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Contract of Lease
Contract of Lease
This Contract of Lease made and entered into this ________day of ______
2022, by and between:
and
W I T N E S S E T H, That:
NOW THEREFORE, for and in consideration of the foregoing and of the mutual
covenants hereinafter contained, the LESSOR hereby leases unto the LESSEE the
aforesaid property, and the LESSEE hereby accepts the same by way of lease subject
to the following terms and conditions.
1. TERM OF LEASE - The Lease is for a period of _____ (_) years commencing
from ________ until ________ after which shall be automatically extended for another
_____ (_) years. Upon the end of the original or extended term of this Contract of
Lease, the LESSEE shall peaceably surrender unto the LESSOR the possession of the
Leased premises in the same condition as at the beginning of this lease, ordinary wear
and tear excepted.
2. RENTAL - the LESSEE agrees to pay to the LESSOR on or before the 1 st day of
each current month a monthly rental in the amount of ________ (Php _____) with 5%
automatic escalation every year. The LESSEE also agrees to pay ______ deposit and
_____ advance rental to the LESSOR.
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3. SUBLEASING - The LESSEE is not permitted to sublease all or any part of the
leased premises without the written consent of the LESSOR and collect the proceeds of
the rentals.
4. PUBLIC UTILITIES AND SERVICES - The charges for the services and utilities
such as water, electric current, garbage, if a etc. on the leased premises shall be for the
account of the LESSEE.
5. USE OF LEASED PREMISES - The LESSEE shall use the leased premises
exclusively for business purposes only. The LESSEE shall not devote a part or whole of
the leased premises for any other purpose without the LESSOR'S written consent.
8. THIRD PARTY LIABILITY - The LESSEE, during her occupancy of the leased
premises, holds the LESSOR free and harmless from any property damage, claims or
liability to the LESSEE, her agents, subleases, employees and guests. The LESSEE
shall be responsible for any damage which may be caused to third parties or their
properties while remaining in any part of the leased premises and shall further hold the
LESSOR free and harmless from and defend and indemnify the LESSOR against any
such claim for injury or damage except when such injury or damage was caused by the
LESSOR, her agents, employees and guests.
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10. DISTURBANCE OF POSSESSION - The LESSOR shall keep the LESSEE and
SUBLESSEE in peaceful possession of the leased premises for the duration of this
Contract. However, disturbance or discontinuance of the possession of the leased
premises by the LESSEE by causes beyond the control of the LESSOR such as, but not
limited to, riots, other civil disturbances, calamities, and the like shall confer no right of
any kind to the LESSEE against the LESSOR.
11. AMENDMENT OF CONTRACT – The terms and conditions and covenants under
this contract shall be deemed unchanged unless expressed in writing and signed by the
LESSOR and the LESSEE.
12. EXPIRATION OF THE LEASE - The LESSEE shall, at the expiration of the term
of the lease promptly deliver the said leased premises to the LESSOR in as good and
tenantable condition, in all respects, as at the commencement of the lease reasonable
wear and tear excepted, devoid of all occupants, articles and effects of any kind
whatsoever.
IN WITNESS WHEREOF, the parties hereto have signed this Contract of Lease
on the date and at the place first above written.
_____________________ ____________________
Lessor Lessee
____________________ ____________________
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ACKNOWLEDGMENT
BEFORE ME, a Notary Public for and in the city of _____ this ____ day of
______________ personally appeared _____________________ with ID no.
___________________issued at ______________ on _____________ and
_______________ with ID no. ______________ issued at ___________________ on
____________, 2019, known to me to be the same persons who executed the foregoing
instrument and acknowledged to me that the same is their own free and voluntary act
and deed.
This instrument consists of four pages including this page wherein the
acknowledgement is written.
WITNESS MY HAND AND SEAL, on the date and at the place first above
written.