CONTRACT OF LEASE

KNOW ALL MEN BY THESE PRESENTS:

This CONTRACT OF LEASE made and executed in Naga City, Camarines Sur by and
between:
ENGR. REX T. IMPERIAL, both of legal age, Filipinos and residing at Unit H, Katrina
Royale Townhomes, Katarungan Village, Mambugan, |Antipolo City, hereinafter referred to as
the LESSOR;
DR. JAMES D. IBASCO, of legal age, Filipino and residing at ________________
_______________________________________, hereinafter referred to as the LESSEE;

WITNESSETH: That,
WHEREAS, the LESSOR is the absolute owner of an apartment at Kaiserlink Bldg. Annex,
located in Panganiban Drive, Naga City;
WHEREAS, the LESSEE desires to lease from the LESSOR, and the LESSOR agree to lease
unto the LESSEE the ground floor area of the apartment only under the terms and conditions
hereinafter set forth;
NOW, THEREFORE, for and in consideration of the foregoing premises and of the mutual
covenant and stipulations set forth hereunder, the LESSOR hereby lease and the LESSEE hereby
accept to lease the said apartment subject to and in accordance with the following terms and conditions:
a) TERM: The lease shall be for a period of one (1) year, to commence April 1, 2019 and
expires on April 1, 2020 renewable upon the option of the LESSORS;
b) RENTAL: The LESSEE shall pay to the LESSORS the amount of SIX THOUSAND
PESOS (Php 6,000.00) per month, starting on April 1, 2019 and every 1stth day of the applicable month
thereafter;
c) DEPOSIT/ADVANCE RENTAL: Upon effectivity of this agreement, the LESSEE shall
pay the LESSORS the sum of EIGHTEEN THOUSAND PESOS (Php 18,000.00) representing two (2)
months deposit and one (1) month advance rental. The deposit shall be non-consumable and cannot be
applied as rental payment and shall be refundable to the LESSEE upon expiration of the lease, less all
damages or outstanding bills/obligations that the LESSEE may have incurred;
d) PRE-TERMINATION OF LEASE: In case this lease contract is pre-terminated by the
LESSEE prior to its expiry on April 15, 2020, the two (2) months deposit stipulated under Section C
above shall be forfeited in favor of the LESSORS as liquidated damages;
e) DELIVERY OF THE LEASED PREMISES: The LESSORS shall deliver to the LESSEE
the leased premises all the necessary electrical outlets, ceilings, floorings, etc. and entire leased
premises in its good, sanitary and tenantable condition. The LESSORS shall likewise, provide the
leased premises with electrical, water and plumbing installation in good working condition during the
term of the lease;
f) USE OF PREMISES: The leased premises shall be used exclusively by the LESSEE for
residential purposes only and shall be limited to its registered occupants.
g) SUB-LEASE, TRANSFER OF LEASE: Sub-lease of the leased premises or any parts
thereof or transfer of lease shall not be allowed;
h) IMPROVEMENTS AND ALTERATIONS: Alterations, permanent improvements or
additions in or about the leased premises shall require the prior written consent of the LESSOR.
Permanent improvements introduced by the LESSEE which cannot be removed without damaged to the
property shall remain part of the leased premises and shall belong to and be owned by the LESSOR at
the expiration date/end of the term of the lease;
 i) POWER CONSUMPTION AND CHARGES FOR UTILITIES: All electric consumption
and charges, fees and bills for telephone, cable internet, and garbage and other utilities used by the
LESSEE in the leased premises shall be for its account. Furthermore, LESSEE shall always keep it
utility bills/other dues current and updated all the times;
j) CARE OF THE LEASED PREMISES: The LESSEE shall maintain the leased premises in
a clean and sanitary conditions, free from noxious odors, vermins and termites and upon expiration of
this lease, shall surrender and return the leased premises in good condition as the leased premises were
actually found at the beginning of the lease, ordinary wear and tear excepted;
k) REPAIRS: The LESSOR shall make necessary major repair on the leased premises, The
LESSEE shall maintain the leased premises in good and tenantable condition, and no major alterations
or repairs shall be undertaken without prior approval of the LESSORS.
Minor repairs involving cost of labor and materials of less than Php 3,000.00 shall be for the
account of the LESSEE. All other repairs amounting to more than Php 3,000.00 and those involving
structural foundation, roofing, partition aspects, etc. which are major repairs shall be for the account of
the LESSOR;
l) INSPECTION OF THE LEASED PREMISES: The LESSOR or their authorized agents
shall, by previous arrangement with the LESSEE, and after presenting their authority, have the right to
enter the leased premises at any reasonable time to examine the same and during the last two (2)
months of the term of the lease, to exhibit the lease premises at any reasonable time to prospective
tenants except when this lease has been renewed as herein provided;
m) RULES, REGULATION, ETC.: The LESEE will comply with any and all reasonable rules
and safety regulations which may be promulgated from time to time by the LESSOR and made known
to the LESSEE in writing, for the administration/use/occupancy of the leased premises and with all
rules, regulations ordinance and laws made by the Health or other duly constituted Authorities of the
Municipal/Provincial or National Government arising from or regarding the use/occupancy and
sanitation of the leased premises;
n) BREACH OR DEFAULT: Both parties agree that all terms and agreements herein
contained shall be deemed conditions as well as covenants and that if default or breach is made of any
such covenant or conditions, then this lease may be terminated and cancelled and the defaulting party
shall be liable for any all damages resulting from such default and termination

IN WITNESS WHEREOF, we have hereunto set our hands this __ th day of

_______________________, in Naga City.

REX T. IMPERIAL DR. JAMES D. IBASCO

Lessor Lessee

Signed in the presence of:

______________________________________________________
 REPUBLIC OF THE PHILIPPIES
NAGA CITY, CAMARINES SUR
ACKNOWLEDGEMENT
BEFORE ME, a Notary Public for and in Naga City, this ____ th day of
__________________, personally came and appeared:

REX T. IMPERIAL PRC ID No. 0052588

JAMES D. IBASCO

Who have satisfactorily proven to me their identities through their competent evidences of identities
indicated above, and that they are the same persons who executed and voluntarily signed the foregoing
Contract of Lease which they acknowledged before me as their free and voluntary act and deed.
The foregoing CONTRACT OF LEASE consisting of three (3) pages including the page on
which this acknowledgment is written has been singed on the left margin of each and every page by the
parties and the witnesses.

WITNESS MY HAND AND NOTARIAL DRY SEAL, this ____ th day of

____________________, in Naga City.