Areglado - Lease To Own Contract

LEASE TO OWN CONTRACT
KNOW ALL MEN BY THESE PRESENTS:

This LEASE TO OWN CONTRACT (the CONTRACT) is made and
executed by and between:
XYZ
LIGHTS
AND
SOUND,
INC., a
Corporation duly organized and existing under and
by virtue of the laws of the Republic of the
Philippines, with principal office at 2259 Avocado
Street, Pio del Pilar, Makati City, represented herein
by its President, JOHN D. PEREZ, and hereinafter
referred to as the LESSOR;
-andKING BEATS, INC., a Corporation duly
organized and existing under and by virtue of the
laws of the Republic of the Philippines, with principal
office at 1234 Arnaiz Street, Bonifacio Global City,
Taguig City, represented herein by its President,
MHEL JOSEPH P. AREGLADO, and hereinafter
referred to as the LESSEE.
WITNESSETH THAT:
WHEREAS, the LESSOR is the owner of TWO (2) LIGHTS AND SOUND
EQUIPMENTS (the EQUIPMENTS);
WHEREAS, the LESSEE has offered to lease from the LESSOR in a
lease to own basis the said EQUIPMENTS and the LESSOR has agreed to
lease to own the LESSEE the EQUIPMENTS;
NOW, THEREFORE, for and in consideration of the foregoing premises
and the mutual covenants hereinafter contained, the Parties hereby enter
into this CONTRACT the following terms and conditions:
1. General Terms - LESSOR hereby leases, lets, and delivers by way of
lease to own the EQUIPMENT and the LESSEE hereby accepts under the
terms of this CONTRACT. The LESSEE will be the owner of the
EQUIPMENTS after the fulfilment of its obligation to the LESSOR.
2. Lease Term - Subject to the fulfilment of the terms and conditions set
forth in this CONTRACT, this CONTRACT shall be effective for a fixed
period of one (1) year (the LEASE TERM) commencing on January 01,
2016 (the LEASE COMMENCEMENT DATE) up to December 01, 2016.
3. Rent - The LESSEE shall pay to the LESSOR by way of rent to own the
EQUIPMENTS the sum of EIGHTY THOUSAND PESOS (PhP80,000.00)
per month for the EQUIPMENTS, exclusive of VAT. The rental shall be
effective for the term of the lease. The rent shall be payable monthly at
the office of the LESSOR, without necessity of demand and without delay.
4. Taxes - LESSOR shall, for the entire duration of the CONTRACT, be

exclusively liable for payment of all taxes.
5. Hand-over - LESSOR shall deliver the EQUIPMENTS to the LESSEE on
December 31, 2015.
6. Repairs - The LESSEE shall promptly and properly repair any damage in
the EQUIPMENTS resulting from or due to its fault or negligence of the
fault or negligence of its employees, agents, or any other persons gaining
access to the EQUIPMENTS on account of the LESSEE. Moreover, the
LESSEE shall immediately inform the LESSOR of any damage, defect or
similar conditions (for whatever cause) in the EQUIPMENTS. In the event
that the LESSEE fails to undertake the maintenance and repair works as
stipulated herein, the LESSOR may opt to perform said repair works itself
and charge the cost thereof for the account of the LESSEE.
All the service maintenance repair of all the EQUIPMENTS shall be for
the account of the LESSEE or any other persons gaining access to the
EQUIPMENTS on account of the LESSEE.
7. Representation and Warranties
The LESSOR hereby represents and warrants, as of the execution of this
CONTRACT and all throughout the LEASE TERM, the following:
(a) It possesses full power and authority to enter into this
CONTRACT and has taken all the necessary action to authorize
the entry into, performance, and delivery of this CONTRACT,
and the transactions contemplated thereby;
(b) It is duly incorporated, validly existing, and in good standing
under the laws of the Republic of the Philippines.
(c) It has the power to own its assets and carry on its business as it
is being conducted and as proposed to be conducted;
(d) The LESSOR has not entered into any agreement with any third
party(ies) which may affect the possession by the LESSEE of the
EQUIPMENTS, or which bar the LESSOR from entering into this
CONTRACT;
8. Default and Termination - The LESSEE shall be considered in default
upon:
(a) its failure to pay for two (2) consecutive months;
(b) its serious or willful failure to comply with any of the material
terms and conditions of this CONTRACT and/or the LESSORs
rules and regulations that have been made known to the
LESSEE; and
(c) its abandonment of the EQUIPMENTS. It is hereby understood
that the LESSEE shall be considered to have abandoned the
EQUIPMENTS should the LESSEE be in arrears in the payment
of rent or other accounts herein provided for a period of at least
Page 2 of 3
one (1) month, without any notice of closure having been

furnished to the LESSOR.
9. Confidentiality - LESSOR and LESSEE agree that all aspects of this
document and any subsequent correspondence and conversations shall
be kept Private and Confidential between LESSOR and LESSEE.
IN WITNESS WHEREOF, the parties have hereunto signed these
presents in Makati City on December 12, 2015.
XYZ LIGHTS AND SOUND, INC.
LESSOR
KING BEATS, INC.

LESSEE
By:
By:
JOHN D. PEREZ
President
MHEL JOSEPH P. AREGLADO

President
SIGNED IN THE PRESENCE OF:
________________________________
____________________________________
ACKNOWLEDGMENT
REPUBLIC OF THE PHILIPPINES
MAKATI CITY
]
] S. S.
BEFORE ME, a Notary Public for and in the City of Makati, on this day
12 day of December 2015, personally appeared the following:
th
NAME
CORPORATE TAX
CERTIFICATE NO. /
PASSPORT NO.
DATE ISSUED /
DATE OF EXPIRATION
JOHN D. PEREZ
MHEL JOSEPH P. AREGLADO
known to me and to me known to be the same persons who executed the
foregoing Contract of Lease consisting of three (3) pages, including this page
on which the Acknowledgment is written, signed by the parties and their
instrumental witnesses, and acknowledged to me that the same is their free
and voluntary act and deed.
WITNESS MY HAND AND SEAL on the date and at the place first above
written.
Doc. No. _____
Page No. _____
Book No. _____
Series of 2015.
Page 3 of 3

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LEASE TO OWN CONTRACT

KNOW ALL MEN BY THESE PRESENTS:

4. Taxes - LESSOR shall, for the entire duration of the CONTRACT, be

one (1) month, without any notice of closure having been

KING BEATS, INC.

MHEL JOSEPH P. AREGLADO

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