CONTRACT OF LEASE

KNOW ALL MEN BY THESE PRESENTS:

This CONTRACT OF LEASE is made and executed at the Island Garden City of Samal this
_____________________ by and between:

THEOFE Q. FLORES, of legal age, Filipino, married to Jucita Plaza Flores and of Barangay
San Isidro, Kaputian District, Island Garden City of Samal, Davao del Norte, Philippines,
hereinafter referred to as the LESSOR.

-AND-

MARCEL FRANCISCO LEMOS DE SOUSA BARBOSA, of legal age, Dutch National,

married, to Leslie Francine Doornik Lemos de Sausa Barbosa, and with present residence
address at Purok Qiamban, Barangay San Isidro, Kaputian District, Island Garden City of
Samal, hereinafter referred to as the LESSEE.

WITNESSETH:

WHEREAS, the LESSOR is the owner of THE LEASED PREMISES, a real property
containing an area of Eleven Thousand One Hundred Fourteen (11,114) Square Meters,
more or less (Lot T-119, T-131, 2950 square meters and Lot F -59, F-61, 8164 square meters
of the survey plan), which he as a member of the San Isidro-Libertad-San Remegio
Comprehensive Agrarian Reform Beneficiaries Multipurpose Cooperative (SLSCARBMCO)
and the duly identified Agrarian Reform Beneficiary of the area, and which property is a
portion of Transfer Certificate of Title No.___________, situated at Barangay San Isidro,
Kaputian District, Island Garden City of Samal. Attached to form part of this Contract of
Lease is the Survey Plan/Vicinity of the subject property marked as Annex “A” hereof;

WHEREAS, the LESSEE, is registered with the Department of Tourism, PHILIPPINE

RETIREMENT AUTHORITY, and is a participant in the government’s program for Special
Resident Retiree’s Visa, bearing SRRV ID No. M-066089, and thus would like to convert
his VISA Deposit to Long Term Investment in the Philippines, by investing in Leasehold
Rights/Long Term Lease;

NOW THEREFORE, for and in consideration of the foregoing premises, the LESSOR leases
unto the LESSEE and the LESSEE hereby accepts from the LESSOR the LEASED PREMISES,
subject to the following:

TERMS AND CONDITIONS:

1. PURPOSES: The premises hereby leased, including the land, buildings and other
improvements thereon shall be used exclusively by the LESSEE for residential and other
legal purposes, subject to the restriction imposed by, and the approval of the Philippine
Retirement Authority, and shall not be used for any illegal purposes.

2. TERM: The term of lease is for a period of TWENTY FIVE (25) YEARS, reckoned from the
date of execution of this agreement and which shall automatically be extended for another
TWENTY FIVE (25) YEARS, without need of further renegotiation or execution of a new
contract, and the imposition of additional rental fee. After the period of automatic renewal
shall elapse, the contract of lease may be renewed subject to a new written agreement by the
parties, their successors-in-interest, heirs or assigns;

3. RENTAL: A one (1) time lump sum rental in the amount of ONE MILLION FIVE
HUNDRED THOUSAND PESOS, PHILIPPINE CURRENCY (Php1,500,000.00) for the
entire 25-year period, including the period for its automatic renewal shall be paid by the
LESSEE unto the LESSOR, upon the execution of this contract.

4. WARRANTIES: The LESSOR warrants the following:

a) He has right and title over the property and has the power and authority to lease the
same as owner thereof through sale.

b) The leased premises is not subject to any sale or mortgage in favor of any third
person.

c) Subject to the provision of the National Building Code and local ordinances, the
LESSEE shall have the right to introduce improvements, renovation and modification
on the Leased Premises.

d) The LESSEE shall peacefully and adequately use and enjoy the Leased Premises for
residential, business and other legal purposes for the entire duration of this contract
and its extensions.

e) The LESSOR has not entered into any undertaking, agreement or contract in favor of
any third party conveying or granting ownership, use or possession of or any other
right to the Leased Premises.

f) The Leased Premises has not been exposed for sale or sold at public or the private
auction to satisfy any obligation to any person including the government;

g) The LESSOR shall turn over the possession of the premises free and clear of any
occupant, tenant, possessor and structures.

5. ANNOTATION OF THE CONTRACT OF LEASE ON THE TITLE OF THE PROPERTY,

AND THE REGISTRATION THEREOF WITH THE PHILIPPINE RETIREMENT
AUTHORITY: The LESSOR is fully aware that the LESSEE of the property is a participant
in the Retirement Program of the Philippine Retirement Authority (PRA), a government
corporation created under EO 1037 dated July 4, 1985 with office address at the 29 th Floor,
Citibank Center, 8741 Paseo de Roxas, Makati City, Philippines, and as such the Certificate of
Title over the Leased Premises shall bear the following annotation. “The sale, transfer or
encumbrance of this property is subject to the approval of the Philippine Retirement
Authority (PRA), the LESSEE named herein being a holder of a Special Resident Retiree’s
Visa (SRRV), and is, therefore, subject to the provision of Executive Order No. 1037 and its
Implementing Rules and Regulations.”

6.This CONTRACT OF LEASE shall be valid and binding between the parties, their
successors-in-interest and assigns within the duration of this contract, including the period
stipulated in its automatic renewal.

IN WITNESS WHEREOF, the parties herein affixed their signatures this____________ at the
Island Garden City of Samal, Province of Davao del Norte, Philippines.
 THEOFE Q. FLORES MARCEL FRANCISCO LEMOS DE SOUSA
BARBOSA
LESSOR LESSEE
Driver’s License L09-09-000175 Philippine Retirement Authority SRRV No. M-
066089

Signed in the presence of:

JORDAN B. SORONIO __________________________

TIN 384-428-776-000

Republic of the Philippines)

Province of Davao del Norte)
Island Garden City of Samal)s.s.
xxxxxxxxxxxxxxxxxxxxxxxxxxx

ACKNOWLEDGMENT

BEFORE ME, a notary public for and in the Province of Davao del Norte have this
___________________, personally appeared the above-named parties with their competent
evidence of identity as shown below their names all known to me 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 refers to a Contract of Lease consisting of three (3) pages, including
the page whereon this acknowledgement is written, signed by the parties and their witnesses
on each and every page hereof.

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

Doc No._______
Page No._______
Book No.________
Series of 2023