CONTRACT OF LEASE

KNOW ALL MEN BY THESE PRESENTS:

This Contract of Lease is made and entered into on _________________ by the

LESSOR and LESSEE named herein who mutually stipulated and agrees as follows:

____________DEVELOPMENT CORP, a domestic corporation duly organized

and existing under the laws of the Republic of the Philippines with office and business
address at Purok 5, Danao, Panglao, Bohol, Philippines, represented by Jackson R.
Lao, Filipino National, of legal age, single and with postal address at Purok 5 Danao,
Panglao, Bohol, Philippines, hereinafter called the LESSOR;

-And-

__________________, represented by _______________, of legal age, _______,

residing at _____________________, hereinafter referred as the LESSEE;

WITNESSETH That:

WHEREAS, the LESSOR is the owner/operator of the 158 Plaza located

at Purok 5, Danao, Panglao, Bohol;

WHEREAS, the LESSOR agreed to ease, and the LESSEE has to agreed to
accept, by the way of lease the ONE UNIT (UNIT NO. __) of the said building under the
terms and conditions set forth below:

NOW, THEREFORE, for and in consideration of the foregoing premises and the mutual
covenants and premises, the LESSOR hereby leases unto the LESSEE and the
LESSEE hereby accepts in lease the aforementioned lease premises, subject to the
terms and conditions:

1. PREMISES: UNIT NUMBER __, of the ground floor/second floor of the

aforementioned building;
2. TERM: This Contract shall be for a total period of three (3) years to commence
from _______________ to ___________________ or exactly three (3) years
from the date of effectivity of the leased agreement/contract, renewable subject
to mutually agreed terms and conditions of both parties within (90) days written
notice prior to the expiration of this contract;
3. RENTAL: The LESSEE agrees to pay the LESSOR a basic monthly rental of
THIRTY THOUSAND PESOS (Php30,000.00) Philippine Currency for the one
unit. Withholding Tax shall be care off the LESSEE.
4. COMMON UTILITIES AND SERVICE AREAS MAINTENANCE FEE: The
LESSEE agrees to pay the LESSOR the monthly amount of THREE
THOUSAND FIVE HUNDRED PESOS (P3500.00) Philippine Currency, for the
common fee for the Common Utilities and Service Areas (CUSA) such as
Janitorial Services, Security Services.
5. ADVANCE RENTAL PAYMENT: The LESSEE agrees to pay the LESSOR
one-month advance rental in the amount of THIRTY THOUSAND PESOS
(P30,000.00) Philippine Currency, which shall be paid upon signing of this
contract.
6. ACCELERATION CLAUSE: The LESSEE agrees to pay the LESSOR an
increase of ten percent (10%) of the amount of the monthly rental commencing

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 on the first (1st) month of the second (2nd) and (3rd) year of this contract. A
monthly rental of FIFTY THOUSAND PESOS (Php50,000.00) Philippine
Currency after Third year or the end of this three-year term contract.

7. DEPOSIT: Upon signing of this Contract, the LESSEE binds himself to make a
security deposit in the amount of NINETY THOUSAND PESOS (P90,000.00)
Philippine Currency, which will be reimburse to the LESSEE upon the
expiration of this Lease of Contract subject to any unpaid utilities and damages
in the leased premises.

8. PUBLIC UTILITIES: The installation of electric sub-meter will b efor the

account of the LESSOR. Other utilities like water, communication facilities like
internet, telephone and radio connections will all be for the account of the
LESSEE. Replacement of such equipment shall be likewise for the account of
the LESSEE. All of these installations should not be done or introduced without
consultation with duly accredited engineers or electricians or technical men of
the LESSOR.

9. IMPROVEMENTS, ALTERATIONS AND RENOVATIONS. The LESSOR

hereby allows the LESSEE to renovate, construct, paint, make alterations or
partitions on the leased premises subject to pertinent laws, ordinances, rules
and regulations or introduce any other improvements or partitions within the
leased premises. The LESSEE must submit the layout plan and secure prior
approval of the LESSOR before any construction can be done. Any and all
permanent improvements introduced by the LESSEE in the leased premises
shall become the property of the LESSOR upon the termination of the lease of
contract.

10. USE OF LEASE PREMISES. LESSEE’s use of the Leased Premises together
with the above-mentioned improvements shall be confirmed to activities related
to business. The Lessee undertakes and agrees to comply with all laws,
ordinances, rules and regulations, all covenants, conditions, and restrictions on
record available to the premises or the use or occupancy thereof, as many
have been previously made known to the LESSEE, LESSEE furthermore
agrees and undertakes not to do or permit any act on the premises or permit
the use of the same in the manner that will violate or make inoperative any
policy of fir or other hazard insurance carried on the premises or any part
thereof.

11. SIGNAGE. The LESSOR hereby allows the LESSEE to affix/attach/inscribed or

paint business-related sign or other advertising medium (i.e. plastic/metal
signage) on the portion of the façade of the building as agreed upon by the
LESSEE and the LESSOR. The cost of installation of this signage /advertising
installation of any signage shall be made without prior permission and approval
from the LESSOR.

12. TAXES AND LICENSES. Real estate taxes assessed on the Leased Premises
shall be for the account of the LESSOR except assessed and imposed on other
improvements introduced by the LESSEE on the leased premises. Also, other

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 taxes and/or licenses or fees in connection with the business of the LESSEE
shall be borne by the latter.

13. DAMAGE, DESTRUCTION OR INJURY. No damage to or destruction of the

building by fire or other casualty shall be taken to entitle the LESSOR to
terminate this Contract and that in case of such events, the LESSOR is duly
bound to repair or reconstruct the damaged building on the same land within a
reasonable time after whether aforesaid events shall occur and if repair and
reconstruction of the building cannot be completed within the period of one(1)
year, then the LESSEE shall have the option to terminate this lease if he/she
so desires. In such event, the LESSOR shall return the deposit paid by the
LESSEE pursuant to provision #7 hereof. In all cases, the LESSEE shall not be
required to pay the rent during the period within which it cannot conduct its
business in the damaged premises.

If said damage or fire organized from acts of the LESSEE and destroys the
leased premises and its interiors, the LESSOR shall not be held liable thereof
and the LESSEE shall undertake the necessary repairs at its own expense. In
this case, the LESSEE shall be required to pay the rent during the construction
period whether or not it continues to do business. This should not be taken to
entitle the LESSEE to terminate the lease contract.

14. ORDINANCES/RULES/REGULATIONS: The LESSEE shall comply with any

and all reasonable rules and safety regulations which may be promulgated
from time to time by the LESSOR, and with all applicable laws, ordinances,
regulations and/or orders of the National and Municipal Government Authorities
regarding the use, occupation, and sanitation of the leased premises. Failure to
comply with the laws, ordinances, regulations, or orders shall be at the
exclusive risk and expenses of the LESSEE.
15. INSPECTION AND CONDITION OF PREMISES. The LESSEE hereby agrees
to keep the leased premises in good and tenantable condition. Any provision of
law, present or future, or any stipulation in this agreement to the contrary
notwithstanding, the LESSEE hereby agrees and binds itself to undertake at its
exclusive expense, all repairs, necessary, or otherwise, such as may be
required to maintain the same in good state.

The LESSOR or his duly authorized representative shall, after prior notice to and
arrangement with the LESSEE, have the right to enter the leased premises, at
any reasonable day/hours which would cause least disturbance to the operation
of the LESSEE.
16. EFFECT ON CONTRACT: This Lease Agreement supersedes and render void
any and all undertaking, oral and written, previously entered into by the
LESSOR and the LESSEE regarding the property herein leased; and this
agreement may not hereafter be modified or altered except by instrument in
writing duly signed by the LESSOR and LESSEE.
17. BINDING EFFECT. This Contract shall be binding not only between the parties
hereto but also upon their prospective successors and assigns.
18. LESSOR WARRANTY: The LESSOR hereby warrants and guarantees the
peaceful possession and enjoyment by the LESSEE of the leased premises
during the leased period.

CONTRACT OF LEASE Page 3

 19. DEFAULT IN RENTAL PAYMENT: In case the LESSEE fails to pay the rent
for three (3) consecutive months, this contract shall be automatically terminated
without need of demand to vacate. The LESSEE hereby authorized the
LESSOR to apply the THREE-MONTH SECURITY DEPOSIT for the payment
of the unpaid interest.
20. PENAL PROVISION: The parties agree that all covenants and agreements
herein contained shall be deemed conditions as well as covenants and that if
default or breach be made of any such covenants and conditions, then this
lease may be terminated and cancelled and the parties in breach shall be liable
for any and all damages, actual and consequential, resulting from such breach
and termination, provided, however, that no default shall be declared under this
lease unless the party in breach has been given thirty (30) days written notice
to remedy the breach.

No default shall be declared even if the remedy has not ben completed within
thirty (30) days if the party in breach has commenced the remedy and is
proceeding diligently for the purpose of completing the same.

21. VENUE OF ACTION. The parties further agree to submit themselves to the
appropriate Court of Tagbilaran City, Bohol in the event of any or all legal
actions that may arise from any violation of any provisions of this Contract of
Lease.

IN WITNESS WHEREOF, the duly authorized representatives of the parties have

hereunto affixed their signatures of the date and place first stated above.

WILLANDER DEVELOPMENT CORP _____________________

LESSOR LESSEE

Signed in the presence of:

_______________________ and ____________________________

ACKNOWLEDGEMENT

REPUBLIC OF THE PHILIPPINES)

CITY OF TAGBILARAN ) S.S

BEFORE ME, this _________________in the City of _________________, Province

of Bohol, Philippines personally appeared with their proof of identity:

NAME PROOF OF IDENTITY

known to me to be the same persons who executed the foregoing instrument and they
acknowledged to me that the same is their free and voluntarily deed.

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This instrument, a CONTRACT OF LEASE, consisting of five (5) pages, including the
page on which this acknowledgment is written, has been signed the partied hereto and
their witnesses, and sealed with my notarial seal.

WITNESS MY HAND AND SEAL.

Doc. No._________
Page No._________
Book No._________
Series of_________

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