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LEASE CONTRACT
KNOW ALL MEN BY THESE PRESENTS:
This CONTRACT OF LEASE is made and executed at the City of Masbate, this ____ day of ___________________, 2022, by and between:
RODOLFO C. ABELLA, Filipino, married, and with residence and postal address at ______________________________________, hereinafter referred to as the LESSOR.
-AND-
CHRISTOPHER O. ALMODIEL, of legal age, single, Filipino, and with
residence and postal address at __________________________________, hereinafter referred to as the LESSEE.
WITNESSETH: That
WHEREAS, the LESSOR is the owner of THE LEASED PREMISES, a residential
property situated at ______________________________________________;
WHEREAS, the LESSOR agrees to lease-out the property to the LESSEE and the LESSEE is willing to lease the same;
NOW THEREFORE, for and in consideration of the foregoing premises, the LESSOR leases unto the LESSEE and the LESSEE hereby accepts from the LESSOR the LEASED premises, subject to the following:
TERMS AND CONDITIONS
1. PURPOSES: That premises hereby leased shall be used exclusively by the LESSEE for commercial purposes only and shall not be diverted to other uses. It is hereby expressly agreed that if at any time the premises are used for other purposes, the LESSOR shall have the right to rescind this contract without prejudice to its other rights under the law.
2. TERM: This term of lease is for FIVE (5) YEARS from ___________, 2022 to ____________, 2027 inclusive. After the expiration of the term, any improvements made by the LESSEE in the leased premises, including the building that may be introduced by the LESSEE shall be automatically owned by the LESSEE. Upon its expiration, this lease may be renewed under such terms and conditions as may be mutually agreed upon by both parties. Written notice of intention to renew the lease shall be served to the LESSOR by the LESSEE not later than seven (7) days prior to the expiry date of the period herein agreed upon.
3. RENTAL RATE: The monthly rental rate for the leased premises shall be in ONE THOUSAND PESOS ONLY (Php 1,000.00), Philippine Currency. All rental payments shall be payable to the LESSOR monthly.
4. DEPOSIT: That the LESSEE shall deposit to the LESSOR upon signing of this contract and prior to move-in an amount equivalent to the rent for _________ months or the sum of __________________________________________ (Php _______________), Philippine Currency, which shall be applied as rent for the first ____________ months. 5. DEFAULT PAYMENT: In case of default by the LESSEE in the payment of the rent, the LESSOR at its option may terminate this contract and eject the LESSEE. The LESSOR has the right to padlock the premises when the LESSEE is in default of payment for One (1) month and may forfeit whatever rental deposit or advances have been given by the LESSEE.
6. SUB-LEASE: The LESSEE shall not directly or indirectly sublet, allow or permit the leased premises to be occupied in whole or in part by any person, form or corporation, neither shall the LESSEE assign its rights hereunder to any other person or entity and no right of interest thereto or therein shall be conferred on or vested in anyone by the LESSEE without the LESSOR'S written approval.
7. PUBLIC UTILITIES: The LESSEE shall pay for its telephone, electric, cable TV, water, Internet, and other public services and utilities during the duration of the lease.
8. FORCE MAJEURE: 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 render the leased premises during the term substantially unfit for use and occupation of the LESSEE, then this lease contract may be terminated without compensation by the LESSOR or by the LESSEE by notice in writing to the other.
9. LESSOR'S RIGHT OF ENTRY: The LESSOR or its authorized agent shall after giving due notice to the LESSEE, shall have the right to enter the 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 and maintenance of the building or to exhibit the leased premises to prospective LESSEE, or for any other lawful purposes which it may deem necessary.
10. 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.
known to me and to me known 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 THREE (3) pages, 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, on the date and place first above written.
Notary Public
Doc. No.______; Page No. ______; Book No.______; Series of 2022.
