CONTRACT OF LEASE
KNOW ALL MEN BY THESE PRESENT:
This Contract of Lease (this "Contract") made and executive this ___ day of _______ at ___________
City, by and between:
_________________________, a corporation duly
organized and existing under the laws of the Republic of the
Philippines, with office address at ____________________________,
represented herein by its duly authorized President, _____________,
hereinafter referred to as the LESSOR;
and
_________________________________, a corporation duly
organized and existing under the laws of the Republic of the
Philippines, with office address at__________________________,
represented herein by its duly authorized President,_______________,
hereinafter referred to as the LESSEE;
WITNESSETH:
WHEREAS, the LESSOR is the registered owner of a parcel of land, with an approximate area of
_____________ (______) sq.m. more or less, situated at___________ City, covered by Transfer Certificate
of Title No. __________ of the Registry of Deeds for the City of __________, a copy of which is attached
herewith as Annex "A" (hereinafter the "Leased Premises");
WHEREAS, the LESSOR has offered for lease and the LESSEE desires to lease the Leased Premises;
NOW, THEREFORE, for and in consideration of the foregoing premises and the mutual covenants
contained herein, the LESSOR hereby leases upon the LESSEE the Leased Premises and the LESSEE hereby
accepts the same, under the following terms and conditions:
1. TERM OF LEASE: This lease shall be for a period of twenty (20) years commencing on __________ to
_____________. Upon its expiration, this lease may be renewed under such terms and conditions as my
be mutually agreed upon by both parties, written notice of intention to renew the lease shall be served to
the LESSOR not later than seven (7) days prior to the expiry date of the period herein agreed upon.
2. PURPOSE: That premises hereby leased shall be used exclusively by the LESSEE for commercial
purposes only and shall not be diverted to other uses. It is hereby expressly agreed that if at any time the
premises are used for other purposes, the LESSOR shall have the right to rescind this contract without
prejudice to its other rights under the law.
3. RENTAL RATE: The monthly rental rate for the leased premises shall be in PESOS: AMOUNT IN
WORDS (P 00,000.00), Philippine Currency. All rental payments shall be payable to the LESSOR.
4. DEPOSIT: That the LESSEE shall deposit to the LESSOR upon signing of this contract and prior to
move-in an amount equivalent to the rent for THREE (3) MONTHS or the sum of PESOS: AMOUNT IN
WORDS (P 00,000.00), Philippine Currency. The two (2) months deposit shall be applied as rent for the
11th and 12th months and the remaining one (1) month deposit shall answer partially for damages and
any other obligations, for utilities such as Water, Electricity, CATV, Telephone, Association Dues or
resulting from violation(s) of any of the provision of this contract.
5. DEFAULT PAYMENT: In case of default by the LESSEE in the payment of the rent, such as when the
checks are dishonored, the LESSOR at its option may terminate this contract and eject the LESSEE. The
LESSOR has the right to padlock the premises when the LESSEE is in default of payment for One (1) month
and may forfeit whatever rental deposit or advances have been given by the LESSEE.
6. SUB-LEASE: The LESSEE shall not directly or indirectly sublet, allow or permit the leased premises
to be occupied in whole or in part by any person, form or corporation, neither shall the LESSEE assign its
rights hereunder to any other person or entity and no right of interest thereto or therein shall be
conferred on or vested in anyone by the LESSEE without the LESSOR'S written approval.
7. PUBLIC UTILITIES: The LESSEE shall pay for its telephone, electric, cable TV, water, Internet,
association dues and other public services and utilities during the duration of the lease.
8. FORCE MAJEURE: If whole or any part of the leased premises shall be destroyed or damaged by
fire, flood, lightning, typhoon, earthquake, storm, riot or any other unforeseen disabling cause of acts of
God, as to render the leased premises during the term substantially unfit for use and occupation of the
LESSEE, then this lease contract may be terminated without compensation by the LESSOR or by the LESSEE
by notice in writing to the other.
9. LESSOR'S RIGHT OF ENTRY: The LESSOR or its authorized agent shall after giving due notice to the
LESSEE shall have the right to enter the premises in the presence of the LESSEE or its representative at any
reasonable hour to examine the same or make repairs therein or for the operation and maintenance of
the building or to exhibit the leased premises to prospective LESSEE, or for any other lawful purposes
which it may deem necessary.
10. EXPIRATION OF LEASE: At the expiration of the term of this lease or cancellation thereof, as
herein provided, the LESSEE will promptly deliver to the LESSOR the leased premises with all
corresponding keys and in as good and tenable condition as the same is now, ordinary wear and tear
expected devoid of all occupants, movable furniture, articles and effects of any kind. Non-compliance with
the terms of this clause by the LESSEE will give the LESSOR the right, at the latter's option, to refuse to
accept the delivery of the premises and compel the LESSEE to pay rent therefrom at the same rate plus
Twenty Five (25) % thereof as penalty until the LESSEE shall have complied with the terms hereof. The
same penalty shall be imposed in case the LESSEE fails to leave the premises after the expiration of this
Contract of Lease or termination for any reason whatsoever.
11. JUDICIAL RELIEF: Should any one of the parties herein be compelled to seek judicial relief against
the other, the losing party shall pay an amount of One Hundred (100) % of the amount clamed in the
complaint as attorney's fees which shall in no case be less than P50,000.00 pesos in addition to other cost
and damages which the said party may be entitled to under the law.
12. This CONTRACT OF LEASE shall be valid and binding between the parties, their successors-in-
interest and assigns.
IN WITNESS WHEREOF, the parties have hereunto affixed their signatures on the date and place first
above stated.
_____________________ ____________________
_____________________ ____________________
(LESSOR) (LESSEE)
By: By:
--------------------------------- ---------------------------------
Signed in the presence of:
------------------------------------- ------------------------------------
ACKNOWLEDGMENT:
______________________________________________________________________________________
______________________________________________________________________________________
(Name of Notary Public)
Notary Public for the City of _______
Until December 31, 2004
IBP No._____________
PTR No. _________________
Roll No. ___________________
MCLE No. ____________________
NALIMOT KO UNSAY DAPAT
IBUTANG DRI. KOPYAHA NALANG
ANG PREVIOUS
Doc. No._____;
Page No. ____;
Book No. ____;
Series of _____.
