CONTRACT OF LEASE

KNOW ALL MEN BY THESE PRESENTS:

This document made and executed by and between:

The Provincial Government of Bohol a Local Government Unit duly created by

the laws of the Republic of the Philippines, with office address at the Capitol Complex,
Tagbilaran City herein represented by its Governor, HON. ERICO B. AUMENTADO,
by virtue of the authority vested upon him by the Sangguniang Panlalawigan of Bohol
under Resolution No. 2005-339, series of 2005, hereinafter called the FIRST PARTY;

-and-

ROMEO TILLO, Filipino, of legal age, married, and a resident of Tagustusan,

Balilihan, Bohol, hereinafter called the SECOND PARTY

WITNESSETH

WHEREAS, the First Party is the absolute owner, in its proprietary capacity, of a
lot directly across Bohol Wisdom School, more particularly described as follows:

A parcel of land (Lot 1685-F of the subdivision plan LRC Psd-27108,

being a portion of Lot No. 1685, Tagbilaran Cadastre, LRC (GLRO), Cad.
Rec. No. 1105), covered by TCT No. (4933) T-2981, situated in the Barrio
of Cogon, Municipality of Tagbilaran, Province of Bohol. Bounded on the
NE., points 1 to 2, by Lot 1685-E, of the subdivision plan; on the SE.,
point 2 to 3, by Lot 1687 Tagbilaran Cadastre; and on the SE., and SW.,
points 3 to 5 by Lot 1686, Tagbilaran Cadastre; and on the NW., points 5
to 1, by Provincial Road; containing an area of TWO THOUSAND
SEVEN HUNDRED FIFTY SEVEN (2,757) SQUARE METERS, more or
less.

WHEREAS, the Second Party is a Chainsaw Operator and is interested to lease a

portion consisting of One Hundred Fifty (150) square meters of the above-mentioned
vacant lot owned by the First Party to be used as a lumber display area;

WHEREFORE, in view of the above premises, the Parties hereby agree to the
following terms and conditions:

1. That the FIRST PARTY agrees to lease an area of One Hundred Fifty Square
Meters at a monthly rate of ONE HUNDRED PESOS (PhP100.00) PER SQUARE METER
or FIFTEEN THOUNSAND PESOS (PhP15,000.00), Philippine Currency payable on or
before the fifteenth day of each month starting from the date this Contract is signed by
the Parties;

2. The leased property shall not be subleased by the SECOND PARTY or the
rights vested unto the SECOND PARTY by virtue of this agreement be transferred
without the express written authority of the SECOND PARTY;

3. The SECOND PARTY shall maintain the leased premises in good sanitary
condition;

4. The SECOND PARTY undertakes to vacate the leased premises when the same
shall be used by the FIRST PARTY within thirty (30) days from receipt of a written
notice;
 2

5. The FIRST PARTY shall ensure that the SECOND PARTY shall enjoy a
peaceful and uninterrupted possession of the leased premises within the duration of
this agreement

6. The parties hereto may, upon mutual agreement, amend, alter, or modify this
agreement by and through a written addendum duly acknowledged by the Parties
hereof;

7. This agreement shall take effect upon signing of the parties and shall remain in
full force and effect for ONE (1) YEAR, renewable yearly, unless sooner terminated by
either party through a written notification.

IN WITNESS WHEREOF, the parties have hereunto signed this Contract of

Lease, this _____________________, 2005 at Tagbilaran City, Philippines.

ERICO B. AUMENTADO ROMEO TILLO

Provincial Governor Second Party
First Party

SIGNED IN THE PRESENCE OF:

1. _______________________ 2.___________________________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES )

PROVINCE OF BOHOL )S.S.
CITY OF TAGBILARAN )

BEFORE ME, this _________________________ at Tagbilaran City, Bohol,

Philippines, personally appeared Romeo Tillo with his Com. Tax Cert. No. 17931965
issued at Tagustusan, Balilihan, Bohol on February 1, 2005 and Gov. Erico B.
Aumentado with his Com. Tax Cert. No. ____________ issued at _______________ on
________________ known to me to be the same persons who executed the foregoing
instrument and they acknowledge to me that the same is their free act and deed.

WITNESS MY HAND AND SEAL.

Doc. No. _______

Page No. ______
Book No. ______
Series of 2005.