Contract Of Lease-2.docx

Contract of Lease KNOW ALL MEN BY THESE PRESENTS:

This CONTRACT OF LEASE is made and entered into by and between:

______________, of legal age, a Filipino citizen and a resident of OOOO, hereinafter referred to as the LESSOR,

- and -

_______________, likewise of legal age, a Filipino citizen, and a resident of PPPP, hereinafter referred to as the LESSEE.

Witnesseth, THAT:

WHEREAS, the LESSOR is the owner of a store space for rent located at Aviles corner Lopez Jaena Streets, Ormoc City, Philippines;

WHEREAS, the LESSEE has offered to lease from the LESSOR and the latter has agreed to lease unto the above-mentioned store space;

NOW, THEREFORE, the LESSOR hereby leases unto LESSEE and latter accepts in lease the above-mentioned commercial space, under the following terms and conditions:

1. This lease shall be for a period of TWO (2) YEARS, commencing on July 1, 2018 and expiring on July 1, 2020, renewable upon mutual consent of both parties and subject to such terms and conditions mutually acceptable by the PARTIES at the time of the renewal of this lease.

The LESSEE shall inform the LESSOR two (2) months before the expiration of this contract should it wish to renew the same;

2. That the responsibility for the minor repairs caused by ordinary wear and tear shall be borne by LESSEE;

3. The LESSEE shall pay to the LESSOR rental, which is payable every 1st day of the month, at the rate of _____________ Philippine currency, per month. The LESSOR also hereby acknowledge the receipt of the amount of ___________________, representing one (1) month advance rental and one (1) month deposit;

4. That the LESSEE agrees that any unpaid rental after the due date indicated in paragraph 5 hereof, shall bear a compounded penalty fee of Six Percent (6%) interest of the amount due every month or a fraction of a month’s delay and after a period of First (1) calendar day, the LESSOR has the option to refer the unpaid accounts to a collection agency or Lawyer for collection which shall be at the expense of the LESSEE. Furthermore, the LESSOR has the option of applying the deposit tendered under paragraph 3 hereof, to the unpaid obligation, including the penalties if any, of the LESSEE including the unpaid utility bills;

5. Under no circumstances will the leased premises be subleased to any other person or entity without the written consent and approval of the LESSOR;

6. During the term of this lease, the LESSEE shall pay and defray for any and all cost of water, electricity, telephone and all other bills for the services connected with the leased premises;

7. The LESSEE shall be responsible for paying the taxes and for filing the necessary BIR Return such as Monthly Remittance Return of Creditable Income Taxes Withheld;

8. The LESSEE shall hold the LESSOR free and harmless from and against any claim or demand by their persons for injury or death or loss or damages, including claims for damage to property resulting from any accident on the leased property or occasioned by any nuisance made or suffered on the premises unless caused by the fault or negligence of the LESSOR, or any of its employees, representatives or agents;

9. If, LESSEE, after the expiration of the term of this contract, shall continue to occupy the leased premises with the consent of the LESSOR, such extension shall be governed by the terms and conditions herein stipulated, however, the term shall be on a month-to-month basis and with the rate of rental to be determined by the LESSOR;

10. The LESSEE or the LESSOR may pre-terminate this contract, PROVIDED that notice shall be given to either party two (2) months prior to the intended date of termination;

11. Any breach on the conditions provided for in this Contract shall be a ground for rescission of this Contract and the immediate ejectment of the LESSEE. Should court action be required, all expenses relative to the case shall be borne by the LESSEE. In case of any controversy arising out of this Contract, the parties hereby agree that the venue of any court action shall be in Ormoc City, Philippines alone, to the exclusion of all other courts.

IN WITNESS WHEREOF, parties have hereunto affixed their respective signatures this 3 day of August 2018 in Ormoc City, Philippines. rd

Lessor

Lessee

Postal ID No.

Driver’s License No.

Valid until

Valid until

Signed in presence of: ________________________ ________________________ Republic of the Philippines} CITY OF ORMOC}S.S.

BEFORE ME, a Notary Public for and in Ormoc City, Philippines, personally appeared _______________ and __________, who both represented to me to be the same persons who

executed the foregoing instrument, exhibiting to me competent proof of their true identities as shown by the data indicated below their respective names, and who acknowledged to me that the same is their free and voluntary act and deed. This instrument refers to a CONTRACT OF LEASE and consists of two (2) pages including the page on which this acknowledgment is written, signed by the parties and their instrumental witnesses on each every page hereof. WITNESS MY HAND AND SEAL this 3rd day of August 2018 in Ormoc City, Philippines.

Doc. No. ______; Page No. ______; Book No. XXXVIII; Series of 2018.