CONTRACT OF LEASE
KNOW ALL MEN BY THESE PRESENTS:
This Contract of Lease is made and executed by and between;
ZOSIMA ALICIA Y. LARRAZABAL, of legal age, Filipino, widow and
resident of Brgy. San Pablo, Ormoc City, Leyte, Philippines, hereinafter
referred to as LESSOR;
-and-
GHARDE BONSILAO MALINAO, of legal age, Filipino, married, with
and a resident of Block 1 Lot 4, World Vision, Linao, Ormoc City,
hereinafter referred to as LESSEE;
W I T N E S S E T H:
That the LESSOR hereby leases unto the LESSEE and the latter hereby accepts in
lease a portion of commercial building located Bonifacio cor. Lopez Jaena St.,
Ormoc City, Leyte, Philippines, under the following terms and conditions:
1. PERIOD AND RENTAL- This Contract of Lease for a commercial space shall
be for a period of TWO (2) YEARS only commencing on February 1, 2023 and
renewable subject to agreement by both parties. It is mutually agreed that the
LESSEE informs the LESSOR of their written intention to renew this Contract
at least two months before the same expires, subject to the LESSOR
agreement, the same to be communicated to the LESSEE within a reasonable
time;
2. RENTAL- The LESSEE agrees to pay the LESSOR a monthly rental
equivalent to PESOS: FORTY THOUSAND PESOS (P 40,000.00)
Philippine currency payable on or before the fifth (5th) day of each month, plus
12% EVAT amounting PESOS: FOUR THOUSAND EIGHT HUNDRED (P
4,800.00) Philippine currency. The LESSEE shall deduct the 5% withholding
tax amounting to PESOS: TWO THOUSAND (P 2,000.00) Philippine
currency from the rental due to the LESSOR and to pay to the Bureau of
Internal Revenue said amount withheld under the name of the LESSOR. It is
expressly agreed and understood that the payment of the rental herein stipulated
shall be made without the necessity of express demand and without delay in any
ground whatsoever. The LESSOR, and that of signing of the contract, the
LESSEE agree to pay the LESSOR a one (1) month advance rental and one (1)
month security deposit upon the execution of this agreement or the amount of
PESOS: EIGHTY TWO THOUSAND EIGHT HUNDRED (P 82,800.00)
Philippine currency. The LESSEE also agrees to issue a one-year postdated
checks for the payment of monthly rentals;
3. PRE-TERMINATION- LESSEE may pre-terminate the lease for just and
reasonable cause, but LESSEE must notify the LESSOR at least two (2)
months before the termination date, and the LESSEE shall settle obligations for
the payment of water, electricity, telephone and other utilities, before said date.
Failure to do so means forfeiture of the security deposit;
4. SECURITY DEPOSIT- The security deposit made by the LESSEE by virtue
of the original Contract of Lease shall continue to secure payment of any
outstanding account of the LESSEE with the LESSOR or to charges of
electricity, water, telephone, and other utilities, subject to the amendments
hereof, without prejudice to the right of the LESSOR to terminate this Contract
as provided by law;
5. The LESSEE shall not introduce improvements on the premises without
consent of the LESSOR. Any improvements introduced which are permanent
in nature shall not be removed by the LESSEE upon termination of the contract
and shall become the property of the LESSOR;
6. The LESSEE shall use the leased property only for the purpose(s) originally
intended and agreed upon by the parties at the start of the contract. Prior survey
and inspection have been jointly made by the LESSOR and LESSEE and the
premises is found to be in satisfactory by both parties;
7. During the term of this Contract, LESSEE shall:
a. Take care and maintain side premises of the leased property to keep it in a
clean and sanitary condition;
b. Be responsible for all acts and omissions done by its employees, agents,
clients, customers, and visitors;
c. Pay for the cost of repairs, replacement, and/or restoration of damage caused
on the leased premises by the LESSEE, or his representative, agents, clients
and/or visitors;
d. Pay for the charges and such other incidental expenses for replacement
breakage or restoration for water, telephone, electricity and other utilities as
maybe installed in the premises;
e. Permit the duly authorized representative of the LESSOR, after due notice,
to enter leased premises at any reasonable time of the day, for the purpose of
making inspection, repair, or installation of any facility or for other similar
purposes. Furthermore, LESSEE shall permit the LESSOR, after due
notification to show the leased premises to prospective tenants should the
LESSEE fail to renew the contract within sixty (60) days before the
expiration of the contract;
f. Comply with the rules and regulations which the LESSOR imposed at the
start of this contract, or which the LESSOR shall promulgate from time to
time preserve the upkeep of the leased premises and building; and
g. The LESSEE shall comply with sanitary, electrical, and zoning regulations
or any restrictions imposed by the National or Local Government including
its agencies and instrumentalities;
8. During the existence of this contract, the LESSEE shall not:
a. Sublease the premises or any portion thereof to a third party without explicit
permission from the LESSOR;
b. Deposit or store any explosive or highly inflammable materials in the leased
premises without the leased premises;
c. Make any alteration or introduce any improvement in the leased premises
without any prior consent of the LESSOR;
d. In case the leased premises should be closed for business or unused for a
period of two (2) months, without serving notice to the LESSOR, the latter
may consider the premises abandoned and the lease is terminated without
notice;
In such case, the LESSOR reserves the right to enter the leased premises and in
the presence of any representative of the LESSEE or, if none is available, in the
presence of any law enforcement officer, proceed to make an inventory of any
property. The LESSEE hereby appoints LESSOR as its agent authorized to
appropriate as much of the property found in the premises, as may be sufficient
for the payment of any unpaid rental and damages in an amount equivalent to
the unexpired term of lease.
9. A condonation by the LESSOR of any violation of the LESSEE on any
stipulated terms and conditions contained in this contract relative to non-
payment of the rental and other charges provided herein shall not in any way be
interpreted as renunciation or waiver by the SUB-LESSOR of any rights with
regards to the subsequent violation or non-payment.
10.The parties agree that any action rising from this contract shall be filed
exclusively in the proper court of Ormoc City, Leyte, Philippines.
IN WITNESS WHEREOF, we have hereunto set our hands this
_______________ of _______________________ at Ormoc City, Leyte,
Philippines.
______________________________________
ZOSIMA ALICIA Y. LARRAZABAL
LESSOR
_____________________________________
GHARDE BONSILAO MALINAO
LESSEE
Signed in the presence of:
_______________________ ________________________
ACKNOWLEDGEMENT
REPUBLIC OF PHILIPPINES)
CITY OF ORMOC ) S.S.
BEFORE ME, a Notary Public, for and in the ____________, this
______________ personally appeared:
Competent Evidence of Identity
ZOSIMA ALICIA Y. LARRAZABAL OSCA ID NO. 008107
GHARDE BONSILAO MALINAO VOTER’S ID 3738-0241B-J2784GBM10000
known to me and to me known to be the same persons who executed the foregoing
instrument and acknowledged before me as their free and voluntary act and deed.
WITNESS MY HAND AND SEAL on the date and place first above
written.
Doc No. _______
Page No. ______
Book No. _____
Series of 2023.
