AGREEMENT OF LEASE

KNOW ALL MEN BY THESE PRESENTS:

This Agreement of Lease (“Agreement”) entered into this ______________ in

Digos City, by and between the Parties:

ALVYN U. TE, Filipino, of legal age, married and with

residence at Insular Village, Lanang, Davao City,
hereinafter referred to as “LESSOR”;

-and-

SHEILA MAE P. BAYLOSIS, Filipino, of legal age, with

given address at Poblacion, Magsaysay, Davao del Sur,
hereinafter referred to as “LESSEE”.

WITNESSETH:

WHEREAS, Lessee has approached Lessor with the intention of entering into this
Agreement;

WHEREAS, the Lessor has agreed to lease the premises under the terms and
conditions specified below;

Now, Therefore, the Parties agree as follows:

LEASED PREMISES

Lessor hereby leases unto Lessee One Door or Stall of Lessor’s commercial
building located at Viacrusis St., Poblacion Dos, Bansalan, Davao del Sur, which subject
of lease is hereinafter collectively referred to as the “Leased Premises”.

I
TERM

This Agreement shall commence on the date of execution hereof and shall expire
after THREE (3) YEARS, unless sooner terminated pursuant to Article VII and VIII
hereof or unless sooner terminated within the term of the lease at the option of the Lessor;
Provided that the Parties may renegotiate an extension of the term not less than sixty (60)
days from the expiration of the term of this Agreement and upon mutually agreed
conditions.

II
PAYMENT OF RENT

For the lease, use and occupancy of the Leased Premises, Lessee shall pay Lessor
the following monthly rental, exclusive of withholding tax and which shows an increase
of five percent (5%) in every year hereafter, to wit:

Dates Amount
A. November 7, 2023 up to November 6, 2024 P10,000.00
B. November 7, 2024 up to November 6, 2025 P10,500.00
C. November 7, 2025 up to November 6, 2026 P11,025.00

Payable in advance monthly without need of prior demand, within the first five
(5) working days of each month. The security deposit of Php10,000.00 shall not bear
interest and shall be applied to valid claims which Lessor may have against Lessee upon
expiration or termination of the contract. The holding period for the deposit shall be two
(2) months from expiration or termination of this Agreement and thereafter, Lessor shall
return the balance of the deposit, if any, net of all claims, including liquidated damages.
Lessee shall not allow the Lessee to withdraw the said security deposit prior to the period
stipulated above. Lessee undertakes to pay any claim of Lessor in excess of the deposit
within ten (10) working days from receipt of written demand.