FN 25-15

CONTRACT OF LEASE
(PARKING SPACE)

KNOW ALL MEN BY THESE PRESENTS:

This Contract of Lease made and entered into this __________ day of _________, 20__,
at Makati City, Philippines, by and between:

______________________________, a corporation duly recognized and

existing under the laws of the Republic of the Philippines, herein represented
by its _________________, __________________, duly authorized for the
purpose, with postal address at ________________________________, herein
after referred to as the “LESSOR”.

-and-

__________________________, of legal age, Filipino, single / married,

currently (position of LESSEE) of (name of company), with postal address at
________________________________, and herein after referred to as the
“LESSEE”;

WHEREAS, the LESSOR is currently the Owner-representative of the parking space

located at __________________________________________ by virtue of its lease
contract of the abovementioned office space, which includes the said parking space,
subject of this lease.

WHEREAS, the LESSOR has offered to lease its parking space particularly SLOT NO.
______ located at the _________ basement of the building since the same is not being
utilized by the LESSOR;

WHEREAS, the LESSEE has accepted to lease the said parking space from the
LESSOR under such terms and conditions hereinafter set forth;

NOW, THEREFORE, for and in consideration of the foregoing premises and the terms
and conditions hereinafter set forth, the LESSOR hereby leases unto the LESSEE, and
the LESSEE accepts from the LESSOR, the leased premises defined under the following
terms and conditions:

1. LEASED PREMISES – The LESSOR hereby leases to the lessee and the latter
hereby accepts in lease ONE (1) parking space within the above stated location in the
________ basement of the building

2. TERMS – The term of this lease shall be for a period of ________ (____) months
and shall commence on __________________________ unless sooner terminated by
the Lessor as hereinafter provided.

3. HOLD-OVER – If, for any reason whatsoever, this LESSEE shall hold over the
Leased Premises beyond the Lease Period herein created, such hold-over shall be
construed as a tenancy from month to month and upon the same terms and conditions
as herein constrained; provided, however, that if the LESSEE holds over the Leased
Premises beyond the Lease Period or that of its lease over its office premises without
the consent or approval and/or against the wishes of the LESSOR, of liquidated
damages an amount equivalent to three (3) times the monthly rentals stipulated
herein; provided, however, that the payment by LESSEE of such liquidated damages
shall not construed to extend or renew this Contract.
 FN 25-15 . . . P2

4. RENTALS – For and in consideration of the use of the parking spaces, the LESSEE
shall, without need of prior notice or demand, pay to the lessor, at the office of
____________ in advance and within the first five (5) working days of every quarter
the total amount of P __________.00 (or a monthly rental equivalent of P
________.00) as payment for the said parking space.:

5. PENALTY INTEREST – In case of default in the payment of rentals, when the

same become due and payable, the amount owing shall be interest at the rate of three
percent (3%) per month, to be computed on a daily basis from the date of default
until fully paid, without prejudice to the right of the Lessor to terminate this until the
delinquencies are settled. In the event that the delinquency is settled prior to the
extension of a full month, the interest charges shall be computed on the basis of the
fractional part of the month that has already expired.

6. DEPOSIT – The LESSEE shall, upon signing of the Contract, pay to the LESSOR
an amount equivalent to one (1) monthly rental for the said parking space, which
amount shall constitute a deposit to be held and applied by the LESSOR to answer
for any and all damages to the Leased Premises due to the fault of the LESSEE, and
security for the return of the leased Premises, and for the LESSEE’s due observation
of and faithful compliance with, the terms and conditions of this Contract. The said
deposit shall unless the same is subject to forfeiture under paragraph 9 hereof, be
refundable thirty (30) days from the expiration of the Lease period or the Contract.

7. USE AND CARE OF THE LEASED PREMISES – The Lessee shall be entitled to
the use of the Parking Space duly leased daily for the parking of its vehicles, under
the following conditions:

(a) Lessee must provide Lessor a complete description of all its vehicles including
model, color and plate number (at least photocopy of its OR/CR, including its
alternate vehicle).

(b) All Vehicles may enter and leave the parking area in accordance with the
building’s rules and regulations.

(c) The Lessee may use the leased premises for Vehicles, other than its own,
provided prior written notice is given the Lessor which notice must include the
complete description of the substitute Vehicle.

(d) Under no circumstances shall the Lessee park trucks, lorries, vans trailers or any
other heavy-type Vehicles in the leased premises.

(e) Overnight parking may be allowed but only upon prior written consent of the
Lessor and subject to the Building’s rules and regulations governing the same, if
any.

8. SECURITY SERVICES

(a) The Lessor shall take precautions for the Security of its Vehicle or substitute
vehicle parked inside the parking space and for this ‘purpose shall provide at its
own expense, security guard service to police the leased premises, if required.
However, the Lessor shall not be accountable or liable for any loss, injury,
destruction of, or damages to the Lessee’s vehicles in the leased premises by
reason of theft, robbery, arson or other crimes.

(b) The Lessee shall be liable for any damage caused to the leased premises and its
accessories and to other vehicles parked therein and for any injury to the Lessor’s
personnel and/or other third parties due to its agent’s carelessness or negligence
while operating its Vehicles inside the parking area.
 FN 25-15 . . . P3

(c) Notwithstanding any provision of this contract to the contrary, the Lessor
reserves the right, for Security or other reasons, to temporarily prevent the
Lessee’s motor vehicles from entering or leaving the parking space or from
moving from space where it is parked on to another space.

(d) The Lessee shall not assign or transfer his rights in this contract to another person
or entity without the prior written consent of the Lessor.

(e) The Lessee binds itself to comply with and obey all rules and regulations which
the Lessor may promulgate from time to time for the orderly administration of
the parking area and for the safe and convenient movement of motor vehicles
therein, including but not limited to rules and regulations pertaining to traffic,
security, sanitation and orderliness, persistent and/or habitual violations by the
Lessee of such rules and regulation shall constitute sufficient grounds for the
Lessor to terminate this contract and/or to cancel the parking privilege of the
specific employee, agent or representative of the Lessee who committed such
violations.

9. ABANDONMENT OF THE LEASED PREMISES – In the event that the Lessee

abandons the leased premises or that of its office premises, prior to the expiration of
the lease period or any extension or renewal thereof, the Lessor shall consider this
contract terminated and may lease the parking space to other lessees provided that the
Lessee shall be responsible for the rental on the leased premises until a new-tenant
comes in or the lease expires, whichever comes first.

10. EVENTS OF DEFAULT – The Lessee shall be deemed in default within the
meaning of this Contract in any of the following instance:

(a) The Lessee fails to fully pay on time the monthly rentals fixed herein;

(b) The Lessee violates any of the terms and condition stipulated herein and such
violations remain unremedied after due written notice;

(c) The Lessee abandons or is deemed to have abandoned the leased premises under
paragraph 9 (a) of this contract and the Lessee fails to respond within 30 days to
Lessor’s written notice.

11. CONSEQUENCE OF DEFAULT - Upon the occurrence of any of the events of

default as set forth in the preceding paragraph, the Lessor shall have the following
right, without incurring any civil or criminal liability as a consequence of the exercise
of such demand:

(a) To terminate this contract of lease without the need of any prior notice or
demand.

(b) To immediately repossess the leased premises and offer the same for lease to
other tenants or lessees;

(c) To demand and receive from the Lessee payment for any and all unpaid rentals
and other financial obligation stipulated in, or arising out, of this contract;

(d) To automatically forfeit in its favor, the deposit referred to in paragraph 8 of this
agreement.
 FN 25-15 . . . P4

12. APPLICABILITY OF CONTRACT OF LEASE OVER OFFICE PREMISES

It is hereby stipulated herein that all the provisions of the Contract of Lease of
the LESSOR over its office premises, when not inconsistent herewith, shall form
part of this contract and shall be valid and enforceable between parties hereto.

The LESSEE hereby acknowledges that this lease arrangement is co-terminus to

Lessor’s Contract with the Principal owner of the said leased premises, although
Lessor may endorse the same to the Principal to honor and respect the said
parking lease contract until expiry date.

IN WITNESS WHEREOF, the parties have hereunto set our hands this _______ of
_____________ at ______________, Metro Manila, Philippines.

________Name of Company_________ _________________________

_______________________________ Position
Position Name of Company
LESSOR LESSEE

SIGNED IN THE PRESENCE OF:

__________________________ ___________________________

(Notarial Acknowledgment)