(Contract of Lease Condominium Unit)

CONTRACT OF LEASE

KNOW ALL MEN BY THESE PRESENTS:

This Contract of Lease, made and entered into by and between:

_____________, a domestic corporation duly organized and existing under and

by virtue of the laws of the Republicof the Philippines, with principal office at

_____________, Philippines and represented in this act by its __Positition__,

__Officer__, (hereinafter referred to as the "LESSOR");

- and -

_____________, of legal age, Filipino, (single / married / widow), and a

resident of _____________, Philippines, (hereinafter referred to as the

"LESSEE");

 

WITNESSETH: that -

WHEREAS, the LESSOR is the owner of a condominium unit located at

_____________, more particularly described as follows:

(Technical Description of Condo Unit)

WHEREAS, the LESSEE desires to occupy the above-named condominium

unit and the LESSOR is willing to leasethe same unto the LESSEE, subject to

the terms and conditions hereinbelow set forth.

NOW, THEREFORE, for and in consideration of the foregoing premises and

the covenants hereinafter stipulated, the parties hereby agree as follows:

1.Term: This lease shall be for a duration of _________ (____) year

commencing from _____________ and to end on _____________, renewable at

the option of the LESSEE at such new terms and conditions as may agreed

upon by the parties.

2.Rental: The LESSEE agrees to pay the LESSOR the monthly rental

fee of Pesos: __________________________ (P_____________), Philippine currency.

Upon signing of this Contract of Lease, the LESSEE shall pay the LESSOR

__________ (_____) months' rentals in advance to be applied on the last

__________ (_____) months of the termof this LEASE.The LESSEE shall also

issued ________ (____) post-dated checks covering the monthly rentals for the

duration of this LEASE.

3.Deposit: The LESSEE shall also pay the LESSOR the sum of __________

(_____) months deposit of Pesos: _____________ (P___________), Philippine

Currency, to guarantee the payment of any damage to the leased premises,

unpaid utilities and other obligations to third parties by the LESSEE during

the term of the agreement, which deposit shall bear no interest. Unless

applied to said damages, unpaid utilities and other obligations to third

parties, said deposit shall be returned to the LESSEE within _________ (_____)

days after the termination of this agreement: Provided, however, that the

deposit cannot be applied to unpaid back rentals owed by the LESSEE prior

to the expiration of this agreement. Furthermore, if the LESSEE vacates the

premises before the expiration of the period of lease, the total amount of the

deposit and advance rentals shall be forfeited in favor of the LESSOR.

4.Association Dues: Association dues per month of Pesos: _____________

(P___________), Philippine Currency or as may be determined by the

Association from time to time, including interest or penalties that may be

imposed for late payment, shall be for the account of the LESSEE.

5.Use of the Premises: The premises shall be used exclusively for residential

purposes only of the LESSEE and the immediate members of (his/her)family

and shall not in any way be used for any illegal or unlawful activity or to keep

materials, chemicals and other matters considered as fire hazards or

nuisance to the building.

6.Improvements: The LESSEE shall not make any alteration, structural

changes or improvement in the leased premises without the prior written

consent of the LESSOR. However, at the termination of the lease, the same

not having been renewed by the parties, the LESSEE shall restore the leased

premises in its original state existing at the commencement of the

agreement. Restoration of the LEASED PREMISES shall be for the exclusive

account ofthe LESSEE. Any improvement after the lease is terminated and

after the LESSEE shall have vacated the premises shall belong to the

LESSOR.

7.Facilities: All charges for water, electricity, telephone, association dues and

other public utilities used in theleased premises as well as janitorial and

security services or any other charges as may be imposed by the building

administrator of the condominium building shall be for the account of the

LESSEE. The LESSEE hereby guarantee the prompt payment of any and all

charges heretofore mentioned as they fall due. Any delay in the payment

thereof shall constitute a material breach of this agreement.

8.Insurance: The LESSOR shall insure the leased premises against fire.

Should the leased premises be damaged by fire, earthquake, storm or any

fortuitous events to the extent that the same be rendered untenable this

agreement shall be automatically canceled and the deposit as well as the

unused portion of the advance rentals be refunded within _____________

(_______) days, minus any unpaid obligation.

9.Repairs: The LESSEE shall, during the duration of the lease, make all minor

repairs on the leased premises to preserve the same in serviceable or

tenantable conditions at the LESSEE's expense except replacement of parts

due to natural wear and tear. The LESSEE, however, shall give advance

written notice to the LESSOR of Ten (10) days prior to undertaking any minor

repair. All damages caused to the leased premises due to the fault, misuse,

carelessness, and/or negligence or on account of the use thereof by the

LESSEE and other occupants therein shall be made good and repaired by the

repairs done. Should the LESSEE fails to make the necessary and appropriate

repairs within five (5) days from demand, the LESSOR shall undertake the

needed repairs and shall charge the costs thereof to the LESSEE.

10. Inspection of the Premises: To ensure that the lease premises is being

maintained in good and tenantable conditions, the LESSOR or his authorized

representative is hereby given the right after due notice, to enter and

inspect any part of the leased premises during reasonable hours and as the

occasion thereof might require.

11. Assignment and Sub-Lease: The LESSEE hereby shall have no right to

assign or transfer its rights, interest and obligations under

the lease contract or sub-lease contract premises or any portion thereof to

any person or entity without the prior written consent of the LESSOR.

12. Injury or Damage: The LESSEE hereby assumes the full responsibility for

any damage which may be caused to the person or property of any third

person in the leased premises during the duration of the lease. LESSEE

further binds himself to hold the LESSOR free and harmless from damages as

a result thereof, unless such damage or liability arose out of structural or

other inherent defects in the leased premises or is due to the fault of the

LESSOR, his agent or representatives.

13. Sale of Leased Premises: The LESSEE recognizes the right of the LESSOR

to sell or otherwise convey ownershipof the leased premises to any other

interested party, provided the LESSEE's rights under the lease are respected.

14. Hazardous and Prohibited Materials:The LESSEE shall not keep or store in

the lease premise any hazardous and obnoxious substance or inflammable

material or substance that might constitute a fire hazard or other chemicals

and materials or prohibitive drugs in violations of the laws of the Philippines.

15. Rules and Regulations: The LESSEE binds himself to comply with the

existing rules and regulations promulgated by the building administrator

and/or association and any other environmental or other laws, ordinances,

rules and regulations applicable to the leased premises.

16. Violations: The LESSOR may, at this options, consider this agreement

automatically rescinded and canceled, without need of any court action,

upon ten (10) days notice given to the LESSEE based on any of the following

grounds:

a.Failure of the LESSEE to pay two (2) months advance rental and other bills

or charges therefore mentioned as they fall due for any reason whatsoever

within the period to pay.

b.For any violation made by the LESSEE or its agents and

representatives of any of the terms and conditions stipulated in this contract.

c.In case the leased premises shall be vacated or abandoned for a

period of thirty (30) days without prior written notice to the LESSOR.

Consequently, the LESSOR is hereby permitted authorized by the LESSEE to

enter the premises, either by force or otherwise, without being liable to

prosecution therefor.

Upon termination of the contact of lease based on any of the foregoing

grounds and upon demand, the LESSEE shall immediately vacated and

peacefully surrender possession of the lease premises to the LESSOR or his

duly authorize representative.

17. Remedies: In addition to the provisions of the proceeding paragraph, the

LESSEE hereby acknowledges and recognizes the right of the LESSOR to

avail or resort to any or all of the following remedial measures without

needof court action:

a.In case of failure of the LESSEE to pay or settle any due and unpaid

obligations (rentals, electricity, water, telephone, association dues etc.) as

provided for under this lease contract , the LESSEE hereby authorizes the

LESSOR, who is hereby given the right, to disconnect all facilities such as but

not limited to disconnect all facilities such as but not limited to electricity,

telephone, water in the leased premises without need of further notice to the

LESSEE.

b.Likewise, until the aforesaid unpaid obligations are paid or settled, the

LESSEE hereby given the rights, to re-renter the lease premises, remove all

persons therefrom, take possession of any of all furniture, fixtures and

equipment's found thereon or therein and/or padlocked the door of the

premises.

c.Moreover, by way of a security or to secure the payment of any of the

unpaid obligations of the LESSEE , the LESSEE consents and authorizes the

LESSOR to retain possession of any of all the furniture, fixtures and

equipment's that may found on the premises as belongings to the LESSEE

until such time that all the unpaid obligations of the LESSEE are paid or

settled.

d.If after ten (10) days from the date the LESSOR shall have taken

possession of the aforesaid furniture, fixtures and equipment by

way of security, the LESSEE still fails to pay or settle its unpaid obligations to

the LESSOR the LESSEE hereby consents and authorizes the LESSOR to sell

by way of public or private sale any or all the furniture's fixtures equipment

as may be sufficient to pay or settle the lessee's unpaid obligations plus the

accrued interests and attorney's fee equivalent to 25% of the total amount

due and unpaid. All expenses that may be incurred in the sale shall be for

the account of the LESSEE.

For purposes of selling the aforesaid properties, the LESSEE hereby

irrevocably appoint the LESSOR as its attorney-in-fact to sell and

dispose of any or all of the aforesaid the property of the LESSEE in a private

or public sale at a price as may be determined to be just and reasonable by

the LESSOR and to apply the proceeds therefrom to any or all the unpaid

obligations of the LESSEE.

If the sale proceeds should proved to be inadequate to fully payer settle the

unpaid obligations of the LESSEE, the LESSEE shall remain liable to the

LESSOR for any of the deficiency.

Should the proceeds of the sale of any of the aforesaid properties be

sufficient to pay or settle all of the lessee's unpaid obligations, the LESSEE

may get back its other properties not sold by the LESSOR. If after thirty(30)

days from written notice of the LESSOR directed to the last known

address of the LESSEE, the LESSEE still fails to get back the remaining

properties, said properties shall then be deemed abandoned in favor of the

LESSOR.

The above enumerated remedies oproved for the LESSOR shall not be

exclusive, but shall be cumulative and without prejudice to any court action

that may be instituted by the LESSOR for any causes of action that may arise

under this contract of lease.

18. Attorney's Fee: In case the LESSOR resorts to judicial action base upon or

in connection with this leasecontract, the LESSEE hereby agrees to pay

attorney's fee equivalent to _____________ (_______%) percent of the total

amount involved pr claimed by the LESSOR as against the LESSEE plus all

court expenses and/or costs oflitigation.

19. Venue: All court actions from this contact of lease shall be filed only in

the proper courts of _____________, Philippines to exclusion of all other courts.

20. Time of Essense: Time is the essence hereof any waiver by the

LESSOR of a breach of any term, covenant or condition herein contained,

whether express or implied, shall not constitute of a waiver of any

subsequent breach thereof, or a breach of covenant to pay the rent so

accepted. No waiver by the LESSOR shall be deemed to have been made

unless expressed in writing and signed by the LESSOR.

IN WITNESS WHEREOF, the parties have hereunto set their hands, this

_____________ at _____________, Philippines.

LESSOR LESSEE

SIGNED IN THE PRESENCE OF:

__________________ _________________

(ACKNOWLEDGMENT)