CONTRACT OF LEASE

This Contract of Lease made and entered into by and between:

MRS. CHEDITA M. OBIAS, Filipino of legal age, with residence at San Juan Bautista St., Goa,
Camarines Sur, hereinafter referred to as the LESSOR;

MRS. IBY HUAB., and existing under the laws of the Philippines, hereinafter referred to as the
LESSEE.

WITNESSETH THAT;

WHEREAS, the LESSOR represents to be the lawful and registered owner of a commercial space
located at RCF Central Point Gas Station, San Juan Evangelista, Goa, Camarines Sur hereafter
referred to as the “Leased Space”, and which the LESSEE desires to lease from the LESSOR and the
LESSOR is willing to lease to the LESSEE;

NOW THEREFORE, for and in consideration of the foregoing premises and of the mutual covenants
stated below, the LESSOR hereby leases unto the LESSEE the Leased Space, under the following
terms and conditions:

1. PERIOD. This lease shall be for a period of One (1) year beginning February 1, 2023 until
February 1, 2024. Renewable upon written agreement of the parties. Either party may pre-
terminate this agreement by giving the other party thirty (30) days prior written notice,
provided any pre-termination by LESSOR shall not be by reason of leasing the Leased Space
to a Third party.

2. RENT. The LESSEE shall pay to the LESSOR a monthly rental TEN THOUSAND PESOS
(P 10,000.00). Payable, on or before the 5th day of each month for the duration of the
lease, without need of demand. The rent amount is net of tax, except property tax and other
taxes imposed upon the property subsequent to the execution of this contract which are the
responsibility of the LESSOR. Upon execution of this Contract, LESSEE shall pay to the
LESSOR Two (2) months advance, 12 post – dated cheques and a deposit equivalent to
one (1) month rent to be refunded to the LESSEE at the expiration of the lease. In the event
of pre-termination by the LESSEE the one (1) month deposit shall be forfeited in favor of the
LESSOR as liquidated damages.

3. USE OF LEASED SPACE. LESSEE shall use the Leased Space for the operation of a
MILK TEA SHOP under the trade name “L I T E R S”, and the putting up of advertising
sign or notice in, upon or outside of the Leased Space without need of prior approval or
consent of the LESSOR, all of which shall remain the property of the LESSEE.

4. NON – COMPETE LESSEE. LESSOR recognizes that the business of LESSEE is highly
competitive and LESSOR agrees not to allow other lessees who engage in a similar business
as the herein LESSEE to lease units/space subject of this lease is situated.

5. IMPROVEMENTS. Permanent renovations or improvements other that those stated in

paragraph 3 above shall need the prior approval of the LESSOR and shall become part of the
Leased Space and belong to the LESSOR at the termination of the leased period without any
obligation to LESSEE, except industrial grade fixtures such as roll up doors and electrical
installations, which may be removed by LESSEE provided these will be replaced by LESSEE
at LESSEE’S expense with ordinary or non – industrial fixtures.

6. UTILITIES. Installation expenses and payment for electricity, water, telephone and other
Utilities installed, used or availed of by the LESSEE in the Leased Space shall be for the
account of LESSEE.
 7. PERMIT & LICENSES. Permits and licenses required for the conduct of business and
operation of the “L I T E R S” shall be the responsibility and for the account of the LESSEE.

8. PROPERTY TAX. Any property taxes on the Leased Space shall be for the account of the
LESSOR.

9. INSPECTION ACCESS. The LESSOR or its authorized agent, by the previous arrangement
with the LESSEE and during reasonable business hours, shall have the right to enter the
Leased Space to inspect the same or for the purpose of repair, preservation, conservation,
improvement, or maintenance thereof. Any repairs shall be performed in a manner least
inconvenient to the LESSES, provided that when such repairs last more than five (5) days the
rent shall be reduced in proportion to the time the LESSEE has been deprived of use of the
Leased Space.

10. FORCE MAJEURE. In case of damages to the leased premises or its appurtenances by
earthquake, floods, typhoon, riots, war and any other unforeseen cause or acts of God,
including fire not caused by the fault or negligence of the LESSEE or its customers, the
LESSEE shall give immediate notice thereof to the LESSOR and said damages shall be
repaired at the expenses of the LESSOR. LESSOR, however, may request LESSEE to
undertake the repairs, provide that all expenses thereof shall be deducted from the rent of the
LESSEE. If the leased premises be so damaged as to make it untenable, either party may
demand the rescission or termination of this Contract, in which case the advance rent and
deposit of the LESSEE shall be refunded to LESSEE within ten (10) days from date of
rescission or termination under this provision.

11. NON-ASSIGNABILITY. LESSEE shall not assign or transfer its rights in this contract nor
sublease any part of the Leased Space, without prior written consent of the LESSOR.

12. WARRANTY AGAINST EVICTION. The LESSOR warrants the LESSEE shall enjoy
legal and peaceful possession and use of the Leased Space at all times during the lease period,
and shall defend LESSEE from any adverse claim thereto.

13. SURRENDER OF PREMISES. The LESSEE shall surrender and vacate the Leased Space
at the expiration or pre-termination of the lease in as good condition as reasonable wear and
tear will permit, devoid of all occupants, machineries, equipment, furniture, articles and
effects of any kind other than those which under this contract becomes part of the Leased
Space.

14. MORTGAGE OR SALE OF LEASED SPACE. The LESSOR reserves the right to
mortgage, sell, or otherwise dispose of the Leased Space provided that the LESSEE’s rights
under this lease are respected at all times. In the event of sale of the Leased Space, this
Contract of Lease shall continue in force and be binding upon the buyer.

15. VENUE. In the event of court action shall be in the proper courts of San Jose, Camarines Sur
at the option of the complaining party, all other venues being waived.

IN WITNESS WHEREOF, the parties have hereunto signed this instrument this _________ day
of ________________, 20__ at _______________________________.

CHEDITA M. OBIAS IBY HUAB

LESSOR LESSEE

WITNESSESS

______________________________ _____________________________
 ACKNOWLEDGEMENT

REPUBLIC OF THE PHILIPPINES)

MUNICIPALITY OF GOA) S.S.

BEFORE ME, a Notary Public for and at __________________________, this ____ day of
________________, 20__ Personally appeared the following:

NAME COMPETENT I.D. DATE/PLACE ISSUED

CHEDITA M. OBIAS CTC No. 26791643 January 11, 2022 at MTO – GOA
IBY HUAB CRN No. 0111-386-4003-0 _________________________

Known to me to be the same persons who executed the foregoing Contract of Lease and
acknowledged to me that the same is their voluntary act and deed and that of the corporation being
represented. This document consists of three pages including this Acknowledgement page and signed
by the parties and their instrumental witnesses on each page.

NOTARY PUBLIC
Doc. No. ___________;
Page No. ___________;
Book No. __________;
Series of 20__.