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REPUBLIC OF THE PHILIPPINES }

DAGUPAN CITY } Sc.

CONTRACT OF LEASE
KNOWN ALL MEN BY THESE PRESENTS:

This CONTRACT OF LEASE made and entered to by and between:

SPOUSES GERARDO L. ADAN and FIDELINA E. ADAN,


Filipino citizens both of legal age, and with residence and postal
address at # 15 Pagatpat St. Veterans Village, Quezon City, hereinafter
referred to as the LESSOR;
-and-

MAGIC APPLIANCE CENTER, INC., a corporation organized and


existing under and by virtue of the laws of the Philippines with office
address at 218 Interior Malued District, DAGUPAN CITY, represented
herein by its President and General Manager, NESTOR J. ZABALA,
hereinafter referred to as the LESSEE.

-WITNESSETH-

That for and in consideration of the payment of the lease rental


and compliance of all the considerations and covenant hereinafter
contained, the LESSOR, has agreed to lease as it does hereby agree
and /or lease unto the LESSEE, and the latter has agreed to accept, as
he does hereby accept under the lease, two (2) ground floor
commercial doors of the ADAN-ESPINO BLDG., located at Perez
Blvd., Dagupan City under the following terms and conditions set forth
herein below:

1. The term of this shall be for five (5) years, commencing on


March 1, 2013 to February 28, 2018. This lease maybe renewed upon
terms mutually agreeable to the parties, provided the LESSEE shall
give prior notice to the LESSOR of his desire to renew the lease at
least ninety (90) days before the expiration of the contract.

2. That the LESSEE shall pay in advance upon execution of this


contract the sum of ___________________________________________ (P___,
000.00) representing three (3) months deposit, The three (3) months
deposit is to answer for any of the LESSEE’S obligations under this
contract, subject to return at the termination of this lease, less
whatever account which the LESSEE might be owning to the LESSOR.

3. That the LESSEE shall pay the LESSOR within the first (5)
days of each month for the lease FORTY-FOUR THOUSAND PESOS (P
44,000.00) for the period of March 1, 2013 up to February 28, 2015;
the rental rate shall be increased to FORTY-EIGHT THOUSAND PESOS (P
48,000.00) each month for the period of March 1, 2015 up to February
28, 2017, and shall further be increased to FIFTY-TWO THOUSAND
PESOS (P 52,000.00) each month for the period of March 1, 2017 up to
February 28, 2018;
4. That the LESSEE shall not make or introduce any
improvement without the consent of the LESSOR but may put in
improvements which are readily detachable even without the consent
of the LESSOR.

5. That the LESSEE shall not sublet or sublease all or any part of
the lease premises.

6. That the LESSOR shall be given written notice of the three (3)
months in advance in the event that the LESSEE desires to vacate the
premises. Otherwise the three (3) months deposit is forfeited.

7. That the electric and water bill shall be for the account of the
LESSEE during the period of this contract of lease

8. That the LESSEE shall use the premises strictly for business
purposes and shall undertake to make any and all minor repairs of the
said premises, major repairs, however, shall be borne by the Lessor.

9. In the event that the suit is filed to reinforce the terms of this
contract and to recover any amount due to hereunder, the party at
fault shall pay to aggrieved party an amount equivalent to 20% of the
amount due for and as attorney’s fees.

10. Immediately upon termination of this contract of lease, the


LESSEE shall promptly surrender the premises in the same tenantable
condition in which the LESSEE received them.

IN WITNESS WHEREOF, the parties have hereunto affixed theirs


signature on this ___ day of November, 2009 at Dagupan City,
Philippines.

DR. GERARDO L. ADAN MAGIC APPLIANCE


CENTER
LESSOR LESSEE

MRS. FIDELINA E. ADAN BY:


MR. NESTOR J.
ZABALA

SIGNED IN THE PRESENCE OF:

_________________________
_________________________

ACKNOWLEDGMENT

BEFORE ME, a Notary Public, this ___ day of November 2009, at


Dagupan City, Pangasinan, personally appeared DR. GERARDO L.
ADAN, MRS. FIDELINA E. ADAN and MR. NESTOR J. ZABALA, personally
known to me and to me known to be the same persons who executed
the foregoing instrument which they signed and acknowledged before
as their own free and voluntary act and deed.

The foregoing instrument relates to a Contract of Lease,


consisting of three (3) pages, including this page on which this
acknowledgment is written, and has been signed on each and every
hereof, by the parties and their instrumental 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 2009.