CONTRACT OF LEASE

KNOW ALL MEN BY THIS PRESENTS:

That this agreement, made this_____ day of October 2008, by and

between CAMILO TENLEY L. DURANO, of legal age ,married, Filipino and a
resident of Roxas Extension, Digos City, hereinafter called the LESSOR, and the
IGLESIA NI CRISTO, with its executive Minister, ERAÑO MANALO, as
corporation sole, duly organized and existing pursuant to the laws of the
Republic of Philippines, with central office at No. 1 Central Avenue, New Era,
Quezon City, Philippines, and represented in this Act by EFREN L. VALENCIA,
likewise of legal age, married, Filipino and postal address at San Jose, Digos
City, hereinafter called the LESSEE,

WITHNESSETH:

That the LESSOR is an owner of a parcel of land by virtue of a Deed of

Sale before the faith of ATTY.JOSE G. GENTUGAYA and entered in his Notarial
Registry as Doc.No.1,500; Page No. 68; Book No. 06; Series of 2000; dated
January 31, 2000 ;

That the LESSOR is the absolute owner and possessor of that parcel of land
Situated in Sinayawan, Hagonoy, Davao del Sur, covered by Transfer Certificate
of Title No. T-27008 of the Registry of Deeds for Davao del Sur and Tax
Declaration No. 02-04020-00470A with an assessed value of NINE THOUSAND
FOUR HUNDRED SIXTY(P 9,460) and more particularly described as follows;

“ A parcel of land (lot 16956-B, psd-1124-02-034872), being a portion of lot

16956, Cad-275, Sta. Cruz Cadastre, situated in Barrio Sinayawan, Hagonoy,
Davao del Sur, Philippines. Bounded on the N., by Municipal Road; on the E., by
lot 16956-A of the subd. Plan; on the S., by lot 16955, Cad-275 (lot 14868-B,
Csd-11-003666-D); by lot 13359, Cad-275; on the W., by lot 16956-C of the subd.
Plan; and containing an area of FOUR HUNDRED SEVENTY SEVEN (4,077)
SQUARE METERS, more or less. Said Transfer Certificate of Title was issued by
the Register of Deeds of Davao del Sur”

That the LESSEE above-named is desirous of leasing a PORTION of the

above-described parcel of land containing an area of ONE THOUSAND EIGHT
HUNDRED (1,800) square meters, under the following terms and conditions
hereinafter provided.

NOWTHEREFORE, for in consideration of the parcel of land, and of the

mutual covenants and stipulation hereinafter set forth, the parties hereto hereby
agree as follows:

1. That the LESSEE agrees as consideration of this lease, to pay the

LESSOR, his heirs and assign, an annual rental of FIVE THOUSAND
(5,000.00) PESOS Philippine Currency, during the whole period of the
lease.

2. That the term of the lease will be ONE (1) year, subject to renewal
upon agreement of the both parties.

3. That the land will be used for chapel site and ministerial residence, or
for related purposes.

4. That the LESSOR agrees that the LESSEE performing the conditions
of the lease shall peacefully and quietly have, hold and enjoy said
leased for the term aforesaid.
 5. That upon the termination of this contract, the LESSOR shall allow the
LESSEE to remove whatever improvements introduced hereon,
subject to pre-emption by the former upon payment to0 the latter of the
just value thereof.

6. That should the above-mentioned property be sold, the LESSOR shall

give the LESSEE the first option to purchase the same, otherwise the
former shall be liable to the latter for damages in case of breach
hereof.

IN WITNESS WHEREOF, I have set my hand this____ day of October

2008 at Digos City, Davao del Sur, Philippines.

IGLESIA NI CRISTO CAMILO TENLEY L. DURANO

Lessee Lessor
TAN: 0304-423-7

By: EFREN L. VALENCIA With my Marital Consent:

(Authorized Representative)
__________________________
Wife

SIGNED IN THE PRESENCE OF:

ISIDORO RATILLA SEGUNDINO BAURA

ACKNOWLEDGEMENT

REPUBLIC OF THE PHILIPPINES)

) S.S.

Before me this _____ day of October, 2008 at the City of Digos,.

Personally appeared to me the with their ctc nos. or any valid ID
CAMILO TENLEY L. DURANO _______________________________________
EFREN L. VALENCIA ______________________________________________
Both known to me the same persons who caused the execution of the
instrument and they acknowledged to me that the same is their own free act and
voluntary deed.

This instrument is consisting TWO (2) pages, including this whereon the
acknowledgment is written, has been signed by the party and witnesses on each
and every page thereof, sealed with my notarial seal.

WITNESS MY HAND, at the City of Digos, Province of Davao del Sur, on

this_____ day of October , 2008.