CONTRACT OF LEASE

KNOW ALL MEN BY THESE PRESENTS:

This CONTRACT made and entered into by and between:

SARAH LECTANA FORTUNO, of legal age, Filipino, married and a resident of

#34F Pagulayan St., Ugac Sur, Tuguegarao City, Cagayan, hereinafter referred to as the
LESSOR;

- and -

BONIFACIO UMBLAS CUARTEROS, of legal age, Filipino, and with residence

address at #148 Cepeda St., Cataggaman Nuevo, Tuguegarao City, Cagayan, hereinafter
referred to as the LESSEE;

WITNESSETH:

WHEREAS, the LESSOR is the owner of Stall No. 2-A-7 located at Mall of the
Valley, Bonifacio St., Tuguegarao City, Cagayan;

WHEREAS, the LESSOR leases the same to the willing LESSEE;

NOW THEREFORE, for and in consideration of the foregoing, herein parties have
agreed and stipulated to the following TERMS AND CONDITIONS:

1. DURATION AND EFFECTIVITY. This lease contract shall be for a definite period of
one (1) year, which commenced on 18 April 2015 or until 18 April 2016. The same is
renewable for such period and terms as may be agreed upon by the parties.

The LESSEE hereby agrees and undertakes to turn over the leased premises at the
expiration of the contract in as good a condition as reasonable wear and tear will
permit without any delay whatsoever and without judicial action for his ejectment .

3. LESSOR’S RIGHT OF INSPECTION. The LESSEE shall permit the LESSOR or

his authorized representative to enter and make periodic inspection on the leased
premises during reasonable hours of the day.

4. RENTAL AND MODE OF PAYMENT. The LESSEE shall pay a monthly rental of
ELEVEN THOUSAND PESOS (P11,000.00), Philippine Currency, which rent shall be
payable on or before the 18th day of the month.

The LESSEE, upon commencement of this contract, shall pay one (1) month deposit.

5. IMPROVEMENTS. The LESSEE may introduce improvements in the leased

premises solely for his account without the right of reimbursement from the LESSOR.
All permanent improvements introduced by the LESSEE shall become the property of
the LESSOR after the expiration of the term of the contract.

6. USE. The leased premises shall be for the used only by the LESSEE and the
members of his immediate family.

The LESSEE shall not bring or store any goods or articles which may cause a
violation of any laws, ordinances, rules and regulations of the City.

1
7. SUB-LEASE. Under no circumstance will the leased premises be subsequently
subleased by the LESSEE without the express consent and approval of the LESSOR.

8. TAXES AND OTHER EXPENSES. The LESSEE shall shoulder the bills for electric
he actually consumed during the effectivity of this contract and the bills for other
utilities he shall be installing on the leased premises, including the withholding tax due
to the BIR and the Mayor’s Permit due to the City of Tuguegarao.

9. VIOLATION. Any violation of any of the foregoing terms and conditions entitles the
LESSOR to immediately terminate this contract and the LESSEE hereby agrees to
forthwith vacate the leased premises without need of judicial action for his ejectment.

8. This Contract shall constitute the entire agreement of herein parties.

IN WITNESS WHEREOF, the parties have hereunto set their hands this ____ day
of May 2015 at the City of Tuguegarao, Cagayan.

SARAH LECTANA FORTUNO BONIFACIO UMBLAS

CUARTEROS

Signed in the Presence of:

_________________________ _________________________

REPULIC OF THE PHILIPPINES )

Tuguegarao City ) S.S.

BEFORE ME, a Notary Public for and in the Province of Cagayan came and
appeared the afore-named parties along with their witnesses, and they acknowledged the
foregoing instrument as their free and voluntary act and deed. I have satisfied myself of
their identities based from their Identification Cards bearing their picture and signature.

This instrument consists of two pages including the page where this
acknowledgment is written, and signed by the parties on each and every page thereof.

IN WITNESS WHEREOF, I have hereto set my hand and affixed my notarial seal
this ____ day of May 2015 at Tuguegarao City, Cagayan.

Doc. No. ____

Page No. ____
Book No. ____
Series of 2015