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This SUBLEASE AGREEMENT (“Agreement”) is made and executed at Baguio City, Province
of Benguet, this 12 November 2022, by and between:
-and-
WITNESSETH: That
WHEREAS, the SUBLESSOR is authorized to enter into this Agreement by the LESSOR as
evidenced by the written consent dated 9 November 2022, a copy of which is hereto attached
as Annex “B”
WHEREAS, the SUBLESSOR has offered for sublease and the SUBLESSEE desires to
sublease the LEASED PROPERTY
NOW, THEREFORE, for and in consideration of the foregoing premises and the mutual
covenants contained herein, the SUBLESSOR hereby subleases the LEASED PROPERTY to
the SUBLESSEE and the SUBLESSEE hereby accepts the same from the SUBLESSOR,
under the following terms and conditions:
1. TERM OF LEASE
The sublease shall start on 9 November 2022 and shall end on 9 November 2023, with
the option to renew under such terms and conditions as may be mutually agreed upon
by both parties.
2. RENTAL
a. RATE. The SUBLESSEE shall pay for the use of the LEASED PROPERTY the
monthly rate of Six Thousand Philippine Pesos (₱6,000.00), exclusive of utility bills
payment, to be paid in advance within Five (5) of every current month.
b. INCREASE IN RATE. Anytime the LESSOR increases monthly rent to the
SUBLESSOR the latter shall also increase its monthly rent to its SUBLESSEE.
c. UTILITY BILLS PAYMENT: The SUBLESSEE shall pay the utility bills due to the
SUBLESSOR (5) days before DUE DATE based on their monthly bill. The LEASED
PROPERTY has its own sub-meter to make sure the SUBLESSEE is only paying
utilities used in the said LEASED PROPERTY.
d. PENALTY FOR LATE PAYMENT OF RENT. A grace period of (3) days shall be
given from the date specified in this Agreement for the payment of the monthly rent and
any delayed payments thereafter shall be charged a penalty of Ten (10%) percent of the
rent.
IN WITNESS WHEREOF, the parties have hereunto affixed their signatures on the date and
place first stated above.
________________________________
Sublessor
___________________________________________
Sublessee