CONTRACT OF LEASE

KNOW ALL MEN BY THESE PRESENTS:

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

ELENA S. IGLESIA , of legal age, Filipino, (single / married /

widow), and a resident of Tagongtong, Goa, Camarines Sur,
Philippines, (hereinafter referred to as the "LESSOR";

- and -

MARIE JEAN A. BANTOG , of legal age, Filipino, (single /

married / widow), and a resident of Matacla, Goa, Camarines
Sur, Philippines, (hereinafter referred to as the "LESSOR";
"LESSEE");

WITNESSETH; that -

WHEREAS, the LESSOR is the registered owner of a parcel of land situated at

_____________, Philippines.

WHEREAS, the LESSOR desires to lease out a portion of the afore-described

property in favor of the LESSEE and the LESSEE accepts the lease subject to the terms and
conditions herein set forth.

NOW, THEREFORE, for and in consideration of the foregoing premises and the
covenants hereinafter stipulated, the parties hereby agree as follows:

TERMS AND CONDITIONS

1. The LESSOR hereby transfers and conveys by way of LEASE in favor of the LESSEE
a portion of the afore-stated properties.

2. Within the first five (5) days of each calendar month, the LESSEE shall pay the
LESSOR a monthly rent of Two Thousand pesos only (P2000.00). In every three (3),
there shall be an additional five hundred pesos only (P500) on the monthly rental.

3. The term of this Lease Agreement shall be for ten (10) years to start on _____________
and end at noontime on _____________ renewable upon mutual agreement of the
parties.

2. All expenses for water, electricity, telephone, sanitation, sewerage, gas and other public
utility services shall be for the account of the LESSEE. The cost of installation of
utilities within the Leased Properties, such as water and electricity, shall be for the
account of the LESSEE;

3. The LESSEE may make any structural changes, alterations, additions or improvements
on the church erected on the leased property. The LESSEE shall, at its own expense,
maintain the Leased Properties in a clean and sanitary condition free from noxious
 odors, disturbing noises or other nuisances. The LESSEE, its employees, agents or
representatives shall not in any manner damage or deface any part of the Leased
Properties.

6. If the death of the LESSOR shall occur within the period of this agreement, the LESSEE
shall remain until the expiration of the contract.

7. The LESSEE may cancel this agreement at any time while the LESSOR shall allow the
LESSEE to occupy the leased property until the expiration of this contract.

8. Should the LESSEE cancel the contract, the LESSOR may appropriate the church
building otherwise the LESSEE may remove the building and its improvements.

9. If in case the LESSOR shall appropriate the church building and its improvements, the
current market value shall be observed on the sale thereof.

IN WITNESS WHEREOF, the parties have set their hands and affixed their
signatures this _____________ in the City of _____________, Philippines.

LESSOR LESSEE

SIGNED IN THE PRESENCE OF:

__________________ __________________

REPUBLIC OF THE PHILIPPINES)

CITY/MUNICIPALITY OF ______) SS.
x-----------------------------------------x

ACKNOWLEDGMENT

BEFORE ME, a Notary Public for and in the (Province/City/Municipality) of

_____________, personally appeared _____________ with Community Tax Certificate No.
_____________ issued on _____________ at _____________, and _____________ with
Community Tax Certificate No. _____________ issued on _____________ at _____________,
both personally known to me (or whom I have identified through competent evidence of identity)
and who represented to me that their respective signatures on the foregoing instrument were
voluntarily affixed by them for the purposes stated in the instrument and who declared that they
have executed the foregoing instrument as their free and voluntary act and deed.

This Instrument consists of only ______ (____) page/s, including this page in which this
acknowledgment is written, duly signed by the parties and their instrumental witnesses on each
and every page hereof.
 WITNESS MY HAND AND SEAL this _____________ at _____________,
Philippines.

NOTARY PUBLIC

Doc. No. ______;

Page No. ______;
Book No.______;
Series of 20____.