CONTRACT OF LEASE

KNOW ALL MEN BY THESE PRESENTS:

This CONTRACT OF LEASE is made and executed at the Municipality of Compostela, this day of August, 2022,
by and between:
 
I. ____________________________, of legal age, Filipino, and with residence and postal address
at ______________, Compostela, Cebu (the “LESSOR”).
 
-AND-
 
II. ____________________________, Filipino, of legal age, and with residence and postal address at
____________, Minglanilla, Cebu (the “LESSEE”).
 
WHEREAS:

A. the LESSOR is the owner of a house and lot located at Upper Guiwanon Road, Poblacion, Compostela,
Cebu (the “LEASED PREMISES”)
 
B. the LESSOR agrees to lease-out the property to the LESSEE and the LESSEE is willing to lease the same;

 
NOW THEREFORE: 

1. TERM

The term of this lease shall be for a period of one (1) year to commence upon the signing of this Contract
and shall be renewable upon mutual agreement of the parties.

2. LEASE RATE

The monthly rental rate for the leased premises shall be twenty-eight thousand pesos (P 28,000.00),
Philippine Currency, VAT-exclusive. All rental payments shall be payable to the LESSOR on or before the
fifth (5th) day of each month.

3. SECURITY DEPOSIT

Upon the signing of this Contract, the LESSEE agrees to pay advanced rentals for one (1) month and
security deposit for two (2) months. The pre-termination of this contract will result to the forfeiture of the
two (2) month-deposit. All unpaid billings shall be chargeable to the security deposit, and any excess shall
be paid by the LESSEE within five days from demand.

4. IMPROVEMENTS

Any improvement or renovation upon the leased property may be made upon the consent of the LESSOR.
All improvements that cannot be removed without injury to the property shall belong to the LESSOR at the
end of the Contract

5. EXPIRATION

At the expiration of the term of this lease or cancellation thereof, the LESSEE will promptly deliver to the
LESSOR the leased premises with all corresponding keys and in as good and tenable condition as the same
is now, ordinary wear and tear expected, without need of demand. Should LESSEE fail to turn over the
LEASED PREMISES upon the expiration of the TERM of this Contract, LESSOR shall be entitled to lock
the premises to prevent entry of LESSOR and her assigns or representatives.

IN WITNESS WHEREOF, parties herein affixed their signatures on the date and place above written.
 

LESSORS: LESSEE:

1
_________________________________ ____________________________________  
  

CONFORME:

 
Signed in the presence of:
 
 
_____________________________                  ______________________________
 
ACKNOWLEDGEMENT
 
Republic of the Philippines)
-------------------------------------) S.S
 
BEFORE ME, a NOTARY PUBLIC for and in the City of ____________, Philippines, this ___ day of
___________ 2022, personally appeared the following persons with their respective competent evidence of
identities set out after their names, to wit:
 
   Name                                 Government ID             Date of Expiry
___________________ ____________________ __________________
___________________ ____________________ __________________
___________________ ____________________ __________________
 
Known to me and to me known to be the same persons who executed the foregoing instrument and acknowledged to
me that the same is their free and voluntary act and deed.
 
This instrument consisting of two (2) page/s, including the page on which this acknowledgement is written, has been
signed on each and every page thereof by the concerned parties and their witnesses, and sealed with my notarial seal.
 
WITNESS MY HAND AND SEAL, on the date and place first above written.
                                                                    
                                                                                                                                                 Notary Public
 
Doc. No.______;
Page No. ______;
Book No.______;
Series of 2022.