You are on page 1of 2

CONTRACT OF LEASE

] This CONTRACT OF LEASE is made and entered into this 1st day of October 2013, in Dagupan City, by and between: HENRY F. REGALADO, JR. married and a resident of #3 Trinidad Village, Arellano Bani, Dagupan City and hereinafter referred to as the LESSOR; -andDR. JOHN FERNANDEZ, married and resident of # 39 Arellano Subdivision, arellano Bani, Dagupan City, and hereinafter referred to as the LESSEE: WITNESSETH That: WHEREAS, the LESSOR is the true an d absolute owner of PILLARS BUILDING located at Tapuac District, Dagupan City; WHEREAS, the LESSEE desires to lease the Second Floor. With an approximate area of 160 square meters, more or less, of the above-described building, and the LESSOR is willing to lease the same unto the LESSEE; NOW THEREFORE, the LESSOR hereby delivers and the LESSEE accepts the leased premises in good, clean and tenantable condition under the following terms: TERM AND AMOUNT OF LEASE 1.This lease shall be for a period of ONE (1) years starting October 1, 2013 until October 1, 2014 and thereafter renewable upon agreement of both parties with a thirty-day (30) prior written notice. 2. The LESSEE shall pay a net monthly rent of Six Thousand (Php 6,000.00) Philippine Currency it being understood by the Parties that all taxes due on this contract for the duration of the Contract term as stated in Section 1 above will be for the sole an exclusive account of the LESSEE. It is expressly understood between the LESSOR and the LESSEE that the monthly rental shall incur a TEN PERCENT (10%) net increase, yearly starting on the second year specifically on October 1, 2014 and every year thereafter. All taxes due to this increase will be for the sole and exclusive account of the LESSEE. Upon the signing of this Contract of Lease, the LESSEE hereby agrees to pay the LESSOR, the sum of Eighteen Thousand Pesos (Php 18,000.00) in Philippine Currency, with the following breakdown: a. Advance Rental of Six Thousand Pesos (Php 6,000.00) equivalent to ONE (1) month rental, covering the first month of this lease contract. b. Security Deposit amounting to Twelve Thousand Pesos (Php 12,000.00) equivalent toTWO (2) months rental. TERMS OF LEASE 3. The term of the lease shall commence at midnight of the Commencement Date and terminate at midnight of the Termination Date as specified in this contract. RENEWAL OR EXTENSION OF CONTRACT 4. To renew or extend the lease contract, the LESSEE must secure from the LESSOR written approval to renew the contract sixty (60) days prior to the lease Termination Date stated on this contract. The LESSOR may allow the LESSEE to extend the term of the contract on a monthly or yearly basis, subject to the same conditions, covenants, stipulations, and restrictions specified in this contract.