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CONTRACT OF LEASE

KNOW ALL MEN BY THIS PRESENTS:

This Contract of Lease made and entered into by and between:

_______________________ , Filipino, of legal age, single, with address at


Cuevas Street, Poblacion II, Sagay City, hereinafter referred to as the LESSOR;

-- and --

MARY JANE A. MANGLAR, Filipino, of legal age,married to Arturo Manglar


with address at Sharmaine Village, Sagay City, hereinafter referred to as the
LESSEE.

WITNESSETH: That

WHEREAS, the LESSOR is the absolute owner of a parcel of agricultural land with
sugarcane plantation situated at Lot 191-B,Candi-is, Sagay City covered by Transfer Certificate
of Title No. T- 81493 (" Leased Property ") with a total area of FIVE HECTARES ( 5 hec. );

WHEREAS, the LESSEE is desirous to lease the Leased Property of which the LESSOR
is the absolute owner subject to the following terms and conditions:

1. The term of the lease shall be for a period of four (4) years commencing on,
___________________, and expiring on ____________________, subject to renewal
upon such terms and conditions as may be mutually agreed upon by both parties.
The LESSEE is given by the LESSOR an option whether to continue the lease of the
Leased Property within the period of one (1) year after the signing of the contract.

2. The terms of payment shall be as follows:

a) The LESSEE shall pay the LESSOR, upon signing of this contract of lease, an
advance payment of One Hundred Thousand Pesos ( P 100,000.00) representing
payment for the first two years of lease. Said amount is not refundable should
the LESSEE opted to terminate the contract at any time on the first year of the
lease.
b) The amount of Forty Thousand Pesos (P40,000.00) per year shall be paid to the
LESSOR at the end of every cropping period for the third and fourth year, wtihout
necessity of demand.

3. The LESSEE shall not make nor introduce any improvement on the leased property
without first securing the written consent of the LESSOR.

4. The LESSOR or any of its authorized representative/s shall have free access, at any
reasonable time, to inspect the leased premises.

5. The CONTRACT OF LEASE shall ipso-factor terminate and the LESSEE shall
voluntarily surrender the leased premises at any time and whenever the LESSOR or
any government entity or instrumentality has the need for the Leased Property for its
use and the LESSOR shall not be under any obligation to pay for whatever
improvement or improvements the LESSEE may have constructed or planted on the
property or for the removal or demolition thereof, wether or not said improvements
were previously consented and/or approved by the LESSOR hereof.
ACKNOWLEDGEMENT

REPUBLIC OF THE PHILIPPINES)


PROVINCE OF NEGROS OCCIDENTAL) S.S.
CITY OF SAGAY )
x--------------------------------------------------------x

BEFORE ME, a Notary Public in and for Sagay City Philippines personally appeared
the following:

NAME PASSPORT/COMM.CERT.NO. ISSUED AT/ON

_______________________ ________________________________ _________________

MARY JANE A. MANGLAR ________________________________ ________________

known to me and to me known to be the same persons who executed the foregoing instrument
and they acknowledged to me that the same is their free and voluntary act and deed.

This instrument relates to a Contract of Lease consisting of three (3) pages including
the page in which this acknowledgement is written and signed by the parties and their
instrumental witnesses on each and every page hereof.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my notarial seal
at the place and on the date first abovewritten.

Doc. No. _________;

Page No. _________;

Book No. _________;

Series of _________
IN WITNESS WHEREOF, the parties hereto have signed this instrument at the place
and on the date first above written.

_________________________ MARY JANE A. MANGLAR


Lessor Lessee

With my marital consent:

ARTURO MANGLAR JR.

SIGNED IN THE PRESENCE OF:

___________________________ ____________________________