Land Lease Agreement
This Land Lease Agreement shall become effective on March 17, 2024 (the
“Execution Date”) and is subject to the terms and conditions stated below by
and between Jhomar A. Visaya (the “Landlord”) and Meriam Batara Lope
(the “Tenant”), collectively referred to as the “Parties”.
1. LAND TO BE LEASE. The Landlord agrees to rent only a portion,
measuring (35 sqm) of the Land located at 67 Heroes Blvd. Calaocan,
Bambang, Nueva Vizcaya. Philippines (the “Land”). The Land Title is
presented to the Tenant to indicate the total area of the Land. The Landlord
grants the Tenant permission to rent the Land not to exceed the said
portion of Land for industrial, commercial, agriculture, restaurant, hotel, or
other commercial purposes.
2. LEASE DURATION. The term of the Land Lease begins on March 18,
2024 and ends on March 17, 2025. The Tenant must move at the end of the
lease term if the two Parties do not agree on a new lease agreement or an
extension of this Agreement.
3. PAYMENTS. The monthly rent due under this Agreement is PHP
10,000 per month. The rent must be deposited in full every month no later
than the day of the Execution Date to the Bank account provided. The first
payment of rent must be paid upon the signature of this Agreement. If the
rent is not paid on the due date, the Landlord shall pay a late fee of PHP
500 for each day of delay after the first day of rent.
4. SECURITY DEPOSIT. The security deposit must be paid to the
Landlord no later than the Execution date of this Agreement by the Tenant.
The Landlord will hold it as a security to meet the Tenant’s obligation under
this Agreement.
The Tenant shall deliver PHP 20,000 equivalent to two (2) months of the
lease payment. The security deposit should not be a prepayment of any
rental, nor shall it be raised by the Tenant as a reason or excuse to not
paying the rent as stipulated in this Agreement.
The full amount of the security deposit must be returned to the Tenant
within thirty (30) days of the vacating of the Land, less any amount the
Tenant is required to pay:
If the Tenant has complied with all terms of this Agreement.
If the Tenant returns the Land mentioned above to the Landlord in good
condition when the Tenant leased the Land.
The Tenant shall pay additional costs for the Land's damages to the
Landlord if the security deposit does not cover the cost of the damages.
5. TERMS AND CONDITION. With the Landlord’s prior consent, the
Tenant is authorized to:
Install constructions likely to alter the Land.
Install equipment or items likely to alter the Land.
Dig holes, wells, excavate the Land or perform other actions that will
affect the condition of the leased Land.
Clearing the Land or performing other actions that will affect the
condition of the leased Land.
Nevertheless, at the expiration of this Agreement and if requested by
the Landlord, the Tenant shall demolish such building or structure and
restore the leased Land to its former condition.
6. TAX. The Tenant must pay the property tax or other taxes related to the
lease. All the above expenses are considered additional rental charges paid by
the Tenant when requested by the Landlord.
7. TRANSFER OF LEASE. Without the Landlord's prior written consent,
the Tenant shall not assign, mortgage, or sublet the Land leased or permit the
use of the Land by any party other than the Tenant.
8. BREACH OF CONTRACT. If a party fails to comply with any of its
obligations under this Agreement, the Tenant or Landlord shall have the right
to send a notice requiring compliance with the requirements of
this Agreement within an appropriate time.
If the defaulting party continues to fail to comply with the terms of
the Agreement, the other party may terminate the lease, take legal action
against the defaulting party, and seek compensation.
9. TERMINATION. The Landlord should have the right to terminate this
Agreement by written notice upon the occurrence of any of the following
circumstances:
The Tenant fails to pay the rent, or any other amount owed to
the Landlord.
Third parties occupy the Land without the Landlord's permission.
The Tenant fails to comply with the terms and conditions of this
Agreement.
The Landlord has the right to terminate this Agreement under this clause,
the Landlord shall also have the right to forfeit the security deposit
and shall be entitled to financial compensation in respect of any damage or
loss suffered.
The Land is vacated when all areas are cleared of all the Tenant's property.
10. GOVERNING LAW AND JURISDICTION. This Agreement is
governed by and shall be construed following the laws of the Philippines.
The Parties submit all their disputes arising out of or connected with
this Agreement to the jurisdiction of the Courts of the Philippines.
This Agreement is drawn up in two (2) identical copies, one for each Party.
Both Parties have read and fully understood this Agreement. This Agreement
shall become effective and legally binding upon signature by each of the
Parties:
SIGNED by
JHOMAR A. VISAYA MERIAM BATARA LOPE
Lessor Lessee
CTC No. ________________ CTC No.: ___________________
Issued On: _______________ Issued On: __________________
Issued At: ________________ Issued At: __________________
Signed in the presence of:
HON. CHRISTOPHER C. MADERA _________________________
