CONTRACT OF LEASE

(1) This Contract of Lease is made and executed at the City of the Philippines, this day
HAYDEE DELA CRUZ, Filipino, of legal age, and with residential address at OLD BNCAG
MANDARAGAT PUERTO PRINCESA CITY, PALAWAN, 5300 (the “LESSOR”); and this day of
SEPTEMBER 12, 2023, by and between:

(2) GCL88 BUILDERS AND COMMERCIAL TRADING CORP, Filipino, of legal age, and with residential

address at GALERIA DE BINONDO SCENIC TOWER 5TH FLOOR ROOM 504 BINONDO MANILA (the
“LESSEE”).

Recitals

(A) LESSOR is the owner of a residential property situated at OLD BNCAG MANDARAGAT PUERTO
PRINCESA CITY, PALAWAN, 5300 (the “WAREHOUSE”).

(B) LESSEE desires to lease the Warehouse and the LESSOR is willing to lease the same subject to the
terms and conditions specified in this Contract.

NOW THEREFORE, for and in consideration of the payment of rents and other sums due hereunder, and
the faithful compliance with all the conditions and covenants hereinafter contained, the LESSOR hereby
leases and lets unto LESSEE, and the latter does hereby accept under lease, the Warehouse subject to
the following terms, covenants, conditions and restrictions:

TERMS AND CONDITIONS

1. PURPOSE: The Warehouse shall be used exclusively by the LESSEE as a private residence only and
shall not be diverted to other uses. It is hereby expressly agreed that if at any time the Warehouse is
used for other purposes, the LESSOR shall have the right to terminate this Contract without prejudice to
its other rights under the law and shall result in the automatic forfeiture of the advance rental and
security deposit in favor of LESSOR.

2. TERM: The term of the lease is for FIVE (5) YEAR commencing on SEPTEMBER 12, 2023 and expiring
on SEPTEMBER 12, 2028.

3. RENTAL RATE: The monthly rental rate for the leased premises shall be EIGHTY THOUSAND
PHILIPPINE PESOS (Php 80,000.00). for 1200 square meters floor area. All rental payments shall be paid
to LESSOR on or before the fifth day of the month on which rent is due. For example, rent due for the
month of May shall be paid on or before May 5.

4. ADVANCE RENTAL: Upon execution of this Contract and prior to move-in, the LESSEE agrees to pay
in advance two (2) months’ rent which will be applied to rental payments for the last two (2) months of
the lease term.

5. SECURITY DEPOSIT: Upon execution of this Contract and prior to move-in, the LESSEE agrees to pay a
security deposit in an amount equivalent to one (2) month’s rent, as security for the faithful compliance
by the LESSEE of all terms and conditions of this Contract and for the return of the Warehouse in good
and proper condition, and to answer for any and all repairs or damages to the Warehouse and other
liabilities of the LESSEE under this Contract, including unpaid utilities such as water, electricity,
telephone, internet and cable TV. This security deposit cannot be applied by the LESSEE to any unpaid
rental(s) or to any other liability of the LESSEE to the LESSOR. The security deposit shall, unless the same
is subject to forfeiture under this Contract, be refunded to the LESSEE, without any interest thereon and
less the allowable deductions herein, within sixty (60) days after the expiration of the lease and after the
LESSEE has moved out of and vacated the Warehouse, whichever is later.
6. UTILITY SERVICES: All charges for water, electricity, telephone, internet, cable TV and other utility
services to the Warehouse shall be for the sole account of the LESSEE. The LESSEE shall promptly pay all
utility charges directly to the utility company concerned. The LESSOR will not be liable for the
discontinuance of or interruptions in utility services to the LESSEE due to any cause or reason
whatsoever.

7. LOSS: The LESSOR is not liable to any resident, guest, or occupant for injury, damage, or loss to person
or property, from any cause including fire, smoke, rain, flood, water leaks, lightning, wind, explosions,
interruption of utilities, pipe leaks, theft, negligent or intentional acts of resident, occupants, guests, or
criminal conduct of other persons including theft, burglary, assault, vandalism or other crimes.

8. FORCE MAJEURE: If whole or any part of the Warehouse shall be destroyed or damaged by fire,
flood, lightning, typhoon, earthquake, storm, riot or any other unforeseen disabling cause of acts of
God, as to render the leased premises during the term substantially unfit for use and occupation of the
LESSEE, then this Contract may be terminated without compensation by the LESSOR or by the LESSEE by
notice in writing to the other.

9. DEFAULT PAYMENT: In case of default by the LESSEE in the payment of the rent, the LESSOR at its
option may terminate this contract and exercise its rights under clause 16.

10. SUB-LEASE AND ASSIGNMENT: It is expressly understood and agreed that the personal character of
the LESSEE and the nature of occupancy of the Warehouse are special considerations for LESSOR’s grant
of this lease to the LESSEE. Accordingly, the LESSEE shall not assign or transfer its rights under this
Contract, nor sublease all or any part of the Warehouse or enter into any arrangement whereby the use
or possession of any part of the Warehouse is transferred to any person without the prior written
consent of the LESSOR.

11. CONDITION OF THE PREMISES AND ALTERATIONS: The LESSEE acknowledges to have received the
Warehouse in a clean, safe, and good working condition. The LESSEE shall not make any alteration,
addition, or improvement within the Warehouse or in any of the common areas, without the prior
written consent of LESSOR. No holes are allowed inside or outside the Warehouse. Only items using non-
permanent or removable adhesive strips or tapes may be placed on the walls, floors, or ceiling of the
Warehouse. Any improvements to the Warehouse (with or without LESSOR’s consent) shall become
property of the LESSOR unless agreed otherwise in writing. The LESSEE must use customary diligence in
maintaining the Warehouse and not damaging or littering the common areas.

12. LESSOR'S RIGHT OF ENTRY: The LESSOR or its authorized agent shall after give due notice to the
LESSEE shall have the right to enter the premises in the presence of the LESSEE or its representative at
any reasonable hour to examine the same or make repairs therein or for the operation and maintenance
of the building or to exhibit the leased premises to prospective LESSEE, or for any other lawful purposes.

13. RENEWAL: Upon its expiration, this Contract may be renewed under such terms and conditions as
may be mutually agreed upon by both parties. LESSEE shall give thirty (30) days’ prior written notice to
LESSOR of its intention to renew. In the event no renewal is agreed upon, LESSEE must vacate
Warehouse on the date of expiration of lease for turn-over to LESSOR.

14. PRE-TERMINATION: Pre-termination of this Contract by LESSEE shall result in the forfeiture of the
advance rental and security deposit.

15. EXPIRATION OF LEASE: At the expiration of the term of this lease or termination thereof, as herein
provided, the LESSEE shall promptly deliver to the LESSOR the leased premises with all corresponding
keys and in as good, clean, sanitary, and tenantable condition as the same is now, ordinary wear and
tear excepted, devoid of all occupants, movable furniture, articles and effects of any kind.

16. REMEDIES FOR BREACH: If the LESSEE violates any of the terms or conditions of this Contract, the
LESSOR may, in addition to any other remedies or recourse prescribed by law, pursue any or all of
following remedies, simultaneously or successively, as follows:
(a) To terminate this Contract without the need of any prior notice, demand or judicial declaration;

(b) To immediately repossess the Warehouse without the necessity or instituting any judicial or court
action. In this connection, the LESSEE hereby names, constitutes, and appoints the LESSOR, its
authorized agents, employees, and/or representatives, as its attorney-in-fact, with full power and
authority, to open, break-open, padlock, enter, occupy, secure, the Warehouse, to clean up, make
repairs in, and re-let the premises, remove property left in the Warehouse and to take such other steps
and employ such other means to enable the LESSOR to take full and complete physical possession and
control of the Warehouse, barring the LESSEE from entering the Warehouse.

The LESSEE hereby expressly agrees to hold the LESSOR and/or its authorized agents, employees, or
representatives will be free and harmless from any civil and/or criminal liability or responsibility for the
acts described under this provision.

(c) To demand and receive from the LESSEE payment for any and all unpaid rentals, fees, charges,
damages, and other financial obligations stipulated in, or arising out of this Contract.

(d) To automatically forfeit the advance rental and security deposit in its favor.

17. JUDICIAL RELIEF: Should the LESSOR be compelled to seek judicial relief against the LESSEE in order
to enforce any or all its rights under this Contract, the LESSEE, in addition to any other damages that
may be awarded by the court, shall pay an amount of twenty five percent (25%) of the amount clamed
in the complaint as attorney's fees which shall in no case be less than Fifty Thousand Philippine Pesos
(Php50,000.00) in addition to other cost and damages which the said party may be entitled to under the
law. The parties hereby agree to submit any action arising from or incident to this Contract to the
jurisdiction of the proper courts of Lucena City only, to the exclusion of all other courts.

18. SUCCESSION: This CONTRACT OF LEASE shall be valid and binding between the parties and their
successors-in-interest.

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

HAYDEE DELA CRUZ GCL88 BUILDERS AND COMMERCIAL TRADING CORP

LESSOR LESSEE
Represented by: Cherry Gil Song

Signed in the presence of:

_____________________________ ______________________________

Rica Balmoria Mary Rose Vallecer

 ACKNOWLEDGEMENT
Republic of the Philippines)
_________________________) S.S

BEFORE ME, personally appeared:

Sept.12.2023
Name Date/Place Issued

HAYDEE DELA CRUZ

GCL88 BUILDERS AND COMMERCIAL TRADING CORP

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 4 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

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