Republic of the Philippines )

______________________________)

TERMINATION OF LEASE
 
This TERMINATION OF LEASE is made and executed at
______________________, this _______________________, by and between:

__________________________, of legal age, married, Filipino, and

with residence and postal address at _________________, hereinafter
referred to as the LESSOR;
 
- AND -
 
________________, of legal age, single, Australian national, with
residence and postal address at _______________________, hereinafter
referred to as the LESSEE.

W I T N E S S E T H:

WHEREAS, the parties hereto entered into a Lease Contract dated

______________ with respect to a commercial building with restaurant located at
Muelle, Barangay Poblacion, Puerto Galera, Oriental Mindoro (the LEASED
PREMISES), for a period of five (5) years beginning on February 1, 2017 and
ending on February 1, 2022, with a monthly rental rate of FORTY FIVE
THOUSAND PESOS (PhP 45,000.00) (the LEASE CONTRACT) a copy of which
is attached hereto as Annex “A”;

WHEREAS, the parties mutually desire to terminate the LEASE

CONTRACT prior to its expiration;

NOW, THEREFORE, FOR AND IN CONSIDERATION of the mutual

promises, and for other good and valuable consideration exchanged by the
parties as set for in this Termination Agreement, the parties, intending to be
legally bound, hereby mutually agree as follows:

1. TERMINATION. The parties hereby agree that the LEASE CONTRACT

will terminate as of 31 December 2017. LESSEE will deliver and
surrender possession of the LEASED PREMISES to the LESSOR not
later than 5:00 P.M. on or before the termination date.

2. SECURITY DEPOSIT. The security deposit paid by the LESSEE to the

LESSOR in the amount of PhP 540,000.00 representing the twelve
(12) monthly rentals of the last year of the lease period shall be
returned to the LESSEE, provided that his lease obligations such
as arrears in rentals, utility bills, and other expenses shall be
deducted therefrom.

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 3. LEASE OBLIGATIONS. The outstanding obligations of the LESSEE
consists in arrears on lease payments, penalties, and utility bills as
follows:

3.1. Balance from April & May rentals PhP 10,000.00

3.2. Eight (8) months rentals (June – Jan) PhP 360,000.00
3.3. 10% monthly penalty (April & May arrears) PhP
7,500.00
3.4. 10% monthly penalty (June – Nov) PhP 90,000.00
3.5. Electric Bill ( due 09/04/2017) PhP 20,803.67
3.6. Electric Bill ( due 12/04/2017 ) PhP
TOTAL = PhP 488,303.67

4. NOTICES. Any notices and remaining security deposit shall be

forwarded to:
Lessee Name: Timothy White
Lessee Address: ___________________
___________________

5. MUTUAL RELEASE. The parties shall be fully and unconditionally

released and discharged from all claims and obligations out of the
LEASE CONTRACT upon:
a. Removal by the LESSEE of any of his remaining movables inside
the leased premises.
b. Payment by the LESSEE of his outstanding obligations;
c. Reimbursement by the LESSOR to the LESSEE of any remaining
security deposit (i.e. PhP 51,696.33 plus PhP48,303.67
condonation = P100,000.00);

6. GOVERNING LAW. This Agreement shall be governed and construed

in accordance with the Civil Code of the Philippines and other existing
laws of the Philippines;

7. MISCELLANEOUS. This TERMINATION AGREEMENT shall be

binding upon and inure to the benefit of the parties and their
respective heirs, successors, and assigns. The provisions of this
contract are severable. Any provision held to be invalid or
unenforceable shall not affect the validity of the other provisions.

8. AMENDMENTS OR MODIFICATIONS: Any amendment or

modification of this contract is allowed subject to mutual agreement
of the terms and conditions thereof which shall be reduced in a
notarized legal document.

IN WITNESS WHEREOF, the parties herein affixed their signatures on

_____________________________ at _______________________.
  
 
________________________
_________________________________
LESSOR                                             LESSEE
 
Signed in the presence of:

Termination of Lease Contract | Cabia & White Page 2 of 3

   ____________________________                  ______________________________

Republic of the Philippines )

______________________________ ) S.S

ACKNOWLEDGEMENT

BEFORE ME, a Notary public for and in _________________ personally appeared:

 
Name                    Govt Issued Identification         Date/Place
Issued
 
____________ __________________________ ______________________
____________ _____________________      ______________________
known to me and to me known to be the same persons who executed the
foregoing instrument entitled TERMINATION OF LEASE CONTRACT and
acknowledged to me that the same is their free and voluntary act and deed.
 
This instrument consisting of three (3) 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.
                                                

Doc. No. : ______

Page No. : ______
Book No.: ______
Series of 2017.

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