CAR RENTAL AGREEMENT

KNOW BY ALL MEN BY THESE PRESENTS:

___
This Contract of Lease made and entered into this day of of 2021
in Manila, Philippines by and between:

SOAR INT’L RESOURCE CORP., a corporation duly registered and

existing under and by virtue of the laws of the Republic of the Philippines with Office
Address, 21st Floor 8th Rockwell Rockwell Drive, Rockwell Centre Makati City
represented in this act by its President, Rebecca M. Gregorio, hereinafter referred to
as “SOAR”;

- and -
INSPIRINGPG INC., a corporation duly registered and existing under and by
virtue of laws of the Republic of the Philippines, with office address, JP Laurel 4 th
Floor, Topaz Tower Centre, Damosa IT Park, Lanang, Davao City, 8000 Davao Del
Sur, herein represented by its President, ZHU TAO, and hereinafter referred to as the
LESSEE.

SOAR and LESSEE are hereinafter jointly referred to as “PARTIES” and

individually as the “PARTY”, where the context so requires.

WITNESSETH:

WHEREAS, the LESSEE is engaged in the business of leasing vehicles such

as but not limited to cars, vans and trucks;

WHEREAS, the LESSOR offers to rent described on the subsequent

SCHEDULES of leased vehicles;

WHEREAS, the LESSEE accepts the said offer of the LESSOR to lease the
car vehicles as specified on each SCHEDULE;

NOW THEREFORE, for and in consideration of the foregoing premises and

of the mutual terms, covenants and stipulations hereinafter expressed, the LESSEEhas
leased and by these presents hereby lease unto the LESSOR and the latter hereby
accepts the lease of the motor vehicles specified in the corresponding SCHEDULES
(hereinafter referred to as the “Vehicles”) subject to the following terms and
conditions, to wit.

1. The Vehicles to be Leased

1.1. The LESSOR agrees to lease vehicles unto the LESSEE, the Vehicle/s in
accordance with schedules and described as follows:
 • MODEL / MAKE : IZUZU
• COLOR : WHITE
• BODY : WHITE
• MOTOR NO :
• SERIAL/CHASSIS NO. : 7 METERS
• PLATE NO. :

1.2. For purposes of this agreement, the term “Vehicles” shall include all original
items, parts, accessories, and additions thereto as well as replacement thereof, as well
as any other chattel/movable which the LESSOR and the LESSEE may from time to
time include under the agreement;

2. TERM OF LEASE

2.1 The term of this Contract shall be ( 24 ) months from deployment date and shall
end unless both parties agree to continue the contract. Such deployment date shall, for
all purposes, be conclusively presumed to be the actual, true, correct date of delivery
and acceptance by the LESSEE.

2.2 The delivery of the vehicles shall be on the agreed delivery schedule. For
purposes of determining the commencement of the term of lease, it shall be the actual
date when such vehicle/s is/are delivered.

2.3 In no case shall the LESSEE have the option to pre-terminate the lease without
giving the LESSOR a prior written notice of at least (______days) and payment of
rent for the unexpired portion of the term of the lease. The security deposit rentals
shall be forfeited in favor of the LESSOR.

2.4 In case of renewal, the LESSEE shall notify the LESSOR of its intention to
renew the same within thirty (30) days prior to the expiration of the lease. Should both
parties agree to extend the tenure, a negotiation as to the new rate for the rental
payments and period of tenure shall be conducted.

2.5 Should the LESSEE desire not to renew the car rental agreement before the
expiration of the lease, it must notify the LESSOR at least THIRTY (30) DAYS prior
to the date of expiration.

2.6 Upon the expiration of the car rental agreement and/ or the corresponding
SCHEDULES, the LESSEE shall deliver the lease motor vehicle at the designated
warehouse of the LESSOR in road-worthy, clean and decent condition. All expenses
for such delivery shall be for the account of the LESSEE. The cost of the replacement
of all tires, valued at Php 2,500.00 each tire, shall likewise be charged to the LESSEE,
and shall be deducted from the security deposit.

3. RENTAL FEES
3.1 The LESSEE shall pay in advance to the LESSOR, the equivalent amount of two
(1) months advance and one (2) month deposit for the use of the rented vehicles in the
amount indicated below, exclusive of VAT, per rented vehicle /per month and other
expenses as specified in the SCHEDULE on the date set forth in the SCHEDULE
without any need of demand.

Type/Model Monthly Rental/Unit

IZUZU
Boom Truck PHP 160,000.00 VAT Inclusive

3.2 The ( ) month advance rental shall be applied to the first one month of this
Agreement. To facilitate payment of rental by the LESSEE and collection by the
LESSOR, rentals for the third month up to the expiration of the rent shall be made by
the LESSEE by turning over to the LESSOR postdated checks, bearing the date of the
5th calendar day of each month. Application of rental shall however commence from
the date of delivery of the vehicle by the LESSOR to the LESSEE until the lease
expiry date as stated in the SCHEDULE.

3.3 In the event that the check is dishonored, the LESSEE shall be obliged to replace
the amount of the check with cash immediately upon notice from the LESSOR of the
fact of dishonor.

3.4 Failure to make immediate payment shall give rise to the LESSOR’s right to give
the LESSEE a grace period of forty-five (45) days to pay his arrears, subject to a
penalty charge of 1.5% per month of the unpaid amount. After the grace period, the
LESSOR may terminate the Contract of Lease and require the LESSEE to
immediately return the leased vehicle/s, with forfeiture of the security deposits

4. SECURITY DEPOSIT

4.1 The LESSEE shall provide a security deposit to the LESSOR equivalent to
one (1) months rental, on or before the delivery of the unit to the LESSEE. The said
security deposit shall be used as security for the full and faithful compliance of the
LESSEE with the terms and conditions of this contract or in the event of loss, or
damage to the rented vehicle not covered by insurance or to cover for any claims by
third parties against LESSOR due to the fault of the LESSEE during the term of this
Car Rental Agreement and until the unit is surrendered to the LESSOR. The security
deposit, however, shall not be used to cover the rent for any period under any
circumstances and neither shall it be reduced during the term of the contract.

4.2 If the cost for repair or replacement of damage to the Rental Vehicle exceeds the
amount of the Security Deposit, the LESSEE shall be responsible for payments to the
LESSOR of the balance of this cost. The LESSEE shall reimburse to the LESSOR
any payments made by the latter to reinstate the one-month security deposit, while
this Agreement is still in full force. The LESSOR may, at any time, demand from the
LESSEE an additional amount should the security be deemed insufficient to cover the
liability of the LESSEE.

4.3 At the expiration of the car rental agreement and no renewal was made, all
unpaid bills and damages only due to the fault of the LESSEE should be settled first by
the LESSEE, before the LESSEE can claim the balance of the Security Deposit. The
Security Deposit or the balance thereof, after deducting the unpaid bills or damages
due to the fault of the LESSEE, if any, shall be returned to the LESSEE no later than
fifteen (15) calendar days after the termination of this Car Rental Agreement.

4.4 Nothing herein contained shall be understood as granting the LESSEE the right
to require, before termination of this lease that the deposit be applied against overdue
car rental fees and other outstanding accounts owing to the LESSOR if the LESSEE
surrenders the rental vehicles and/or pre-terminates the car rental agreement.

4.5 If the security deposit is not sufficient to cover the costs mentioned in this Section,
the LESSEE is obliged to settle the same to the LESSOR within thirty (30) days after
receipt by the LESSEE of the written demand from the LESSOR. Such written
demand must include all necessary documents and billings that would prove the
deficiency.

5. SCOPE OF USE

5.1 The LESSEE shall use the rented vehicle only for routine business use, and
operate the rented vehicle only on properly maintained roads and parking lots.
LESSEE shall comply with all applicable laws relating to the holding license to
operate the vehicle and pertaining to operation of vehicle. LESSEE shall not sublease
the rental vehicle or use it as a vehicle for hire.

5.2 LESSEE shall not allow any other person to operate the rented vehicle unless it
is their employees or contracted workers and a holder of a valid driver’s license permit
issued by the Land Transportation Office (LTO) allowing him/her to operate said
vehicle.

5.3 The LESSOR agrees that the LESSEE can assign any of the vehicles to any areas
within the Philippines.

5.4 THE LESSEE shall not transport or keep within the vehicle/s any hazardous
article or substance, if it will be shown that there is a great probability that the
vehicle/s will be damaged by reason thereof.

5.5 THE LESSEE shall not use the vehicle/s for any illegal business or use the same
for perpetrating criminal or fraudulent activities.

6. VIOLATION OF TRAFFIC LAWS, ORDINANCE AND RULES.

6.1 The LESSEE shall be liable to pay the fines, penalties , violation tickets, impound
penalties, towing fees and other expenses incurred by the use of rented vehicle due to
any traffic violation such a improper driving , reckless driving ,drunk driving and any
other violation of the laws of the Philippines. The LESSEE shall be obligated to
release the vehicles in an impounding area and pay the corresponding penalties if the
rented vehicle was impound due to the misuse and violation of the LESSEE’s driver.

6.2 THE LESSOR, however, assures that at all times, the rented vehicle will pass the
emission test and smoke belching test. In the event, however, that the vehicle is
apprehended or a fine is imposed for failure to pass theses mentioned test, the cost and
/or fine for such shall be borne by the LESSOR, subject to the submission by the
LESSEE of the supporting traffic violation ticket and official receipt.

6.3 If the rented vehicle is impounded by any regulatory body due to the fault of the
LESSEE, and the LESSEE is unable to have the vehicle released, the LESSEE shall
continue to pay the monthly rental. If due to severe violations and/or involvement of
the rented vehicle in a crime and the rented vehicle is impounded indefinitely, and the
LESSEE is unable to retrieve the rented vehicle, the LESSEE shall pay the LESSOR
for the reasonable market value of the rented vehicle.

7. INSURANCE

7.1 The LESSOR shall procure a comprehensive insurance in the amount of the
insurable value or replacement value of the rented vehicles per year for every vehicle
leased.

7.2The LESSOR shall procure a third-party injury and property damage insurance
only in the amount of___________. In the event that said amount is not sufficient to
cover the claims or cost of injury to third party property or persons, the LESSE shall
be liable for the excess thereof.

7.3 The comprehensive insurance policy procured by the LESSOR does not include
Personal Accident Insurance Coverage for its driver and passengers. The LESSEE
shall procure its own Personal Accident Insurance for its drivers and passengers.

8. DEFAULT

8.1 For purposes of this contract, the LESSEE shall be deemed in default under any of
the following instances:

a) Violation of the terms and conditions stipulated herein and violation remains
to be unheeded or that no reparations were made thereof within a period of
fourty-five (45) days from written or verbal notice.

b) Abandonment of the LESSEE of the vehicle/s for any unjustifiable reason

9. INDEMNIFICATION
Any aggrieved party shall be entitled to recover damages in the form of liquidation at
the rate of ten percent of the total contract price, more damages, exemplary damages
and attorney’s fees equivalent to twenty percent (20%) of the total contract price of
PHP50,000.00, whichever is higher.

10. REPRESENTATIONS AND WARRANTIES

10.1 The LESSOR represents and warrants that, to the LESSOR’s knowledge, the
rental vehicle is in good condition and is safe for ordinary operation of the vehicle.

10.2 The LESSEE warrants further the operator or driver of the vehicle is fully-
knowledgeable of Philippine laws and regulations with respect to driving and
operating a vehicle.

10.3 The LESSEE shall take full responsibility for any act or omission on account of
fault or negligence committed by him, his agents and employees, resulting to damage
to persons and/or properties.

10.4 The LESSEE has been given an opportunity to examine the rental vehicle in
advance of taking possession of it, and upon such inspection, is not aware of any
damage existing on the vehicle other than that notated by an existing damage
documents, if any.

10.5 The LESSEE shall provide the LESSOR a service area to maintain and repair the
rented vehicles, if needed.

11. PROHIBITION

The LESSEE SHALL NOT:

a. Directly or indirectly use the rented vehicles and any other purpose(s) except
for the herein agreed purposes nor use the same, directly or indirectly for any
lewd, immoral or illegal activities;

b. Make any alterations or introduce improvements in the rented vehicles without

the prior written consent and approval of the LESSOR. Any alteration(s) and
/or improvements to be made or introduced on the rented vehicles approved by
the LESSOR and pursuant to the provisions thereof, shall be the account of the
LESSEE and shall remain the property of the LESSEE upon the termination of
the Lease. Any cost for the removal of said improvement shall be for the
account of the LESSEE.

12. DELIVERY OF THE VEHICLE

The delivery of the Vehicle, as mentioned in the SCHEDULE, shall be agreed

upon by the parties. Deliveries shall be free of charge.
13. JUDICIAL RELIEF AND PENALTY

12.1. Should there be a physical damage to any of the vehicles, the LESSEE shall
provide the police report, as required by the Insurance Company and any participation
fee or depreciation fee required by the Insurance Company shall be charged by the
LESSOR to the LESSEE, as indicated in the insurance policy.

12.2. The penal provisions of this Car Rental Agreement shall be considered as
cumulative and resort to one shall not bar resort to others.

12.3. The aggrieved party shall be entitled to recover damages in the form of
liquidated damages at the rate of ten percent of the total contract price, more damages,
exemplary damages and attorney’s fees equivalent to twenty percent (20%) of the
total contract price of PHP50,000.00, whichever is higher.

14. STRIKES AND LOCK-OUTS

In case the business of the LESSEE is affected and /or suspended by strike or
lock-out or other labor dispute, the LESSOR’s obligation to the LESSEE under this
contract including monthly rentals shall remain in full force and effect
notwithstanding the said disturbance.

15. SPECIAL TERM

14.1. The LESSEE shall answer for all repairs out of Warranty.

14.2. The fast moving spare parts, exempt change oil and filters will be charged to
the LESSEE, the labor cost will be charged to the LESSEE.

16. SEVERABILITY

Any provision of this Contract, which is prohibited or unenforceable under the

law shall render the agreement ineffective or unenforceable only to the extent of

provisions relating to such prohibition. The same shall not render invalid the
remaining portions of this Contract.

17. TERMINATION

Each party may terminate this agreement before the agreed term, by delivering
a notice of the perform, has made or makes any inaccuracy in, or otherwise materially
breaches on any of its obligations, covenants, or representations, and the failure,
inaccuracy, or breach continues for a period of thirty (30) days after the injured party
delivers notice to the breaching party reasonably detailing the breach, and the other
party, has not been able to fix such failure, inaccuracy or breach, or when it is no
longer possible to use the rented vehicle due to severe damage caused by natural
disasters or acts of nature, and the applicable clauses under Section 9 hereof cannot be
performed due to such force majeure, as confirmed by the LESSOR.

IN WITNESS WHEREOF, we have hereunto set our signatures this _____ day of
_________________ in _____________________________, Philippines.

__________________________
_________________________
LESSEE’s Authorized Representative LESSOR’s Authorized Representative