MEMORANDUM OF AGREEMENT

FOR INTERCROPPING

KNOW ALL MEN BY THESE PRESENTS:

This Agreement, made this _______________, by and between

DAVAO SINUCUAN LENDING CORPORATION, a corporation duly
organized under Philippine law, represented by MRS. JOSIE Q. ISIP, here-
inafter called the Lessor, and EDITHA BALDOMAR, Filipino, of legal
age, married, and a resident of Rizal, Bansalan, Davao del Sur, Philippines,
hereinafter called the Lessee,

WITNESSETH THAT:

WHEREAS, the Lessor is the owner in fee simple of a parcel of agri-

cultural land measuring more or less FIVE (5) HECTARES, situated in Km.
84, Kanapulo, Magsaysay, Davao del Sur, Philippines, covered by TCT NO.
144-2019003837;

WHEREAS, the Lessee above-named is desirous of leasing part of the

above-described parcel of agricultural land for intercropping, under the
terms and conditions hereinafter provided, and the Lessee agrees to the limi-
tations indicated in this lease contract;

NOW, THEREFORE, for and in consideration of the mutual

covenants and stipulations hereinafter set forth, the Parties hereto have
agreed as follows:

1. The Lessor hereby agrees with the Lessee, for the consideration
hereinafter named and under the conditions hereafter stipulated, to well and
faithfully allow the latter to lease portions of the said parcel of agricultural
land for intercropping bananas from August 1, 2020 up to December 31,
2023.

2. The annual rental for the said lease shall be in the amount of
Twenty Five Thousand Pesos (P25,000.00) per hectare from August 1, 2020
up to December 31, 2023, Provided that any portion of a calendar year shall
be considered as one full year in the computation of rentals, i.e., August 1,
2020 to December 31, 2020 shall be deemed as one full year. The rental for
the year 2020 shall be payable upon the first harvest of bananas by the
Lessee but not later than September 1, 2020, while the rental for the years
2021 to 2023 shall be payable on the first five (5) days of August of each
year. It shall be the duty of the Lessee to ensure prompt payment of the
rentals without need of further demand by the Lessor, and the Lessee shall
issue postdated checks to the Lessor to cover all the rentals due in order to
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guarantee prompt and diligent payments. The Lessor reserves the right to
impose legal interest on unpaid rentals from the time that the rental was due
until full payment thereof.

3. The Lessor shall pay for the real property taxes on the said
parcels of land. However, any business and income taxes, as well as fees for
permits necessary for the intercropping of bananas, shall be promptly paid
by the Lessee. Should there be an increase in the real property taxes due to
the buildings, planting or sowing by the Lessee, the Lessee shall pay for the
increase on real property taxes caused by such improvements starting in
2020.

4. The Lessee hereby agrees that he shall not cut down any exist-
ing plants, coconut trees or other existing trees in the Leased Premises, but
shall only develop the area that has not been planted. The Lessor shall also
retain the right to plant coconut trees inside the leased premises, leaving a
space of ten (10) square meters between each coconut tree. The space be-
tween each coconut tree shall be the space wherein the Lessee may plant her
bananas, Provided that there will only be two (2) hills or rows of banana in
between coconut trees, and Provided further, that any planting or sowing that
the Lessee shall make on the Leased Premises shall not be less than one and
one-half (1 1/2) meters from the nearest existing coconut tree or seedling.
Furthermore, the Lessee shall clear the rows of any weeds in order to make
the area habitable and clean, shall ensure the unhampered and healthy
growth of the coconut trees, and shall maintain the cleaning and repair of the
fence.

5. The Lessee shall have the right to plant bananas only upon the
leased property, Provided that the Lessee shall be allowed to build one small
shade within the property, but shall not otherwise build structures on the
leased property without prior written consent of the Lessor. The Lessor shall
have no obligation to reimburse the Lessee for any building, plainting, or
any improvements introduced by the Lessee within the property. The Lessor
may remove any building, planting, or other improvements immediately
upon discovery if these were made without the prior written consent of the
Lessor. At the end of the term of the contract, all buildings, plantings and
other improvements in the leased property shall be left in the leased
premises for turn-over to the Lessor, without reimbursement from the
Lessor.

6. The Lessor may enter upon the Leased Premises for the plant-
ing , maintenance and harvesting of the coconut trees and in order to ensure
that the coconut trees are well cared for and the Lessee shall allow the
Lessor and her representatives to enter the Leased Premises for this purpose.

7. This agreement shall be non-transferable to any person other

than the Lessee and the Lessee shall have no right to sublease or assign this
contract. Lessee shall not allow any other party to squat, construct upon or
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enter the Leased Premises with intent to possess the same, without prior
written notice from the Lessor.

8. Lessor shall have no obligation to provide utilities or equipment

other than the utilities and equipment already within the Leased Premises at
the commencement of the lease. If applicable, Lessee shall pay, as they be-
come due, all electric, water, garbage collection and all other utility bills as-
sessed on the Leased Premises for the term of the Agreement. Lessee may be
required to furnish Lessor proof of payment of such utility bills monthly,
without need of demand on or before the third week of the succeeding
month. Any liability incurred by Lessor for delayed or non-payment of such
bills shall be borne by Lessee.

9. Lessee agrees and acknowledges that no trade, business or oc-

cupation shall be conducted in the Leased Premises or use made thereof
which will be unlawful, improper, noisy or offensive, or contrary to this
Agreement or any law, rule or regulation, order, decree or local ordinance.
To this end, Lessee shall immediately secure the proper permits, licenses and
other requirements for its continued use of the Leased Premises.

10. Lessor shall be defended and held harmless by Lessee from any
liability for damages to any person or property in or upon Leased Premises,
including the person and property of Lessee, and its employees and all per-
sons in the Leased Premises at its or their invitation or consent. It is under -
stood and agreed that all property kept, stored or maintained in the Leased
Premises shall be so kept, stored or maintained at the risk of Lessee only.
Lessee shall not suffer or give cause for the filing of any lien against herein
Leased Premises. In the event of any claim or action by any person against
Lessor pertaining to the use or occupancy of the Leased Premises, including
claims or actions for damage to the environment, Lessee shall compensate
for whatever amount is paid by Lessor pursuant to such action or claim.

11. Lessee shall, upon the expiration or termination of the term of

this Agreement, peaceably yield to Lessor all and singularly the Leased
Premises in such condition or repair as the same are in at the commencement
of said term, only reasonable wear and use thereof excepted.

12. Lessor may enter forthwith upon any part of the Leased
Premises and resume possession without being liable in trespass or for any
damages. The Lessee expressly consents that Lessor may resort to extrajudi-
cial means of eviction, including the prior waiver by the Lessee herein of
written notice or judicial action prior to eviction for cause. Such cause may
consist of non-payment of rent or failure to comply with this Agreement. In
such event, Lessor shall not be liable for damages caused to any and all
movables and other properties belonging to the Lessee that are left inside the
Leased Premises during the time of eviction for cause.

13. The failure of the parties to insist or enforce a strict perfor-

mance of any or all of the terms or conditions and covenants hereof and
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other related instruments shall not be deemed or in any way construed as a

relinquishment or waiver of any right or remedy that they may have. No
waiver by any party shall be deemed to have been made unless expressed in
writing and duly signed.

IN WITNESS WHEREOF, the parties have hereunto set their hands at

the place and date first written hereof.

DAVAO SINUCUAN LENDING CORPORATION

Lessor

____________________________
Represented by: JOSIE Q. ISIP

____________________________
EDITHA BALDOMAR
Lessee

Signed in the presence of :

_______________________ _________________________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES )

DIGOS CITY ) S.S

In the City of Digos, Philippines this ___________________, BE-

FORE ME, the undersigned Notary Public for and in the said place, person-
ally appeared the parties:

Competent Evidence of Identity

1. JOSIE Q. ISIP OSCA: 1301

2. EDITHA BALDOMAR PRC 0586175

known to be the same persons who signed the foregoing instrument and they
acknowledged to me that the same is executed by them of their own free and
voluntary act and deed. This acknowledgment refers to a Lease of Agricul-
tural Land consisting four (4) pages including the page upon which this ac-
knowledgment is contained

WITNESS MY HAND AND SEAL this ______________ at Digos

City, Davao del Sur, Philippines.
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NOTARY PUBLIC

Doc. No. _____

Page No. _____
Book No. _____
Series of 2020.