CONTRACT OF LEASE

(MOTOR VEHICLE)

KNOW ALL MEN BY THESE PRESENTS:

This Contract of Lease of Motor Vehicles (hereafter, the “Contract”) entered this ____
day of ___________ 2020 at Mandaluyong City, by and between:

AILEEN TUMBAGA, Filipino legal age, with postal address at L30 B29
LAGRO SUBD NOVALICHES PROPER QUEZON CITY hereinafter referred
to as “LESSOR”;

-and-

JP MORGAN CHASE BANK N. A. – PHILIPPINE GLOBAL SERVICE

CENTER, with postal address at Five/NEO, 31 st Street, Taguig, Metro Manila, herein
duly represented by its Business Unit Head, Mr. Romualdo Nicolas, hereinafter called the
“LESSEE”;

WITNESSETH: That -

WHEREAS, the LESSOR is engaged in the business of providing transport services

including the lease of motor vehicles;

WHEREAS, the LESSEE desires to lease motor vehicles from the LESSOR and the
latter is willing to lease the same to the LESSEE;

NOW, THEREFORE, for and in consideration of the reciprocal covenants and

agreements herein contained, the LESSOR and the LESSEE hereby agree and mutually bind
themselves as follows:

1. LEASED VEHICLES. – The LESSOR hereby leases to the LESSEE the motor
vehicles below:

YEAR MODEL CAR MAKE PLATE NUMBER

2020 TOYOTA HI-ACE NDM 1966

COMMUTER

2. RENTAL. – A. The daily rental shall be Three Thousand Nine Hundred

PESOS (Php 3,900.00) per transaction covering 12 hours and One Hundred Fifty Pesos
(Php150.00) per excess hour, inclusive of charges for Comprehensive Insurance. The
accumulated rental fee shall be payable monthly at the LESSOR’s address set forth above, or at
such other office address as the LESSOR may, by prior written notice to the LESSEE, provide.

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B. The daily accumulated rental not paid when due shall bear interest, penalty and
service charges equivalent to two percent (2%) thereof per month of delay. Any three (3)
consecutive months of delay in the payment of monthly rentals on the part of the LESSEE shall
be a ground for the LESSOR to pre-terminate this Contract upon fifteen (15) days’ prior written
notice to the LESSEE.

3. TERM AND DURATION. – This Contract shall be for three (03) years
commencing upon the delivery of the leased vehicles to the LESSEE on June 10, 2020 and shall
expire on June 09, 2023. Renewable yearly up to a maximum period of Thirty-Six (36) months,
upon mutual consent of the parties and subject to the terms and conditions set forth.

However, in case one party breaches or violates any term of this Contract, the aggrieved
party may pre-terminate this Contract upon fifteen (15) days’ prior written notice to the other
party.

4. VEHICLE USE.

(a) The LESSEE shall not use or permit any leased vehicle to be used for the
transportation of goods or persons in violation of any law or regulation or for the
transportation of any material deemed extra hazardous by reason of being explosive
or inflammable or for any illegal purpose. The LESSEE shall also reimburse the
LESSOR in case any of the leased vehicles is confiscated by any governmental
agency, or other reasonable expense incurred as a result thereof, whenever such
confiscation or expense is caused by the illegal use of such vehicle by the LESSEE.

(b) The LESSEE shall not use the aforementioned vehicles for towing, pushing, or any
other purpose than that for which they were designed nor for the transportation for
hire of passengers or animals.

(c) The LESSEE shall not use the leased vehicles to participate in any motor sports
events or rally.

(d) The LESSEE shall not permit the leased vehicles to be operated or driven by any
person/s under the influence of alcohol or drugs.

(e) The LESSEE shall not overload any leased vehicle beyond its specified carrying
capacity nor operate any leased vehicle on flat or insufficiently inflated tires.

(f) The LESSOR shall not be responsible for loss or damage to any goods or other
property placed or carried in any leased vehicle arising from any cause under Article
4 (a) to 4 (e) above.

5. MAINTENANCE AND REPAIR. –

(a) The LESSOR shall be responsible for the maintenance and repair of the leased
vehicles.

(b) Upon reaching every fifty thousand KM (50,000), the LESSOR shall asses all
tires and checks if tires are warranted to be replaced. Any tires that need to be replaced shall be
shouldered and arranged by the LESSOR.

6. BREAKDOWN. – In the event of a breakdown due to normal use as guided by

the Owner’s Manual provided, this Lease Agreement shall be deemed suspended, particularly the
rentals under Clause 2(A).
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7. INSURANCE COVERAGE. – The LESSEE participates as an insured under a

car insurance policy, copy of which is available for inspection by the LESSEE at the Head Office
of the LESSOR. Said policy contains coverage in respect of third-party bodily injury and/or death
liability and property damage liability up to limit of Php 500,000.00. In case of accident, the
LESSEE is responsible for the first Php 7,000.00 as participation fee, regardless of who is at
fault, provided the LESSEE did not commit any violation of this provision at the time of accident.
It is likewise understood and agreed by the LESSEE that any cost of damage or claim filed by a
third party in excess of insurance coverage of the vehicle shall be for the account of the LESSEE.

The LESSEE is bound by and agrees to terms and conditions of this Standard motor
vehicle policy, which is in accordance with the laws of the Philippines. The LESSEE further
agrees that in case of accident, he/she shall do the following.

(a) Obtain the names and address of the parties involved and of witness, if any.
(b) Not abandoning the said vehicle without adequate provisions for safeguards and
securing same.
(c) Submit a police report of the accident including any diagram, within 24 hours
and inform the LESSOR personally or by telephone to the nearest LESSOR
station.
(d) Providing photocopies of Driver’s license and Official Receipt.

8. FUEL, PARKING AND TOLL FEES. – Expenses for fuel, parking and toll
fees shall be for the account of the LESSEE during the entire lease period. All leased vehicles
shall be initially supplied with full tank of fuel which should be refilled at LESSEE’s expense
upon return of the unit at the end of the lease period.

9. OWNERSHIP. – This is a lease contract only and the LESSEE acquires no

ownership, title, property rights, or interest in or to the leased vehicles but only the right of use in
accordance with the provisions of this Contract.

10. BREACH OF TERMS AND CONDITIONS. – If the LESSEE shall breach

any of the terms, conditions, or provisions herein contained, or, if during the term of this Contract
or any extension thereof, bankruptcy or insolvency proceedings shall be commenced by or
against the LESSEE, or if the LESSEE shall \make an assignment for the benefit of creditors, or
if any action shall be taken against or by the LESSEE to accomplish any such purpose, or if a
receiver of the property or business of the LESSEE shall be appointed, then and in any such
event, these events shall be sufficient ground/s for the termination of this Contract. In relation
thereto, the LESSEE hereby authorizes and empowers the LESSOR to enter its premises or any
other place where the leased vehicles may be found to take possession and carry away and
remove such leased vehicles, with or without legal process, and thereby terminate the LESSEE’s
right to retention and use of such leased vehicles.

11. RENEWAL. – This Contract may be renewed by the parties subject to such
terms and conditions as may be mutually agreed upon by them.

12. PRE-TERMINATION. – Should this Contract be terminated prematurely by the

LESSEE for any reason and/or cause, the LESSEE shall not be charged of any rentals pertaining
to the remaining balance of the Contract.

13. SEPARABILITY. – In the event any of the terms or provisions hereof are in
violation of, or prohibited by any applicable law, statute or ordinance of any city or other
governmental subdivision, such terms or provisions shall be of no force and effect to the extent of
such violation or prohibition without invalidating the other terms and provisions of this Contract
not affected thereby.
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14. ENTIRE AGREEMENT. - This Agreement constitutes the entire agreement

between the parties with respect to the subject matter hereof, and supersedes any and all prior
representations and agreements, whether oral or written.

IN WITNESS WHEREOF, the parties have executed this Contract of Lease of Motor
Vehicle this ____ of __________ 2020 at _____________________ City.

VEHICLE OWNER JP MORGAN CHASE BANK N. A. –

(LESSOR) PHILIPPINE GLOBAL SERVICE
CENTER
(LESSEE)

AILEEN TUMBAGA ROMUALDO NICOLAS

OWNER Business Unit Head

SIGNED IN THE PRESENCE OF:

______________________ _______________________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES)

City of Mandaluyong ) S.S.

BEFORE ME, a Notary Public for and in Mandaluyong City, this _____day
of ___________ 2020 at Mandaluyong City, personally appeared the following:

Name Government ID No. Date & Place Issued

Vehicle Owner
By:
AILEEN TUMBAGA

JP MORGAN CHASE BANK N. A. –

PHILIPPINE GLOBAL SERVICE
CENTER.
By:
Romualdo Nicolas Driver’s License / Feb. 19, 2018 / East
C07-93-088268 Avenue
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known to me and to me known to be the same persons who executed the foregoing
Contract of Lease of Motor Vehicles, and they acknowledged to me that the same is their
free and voluntary act and deed as well as that of the corporations therein respectively
represented.

WITNESS MY HAND AND SEAL on the date and at the place first above written.

NOTARY PUBLIC
Doc. No. ____;
Page No. ____;
Book No. ____;
Series of 2020;