Addendum To Contract.docx

ADDENDUM TO CONTRACT OF LEASE

This addendum to the Contract of Lease is made and executed this ___________, and is added to and amends the Contract of Lease by and between Olovus Multiresources, Inc. (the “LESSOR”) and SMC SHIPPING AND LIGHTERAGE CORPORATION (the “LESSEE”) date _________ WITNESSETH: WHEREAS, the LESSOR is the registered owner of the commercial building known as VIP Building, Located along Roxas Boulevard corner Nuestra Señor De Guia, Ermita, Manila; WHEREAS, the LESSEE leased from the LESSOR a portion of said building designated as follows: Room No. Floor Area(Sq.M.) Total Monthly Rental

504 505 506 78 120 130 P179,000.00 (Exclusive of E-VAT)

507 30

Total 358 sq. m.

NOW, THEREFORE, premises considered, the LESSOR hereby leases unto the LESSEE and the latter agrees to lease the premises described herein below under the follow terms and condition. 1. LEASED PREMISES – The premises hereby leased consists of Room Nos. 504,505,506 & 507 on an “as is, where is” basis of VIP Building, containing a total floor area of 358 square meters, more or less, hereinafter referred to as the “Leased Premises” 2.

LEASED PERIODS – The term of the original Contract of Lease is hereby extended for a threeyear period, which shall start on March 1, 2015 and shall end on February 28, 2018.

3. RENTAL – The agreed monthly rental of the Leased Premises is One Hundred Ninety One Thousand Five Hundred Thirty Pesos (P191,530.00) Philippine currency, inclusive of E-VAT and deduction for Withholding Tax, as provided in the schedule below. PERIOD COVERED

March 1, 2015 to February 28, 2018

MONTHY RENTAL

VAT

WITHOLDING TAX

RENT

P179,000.00

P21,448.00

P8950.00

P191,530.00

The LESSEE upon signing of the contract, shall pay at the office of the LESSOR. Advance payment in Thirty Six (36) Post Dated Checks ( PDC) representing the monthly rental for the period covered from March 1, 2015 up to February 28, 2018, the amount of One Hundred Ninety One Thousad Five Hundred Thirty Pesos (P191,530.00) Philippine Currency, inclusive of E-VAT and deduction for Withholding Tax, each check dated on the 20th of every month, starting on March 1 2015 up to February 28, 2018, representing the monthly rental for the three (3) years of Contract.

4. GUARANTEE DEPOSIT – Pursuant to cl. 3 above, the total amount of deposit that should be maintained by the LESSEE is FOUR HUNDRED THOUSAND NINE HUNDRED SIXTY PESOS (P400,960.00) Philippine Currency, inclusive of VAT, which is equal to two manths rental as adjusted under cl. 3 above, It is explicitly agreed that pursuant to cl 4 of the Contract of Lease dated March 31, 2013 the amount of THREE HUNDRED FIFTY ONE THOUSAND PESOS (P351,000.00) Philippine Currency was already deposited by the LESSEE in favor of the LESSOR and accordingly under the provisions of the present Addendum the LESSEE is only liable to adjust existing guarantee deposit by remitting and extra amount of FORTY NINE THOUSAND SIXT PESOS (P 49,960.00) Philippine Currency, in favor of LESSOR.

This deposit shall be non-interest bearing and shall be applied in case there are unpaid rentals including unpaid bills and utility charges on the leased premises and any obligation remaining outstanding of the LESSEE and LESSOR, without prejudice to the right of the LESSOr to seek legal remedies against the LESSEE for whatever amounts which cannot be covered by this deposit, in the following order of priority: a. Firstly, against the unpaid rentals; b. Secondly, against unpaid bills or utility charges like electricity, telephone, etc.; c. Thirdly, against any obligation remaining outstanding of the LESSEE to the LESSOR