Contract of Lease

CONTRACT OF LEASE
KNOW ALL MEN BY THESE PRESENTS:

This CONTRACT OF LEASE is made and executed at the City of Manila, this
day of 27th April, 2017, by and between:
ESPAA DEVELOPMENT CORPORATION, a private entity, existing and

created under the laws of the Republic of the Philippines, with principal place
of business at Espaa Two Towers, Espaa Boulevard, Sampaloc, Manila,
represented in this Act by its President, Mr. PEDRO SANTOS, hereinafter
referred to as the LESSOR.
-and- JUAN DELA CRUZ, of legal age, single, Filipino, and with residence and
postal address at 123 Little Baguio St., Marulas, Valenzuela City, hereinafter
referred to as the LESSEE.
- WITNESSETH-
That the LESSOR is the owner of a condominium unit, Unit 2206 located at
Espaa Two Towers, Espaa Blvd., Sampaloc, Manila with a floor area
consisting of approximately 21.50 square meters and hereby lets and leases
unto the LESSEE the said condominium unit and the LESSEE hereby accepts
in lease from the LESSOR said leased premises subject to the following terms
and conditions, to wit:
1. That the term of this contract shall be for a period of ONE (1) year
to commence on May 1, 2017 and to expire on April 31, 2018,
renewable for another year, at the option of the LESSEE;
2. That the LESSEE shall give the LESSOR a notice of his intention to
renew the lease in writing not less than fifteen (15) days from the
expiration of the lease or renewed lease;
3. That in case the LESSEE does not vacate the leased premises within
fifteen days (15) from the expiration of the lease, without any notice
to the LESSOR of his intention to renew the contract of lease, the
contract shall be deemed renewed on a month to month basis;
4. That in case the LESSOR decides not to renew the lease, the
LESSOR shall notify the LESSEE in writing of such intention no less
than sixty days (60) from the expiration of the lease;
5. That the LESSEE shall pay to the LESSOR a monthly rental of

Eighteen Thousand Five Hundred Pesos (Php 18,500.00), due at the
end of each month. All rental payments will be required in cash or
by certified check;
a. It is understood that the monthly rental of the LESSEE is

inclusive of a guaranteed parking space area, which shall be
for the exclusive use of the LESSEE;
6. That in addition to the next preceding paragraph, the LESSEE shall

pay the LESSOR the sum of Fifty Five Thousand Five Hundred Pesos
(Php 55,500.00) as security deposit. The security deposit shall not
be applied to the rental but refunded to the LESSEE within 15 days
from the expiration of the lease after deducting the expenses for
repairs incurred by the LESSOR in returning the leased premises to
good and tenantable condition and unpaid bills, if any;
7. That the LESSOR may increase the monthly rental only once every
two years and no more than 5% at any one instance;
8. That the LESSOR shall pay for the real property taxes, government
assessments, insurance coverage and similar expenses pertaining
to the leased premises;
9. That the LESSEE shall pay for, and defray at his own expense the
consumption for water, electricity, telephone, and other utilities;
10. That the LESSEE may sublease, assign, or transfer his rights
under this contract to any third person, provided that the LESSOR
shall be notified in writing of the sublease, assignment, or transfer
at least thirty days (30) prior to the effectivity of the sublease,
assignment, or transfer;
11. That the leased premises shall be used exclusively for residential
purposes by the LESSEE or his sub-lessor, assignee, or transferee, if
any;
12. That the LESSEE hereby expressly acknowledge that the leased
premises is in good and tenantable condition and agrees to keep the
same in such good and tenantable condition;
13. That the LESSOR shall make, during the lease, all the necessary
repairs in order to keep the premises suitable for the use of the
LESSEE;
14. That the ordinary wear and tear in the leased premises shall be
for the sole account of the LESSEE. Every repair and improvement
to be made in the leased premises shall immediately brought to the
attention of the LESSOR;
15. That the LESSOR shall hold the LESSEE harmless and free, and/or
otherwise indemnify the latter from any third-party claims arising
from this contract, pertinent provisions of laws, rules and
regulations and/or ordinances;
16. That the LESSOR shall have the right to terminate this contract
upon sixty (60) day prior written notice to the LESSEE, in any of the
following instances:
a. The LESSEE fails to pay rentals of three (3) consecutive

months; or
b. In the event of any violation by the LESSEE of the terms and

conditions stipulated in this contract and the LESSEE fails to
remedy the default within sixty (60) days from its receipt of
the written demand from the LESSOR.
17. That the LESSEE shall have the option to terminate this contract
upon thirty (30) day written prior notice to the LESSOR in the event
of any breach by the LESSOR of this contract, and the LESSOR fails
to remedy such breach or default within thirty (30) days from
receipt of the written demand of LESSEE;
18. That the LESSEE shall vacate the leased premises at the
expiration of the lease and return the possession of the same to the
LESSOR in good and tenantable condition;
19. That in case the LESSEE decides to pre-terminate the lease

contract, he shall pay the pre-termination fee equivalent to one
month rental to be deducted from the security deposit. The LESSOR
shall return to the LESSEE the remaining post-dated checks;
20. That in case the LESSOR decides to sell the leased premises, the
LESSEE shall have the right of first refusal;
21. That in case the LESSEE decides not to buy the leased premises
from the LESSOR, the LESSOR guarantees that the sale to third
persons shall not affect the right of the LESSEE to the leased
premises during the period of lease or renewed lease;
22. The LESSOR or its authorized agent, only after giving due notice
to the LESSEE, shall have the right to enter the leased 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 or maintenance of the building, or for any other lawful
purposes which it may deem necessary;
23. That 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 tender the leased premises during the term substantially unfit
for use and occupation of the LESSEE, then this contract may be
terminated without compensation by the LESSOR or by the LESSEE
by notice in writing to the other;
24. That any dispute between the LESSOR and the LESSEE arising
from this contract shall be mutually and immediately resolved.
Should mutual resolution be not reached by the parties, such
disputes may be resolved by arbitration or other alternative modes
of dispute resolution in the City of Manila in accordance with the
rules of the Philippine Dispute Resolution Center, Inc.;
25. That failure of the LESSOR or the LESSEE to insist, in one or more
instances, the strict performance of any of the provisions of this
contract, shall thereafter not be construed as abandonment or
waiver of such provision or option. No waiver shall be deemed to
have been made unless express in writing and signed by the
LESSOR or the LESSEE.
26. That any amendments to, modification of, or supplement to this

contract, or additional rules and regulations for the use of the
leased premises, must be subject to the mutual agreement of the
parties after prior consultations between the parties;
27. This CONTRACT OF LEASE shall be valid and binding between the
parties, their successors-in-interest and assigns.
IN WITNESS WHEREOF, parties herein affixed their signatures on the date
and place above written
Pedro Santos Juan Dela

Cruz
President LESSEE
Espaa Development Corp. Drivers License ID No. D16-
88-198402
LESSOR
Drivers License ID No. D16-88-198402
Signed in the presence of:
1. __________________________ 2. __________________________
Republic of the Philippines)

City of Manila ) S.S.
ACKNOWLEDGEMENT
BEFORE ME, this 27th day of April 2017 in the City of Manila,
personally appeared:
Name CTC No. Date/Place of

Issue
Pedro Santos 20411190 January 21,
2017, Manila City
Juan Dela Cruz 58910088 April 8, 2017,
Valenzuela City
Known to me to be the same persons who executed the foregoing instrument

and acknowledged to me that the same is their free and voluntary act and
deed.
This instrument consisting of ___ page/s, including the page on which this
acknowledgement is written, has been signed on each and every page
thereof by the concerned parties and their witnesses, and sealed with my
notarial seal.
WITNESS MY HAND AND SEAL, at the place and on the date above
written.
ATTY. CESAR LAPUZ

Notary Public for Manila
Unit 12 ABC Building, Espaa Blvd,
Manila
Appointment No. 156, until December 31,
2017
IBP No. 157483, 01/10/17 - Manila
PTR No. 234354, 01/ 10/ 17 Manila
Roll No. 55628, 4/20/06
MCLE No I- 002343, 9/05/16
MCLE No II- 009345, 9/06/16
Doc. No. 5 ;
Page No. 22 ;
Book No. 3 ;
Series of 2017 .

Contract of Lease - G1 LESSOR

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KNOW ALL MEN BY THESE PRESENTS:

ESPAA DEVELOPMENT CORPORATION, a private entity, existing and

5. That the LESSEE shall pay to the LESSOR a monthly rental of

a. It is understood that the monthly rental of the LESSEE is

6. That in addition to the next preceding paragraph, the LESSEE shall

a. The LESSEE fails to pay rentals of three (3) consecutive

b. In the event of any violation by the LESSEE of the terms and

19. That in case the LESSEE decides to pre-terminate the lease

23. That if whole or any part of the leased premises shall be

26. That any amendments to, modification of, or supplement to this

Pedro Santos Juan Dela

Signed in the presence of:

Republic of the Philippines)

Name CTC No. Date/Place of

Known to me to be the same persons who executed the foregoing instrument

ATTY. CESAR LAPUZ

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