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CONTRACT OF LEASE

This Agreement made this _______________ day of ____________, at

Tagbilaran City, Philippines, by and between PATRICIA S. BAYOT, Filipino, of legal
age, single, and a resident of Dao District, Tagbilaran City, Bohol, Philippines, who is
hereafter referred as the LESSOR;

-and-

NIELS MICHAEL NIELSEN, a Danish National, of legal age, single, and a

resident of Tawala, Panglao, Bohol, Philippines, who is hereafter referred to as the
LESSEE;

WITNESSETH

That the LESSOR is the registered owner of a certain parcel of land, designated as
LOT-18367-B, containing an area of ONE THOUSAND (1,000) SQUARE METERS,
more or less, covered by TRANSFER CERTIFICATE OF TITLE NO. 101-
2017000416, declared under TAX DECLARATION OF REAL PROPERTY NO. 2016-
33-0010-03847, situated in the Barangay of Tawala, Municipality of Panglao, Province of
Bohol, Island of Panglao, and which whole parcel of land is more particularly bounded
and described as follows, to wit:

TRANSFER CERTIFICATE OF TITLE NO. 101-2017000416

A parcel of land (LOT No. 18367-B of the subdivision plan, being a portion of
Lot-18367, CAD 705-D), situated in the Barangay of Tawala, Municipality of
Panglao, Province of Bohol, Island of Panglao. Boundaries:

LINE DIRECTION ADJOINING LOT(S)

1-3 SW., Lot 18367-A, PSD-07-101908

3-5 NE., Lot 18367-C, PSD-07-101908
5-6 SE., Lot 18368, CAD. 705-D
IDENT. TO
LOT 4753-B,
CSD-07-01729
6-1 SW., Lot 4465, CAD. 705-D

x x x Containing an area of ONE THOUSAND (1,000) Square Meters,

more or less;

That LESSOR and LESSEE hereby agree upon a Contract of Lease of the above
described parcel of land under the following terms and conditions, to wit:

1. The term of the lease is TWENTY FIVE (25) YEARS to begin on ______________ up
to _____________, renewable at the option of the LESSOR;

2. The monthly rental shall be _______________________ (P_____________) PESOS,

Philippine Currency, payable every _________________ of the month, the receipt of
which first month rental is hereby acknowledged upon the execution of this document;

3. The LESSEE shall use the leased premises for _____________ purposes only in
accordance with applicable laws, rules and regulations promulgated by the Republic of
the Philippines and its Local Government Units;
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4. Until the LESSOR regains again possession of the property leased, the
________________ shall pay all taxes and assessment levied and payable on said
property and its improvements thereon;

5. The LESSEE cannot assign the lease and/or sublet the leased premises and further can
introduce any improvements thereon at his own expense;

6. In no case shall the LESSEE be allowed to sell the lot, and the LESSEE waives his right
of first refusal to any projected sale of the said property. In case the LESSEE would avail
of the option to buy the leased property, he must notify the LESSOR in writing of such
interest, but any prospective buyer must be legally qualified to own real property in the
Philippines;

7. That the LESSOR, shall not do any act that will degrade or prejudice the beneficial
interest of the LESSEE;

8. That, in the event of the LESSEE’s death, it is mutually and legally understood that the
ownership of the rights granted by this document shall automatically be transmitted to the
LESSOR and his heirs;

IN WITNESS WHEREOF, the parties hereto have hereunto set their hands this
_________________ day of _______________, in Tagbilaran City, Bohol, Philippines.

PATRICIA S. BAYOT NIELS MICHAEL NIELSEN

LESSOR LESSEE

Signed in the Presence of:

______________________ ___________________________
Witness Witness

ACKNOWLEDGEMENT

REPUBLIC OF THE PHILIPPINES)

CITY OF TAGBILARAN) S.S.

BEFORE ME, Notary Public, this _______________ day of ______________, at

_____________________________, Philippines, personally appeared: PATRICIA S. BAYOT
with her Competent Proof of Identity No. __________________________ and NIELS
MICHAEL NIELSEN with his Passport No. ________________, issued on ______________, at
______________________. Known to me and to me known to be the same persons who
executed the foregoing instrument and they acknowledged to me that the same is their true act
and voluntary deed.

This CONTRACT OF LEASE consists of two (2) pages on which this

ACKNOWLEDGMENT is written, signed by both parties on each and every page including
their instrumental witnesses and sealed with my notarial seal.

WITNESS MY HAND AND NOTARIAL SEAL, on the date and place first
above-written.
Doc. No. ____________
Page No. ____________
Book No. ____________
Series of _____________
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