CONTRACT OF LEASE

KNOW ALL MEN BY THESE PRESENTS:

This lease contract is entered into by the following parties voluntarily and on their own accord made and
entered into this 5THday of December2019 at Makati City, Philippines by and between:

ARLENE M. MAGALLON, Filipino, married and with postal address at Room C Block 260 Lot 3A
Diamond St. Pembo, Makati City, herein referred to as the “LESSOR”;

-AND-

DEXTER JHUN S. TEJANO, Filipino, of legal age, and with residence address at 21 Gannaban St.
Centro Alcala Cagayan, herein referred to as the “LESSEE”;

-WITNESSETH-

WHEREAS, the LESSOR is the absolute owner of Apartment units located at Block 260 Lot 3A
Diamond St. Pembo, Makati City, a portion of which the LESSEE is leasing, hereafter referred to as the
PREMISES, subject to the following terms and conditions as herein contained.

OBJECT OF LEASE AND PERIOD COVERAGE

The LESSOR hereby leases and lets unto the LESSEE a unit located at Block 260 Lot 3A Diamond St.
Pembo, Makati City, specifically ROOM- B. This contract is valid until December 04, 2020 and shall
commence on December 05, 2019. Upon its expiration, this lease may be renewed under such terms and
conditions as mutually agreed upon by both parties.

SECURITY DEPOSIT AND ADVANCE

The LESSEE shall, at all times during the existence of the lease, maintain a non-interest bearing security
deposit in the amount equivalent to one (1) month rental or the amount of SEVEN THOUSAND PESOS
(Php 7,000.00) exclusive of VAT which shall answer for damages, or any other monetary obligation
under, or resulting from the LESSEE’s violation of any of the provisions of this Contract. However, the
LESSEE’s liability for breach of its obligation under this Contract shall be in no way limited to the said
sum.

The LESSOR shall have the right, from time to time, to deduct from the deposit any and all damages or
amounts due to the LESSOR by the LESSEE under the provisions of this Contract. In the event that
deposit is reduced as a result of such deduction and/or as a result of an increase in the monthly rental, the
LESSEE shall, within FIVE (5) DAYS from demand, make additional deposit with the LESSOR in order
to maintain the amount of deposit in the sum required under this provision.

The LESSEE shall likewise pay the LESSOR upon execution of this contract, advance lease rental
equivalent to one (1) month rental or the amount of SEVEN THOUSAND PESOS (Php 7,000.00)
exclusive of VAT, which amount shall be applied at the last month of the lease term.

Upon the expiration of the period of this lease and the surrender of the leased premises to the LESSOR, or
as soon as all the amounts due from the LESSEE to the LESSOR under this Contract or for any breach

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herein shall have been fully determined and satisfied, the sum deposited or the balance thereof if any,
after deducting the amount due, shall likewise be applied to the last months of the term.

RENTAL

The LESSEE in consideration of the said leased premises shall pay rentals to the LESSOR in the amount
of SEVEN THOUSAND PESOS (Php 7,000.00) per month, exclusive of VAT.

It is expressly agreed and understood that the payment of the rentals herein stipulated shall be made
without the necessity of express demand and without delay on any ground whatsoever.

Interest at the rate of two percent (2%) per month shall be charged on any rental not paid on time,
provided, however, that this shall be without prejudice to the LESSOR’s right to terminate contract or
pursue any legal remedies in order to protect its interest. No rental shall be recognized as having been
paid unless evidenced by the Official Receipt of the LESSOR and/or its agent. Neither shall payment of
rental made by the LESSEE to unauthorized persons be recognized.

Bouncing check payments are penalized TWO THOUSAND PESOS (Php 2,000.00) for each occurrence
as damages to the LESSOR.

USE OF LEASED PREMISES

The LESSEE shall use the leased PREMISES exclusively for residential purposes only and shall not be
diverted to other uses. The LESSEE is strictly forbidden from subleasing the unit in any way, form or
duration, as well as transfer rights thereof, without the prior written consent of the LESSOR. 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.

PUBLIC UTILITIES

The LESSEE shall pay for its telephone, water, electric, cable TV, internet and other types of connections
including connection service fees, installation of air conditioning unit and other related fees during the
duration of the lease. For purposes of discharging the LESSEE from obligation on such utilities, the
LESSEE shall present the appropriate proof of payment or official receipt for the period covering up to
the last day of occupancy of the PREMISES.

MAINTENANCE

The LESSEE has inspected the PREMISES and finds the same in excellent, tenantable condition and
binds himself to keep the PREMISES in the same good, clean, sanitary, and tenantable condition at all
times. The LESSEE is held responsible and liable for the maintenance of the leased PREMISES, with the
LESSOR reserving the right to carry out cleaning, maintenance and other repair work, should this be
necessary, with costs of the same charged to the LESSEE. The LESSEE agrees not to withhold any rental
payment using the need for repairs/maintenance as an excuse.

ALTERATIONS AND IMPROVEMENTS

The LESSEE shall submit any plans for improvement for approval by the LESSOR.

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At the end of the lease, the LESSEE shall remove these improvements, if he so desires provided the
LESSEE has no outstanding accounts. Such removal should not cause damage to the building in any way.

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