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AGREEMENT OF LEASE WITH OPTION TO PURCHASE

This AGREEMENT made this 7th day of February, 2019 between:

VIDAD REALTY CORPORATION represented by its President, PEDRO C.


TABAQUIN , residing at _______________, herein referred to as the SELLER, and
CARON QUIAMBAO, residing at _______________, herein referred to as the
PURCHASER,

WITNESSETH:

WHEREAS, the SELLER owns a certain property located at Puerto Princesa


City, Palawan, and

WHEREAS, the PURCHASER DESIRES to rent said property with option to


purchase the same;

WHEREFORE, it is mutually agreed:

1. The SELLER hereby leases to the PURCHASER and the PURCHASER


hereby rents from the SELLER for a term of __ years from this date at a yearly
rental of _____________________ (P __________), payable in equal monthly
installments of _____________________ (P _________) in advance on the first day
of each and every month during the period aforesaid, the said property with all its
fixtures and accessories described in the Schedule hereto attached and made an
integral part hereof;
2. The SELLER warrants to the PURCHASER that he is the absolute owner
of the said property, free from all liens and encumbrances;
3. The PURCHASER shall during the period of the lease exercise due care
and diligence in the use of said property and shall, at his own cost and expense,
keep the same in good and usable condition for which it has been leased;

4. That until the SELLER regains possession of the property herein leased in
accordance with the terms hereof, the PURCHASER, at his own cost and expense,
shall pay all taxes and assessments levied and payable on said property,

5. If the PURCHASER fails to pay the rental when the same becomes due,
then the SELLER, at his option and without prior notice or demand, may take or
regain possession of said property, and for this purpose may enter the premises
without liability to any suit, action, or proceeding by the PURCHASER;

6. Upon the SELLER regaining possession of said property pursuant to the


above provision, this AGREEMENT shall forthwith terminate, without prejudice
to the right of SELLER to rentals in arrears, if any;

7. That if the PURCHASER shall give written notice to SELLER on or before


the ___ day of ____, 2019 of his desire to purchase the property leased herein, the
SELLER upon receipt of the agreed price of ______________ PESOS (P_____), by
appropriate deed SELL, TRANSFER, and CONVEY said property to PURCHASER
together with all the fixtures and accessories thereof, free from all liens and
encumbrances.

IN WITNESS WHEREOF, the Parties are hereto have signed this


AGREEMENT the day and year first above written.

_____________________ _____________________
(Seller) (Purchaser)
WITNESSES:

_____________________ _____________________

ACKNOWLEDGEMENT

REPUBLIC OF THE PHILIPPINES )


CITY OF PUERTO PRINCESA ) S.S.

BEFORE ME, this ___ day of February, 2019 in the City of Puerto Princesa,
personally appeared:

Name Competent Evidence of Identity Place and Date of Issue


_____________ _____________________ ________________
_____________ _____________________ ________________

known to me to be the same person who executed the foregoing instrument, and
acknowledged that the same are their free act and deed.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my


notarial seal on the date and place above written.

Doc. No. ____: NOTARY PUBLIC for __________


Page No. ____: Commission Serial No. _________
Book No. ____: Until December 31, _______
Series of ____: Roll of Attorney __________
IBP No. ____/Date/Place of Issue
PTR No. ___/Date/Place of Issue