CONTRACT FOR LEASE OF PARKING SLOTS

KNOW ALL MEN BY THESE PRESENTS:

This contract of Lease of Parking slots (the "contract") is made effective on october 1,
2017, by and between:

BEST & SAFE CENTHAL PARKING & ALLIED SERVICES, lNC., a corporation
organized and existing under and by virtue ot the laws of the Philippines with
office address at Lot 3, Block 7D, Sen. Gil Puyat Avenue corner Paseo de
Roxas, Makati City, represented in this act by its President, MICHAEL GEHARD
G, VIRATA, hereinafter referred to as the "BSGPASI",

AND

The DEVELOPMENT BANK OF THE PHILIPPINES (DBP), a government

financial institution created and operating pursuant to the provisions of Executive
Order No. 81 , otherwise known as the 1986 Revised Charter of the Development
Bank of the Philippines, as amended by Republic Act No. 8523 dated February
14, 1998, with principal office at DBP Bldg., Sen. Gil J. Pqyq!Ave. corner Makati
Ave., Makati Citv, re presented in this act by its Executive Vice President,
BENEL D. LAGUA , hereinafter referred to as the "season Parker":

WITNESSETH THAT:

WHEREAS, the BSCPASI operates and manages the parking lot located at Lot 3, Block
7D, Sen. Gil Puyat Avenue corner Paseo de Roxas, Makati City, Philippines ( the "Car Park");

WHEFIEAS, the Season Parker desires to lease one hundred (100) parking slots/spaces
in said Car Park and the BSCPASI is willing to provide the required parking slots to the Season
Parker;

NOW, THEREFORE, for and in consideration of the above premises and the terms and
conditions set forth herein, the Parties have agreed as follows:

1. Number of Parkinq Slots/Spaces

The Season Parker shall lease lrom BSCPASI one hundred (100) parking slots for the
period October 1 , 2017 up to September 30, 2018 at the following rates which is already
inclusive of Value-Added Tax (VAT) and other applicable fees and taxes:

TOTAL
,\ No. of Parking Rate per Parking Monthly Bent (12 months x monthly
Slot/Space Slot/Space per Month rent)
N
l st 50 Cars Php 4,428.00 Php 221 ,400.00 Php 2,656,800.00

Next 50 Slots Php 4,604.00 Php 230,200.00 Php 2,762,400.00

TOT AL Php 451 ,600.0O Php 5,419,200.00

2. Car Pass Cards

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\ The BSCPASI shall issue one huncred (100) car passes to the Season Parker as
follows:

a. Fifty (50) car passes will be assigned designated parking slots, and such spaces
shall be reserved for these car pass holders accordingly; and

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 b. 'have
Fifty (50) car passes with will be assigned a designatedparking area but shall
no specific or permanent assignee (e.9. car pass holder may park in the
designated area on a first come first serve basis).

The car passes issued in the previous year shall continually be honored by BSCPASI
upon renewal of this Contract. Fifty percent of the amount of the processing fee of the
previously issued car passes (Php 5,000 x 50% = Php 2,500) shall be reimbursable upon
non-renewal of the contract.

The Season Parker shall be wholly responsible for the safekeeping of the car passes. ln
the event that any of the car pass is lost or broken, BSCPASI shall replace the same upon
payment by the Season Parker of a replacement fee/charge in the amount of One Hundred
Pesos (Php1 00.00) per card.

3. Securitv Deposit. Monthlv Hental and Pavment Terms

Upon signing of this Contract, the Season Parker shall give to BSCPASI a Security
Deposit equivalent to one (1) month's rent and one (1) month advance rent or a total
amount of Nine Hundred Three Thousand Two Hundred Pesos (Php 903,200.00), in
cash or check and payable to Best and Safe Central Parking and Allied Services, lnc. The
Security Deposit and the advance rent previously paid by the Season Parker shall be
applied in the payment of the required Security Deposit and the advance rent.

The Security Deposit shall answer for any unpaid bills or damages. The balance on the
Security Deposit, if any, shall be refunded to the Season Parker, without interest, not later
than sixty (60) days after termination or expiration of this Contract.

lf the Security Deposit is insufficient to cover for any unpaid bills or damages, the
Season Parker guarantees to settle/pay the same to BSCPASI within five (5) days from
receipt of written notification. ln case of inability to do so, an interest of three percent (3%)
per month on the unpaid amount shall commence to run until fully paid.

The Security Deposit shall not apply to any unpaid rent, for which Season Parker shall
be separately liable for.

The one (1) month advance rent shall be applied as lease payment for the last month
prior the termination or expiration of the Contract.

The monthly rental shall be paid net of withholding tax within the Jlrst five (5) working
days oi the current month.

ln case o{ failure to pay on the aforesaid date, the Season Parker and all its car park
users shall be treated as casual/daily parkers and each Car Park user shall be required to
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\t
pay the regular car park fees on a daily basis, at a rate to be determine from time to time by
BSCPASI. Consequently, the reserved parking slots for the fifty (50) car passes mentioned
..\ in Article 2 shall be voided. This practice shall continue until the unpaid bills are settled. The
=i\s daily payments at the regular r,ates shall serve as a penalty for the Season Parker's undue
delay/s in paying the monthly rent. The Season Parker shall still be liable to pay the full
month's rent as stated herein.
il;

The parking rates shall escalate by tvvo percent (2o/.) on each succeeding yeai or at a
rate imposed by the registered owner of the Car Park, whichever is higher. This escalation
\ clause shall likewise apply to the corresponding years of each renewal period, if any.
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4. Term of Lease

This Contract of Lease shall be for a period commencing on October 1 , 2017 until
September 30, 2018 (the "Term"). Each of the Parties hereto undertake to inform the other
of its intention not to renew this Contract at least one hundred twenty (120) days prior to the
expiration of this Contract.

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 5. Termination

ln the event that the Season Parker decides to pre-terminate the Contract, the Season
Parker should give a written notice to BSCPASI at least thirty (60) days before the intended
termination date and pay liquidated damages in an amount equivalent to one ('l) month's
rent.

lf the notice ol termination is made less than the prescribed sixty (60) days prior the
intended date of termination, BSCPASI shall no longer refund the Security Deposit.

BSCPASI may terminate this Contract at any time by serving written Notice to the
Season Parker at least sixty (60) days before the intended termination date.

5. Return of Premises and Qar Passes

Upon termination of this Contract for any reason whatsoever, the Season Parker shall
immediately vacate the Car Park and return to BSCPASI all one hundred (100) car passes
issued to the Season Parker. Failure to return any of the car passes shall be subiect to a
penalty of two hundred pesos (Php200.00) per unreturned car pass.

7. Use of the Car Park

1. The Season Parker agrees that the Car Park shall be exclusively used by its
employees and guests as a parking facility only and for no other purpose without the
prior written consent of BSCPASI. The Car Park shall not be used for any business
or commercial purpose whatsoever. The Season Parker shall not sublease the Car
Park or any portion thereof without the written consent of BSCPASI.

Except on.Sundays, the Season Parker may use the Car Park on the following days:

a. lvlondays to Fridays, 6:00 a.m.-10:00 p.m.; and

b. Saturdays, 6:00 a.m.-12 noon.

Unless pre-arranged with and approved by BSCPASI, no vehicle wilt be altowed to park
beyond the stipulated time.

/ 2. ln case of force majeure, the designated parking area can be used to relocate
vehicles owned by Season Parker even beyond the ibovementioned agieed parking
hours. Upon such occurrence, the Season Parker shall provide BSCPASI a list of the
said vehicles which should be relocated to the leased parking area/spaces.

8. BSCPASI's Limited Liability

s
.t The Season Parker, its car pass holders and/or assigned security agents shall use
the Car Park and occupy the same at their own risk and hereby release to the full extent
s\\ permitted by law BSCPASI, its security agents, employees and car pass holders from atl
\-\ claims and demands of every kind resulting from any accident, damage or injury to person
or property howsoever caused, occurring in or upon the car parking area without fault or
negligence on the part of BSCPASI, its security agents or employees. BSCPASI shall
exercise due diligence in the operation and management of the car park. BSCPASI shall not
\ be responsible for any personal injury, or loss or damage to the vehicles, including the
\\ contents thereof, which the Season Parker or any of its assigned security agents or car pass
holders may suffer in the Car Park.
\
The Season Parker, including its car pass holders, shall hold BSCPASI free and
harmless from any damage or liability or responsibility to any person or property arising out
of or as consequence of the use of the Car Park by the Season Parker, its agents,
employees, and guests when such damage or liability is caused by acts of terror and
fortuitous events or acts of God, such as typhoon, earthquake, flood, fire etc., which are
beyond the control of BSCPASI.

ln no event shall BSCPASI be liable to the Season Parker or any third party for any
incidental, indirect, special, punitive, exemplary, or consequential damages (including, but
not limited to, damages for loss of business or goodwill, loss of profits) arising out ol or in
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 confiection with this Con{ract, or its performance or breach, pruVided there is no fault or
negligencd on the part of BSCPASL

The total liability of the BSCPASI (taken together in the aggregate) to the Season
Parker, its car pass holders, it's agents or employees for all damages, losses, and causes of
action [whether in contract, tort (including negligence), indemnity, or otherwise] shall not
exceed one (1) month's rent per occurrence per unit based on liq uidated/actual damages
incurred by the enforcing party,

9. Breach of Contract

Any violation of the terms provided for in this Contract by the Season Parker shall be
sufficient ground for the termination of this Contract by BSCPASI. However, before this
provision shall take effect, the Season Parker shall be given fifteen (15) days to correct or
rectify a violation, failing which, this Contract may be immediately terminated. The Season
Parker shall forfeit in favor of BSCPASI the Security Deposit and all unused or unapplied
advance rentals. ln addition thereto, BSCPASI shall have the right to exercise all legal rights
and remedies which may now or hereafter be available to it under this Contract or under any
applicable law. Correspondingly, the same remedies are available to lhe Season Parker in
case BSCPASI violates any of the terms provided for in this Contract and BSCPASI shall
immediately return to the Season Parker the Security Deposit and pay for expensesicosts
resulting for said violation/s, if any.

10. No Assiqnment

The Season Parker shall not directly or indirectly assign, sublease, sell, hansfer, convey
or mofigage any or all of its rights under this Contract.

11, Amendment of Contract

Any amendment to this Conkact shall be made in writing and shall be signed by both
Parties for such amendment to be effective.

12. Separabilitv

The invalidity or unenforceability of any provision hereof shall not affect or impair the
other provisions which otherwise can be given full force and effect.

, 13. Documentarv Stamp Tax

The stamp duty payable on this Contract shall be borne and paid for by the Season
Parker.

14. Governinq Law/J urisdiction

This Contract shall be governed and construed in accordance with Philippine laws. All
disputes, controversies or claims arising out of or in connection with this Contract shall be
filed exclusively with the proper courts of Makati City and all other venues are hereby
expressly waived.
{
lN WITNESS WHEBEOF, the Parties do hereby present, sign and execute this Contract at
Makati City, on this _
day of _
2017.
\N Best & Safe Central Parking & Allied Development Bank of the Philippines
\ Services, lnc

By By
/lnr,irdw
MrctAEL G. VTRATA BENEL
Predident Exec eVi dent

WITNESSES:

4
 M CEHA ISAB TA S. LOPEZ
op ONS anager
T,4 Vice resident
Best & Safe Central Parking & Head, DBP-PSlt/
Allied Services, lnc

ACKNOWLEDGMENT

Republic of the Philippines )

City ofMakati ) S.S.

Before me, tis JAN-1-1!9]81,2017 attr/akati City, personally appeared:

NAME competentEvidence of ,u,"
"t" "o.;fl3::j"o
Best & Sale Central Parking & TIN No.: 007865572 CTC No
Allied Services, lnc

MICHAEL G. VIRATA Passport No. EC5104937 CTC No.

President Expires on: August 26, 2020 TIN No. 201-807-356

Best & Safe Gentral Parking & Allied

Services, Inc

Development Bank of the TIN No.000449609000 CTC No.

Philippines
BENEL D. LAGUA DBP LD. No. CTC No,
Exe cutiveVice President
Devel-o'iiment Bank of the Philippines

Known to me and to be the same persons who executed the foregoing instrument, and they
acknowledged to me that the same is their free and voluntary act and deed, and the free and
voluntary act and deed of the entities each they respectively represent.

This Contract of Lease consists of five (5) pages, including the page on which this
$ acknowledgment portion is written. The Parties and their instrumental witness have signed each
and every page of this Contract which is sealed with my notarial seal.

WITNESS MY HAND AND SEAL on the above-mentioned date and at the place.

,STTY.V
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