CONTRACT OF LEASE
KNOW ALL MEN BY THESE PRESENTS:
This Contract of Lease (“Contract”) is executed by and between LESSOR and LESSEE named hereunder
who mutually stipulate, say and agree as follows:
SECTION 1 – BASIC LEASE PROVISIONS
The Basic Lease Provisions of this Contract are:
LESSOR
Address of LESSOR
LESSEE
Address of LESSEE
Project/Building
Location
Floor Area (approximate)
Nature of the Business
Use of the Premises
LESSEE’S Trade Name
Submission of Plans
Term of Lease
Start of Lease
End of Lease
Rent
Manner of Payment
Annual Escalation of Rent
Taxes
Interest and Penalty
: PACIFIC LAND AND BUILDING CORPORATION
: Suite 501 Pacific Centre, 460 Quintin Paredes St. Binondo, Manila
: GP FIRST RICH INCORPORATED BY: MS. PROCYON CASAREO-LOY
: Stall No. 1 Ground Floor Pelizloy Building Session Road, Baguio City
: ABANAO SQUARE
: Ground Floor
: 7.50 SQM
: Bakeshop
: Kiosk
: GOLDILOCKS
: Complete plans must be submitted to and approved by LESSOR prior to
construction.
The exterior perspective (15” x 12” illustration board) must first be
approved by the LESSOR. Food outlets must also attach a floor plan and
kitchen lay-out.
: Two (2) Years
: May 15, 2023
: Midnight of May 14, 2025
: Basic Monthly Rent : Php47,158.95
Percentage Rent : N/A
Minimum Basic Rent/Month : Php47,158.95
The Minimum Basic Rent shall be exclusive of VAT. The 12% VAT shall
be for the account of the LESSEE.
Advance Rent: Equivalent to One (1) month basic rent inclusive of VAT:
N/A & One (1) month CAM inclusive of VAT N/A. The Advance Rent shall
be paid on N/A, either by cash or in check payable to Pacific Land &
Building Corporation.
: The Rent is payable within the first seven (7) calendar days of every
calendar month to which the rent corresponds without need of demand.
LESSOR shall have the right to terminate this Contract should the
LESSEE’s unpaid account be equivalent to two (2) month’s Rent.
The LESSEE shall pay the increased rental rate pursuant to the following
Schedule:
% RENT
YEAR
Increase Rate / SQM. Amount
May 15, 2023
To 0% Php6,287.86 Php47,158.95
May 14, 2024
May 15, 2024
To 10% Php6,916.65 Php51,874.88
May 14, 2025
: LESSEE shall pay whatever amount of tax charged or chargeable for
improvements introduced to the Premises.
: The LESSEE shall pay interest on any amount to be paid by the LESSEE
that is not paid or tendered on time, at the rate of 3% per month.
In addition to the preceding interest charges, all arrears shall be subject to
penalty equivalent to 3% per month of the total amount payable to the
LESSOR.
Security Deposit : The LESSEE shall pay a Security Deposit equivalent to Six (6) Months
basic rent: Php282,953.70 in cash or check payable to Pacific Land and
Building Corporation.

Security Deposit shall be forfeited in favor of the LESSOR if the LESSEE

fails to occupy the Premises for the full term of the lease or any extension
or renewal thereof, or if the Contract is terminated or cancelled by the
LESSEE prior to the expiry date of its term.

Construction Bond
: Cash construction bond with an amount equivalent to One (1) month Basic
Rent N/A payable prior to any construction or renovation of the Premises
as security for repair or reconstruction of any damage caused to the
property of LESSOR, for violations or non-compliance of guidelines,
requirements, or deviation from approved plans.

To be returned to LESSEE, without interest, upon LESSEE’s receipt of

clearance to begin operation.

Conduct of Business
: LESSEE agrees that it shall follow official business hours of the building,
any earlier opening or operating hour’s extension shall need the necessary
approval from the LESSOR or its representative. LESSEE agrees to
operate one hundred (100%) of its business seven days a week agreed
with the LESSOR as specified under Section 9 thereof.

Unauthorized Closure/Non- Penalty of P10.00/per sqm/day for leasable spaces 201 sqm and above.
Operation Penalty of P2,000.00/day for leasable spaces 200 sqm and below.

Unexcused Late Opening or Penalty of P10.00/sqm/sixty minutes.

Early Closing
Common Area Maintenance Common Area Maintenance – Inclusive
Fund Contribution Marketing Fund – Inclusive
A/C – N/A
Cancellation Failure of the LESSEE to comply with any of the conditions stated in this
Contract shall give the LESSOR the right to unilaterally cancel the lease
Contract after notice and shall have the right to offer the Premises to other
interested parties.

Lease Contract The Contract must be signed and returned to the LESSOR on or before
November 30, 2023.

TAXES & OTHER REQUIREMENTS

Taxes
Value Added Tax (VAT) LESSEE
Withholding Tax LESSEE
Documentary Stamp Tax LESSEE
Real Estate Tax on Land & Building LESSOR
Real Estate Tax on Leasehold LESSEE
Improvements

1. All amounts herein stated are exclusive of Value Added Tax (VAT). Taxes on LESSEE’S
properties, including the improvements introduced by the LESSEE to the leased premises, shall
be for its account.

2. The LESSEE shall pay a deposit in the amount of N/A for Power Meter Deposit and Power
Consumption Deposit N/A, Water Meter Deposit N/A and Water Consumption Deposit N/A
provided by the LESSOR.

3. The LESSEE shall reimburse all actual related charges, including but not limited to,
housekeeping, plywood fencing, electric power and water, or public utility services incurred by the
LESSOR during the construction period of the LESSEE’S space.

GP FIRST RICH INCORPORATED PACIFIC LAND & BUILDING CORPORATION

BY: BY:

______________________________ __________________________
PROCYON CASAREO-LOY NANCY CHAN
Director and Treasurer SVP and Treasurer
LESSEE LESSOR
IN WITNESS WHEREOF, the parties hereto have caused this contract to be executed by them or their
duly authorized representative on the ______ day of _____________, 20__ at ___________, Metro
Manila, Philippines.

GP FIRST RICH INCORPORATED PACIFIC LAND & BUILDING CORPORATION

BY: BY:

_________________________________ ____________________________________
PROCYON CASAREO-LOY NANCY CHAN
Director and Treasurer SVP & Treasurer

Signed in the presence of

_________________________________ ____________________________________

ACKNOWLEDGEMENT

REPUBLIC OF THE PHILIPPINES)

CITY/MUNICIPALITY)

BEFORE ME, a Notary Public in and for the City/ Municipality of _________________, Philippines, this _______ day
of ______________, 20______, came and appeared:

Name I.D. Number Date of Expiration

Nancy Chan
Pacific Land &
Building Corporation
Procyon Casareo-Loy
GP First Rich Incorporated
SSS 03-3260703-2
TIN 000-341-421-000
Passport EB02809817
TIN 407-032-571-001

Known to me and to me known to be the same persons who executed the foregoing instrument and acknowledged
before me that the same is their free and voluntary act and deed, and that of the Corporation/s in whose behalf
has acknowledged the same.

IN WITNESS WHEREOF, I have hereunto set my hand and seal on the date and at the place first above written.

NOTARY PUBLIC

Doc No _________
Page No ________
Book No ________
Series of ________