CONTRACT OF LEASE
KNOW ALL MEN BY THESE PRESENTS:
This contract of Lease made and entered into this ____ day of _____________, 2021 at
______________, Philippines, by and between:
SYKASONS PROPERTIES CORP., with business address at 155 P. Manahan St., Pasay City,
represented in this act by its Treasurer, GRACE ONG, hereinafter referred to as the LESSOR;
-and-
2YL ENTERPRISES INC., with business address at Unit 337 Decena St., Brgy. 094, Pasay City,
represented in this act by its Secretary, REYNAN C. GARCIA, hereinafter referred to as the LESSEE:
W I T N E S S E T H:
That the LESSOR is the absolute owner of an Apartment Unit located at Unit 337 Decena St.,
Brgy. 094, Pasay City;
That the LESSEE desires, and the LESSOR is willing to lease one (1) of its units particularly
described as Unit 337 Decena St., Brgy. 094, Pasay City (herein referred to as the Leased Premises)
under the terms and conditions hereinafter set forth;
That the LESSOR, after confirming, affirming and reiterating the terms and conditions, hereby
delivers by way of lease unto the LESSEE, and the latter hereby accepts the Leased Premises subject to
the following terms and conditions:
1. AMOUNT OF RENT AND OTHER FEES – The LESSEE shall pay the LESSOR for the use and
occupancy for the Leased Premises a monthly rental of TEN THOUSAND PESOS ONLY (P10,000.00),
payable monthly in advance, not later than the Fifteenth (15th) day of the month. The monthly rental
shall be exclusive of the Value-Added Tax, if imposed by the proper authorities, which shall be for the
account of the LESSEE. The LESSEE shall pay, at his exclusive expense, the consumption of water,
electricity, telephone and other utility services in his Leased Premises.
2. MANNER OF PAYMENT – The LESSEE hereby agrees to deliver to the LESSOR cheques
representing payment of the rent for the 12-month period with total value of ONE HUNDRED AND
TWENTY THOUSAND PESOS ONLY (P120,000.00) immediately upon signing of this contract which shall
be post-dated in accordance with the terms mentioned in paragraph 1 hereof.
3. T E R M – This lease shall be for a period 1 YEAR commencing from February 1, 2021
and January 31, 2022 and renewable for another period not exceeding one year, upon written notice by
the LESSEE to the LESSOR at least thirty (30) days prior to the expiration of the Contract subject to the
terms and conditions as may be mutually agreed upon by the PARTIES , provided, that the new
agreement shall include the rental rate corresponding to the renewed contract which shall be agreed
upon herein parties within sixty (60) days prior to such expiration. Failure to forge agreement on the
new rental rate within the aforementioned period shall be deemed disagreement on the renewal ot he
contract, thus the contract shall be automatically terminated at the said expiration thereof.
4. ADVANCE RENTAL AND DEPOSIT – Upon effectivity of this Contract, the LESSEE shall
pay herein LESSOR an amount of TEN THOUSAND PESOS ONLY (P10,000.00) as advance rental and shall
deposit to the LESSOR the amount of TWENTY THOUSAND PESOS ONLY (P20,000.00) equivalent to two
(2) months rental. The amount deposited shall be returned to the LESSEE sixty (60) days after the
termination of the foregoing lease agreement without interest – unless there are unpaid bills for water,
electricity, telephone, other public services, unreturned borrow articles, destroyed portions of the
premises and other accounts due the LESSOR, wherein such amount will be deducted from this deposit
and the balance, if any, shall be refunded to the LESSEE. It is stipulated herein that the LESSEE shall not
apply the deposit for the last two (2) months of the lease or any month therein.
a. The LESSEE shall deposit with the LESSOR a Meralco deposit amounting to TWO
THOUSAND PESOS ONLY (P2,000.00) Philippine currency, for the application of electric service of the
LESSEE and will be returned to the LESSEE sixty (60) days after the termination of the lease agreement
without interest – unless there are unpaid bills to be deducted.
b. The LESSEE shall also deposit with the LESSOR a Water Deposit amounting to ONE
THOUSAND PESOS ONLY (P1,000.00) Philippine currency, as security deposit for the LESSEE’s water
consumption, and will be returned to the LESSEE sixty (60) days after the termination of the contract
without interest – unless there are unpaid bills to be deducted. No refund of deposit shall be made if the
LESSEE pre-terminated this contract within one (1) year.
5. ESCALATION – The rental shall be subject to ten percent (10%) escalation rate upon
renewal of this contract, and every year thereafter based on the rental of the previous year.
6. IMPROVEMENTS – The LESSEE shall not make or install any alterations or improvements
on the premises it occupies and leases without the prior written consent of the LESSOR. All alterations
and improvements shall be undertaken by the LESSEE and shall become the property of the LESSOR
upon termination of the lease, without obligation to reimburse the LESSEE for the cost thereof provided,
however that all movable fixtures and improvements introduced by the LESSEE in or upon the Leased
Premises shall remain the property of the LESSEE if the removal thereof will not deface or damage the
walls and other parts of the leased area.
7. CARE OF LEASED PREMISES – The LESSEE shall, at his expense, maintain the leased
premises in a clean and sanitary condition, free from noxious odor, disturbing noise or other nuisances
and upon the expiration of the lease, shall surrender and return the premises and fixtures in as good
conditions as they were found at the beginning of the lease, ordinary wear and tear expected. In no case
shall the LESSEE store in the leased premises combustible and inflammable materials which shall expose
the lease premises to fire hazard and other unnecessary accidents and may cause the increase in the
insurance premium thereof.
8. USE OF THE LEASED PREMISES – The premises hereby leased shall be used by the
LESSEE exclusively for residential use only. If the leased premises be diverted to other uses without the
prior written consent of the LESSOR or has used the same in illegal or immoral activities, the LESSOR has
the option to (a) rescind this Contract in accordance with the provisions herein for breach and/or
default, (b) increase the rent, or (c) compel the LESSEE to stop the new activities.
9. INSPECTION OF PREMISES – The LESSOR or his authorized representative shall have the
right to enter the leased premises during office hours to enable it to examine the same or conduct
activities for the maintenance of the said premises or the installation found thereon belonging to the
LESSOR and during the last one (1) month prior to the expiration of the lease to exhibit the leased
premises to prospective tenants.
10. REPAIRS – The LESSOR shall make on the leased property necessary repairs to make it
serviceable and shall preserve the same for the purpose for which such premises was leased. The
LESSEE, on the other hand, shall give access to the LESSOR’s duly authorized representative to the lease
premises for the purpose of making the repair or undertake all works necessary for preservation and
conservation of the leased premises or any part of the building. The LESSEE shall not be entitled to any
compensation or damages by reason of any inconvenience, annoyance or injury to the LESSEE arising
such repairs. All other repairs within the leased premises shall be the responsibility of the LESSEE.
11. TERMINATION OF LEASE – The LESSEE agrees to return and surrender the leased
premises at the expiration of the term of this Contract in as good condition as reasonable wear and tear
will permit without the delay whatsoever, devoid of all occupants, articles and furniture. Refund of the
deposits may be made only upon presentation of Official Receipts issued by the LESSOR or any of his
authorized representative on such deposits upon presentation of necessary clearances from MERALCO,
Maynilad, PLDT or any other government or private entities whenever they are appropriate. In case the
Leased Premises are not surrendered at the expiration of the lease period, the LESSEE shall be
responsible for all damages and losses incurred by the LESSOR shall indemnify the LESSOR for the delay
in delivering possession of the Leased Premises.
12. SUBLEASE – The LESSEE shall not assign or transfer its right under this Contract nor
sublease all or any part of the Leased Premises, without the prior written consent of the LESSOR, and no
right, title or interest shall be conferred to anyone without such prior written consent.
13. DEFAULTS AND PENALTIES – In case of cheques mentioned in paragraph 2 hereof is
dishonored by the drawee bank for any reason whatsoever or the LESSEE failed to deliver the cheques
for the succeeding years, said LESSEE shall liable to pay the LESSOR a service charge of P100.00 and
penalty interest equivalent to five percent (5%) of the rental rate, per month of delay until the said
rental is actually paid, without prejudice to the other actions pursuant to existing laws. If the LESSEE
should vacate the Leased Premises before the expiration of the term of this Contract for any cause not
attributable to the LESSOR, the deposit paid for under paragraph 4 herein shall be forfeited in favor of
the LESSOR. Should the LESSEE abandon or desert the leased premises. The LESSOR shall have the right
to enter the same as the agent of the LESSEE, either by force or otherwise, without being liable to any
prosecution therefore.
14. WARRANTIES – Herein LESSEE especially warrants that he is the sole and absolute
owner of all the personal properties brought by him in the Leased Premises and hereby binds himself
not to bring nor store any property of the third person unless allowed by the LESSOR upon proper
notification and inspection from LESSOR’s authorized representative. Moreover, said LESSEE hereby
warrants that he has gone over and inspected the Leased Premises and has accepted the same to be
tenantable and in good and orderly condition.
15. INJURY, DAMAGES, ETC. – The LESSEE hereby assumes full responsibility for any
damages which may cause to the person or property of third person(s) while remaining either casually
or on business on the Leased Premises and further binds himself to indemnify and hold the Lessor free
and harmless from any claim, suit or action that may be filed against the LESSEE by reason of such
damage or injury caused to a third person as a result of the LESSEE’s own willful or negligent act of that
of his family, servant or employee or as a result of non-performance or non-observance of any rule and
regulation imposed by the LESSOR on the leased or any law or ordinance passed by the government
16. INSURANCE – The LESSOR shall not be responsible for any loss or damage to the
properties brought by the LESSEE to the Leased Premises in cases of loss or damage caused by force
majeure. In view thereof, the LESSEE may insure his property if he intends to protect the same.
17. OBSTRUCTION – The sidewalks, entrance, passages, corridors and stairways of the
Leased Premises shall not be used by the LESSEE for any purpose other than for ingress to egress from
the said leased premises.
18. RULES AND REGULATIONS – The LESSOR reserved his right to issue reasonable rules and
regulations intended for the proper maintenance of the Leased Premises and the peace and order of the
premises as well. For purposes of convenience and protection, the LESSOR may fix the time and
prescribed the manner in which the property of the LESSEE may be taken in and out of leased premises.
Maximum of six (6) persons are allowed in leased premises.
19. PENALTIES – In case of any terms and conditions of this Contract by the LESSEE and the
LESSOR is compelled to bring the matter to any judicial or quasi-judicial body, the LESSEE agrees to pay
the LESSOR and amount of 5,000.00 or 25% of the monetary claims for the damages as a result of such
violation.
20. UNDERTAKING – The LESSEE hereby undertake to voluntary vacate the premises in case
of his failure to pay the rent of the current month within thirty days from its due date. Should the
LESSEE failed or refused to vacate the leased premises as herein-above provided, the LESSOR, with the
assistance of property barangay or municipal peace officer, is hereby authorized to take out the
personal property of the LESSEE kept inside the premises within said LESSOR incurring no any liability,
criminal or otherwise. In case the LESSEE has an outstanding obligation with the LESSOR by virtue of his
Contract, said LESSOR has the right to withhold the release of any or all of the property, which may be
sufficient to cover such outstanding obligation.
21. NON-WAIVER – The failure of the LESSOR to insist upon a strict performance of any
terms, conditions, and covenants hereof shall not be deemed a relinquishment of the waiver of any
rights or remedy that said LESSOR may have or shall it be construed as a waiver of any subsequent
breach of default on the terms, conditions, covenants hereof, shall continue to be in full force and
effect. No waiver by the LESSOR or any of its right shall be considered to have been made unless
expressed in writing signed the LESSOR’s authorized representative.
IN WITNESS WHEREOF, I have hereunto set my hand this ____ day of _________, 2021
at________________, Philippines.
SYKASONS PROPERTIES CORPORATION 2YL ENTERPRISES INC.
By: By:
GRACE S. ONG REYNAN C. GARCIA
(Lessor) (Lessee)
Signed in the Presence of:
_______________________ _________________________
AKNOWLEDGEMENT
REPUBLIC OF THE PHILIPPINES)
)S.S
Before me, a Notary Public in and for _______________________ Philippines, this _______ day of
_____________ 2021, personally appeared the following:
NAME RES.CERT.NO DATE & PLACE OF ISSUE
REYNAN C. GARCIA 236-675-582-000 05/20/2018
Both known to me and to me known to be same persons who executed the foregoing Contract of Lease
and they acknowledged to me that the same is their own free act and deed and of the corporation
therein represented. This Contract of Lease consist of Four (4) pages including this page on which the
acknowledgement is written and signed by the parties and their instrumental witnesses at the
dispositive portion of page 4 and the left-hand margin of all the other pages.
WITNESS MY HAND AND SEAL on the date and place above-written.
NOTARY PUBLIC
Doc. No. ___________;
Page No.___________;
Book No.___________;
Series of 2021.
