LEASE CONTRACT

KNOW ALL MEN BY THESE PRESENTS:

This CONTRACT OF LEASE is made and executed at the City of

_________________, this __th day of _________ 2020, by and between:

TERESITA M. ZENIT, married, Filipino, of legal age, and a resident of No. 9 St.
Andrew Street, St. Charbel Executive Village, Bgry. Talipapa, Quezon City,
hereinafter referred to as the LESSOR.

-AND-

_________________________________________________, married, Filipino, of

legal age, and a resident of
_________________________________________________, hereinafter referred
to as the LESSEE.

WITNESSETH: That

WHEREAS, the LESSOR is the absolute and registered owner of an apartment

unit more specifically Unit __ with a net leasable area of _______ (__) square
meters located at No. 146 Capillian Street, San Francisco Del Monte, Quezon City,
hereinafter referred to as the “Leased Property”;

WHEREAS, the LESSOR agrees to lease-out the property to the LESSEE and the
LESSEE is willing to lease the same;

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

LESSOR leases unto the LESSEE and the LESSEE hereby accepts from the
LESSOR the LEASED premises, subject to the following:

TERMS AND CONDITIONS

1. PURPOSES:  That the premises hereby leased shall be used exclusively by the
LESSEE for residential purposes only and shall not be diverted to other uses.
2.  TERM:  Five (5) years, to start on 1 November 2020 and to end on 31 October
2025. At least one (1) month prior to the expiration of the lease contract, the
LESSEE should serve upon the LESSOR a written notice of its intention to renew
the lease.

Should the tenant fail to communicate his intention to renew, and/or until a final
agreement to renew the lease contract is agreed upon by the parties, the lessor shall
have the right to view the leased premises and offer it to other prospective tenants
upon a 24-hour written notice to the current lessee.

3.  RENTAL RATE: The net monthly rental rate shall be PESOS:
________________________________ THOUSAND PESOS AND 00/100
(PhP_____,000.00), Philippine Currency, (VAT inclusive and less Withholding
Tax). All rental payments shall be payable to the LESSOR on or before the 5 th day
of each month.

4.  ESCALATION: The Monthly Rental shall be subject to a five percent (5%)
cumulative increase, computed on an annual basis at the start of the first month of
the second year. For the avoidance of doubt, the increases in the Monthly Rental
shall be computed as follows:

During the Initial Term:

Inclusive Dates Monthly Rental Escalation

Year 1: 1 November 2020 – 31 October Php ____.00 N/A

2021
Year 2: November 2021 – 31 October Php ____.00 5%
2022
Year 3: November 2022 – 31 October Php ____.00 5%
2023
Year 4: November 2023 – 31 October Php ____.00 5%
2024
Year 5: November 2024 – 31 October Php ____.00 5%
2025

5. SECURITY DEPOSIT: Upon execution of this Contract, it is understood and

agreed that LESSEE already paid to the LESSOR a non-interest bearing security
deposit [equivalent to one (1) month base rent] in cash in an amount of PESOS:
______________________________ THOUSAND ONLY (PhP____,000.00) to
answer and stand as security for the proper and due performance of all of
LESSEE’s obligations under this Contract as well as the damage suffered by the
Leased Premises for which LESSEE is liable. The existence of such security,
however, does not and should not excuse LESSEE’s non-payment of rent.
LESSEE shall be required to maintain the Security Deposit in the amount
equivalent to one (1) month current rate and such Security Deposit shall be
increased correspondingly by LESSEE as and when the rent increases. Such
increase shall be payable on or before the due date specified in the applicable
Statement of Account.

The security deposit, at the sole discretion of LESSOR, shall be applied by

LESSOR as payment by LESSEE for whatever accounts, expenses, charges, claims
and damages that are due and chargeable from LESSEE such as, increases in realty
tax on the building incurred as a result of improvements introduced by LESSEE,
utility bills, interest, penalties and taxes in the event LESSEE will default in the
payment of these accounts, and the security deposit shall not be utilized and
applied as rental payment on the Leased Premises by LESSEE to LESSOR
during the term of the lease. LESSEE shall replenish the Security Deposit thirty
(30) days from notice in the event LESSOR shall apply the Security Deposit, or so
much thereof, as payment by LESSEE for whatever accounts, expenses, charges,
claims and damages (except rentals) that are due and chargeable from LESSEE.

The security deposit referred to in this Article shall be forfeited in favor of

LESSOR upon the occurrence of any of the following events: (i) LESSEE fails to
occupy the Leased Premises for the full term of the lease or any extension or
renewal thereof, or (ii) this Contract is terminated by LESSEE for whatever reason
prior to the expiry date of its term, other than those reasons provided in this
Contract for which no penalty is provided.

Upon the occurrence of any of these events, the security deposit (or the balance
thereof which should otherwise have been returned to LESSEE had such
termination not have occurred) shall be forfeited in favor of LESSOR, in addition
to whatever damages which may be due to the termination of this Contract. In the
event, however, that this lease is terminated at the instance of LESSOR without
any fault or negligence of LESSEE but with its conformity, the security deposit
shall be returned to LESSEE, net of the amounts which may be deducted therefrom
under this Article or elsewhere under this contract.

The security deposit shall be returned to LESSEE, without interest, within thirty
(30) calendar days after the expiration of the term of this lease or the termination of
this lease, as may be applicable, less whatever actual and documented amounts
LESSEE may owe LESSOR or which LESSOR may apply against the security
deposit as provided hereunder. It shall be understood, however, that the application
of the security deposit against any unpaid obligations of LESSEE shall be effected
only at the termination of the lease. LESSOR shall, notwithstanding the delivery of
the Leased Premises to LESSOR by LESSEE, have the right to withhold any
portion of the security deposit until LESSOR shall have received statements of
account from utility companies supplying telephone, water, electric power or
public utility services to the Leased Premises, covering the period ending on the
date LESSEE shall have completely vacated and delivered the Leased Premises to
LESSOR. The amount withheld shall answer for such payment and the excess
amount, if any, shall be returned to LESSEE without interest. Likewise, should
LESSEE have any other uncontested obligation which remains due and unpaid
under any other contract with LESSOR, LESSOR shall have the right to apply the
amount of these unpaid uncontested obligations against the security deposit in
settlement of these unpaid obligations of LESSEE to LESSOR upon the
termination of the lease.

6. ADVANCE RENTAL: Upon execution of this Contract, it is understood and

agreed that LESSEE already paid to the LESSOR, in addition to the Security
Deposit, an advance rental equivalent to two (2) monthly rentals or the aggregate
amount of PESOS: ____________________________________________,
Philippine Currency, which shall be applied as payment to the last two (2) months
of the lease term.

7. TURN OVER: The LESSOR delivered the peaceful physical possession of the
Leased Premises to LESSEE in “as is, where is” condition.

9. APPROVAL OF LEASEHOLD IMPROVEMENTS: LESSEE shall submit

architectural, electrical and other plans (“Plans”) for its proposed improvements
within the Leased Premises in such form and detail acceptable to LESSOR.
LESSOR hereby reserves the right to reasonably disapprove the whole or any part
of such Plans. In this regard, LESSOR shall, within seven (7) working days from
receipt of the Plans, furnish LESSEE with its written approval thereof or otherwise
comments thereon for LESSEE’s compliance. After receiving LESSOR’s written
approval of the Plans, LESSEE may proceed to introduce such improvements
upon the Leased Premises at its own expense, Provided: that the structural
integrity and safety of the Leased Premises, as well as the Building are not
impaired thereby, and Provided, further: that the other terms and conditions of this
Contract are not violated thereby.

LESSEE shall submit together with the Plans, a declaration of estimated electrical
load for the Leased Premises and a detailed list of the fixtures, appliances, devices
and equipment which LESSEE requires for its regular operations and which will
consume electrical power. During the term of the Lease, LESSEE shall allow
LESSOR’s representatives to conduct regular inspections of LESSEE’s electrical
load.

10. SUBLEASE/TRANSFER OF LEASE:  The LESSEE shall not sublease all

or any part of the leased premises nor assign or transfer its rights under this
contract without the prior written consent of the LESSOR. Also, LESSEE shall not
mortgage, encumber or create any security interest in and to the leasehold rights
granted hereunder to LESSEE.

11.  PUBLIC UTILITIES:  The LESSEE shall pay for its telephone, electric,
cable TV, water, internet, and other public services and utilities during the duration
of the lease.
In the event that LESSEE fails to pay for the charges or fees incurred in connection
with the supply, consumption and use of electricity, water and other public services
and utilities to the Leased Premises for an aggregate period of two (2) months
within a given year, provided there was no dispute, LESSOR shall have the right to
disconnect or discontinue the supply thereof for such period as it shall determine.

LESSOR assumes no responsibility for the inadequacy, quality or interruption in

the utilities or services consumed or supplied in or to the Leased Premises, unless
the same be due to LESSOR’s inexcusable fault or gross negligence.

12.  IMPROVEMENTS AND ALTERATIONS:  The LESSOR shall deliver the

leased premises to the LESSEE on “As-Is-Where-Is” basis. The LESSEE may put
up, at its own expense, all additional and necessary improvements on the leased
premises, provided that, in putting up the said improvements in the leased
premises, the LESSEE shall not in any way damage any part thereof or affect the
structural soundness of the leased premises, and shall be subject to the written
approval of the LESSOR.

Any other alteration, permanent improvements or additions in the leased premises

shall require the prior written consent of the LESSOR. Alteration or permanent
improvements which can be removed without causing damage to the leased
premises shall be owned by the LESSEE at the termination or expiration of the
lease.Otherwise, all other improvements and additions shall become the property
of the LESSOR, without compensation for their value to LESSEE.

Should LESSOR decide, at its sole discretion, that it does not want any or all the
alterations, additions or improvements, it shall so advice LESSEE, who hereby
undertakes to remove the same from the Leased Premises at LESSEE's sole cost. In
such case, any such removal shall be made without causing any damage or injury
to the Leased Premises or any part of the Building.

13.  FORCE MAJEURE:  If whole or any part of the leased premises shall be
destroyed or damaged by flood, lightning, typhoon, earthquake, storm, riot or any
other unforeseen disabling cause of acts of God, as to render the leased premises
during the term substantially unfit for use and occupation of the LESSEE, then this
lease contract may be terminated without compensation by the LESSOR or by the
LESSEE by notice in writing to the other.

14. LESSOR’S RIGHT OF ENTRY: The LESSOR or its authorized agent

shall, after giving due notice to the LESSEE, have the right to enter the premises in
the presence of the LESSEE or its representative at any reasonable hour to examine
the same or make repairs therein or for the operation and maintenance of the
building or to exhibit the leased premises to prospective LESSEE, or for any other
lawful purposes which it may deem necessary.

15.  EXPIRATION OR TERMINATION OF LEASE:  At the expiration of the

term of this lease or cancellation thereof, as herein provided, the LESSEE will
promptly deliver to the LESSOR the leased premises in as good and tenable
condition as the same is now, ordinary wear and tear excepted devoid of all
occupants, movable furniture, articles and effects of any kind.

16.  NUISANCES: LESSEE shall not permit or suffer to be permitted any music
or noise to emanate from the Leased Premises or any part thereof which in the
reasonable opinion of LESSOR constitutes a nuisance or annoyance or give cause
for reasonable complaint from LESSOR or other lessees. Neither shall it permit
any odor or noxious smell, which in the reasonable opinion of LESSOR is
offensive or unusual to emanate from the Leased Premises.

17. DAMAGES FOR HOLD-OVER: If LESSEE fails to return the Leased

Premises to LESSOR at the end of the term of this lease due to causes other than
Force Majeure or the fault or negligence of LESSOR, LESSEE shall pay LESSOR,
as damages, a sum equal to thrice the rental to be paid by LESSEE to LESSOR for
the period during which LESSEE shall retain possession of the Leased Premises.
The exercise by LESSOR of its rights under this Article shall not be interpreted as
a grant of permission to LESSEE to continue in possession of the Leased Premises
beyond the term of this lease, and the damages due to LESSOR hereunder shall be
in addition to the damages which may become due LESSOR under this Contract.

18. LIMITATIONS ON LIABILITY OF LESSOR: Save by its gross

negligence, fault, violation of this Contract or willful misconduct, LESSOR shall
not be liable or responsible in any circumstance, whether tortuous or otherwise, for
any damage or disturbance suffered, whether directly or indirectly, by LESSEE,
whether personally or in respect of the Leased Premises or any contents therein, or
by any of its employees, clients, customers or any other persons whomsoever.
Without limiting the generality of the foregoing, LESSOR shall not be liable
except due to gross negligence, fault, violation of this Contract or willful
misconduct of LESSOR for:

(a) any loss, damage or injury sustained by LESSEE or any such

other person or any of their properties, caused by or through any
accident, happening or in any way owing to:

(i) any failure, poor quality, inadequacy, fluctuation,

interruption, malfunction, explosion or suspension of the
electricity, water, telephone, emergency power or other public
utility services supplied to or intended for the Leased Premises;
 (ii) any seepage, overflow or leakage of water from any pipe,
drain or any part within the Leased Premises or the influx of
rain water into the Leased Premises;

(iii) any activity of rats, pests or vermin in the Leased

Premises;

(iv) Force Majeure;

(v) any escape of fumes, smoke, fire or other substances

from anywhere within the Leased Premises;

(vi) any escape of electric current from electric wiring or

cable situated upon or in any way connected with the Leased
Premises;

(vii) any act, neglect or default of LESSEE or other lessees of

adjoining neighboring premises, or any of its or their respective
employees, clients, guests or customers;

(viii) any damage resulting from LESSEE’s inability to

conduct its business because of a labor dispute, strike, or
lockout of other lessees or LESSOR.

(b) the security or safekeeping of the Leased Premises or any person or

property found therein, including without limitation all furniture, fixtures, goods,
chattels, samples, personal effects, contents or any article delivered to or left in the
Leased Premises.

19. INDEMNIFICATION: LESSEE shall indemnify and keep LESSOR fully

indemnified against all actual and direct claims, actions, demands, actions and
proceedings whatsoever made against LESSOR by any person whomsoever arising
as a result of or in connection with the use and occupancy by LESSEE of the
Leased Premises and against all costs and expenses incurred by LESSOR in
respect of such claims, actions or demands except to the extent that such claims,
actions or demands are directly attributable to LESSOR, employees, agents,
representatives or guests, or a breach by LESSOR of any of its warranties or
representations under this Contract. LESSEE shall indemnify LESSOR for any loss
or damage which may be done to the Leased Premises or any part thereof, due to
the fault or negligence of LESSEE, its employees, agents, customers, clients or
guests.

20.EVENTS GIVING RISE TO DEFAULT AND TERMINATION: LESSOR

shall have the right to cancel or terminate this Contract without need of legal or
judicial action or order upon the occurrence of any of the following events by
giving written notice to LESSEE:
 (a) The term (or renewal) of this lease shall have expired and/or
LESSEE shall have failed to return and surrender the Leased
Premises;

(b) The Leased Premises shall be closed, deserted or unoccupied

for a continuous period of thirty (30) calendar days "without prior
written notice to LESSOR".

(c) LESSEE shall fail to pay for at least two (2) months its share of
electric, emergency power, water, or other public utility or shall fail to
pay the rent or any other amount due hereunder on the date specified
herein for its payment.

(d) LESSEE fails to observe or perform any of the covenants

provided under this Contract of Lease, and LESSEE fails to rectify or
remedy the breach within fifteen (15) days from written demand of
LESSOR;

(e) LESSEE shall become insolvent or be unable to pay its debts

when due or shall commit or permit any act of bankruptcy under the
applicable law;

(f) LESSOR shall have the right to cancel or terminate this

Contract, without incurring any penalties whatsoever, in the event that
LESSEE, due to its fault, fails to observe or perform any of the
covenants provided in this Contract.

21. CONSEQUENCES OF DEFAULT: Upon the occurrence of any of the

foregoing events specified in Paragraph 15 above, LESSOR shall be entitled to
exercise any of the following remedies, alternatively or cumulatively at its
discretion, in conjunction with or separately from any other right or remedy
granted hereunder or under the law, without need for any legal or judicial action or
order:

(a) LESSOR is hereby constituted and appointed as LESSEE's

attorney-in-fact with the following powers and rights upon the
occurrence of any of the events specified in Paragraph 15: (i) to
discontinue the supply of public utilities and services to the Leased
Premises; (ii) to enter the Leased Premises and take an inventory of
the equipment, furniture, articles or merchandise found or located in
the Leased Premises which may be removed therefrom without
defacing or injuring any ceiling, floor, wall or any portion of the
Leased Premises, place any of the same in storage and charge
LESSEE the corresponding storage fees therefore, and; (iii) in case
LESSEE fails to claim said equipment, furniture, articles or
merchandise from storage and liquidate any liability to LESSOR
within thirty (30) days from the date LESSOR takes possession of the
Leased Premises or of LESSEE's personal properties, to dispose of
 said properties in a Notary Public Sale and to apply the proceeds
thereof to the payment of whatever liability and/or indebtedness
LESSEE may have to LESSOR, including expenses incurred by
LESSOR in connection with such sale and to return to LESSEE the
excess amount, if any, without prejudice however to the right of
LESSOR to collect the deficiency, if any. The appointment of
LESSOR as attorney-in-fact of LESSEE shall be considered coupled
with an interest and, hence, shall be irrevocable.

(b) LESSOR shall be entitled to collect from LESSEE, and

LESSEE shall continue to be liable for, the rental of the unexpired
period of the lease term and the penalty and interest charges due
thereon (as applicable). The entire security deposit constituted shall be
forfeited in favor of LESSOR, and LESSEE shall continue to be liable
for all amounts, which shall be due from it as provided under this
Contract. All these amounts shall be due to LESSOR in addition to
whatever damages, whether actual or consequential, which may be
due hereof as well as the damages LESSOR may incur or suffer
arising from the termination of this Contract. In no case shall any
amount due hereunder from LESSEE be applied against the security
deposit, it being understood that the entire amount thereof shall accrue
by virtue of forfeiture in favor of LESSOR.

Should either Party be compelled to seek judicial relief against

the other Party or any of its employees, agents or representatives, the
latter shall, in addition to the actual damages mentioned above, pay an
amount equivalent to twenty (20%) percent of the amount claimed in
the complaint, as attorney’s fees (with a minimum of P50,000.00),
aside from the costs of the litigation and other expenses which the law
may entitle the other Party to recover from Party at fault.

22. EXPRESS CONSENT TO LESSEE TO PUT UP A CELL SITE AT THE

ROOFTOP: Notwithstanding the fact that the 4th Floor/Rooftop is included as a
part of the Leased Premises, the LESSEE herein expressly consents to the
LESSOR to put up a cell site at a portion of the said Leased Premises and LESSOR
or its ASSIGNEE is not hereby made liable to pay rent or reimburse the LESSEE
whatsoever for the use of the said portion.

23. VENUE IN CASE OF LAWSUIT:  In case of law suit arising from this
Contract the parties hereto expressly agree to submit themselves to the jurisdiction
of the appropriate court in the Quezon City only, to the exclusion of all others.

24.  SEVERABILITY:  Any provision of or stipulation in this contract which may

be declared void or unenforceable by final judgment of a competent court shall not
affect the validity or enforceability of the other provisions or stipulations not
affected by such declaration.
25.  This CONTRACT OF LEASE shall be valid and binding between the
parties, their successors-in-interest and assigns.

IN WITNESS WHEREOF, parties herein affixed their signatures on the date and
place above written.

M.M. REYES ENTERPRISES, INC.

___________________________
By: By:

CARLOS B. REYES ___________________________

President Authorized Representative
LESSOR LESSEE
 

Signed in the presence of:

____________________  ____________________

ACKNOWLEDGEMENT

Republic of the Philippines )

Quezon City ) S.S

BEFORE ME, personally appeared:

Name Competent Evidence of Identity Date/Place Issued

M. M. REYES ENT, INC. ________________________ _________________

CARLOS B. REYES ________________________ _________________

________________________ ________________________ _________________

________________________ ________________________ _________________

________________________ ________________________ _________________

known to me to be the same persons who executed the foregoing instrument and acknowledged
to me that the same is their free and voluntary act and deed.
This instrument consisting of FOURTEEN (14) pages, including the page on which this
acknowledgement is written, has been signed on each and every page thereof by the concerned
parties and their witnesses, and sealed with my notarial seal.

WITNESS MY HAND AND SEAL, on the date and place first above written.

Notary Public

Doc. No._____.
Page No. _____.
Book No. _____.
Series of 2020.