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This CONTRACT of LEASE made and entered unto this ___________ at ______________,
Philippines by and between:
-AND-
WITHNESSETH:
WHEREAS, the LESSOR is the registered and absolute owner of the building and the lot on
which it is constructed at _Centro I, Sanchez Mira, Cagayan.
WHEREAS, the LESSOR has offered to lease to the lessee a portion consisting of 18
square meters, more or less, a store space of the above mentioned building thereof under terms and
conditions stated hereunder.
NOW THEREFORE, for an in consideration of the herein provided lease rental, LESSOR
hereby these presents lease in favor of the LESSEE, a certain door/store space of the aforesaid
building, containing an area of 18 square meters, more or less, under the following terms and
conditions to wit:
I-PERIOD
This lease shall be for a period of TWO (2) year commencing April 15, 2018 to April 14,
2020 renewable at the option of both parties. It is however expressly agreed that in case the LESSEE
intends to renew, the later may communicate the same to the LESSOR within THIRTY (30) days prior
to the expiration of the contract.
II-RENTAL
That the LESSEE shall pay a monthly rental of Eleven thousand pesos (Php 11,000.00)
straight for three years, net of withholding tax . Philippine Currency to be paid at the office address of
the LESSOR.
III-ADVANCE RENTAL
That for the use and occupancy of the leased premises, the LESSEE shall pay the LESSOR
an advance payment of Five (5) months advance to be applied for the first (5) months of this contract
amounting to Fifty-Five Thousand Pesos (Php. 55,000.00) to be paid at the office of the lessor and
without the necessity of notice and demand.
IV-DEPOSIT
Upon execution of this contract, the LESSEE shall pay the LESSOR the amount of Sixteen
thousand pesos (Php 16,000.00) as Two (2) MONTHS DEPOSIT a guarantee to secure the faithful
compliance by the LESSEE of all the conditions of this contract. Said security deposit shall not be
applied to any unpaid rentals and shall kept in tact throughout the term of the contract and shall be
returned to the LESSEE without interest only upon the expiration of this Lease Contract after LESSEE
shall have completely and satisfactorily vacated and returned the leased premises to the LESSOR and
have paid all the utility charges it has incurred. The said security deposit is stated in the previous
contract and still intact to this new contract.
V-UTILITY CHARGES
All expenses for gas, electric current, telephone charges and the like, attributable to the
LESSEE, shall be for its exclusive account.
The LESSEE shall keep the leased premises in clean and sanitary condition and free from
obnoxious odor and disturbing noises and other nuisances at all times, and the LESSOR reserves the
right to be allowed access the leased premises during reasonable times of the day to verify compliance
therewith.
The LESSOR shall be responsible for all major repairs that may be required by water,
electrical and sewage system while ordinary repairs due to usual day to day wear and tear. Those
attributable to the fault or negligence of the LESSEE, its agents, employees, and customers or guest
shall be for the LESSEE’S account.
The leased premises shall be used for any and all legal purposes as the LESSEE may desire.
VIII-IMPROVEMENT
The LESSEE may renovate or improve the lease premises at its own expense. It is however,
agreed that the LESSEE shall have the right to remove its fixtures and furniture placed in the leased
premises which is capable of being removed without causing damage to the premises.
In case of damage to the leased premises or any portion thereof by reason of fault or
negligence attributable to the LESSEE, its agents, employees, customers or guests the LESSEE shall
be responsible for undertaking such repair or reconstruction. In case of damage due to fire, earthquake,
lightning, typhoon, flood, or other natural causes, without fault or negligence attributable to the
LESSEE, its agents, employees, customers or guests the LESSOR shall be responsible for undertaking
such repair or reconstruction. In the latter case, if the leased premises become untreatable, either party
may demand for the recession of this contract.
The LESSEE, during its occupancy of the leased premises shall hold the LESSOR free and
harmless from any and all liability or responsibility to any persons or property arising out of or as a
consequence of the use of the leased premises by the LESSEE, its agents, employees, customers or
guests when such damage or liability is caused by fortuitous events or acts of God which are beyond
the control of the LESSOR or when the same is caused by the fault or negligence of the LESSEE, its
agents, employees, or guests.
Upon termination of the contact period, or earlier for any reason whatsoever, LESSEE shall
immediately vacate the premises and return the possession thereof to the LESSOR peacefully unless
this lease is extended for another period.
All property taxes due to the aforesaid building and land affected by this lease shall be the
responsibility and shall be paid by the LESSOR.
In the event the LESSEE fails to pay the agreed rent herein stipulated for three (3)
consecutive months, the LESSOR shall have the right to unilaterally rescind this contract, eject the
LESSEE from the premises upon compliance with requirements of law.
XIV-PRIMACY OF CONTRACT
The LESSOR hereby binds himself to provide in any contract of sale, assignment, mortgage
or any agreement constituting an encumbrance on the leased premises during the period of this lease
that such contract or agreement be subject to this Contract of Lease.
That the LESSEE for reason of strike or whatsoever reasons closes his business, may at his
option terminate the term of this contract earlier prior to the expiration of this deed, by sending a
written notice to the LESSOR SIXTY (60) days prior to intended date.
IN WITNESS WHEREOF, the parties have hereunto affixed their signatures this ___________ day of
___________ 2018 at _______________________, Philippines.
___________________________ __________________________
ACKNOWLEDGEMENT
All known to me and to me know to be the same persons who executed a LEASE CONTRACT containing of THREE
(3) pages including this page and they acknowledge to me that the same is their free and voluntary act in deed.
WITNESS MY HAND AND SEAL on the date and at the place first written.