charges such as
but not limited to water, electricity, cable, phone expenses, generator, and
sewage treatment due on the Leased Premises.

3.4 The LESSEE shall also be responsible for the payment of the monthly
association dues assessed by the village/homeowners association on the Leased
Premises in the amount of Three Hundred Philippine Pesos (PHP 300.00) per
month. Any increase in the amount of the association dues shall likewise be for
the account of the LESSEE.

3.5 The Parties agree that the LESSEE may introduce additions or make alterations
and improvements on the Leased Premises. All renovation works will be made
with prior written approval and consent of the LESSOR. The LESSEE shall be
responsible for securing all necessary permits and licenses for conducting such
activities. It shall be understood that there will be no structural changes to the
Leased Premises without specific prior written approval of the LESSOR.

Upon termination of this Contract, the LESSOR shall have the option to either
appropriate any permanent improvement introduced on or within the Leased
Premises, without any right of reimbursement to the LESSEE, or demand the
restoration of the Leased Premises to its original condition when first delivered to
the LESSEE, at the expense of the LESSEE.
 The term, “permanent improvement” shall mean all improvements that are
introduced on or within the Leased Premises that cannot be removed without
causing damage to the Leased Premises. All other improvements, which may be
removed without causing damage to the Leased Premises shall remain
properties of the LESSEE.

3.6 LESSEE shall maintain the Leased Premises in good and tenantable condition
(wear and tear excluded). LESSEE agrees to pay for all repairs costing Five
Thousand Pesos (PHP 5,000.00) or less made on the Leased Premises. Any and
all major repairs, replacements and maintenance work which are necessary to
maintain beneficial and adequate use of the Leased Premises, shall be for the
account of the LESSOR, unless the same are necessitated due to damage
caused by the fault or negligence of the LESSEE.

3.7 LESSEE shall not keep any pets within the Leased Premises without the prior
written consent of the LESSOR.

3.8 LESSEE shall abide by all the rules and regulations of the building/village
association as well as any laws imposed by appropriate government agencies in
connection with the use of the Leased Premises and shall ensure that all its
guests comply with the same.

3.9 LESSEE shall not bring any hazardous, highly inflammable, or explosive
materials into the Leased Premises.

3.10 LESSEE shall permit the LESSOR to inspect the Leased Premises provided prior
notice is given and to allow the LESSOR to show the Leased Premises to
prospective tenants during the last sixty (60) days of this Contract.

3.11 The LESSEE shall surrender the Leased Premises peacefully upon termination
of this Contract in the same condition it was required (reasonable wear and tear
excluded).

3.12 The LESSEE shall indemnify and hold the LESSOR free and harmless from any
injury or damage resulting from failure of the LESSEE to comply with the
foregoing.

Section 4 – Obligations of the LESSOR

4.1 LESSOR shall allow the LESSEE to peacefully and continuously occupy the
Leased Premises.

4.2 The LESSOR shall be responsible for payment of the real property taxes,
insurance, and any government assessments on the Leased Premises.
4.3 LESSOR shall ensure that in the event of any sale or transfer of the Leased
Premises, this Contract will continue to be respected by the vendee, transferee,
or successor in interest.

Section 5 - Default and Termination

5.1 If either party is in breach of any of its obligations as set forth above (“Defaulting
Party”) and fails to remedy the same within fifteen (15) days from notice of said
breach from the other party (“Non-defaulting Party”), the Non-defaulting Party
shall have the right to terminate this Contract by serving notice of said
termination on the Defaulting Party. Such termination shall be effective upon
receipt by the Defaulting Party of such notice.

5.2 In the event the LESSEE fails to pay any of the utilities, association dues or
amounts due under this Contract, the LESSOR may advance such payments
subject to reimbursement plus a penalty of Fifty Percent (50%) of the amount
paid by the LESSOR.

5.3 In the event of breach by the LESSEE, and its failure to remedy the same in
accordance with section 5.1 above, the LESSOR shall have the power and
authority to evict the LESSEE and disconnect all utilities. The LESSOR may lock
out the LESSEE from the Leased Premises and prevent the LESSEE from
entering, except to settle all accounts or obligations in favor of the LESSOR. The
LESSOR shall also have the right to retain the properties found in the Leased
Premises as security for payment of any of the LESSEE’s obligations under this
Contract of Lease. The LESSOR may likewise dispose of such properties in any
manner and the proceeds of which, if any, shall be applied to such outstanding
obligations of the LESSEE. The excess, if any, shall be turned over to the
LESSEE or whoever is entitled thereto, or the LESSOR may place the same on
deposit, if necessary. This is without prejudice to the right of LESSOR to collect
the deficiency, if any, from LESSEE. The LESSEE hereby appoints the LESSOR
as its duly constituted attorney-in-fact to effect the provisions of this Section.

5.4 Notwithstanding the above, the Party in breach shall also be liable for any actual
damages such as repairs or restoration work on the Leased Premises.

5.5 The remedies mentioned herein are cumulative and not alternative.

Section 6 – Miscellaneous

6.1 WAIVER – The failure of either Party to insist upon the strict performance of any
of the terms and conditions hereof shall not be deemed as a waiver of any right
or remedy that said Party may have, nor shall it be construed as a waiver of any
 subsequent breach of the terms and conditions herein contained. No waiver by
either Party shall be deemed to have been made unless expressed in writing and
signed by the said Party.

6.2 VENUE – The Parties agree that the venue of any court litigation which may
arise between them shall be filed exclusively with the proper courts of ____ City.

6.3 ENTIRE AGREEMENT – This Contract represents the entire agreement between
the LESSOR and LESSEE and supersedes all previous oral or written
communications, representations or agreements between the parties hereto, and
with respect to the subject matter hereof and shall not be deemed amended
unless in writing and signed by both parties.

6.4 SEPARABILITY CLAUSE – If any provision or part of any provion of this Contract
is held for any reason to be unenforceable or invalid, the remainder of this
Contract shall nevertheless remain in full force and effect.

6.5 NON-LIABILITY – The LESSOR shall not be liable to the LESSEE for any
damage sustained by the LESSEE or other persons occupying the Leased
Premises except if such damage arises from gross negligence or willful
misconduct of the LESSOR.

IN WITNESS WHEREOF, the parties have hereunto signed these presents on the date
and at the place above written.

ELYZABETH BARBRACK REENA B.YANG

LESSOR LESSEE

Signed in the presence of:

____________________ ____________________
 ACKNOWLEDGEMENT

REPUBLIC OF THE PHILIPPINES)

) S.S.

BEFORE ME, a Notary Public for and in the City of __________, this
________20__, personally appeared the following persons with their respective valid
government- issued IDs:

Name Valid ID Expires on/Issued by

ELYZABETH BARBRACK
REENA B.YANG

both known to me and to me known to be the same persons who executed the
foregoing Contract of Lease consisting of seven (7) pages including this pages, signed
by them and their instrumental witnesses and they acknowledged to me that the same
is their free and voluntary act and deed and that of any parties they represent.

WITNESS MY HAND AND SEAL on the date and in the place first above written.

Doc. No. _______;

Page No._______;
Book No._______;
Series of 201____.