CONTRACT OF LEASE

KNOWN TO ALL MEN BY THESE PRESENTS

This CONTRACT OF LEASE made and entered into this day of 2022
at Quezon City, by and between

RODOLFO P. DERECHO, legal age, Filipino and residing at Lot 9

Block 4 Arkansas St., Metrovilla, Subdivision, Mapulang Lupa,
Valenzuela City, hereinafter referred to as the LESSOR.

-and-

ALFRED S. RACELA, of legal age, Filipino, and residing at 1708 Tower

1 Sun Residences, Quezon City hereinafter referred as the LESSEE.

WITNESSETH

WHEREAS, the LESSOR is the absolute owner of a parking slot located at

Sun Residences Tower 1 3rd floor Slot 80, hereinafter referred to as the “Leased
Premises”;

WHEREAS, the LESSEE desires to lease the above-mentioned property and the
LESSOR is willing to lease the same, subject to the terms and conditions hereinafter
specified;

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

mutual covenants hereinafter contained, the LESSOR hereby leases unto the LESSEE
the aforementioned parking slot under the following terms and conditions:

1. Terms of Lease – The lease shall be from April 23, 2022 until December
31, 2022, subject to a renewal or extension upon expiration, under such
terms and conditions mutually agreed upon by both parties.

2. Amount of Rental – The parties have herein agreed that the total rental for
the leased premises inclusive of parking dues for the agreed period of use

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 of the property shall be SIX THOUSAND FIVE HUNDRED PESOS (PHP
6,500.00) per month inclusive of dues.

Upon signing of this contract, the LESSEE shall issue EIGHT (8)
POST DATED checks to the LESSOR dated every 23rd of the
month, in the amount of rent as mentioned in the next preceding
paragraph. A surcharge of five (5%) percent per month shall be
applied on any bounced check thereafter until the rental payments
have been paid and updated.

Further, upon signing of this contract, the LESSEE shall pay the
LESSOR an amount equivalent to ONE MONTH SECURITY
DEPOSIT or amounting to SIX THOUSAND FIVE HUNDRED PESOS
(PHP 6,500.00). The security deposit will be refunded by the LESSOR
in favor of the LESSEE, without interest within thirty (30) days after
the date of expiration of the contract less any amount of liabilities,
penalties, and/or damages that the LESSEE may have incurred and
upon surrender of the parking slot’s car sticker.

3. Real Estate Taxes, Legal Fees, Insurance, and Permits – All taxes and
insurance premiums on the leased premises shall be for the account of the
LESSOR.

The LESSEE shall be responsible for the payment of the necessary permits,
car stickers, gate passes as the condominium corporation may require. The
LESSEE also agrees to return the parking slot’s car sticker within seven (7)
days after the expiration of the contract, without need of further demand
from the LESSOR.

4. Parking Purposes - The leased premises shall be used for parking purposes
only. The leased premises shall not be used by the LESSEE for any other
purpose aside from that abovementioned.

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5. Sub-lease - The LESSEE shall not sub-lease in whole or in part, the leased
premises nor assign this contract of lease to any other party, without prior
written consent of the LESSOR. Any sublease of the said premises or any
assignment of such contract shall be null and void, and the LESSOR shall
have the right to automatically terminate this contract, to forfeit all
payments, checks, and deposits made by the LESSEE, and to demand the
LESSEE to immediately surrender the leased premises.

6. Renewal - Should the LESSEE desire to renew the contract, written notice
shall be given to the LESSOR at least thirty (30) days prior to the expiration
of this Contract. Said renewal or extension shall be under such terms and
conditions to be agreed upon by both parties.

If no such notice of intent to renew is given thirty (30) days prior to

expiration, the LESSOR shall offer the premises to other parties, in which
case the LESSEE shall allow the LESSOR to exhibit the premises to
prospective clients at any time within the said thirty (30) day period.

7. Third Party Liability – The LESSEE, during the effectivity of this contract
and his occupancy of the Leased Premises, shall hold the LESSOR free and
harmless from any damages, liability or responsibility to any person or
property arising out of or for such consequence of the use of the Leased
Premises by the LESSEE, his agents, employees, guest, relatives, and
helpers as such.

8. Breach/Termination of Contract – The LESSEE hereby agrees that all

provisions contained herein shall be deemed as conditions and covenants
binding and enforceable between the parties herein and should the LESSEE
violate any or all said conditions, the LESSOR grants a settlement period
of five (5) days from the written notice of breach by the LESSOR to the
LESSEE, for the latter to address and remedy such violation.

After the lapse of the 5-day settlement period, and the LESSEE still fails to
remedy the violation, the LESSOR shall have the right to automatically and
unilaterally terminate this contract and to forfeit all checks, advance rentals,

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 deposits, and any other payment made by the LESSEE in favor of the
LESSOR.

In case of dishonored checks, non-payment, and/or delay by the LESSEE

for two (2) consecutive months, the LESSOR has the option to forfeit all
checks, advance rentals, deposits, and all payments made by the LESSEE.
The LESSOR also has the option to consider this contract as automatically
cancelled and be of no further force or effect without necessity of any
judicial declaration to that effect.

And to that end, the LESSOR is hereby appointed as the Attorney-in-Fact

of the LESSEE, with full power and authority to occupy, secure, enclose, or
otherwise take full and complete physical and control of the leased
premises.

9. Miscellaneous Provisions - The LESSEE agrees to abide by the existing

rules and regulations promulgated by the Homeowners Association of the
leased premises. This agreement constitutes the entire and only agreement
of the parties and effectively supersedes and cancels all of their previous,
contemporaneous and existing agreements. No amendment or
modification of any of the provisions hereof shall be binding upon the
parties unless made in writing and signed by the parties or their duly
authorized representatives.

If any one or more of the provisions of this Agreement shall be invalid,

illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions contained herein shall not in any
way be affected or impaired.

10. Venue – Any dispute, litigation, or action arising from, or relating or

incidental to this contract shall be filed only with the proper courts of
Quezon City, Metro Manila, to the exclusion of all other courts or venues.

IN WITNESS WHEREOF, the parties have hereunto set their hands this
day of 2022 at Quezon City.

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 RODOLFO DERECHO ALFRED S. RACELA
Lessor Lessee

ACKNOWLEDGEMENT

Republic of the Philippines)

)S.S.

BEFORE ME, a Notary Public for and in the above jurisdiction personally
appeared on this day of the following:

NAME ID NO.
Rodolfo P. Derecho
Alfred S. Racela

Known to me to be the same persons who executed the foregoing instrument

consisting of five (5) pages including the page on which this acknowledgement is written,
signed by the parties, and they acknowledged to me that the same is free and voluntary
act and deed of the person, if any, to which they represent.

IN WITNESS WHEREOF, I have hereunto set my hand affixed my notarial seal

on the date and place first above written.

Doc. No. ;
Page No. ;
Book No. ;
Series of 2022.