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CONTRACT OF LEASE
Know All Men By These Presents:

This Contract of Lease entered into by and between-

GLORIA L. SUGUITAN, of legal age, Filipino and resident of

Richview Square Phase 2 Bakakeng Norte, Baguio City, hereinafter
referred to as LESSOR; and

JUNGHYUN LEE, of legal age, Korean citizen and presently

residing at Baguio City, hereinafter referred to as LESSEE;

Witnesseth that:

WHEREAS, the LESSOR is the registered and absolute owner of

the house and lot situated at Richview Square Phase 2 Bakakeng Norte
Baguio City;

WHEREAS, the LESSEE is willing to lease from the LESSOR the

aforesaid house and lot;

NOW THEREFORE, the parties agree on the following terms and

conditions of lease:

DURATION

1. This lease contract shall be for One (1) year starting on August
2, 2016;

At the end of the lease contract, the LESSEE shall surrender the
leased premises to the LESSOR without necessity of demand; provided
that, failure to turn over the leased premises at the end of the period of
lease shall make the LESSEE liable to such damages that the LESSOR
may sustain as a reason thereof;

In case of abandonment of the lease premises for a period of one

(1) week, the LESSOR is hereby authorized to enter upon the leased
premises and take possession thereof. This is without prejudice to such
action that the LESSOR may undertake against the LESSEE for violation
of this contract of lease;

RENTAL

2. The monthly rental shall be Twenty Five Thousand (P25,

000.00) Pesos which is payable every 2nd of the month; Provided that,
the LESSEE shall make a deposit Fifty Thousand (P50, 000.00) Pesos
and Twenty Five Thousand (P25, 000.00) Pesos as advance rental for
August 2016. Provided further that, the deposit shall be returned to the
LESSEE at the end of this contract of lease less any expenses
pertaining to unpaid electric and water bill and other utility services
such as telephone, internet, and cable TV as well as expenses incurred
in the restoration of the damages that may be sustained by the leased
premises during the lease period caused the fault of the LESSEE;

At the end of the lease contract, in the event that the deposit
shall not be sufficient to answer for such arrears in rent and damages
sustained by the leased premises, the LESSOR is hereby authorized to
take into possession such personal properties that the LESSEE may
have to answer for such arrears in rent and damages.
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OTHER TERMS AND CONDITIONS

3. All expenses relative to utility services, i.e. water, electric,

telephone, internet and cable TV, shall be to the account of the
LESSEE;

4. The leased premises shall be devoted solely for residential

purposes for up to Four (4) to Six (6) persons only. The LESSEE shall
maintain the leased premises in such peaceful and habitable condition;

5. Introduction of improvements upon the leased premises shall

be with prior consent of the LESSOR; Provided that, these
improvements, at the end of the lease contract period, shall become
property of the LESSOR; Provided further, all expenses for the repair of
the leased premises shall be to the account of the LESSEE;

6. The LESSEE shall not be allowed to sublease the leased

premises. A violation of this provision shall authorize the LESSOR to
forcibly remove the LESSEE and those acting in his behalf from the
leased premises.

IN WITNESS WHEREOF, the parties hereunto set their hands this

___ of August 2016, Baguio City, Philippines.

GLORIA SUGUTAN JUNGHYUN LEE

LESSOR LESSEE
Drivers License No. Republic of Korea Passport No.
A07-97-088550 GK2215106
Valid Until December 3, 2017

WITNESS WITNESS

REPUBLIC OF THE PHILIPPINES)

DONE IN THE CITY OF BAGUIO) S.S.

ACKNOWLEDGMENT

BEFORE ME, personally appeared the parties, who exhibited to

me their respective proofs of identification indicated above, known to
me to be the same persons who executed the CONTRACT OF LEASE,
and acknowledged to me that the same is their free and voluntary act
and deed.

This instrument consisting of Two (2) pages, including the page

on which this acknowledgement is written, has been signed on each
and every page thereof by the concerned parties and their witnesses,
and sealed with my notarial seal.

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

Doc. No. __;

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Page No. __;

Book No. III
Series of 2016.