CONTRACT OF LEASE

This Contract of Lease was entered into by and between:

FERDINAND A. CAPIÑA, Filipino, of legal age, and residing at 4625 Langka St. cor.
Mangga st., Phase 5-C, Calmar Homes Subdivision, Mayao Kanluran, Lucena City, hereinafter
referred to as the LESSEE;
-and-
JOLLY ANN A. ELLORIMO, with residential address at 1358 Apolinario St., cor. Gen. Lim
Santos St. Evangelista Bangkal Makati City, hereinafter referred to as the LESSOR;

Witnesseth That:
WHEREAS, the LESSOR is the owner of the residential condominium one (1) bedroom unit,
identified as Unit 1014 with total floor area of more or less 44 sq. m. located at 10 th floor of CItyland
Pasong Tamo Tower, 2210 China Roces Ave., Makati City, hereinafter referred to as the Leased Premises.

NOW, THEREFORE, for and by reasons of the foregoing consideration

STIPULATIONS

1. PERIOD – The term of this Agreement shall be for a period of one (1) year from December 15,
2022 to December 14, 2023 , renewable thereafter upon such terms as may be agreed upon by
both parties, provided the LESSEE shall give a written notice to the LESSOR of its desire to renew
sixty (60) days before the expiration of this Contract.

2. RENTAL – The parties herein agreed that the monthly rental of the Leased Premises shal be
Eleven Thousand Pesos (P 11,000.00) Philippine currency exclusive of association Dues
(association dues directly bailed to the account of the LESSEE). In case of renewal of this
contract, the above rental rate shall be subject to negotiation and mutual agreement of both
parties.

3. MANNER OF PAYMENT – The payment of the lease price / rental by the lessee shall be as
follows:

3.1 The LESSEE shall pay the lessor upon execution of this contract, the sum of Twenty-Two
Thousand Pesos (P 22,000.00) Philippine currency which shall be deemed as two (2) months
security deposit to cover unpaid bills for water, electricity, telephone, cable television, internet
access, room cleaning, pest control and/or damage to loss of furnishing except ordinary wear
and tear after expiration of this contract. Such amount shall be deducted from the deposits and
the balance, if any, shall be refunded to the LESSEE without interest, or to the LESSEE’s duly
appointed representative within thirty (30) days after the expiration of this Contract, provided
 payment for all utility bills are presented and any damaged or lost furnishings have been
repaired or replaced to the satisfaction of the LESSOR.

3.2 The LESSEE shall also pay the LESSOR upon execution of this contract the sum of Eleven
Thousand Pesos (P 11,000.00) which shall be deemed as advance payment for the first month of
the Lease. The remaining months shall be covered with eleven (11) post-dated checks dated
from January 15, 2023 to November 15, 2023.

4. INITIAL INSPECTION AND INVENTORY – An initial inspection and inventory shall be held jointly
by the LESSOR and the LESSEE at the time the unit is turned over to LESSEE to document
condition of the unit. Another inspection will be done jointly will be done jointly when the
LESSEE terminates the contract, to determine if there is now damage over and above normal
wear.

5. UTILITIES – The lessee shall pay and defray any and all costs for water, electricity, telephone,
cable television, internet access, pest control and any other utilities and any services incurred
during the term of the LESSEE’s contract.

6. PURPOSE OF RENTAL – The Lease premises shall be exclusively for residential and no other
purposes without the written consent of the LESSOR. Tenant is expressly prohibited from
keeping pets in the unit. The Lessee further agree to abide with the existing rules and regulation
of the Cityland Pasong Tamo Tower Inc.

7. SUBLEASE – The Lessee shall not sublet, sublease, or demise any portion of the leased premises
or any interest therein without the LESSOR’s prior written approval. It is further expressly agreed
that if at any time during the term of its lease, the lessee sublets, or allows or permit the LEASED
PREMISES to be occupied in whole or in part by any person, firm or corporation, the Lessor shall
have the right to rescind this Contract of Lease without prejudice to its rights under the law.

8. IMPROVEMENTS – The LESSEE shall not make any major structural changes, alterations, and
improvements in the Leased Premises without the written consent of the Lessor. (No putting of
nails on the wall). However, any major alterations or improvements made or introduced by the
LESSEE in the Leased Premises with the written consent of the Lessor shall, upon the
termination of this contract shall automatically inure to the benefit of the LESSOR without
obligation on the latter’s part to pay or refund its value or cost at the same time to the LESSEE.

9. SANITATION AND REPAIRS – The LESSEE shall keep the unit and the furnishings clean, in order,
and in good sanitary condition at all times. The LESSOR shall be responsible for all major repairs
in the premises, except repairs due to the fault or negligence of the LESSEE, LESSEE’s family
members, agents, employees, servants, and/or any other persons allowed access to the Leased
Premises. Minor repairs shall be for the account of the LESSEE. An amount of less than Five
Thousand Pesos (P 5,000.00) is considered a minor repair. The LESSOR will inspect the unit a day
prior to turnover to evaluate the condition of the unit and its furnishings and accessories.