Contract of LEASE-Palm Heights May 2019
Contract of LEASE-Palm Heights May 2019
This Contract of Lease (the “Contract”), executed in Cebu City, on this __15___
day of _____April___________ 2018, by and between:
The LESSOR: Ian J. Alix, of legal age, Filipino, married to Sheryll T. Alix, and a
resident of _______Uldog, Talisay__________________________, Cebu City,
Philippines. And represented by Aileen Amodia, a resident of Lapu Lapu, Cebu City,
Philippines.
- and –
WITNESSETH, that:
WHEREAS, the Lessor offers to lease the Property and the Lessee
desires to lease the same on the terms hereinafter set forth;
*2. RENTAL FEE. The Lessee agrees to pay the Lessor an initial base
monthly rental fee of SIXTEEN THOUSAND PESOS (PhP16,000.00),
Philippine currency, inclusive of the applicable Value Added Tax (VAT)
within the _______ calendar days of each month, without need of
demand, by delivering/ depositing payment at the above-stated office
address / Bank account of the Lessor (the “Rental Fee”). Any delay in the
payment of the agreed Rental Fee shall be subject to a fine of ONE
HUNDRED PESOS (PhP100.00) for every day of delay until full payment
of the total past due amount (the “Rental Fee Fine”) without prejudice to
the sanctions and remedies available to the Lessor for Default in Payment
and Breach of Contract by the Lessee under Clause 13 hereof.
*3. TAXES AND LICENCES. Real Estate Taxes on the Leased Premises
shall be borne by the LESSOR.
All real estate and all assessments imposed on the land shall be paid by
and shall be for the account of the LESSOR. Documentary stamp tax for
the Contract of Lease shall be borne by the LESSEE. The deadline for
payment of the documentary stamps is within ten (10) days from the date
of notarization of this Contract of Lease.
Any delay in the payment of the agreed Security Deposit shall be subject
to a fine of ONE HUNDRED PESOS (PhP100.00) for every day of delay
until full payment of the total past due amount (the “Security Deposit
Fine”) without prejudice to the sanctions and remedies available to the
Lessor for Default in Payment and Breach of Contract by the Lessee under
Clause 13 hereof.
At any instance, the Security Deposit should not be used to pay for rent. If
the Security Deposit is used to pay for any Rental Fee arrears, a penalty of
Two Thousand Pesos (Php 2,000.00) for each month consumed will be
charged to the Lessee
*6. LEASE TERM. The term of the lease shall be for a period of ONE (1)
YEAR, commencing on _______________ and expiring at midnight of
___________________ (the “Lease Term”).
6.3 HOLD OVER RENTAL FEE. In the event that the Lessee fails
to renew the lease and/or vacate the Leased Property within the
stipulated period under Sub-Clause 5.2 hereof, the Lessor shall
impose an agreed rental fee and penalty, payable in the manner set
forth in Clause 2, in an amount equivalent to twice the agreed
Rental Fee on the first month of hold-over or any fraction thereof;
twice the agreed Rental Fee on the second month of hold-over or
any fraction thereof; thrice the agreed Rental Fee on the third
month of hold-over or any fraction thereof; thrice the agreed
Rental Fee on the fourth month of hold-over or any fraction
thereof; four times the agreed Rental Fee on the fifth month or any
fraction thereof; and four times the agreed Rental Fee on the sixth
month or any fraction thereof (the “Hold-Over Rental Fee”). Any
delay in the payment of the agreed Hold-Over Rental Fee shall be
subject to a fine of ONE HUNDRED PESOS (PhP100.00) for
every day of delay until full payment of the total past due amount
(the “Hold-Over Rental Fee Fine”). The hold-over period shall not
exceed six (6) months from the end of the Lease Term and is
conditioned upon due payment of the Hold-Over Rental Fee, the
Hold-Over Rental Fee Fine and compliance with all other terms
and conditions of this Contract, otherwise the provisions on
Default in Payment and Breach of Contract under Clause 13 hereof
shall apply.
7. FINE. Any late payment of the Advance Payment, any Rental Fee, the
balance of the Security Deposit, any Hold-Over Rental Fee, Storage Fee
and/or all other amounts due under this Contract shall be subject to
cumulative fines in the stipulated amounts under this Contract. The Lessor
shall have the right to apply any payment made by the Lessee to accrued
cumulative fines prior to applying any balance thereof to any principal
amount due.
11.1 REPAIRS. All repairs shall be for the account of the Lessee,
except necessary repairs that are structural in nature which
shall be for the account of the Lessor. The Lessee undertakes
to maintain the Leased Property in good and sanitary
condition for the duration of the Lease Term and any hold-
over period, fair wear and tear excepted.
11.2 FIXTURES. All lighting and electrical fixtures other than those
provided within the Leased Property at the commencement of the
lease shall be for the sole account of the Lessee.
11.3 APPLIANCES. The Lessor shall provide the Lessee with 3 air-
conditioning units. Semi-annual maintenance of the air-
conditioning unit is for the account of the tenant. Due maintenance
is to be provided by the lessee.
12. CHARGES FOR UTILITIES. All charges for public services, facilities
and utilities (i.e., electricity, water, telephone, cable, internet, etc.)
contracted and/or used by the Lessee during the effectivity of the lease
under this Contract shall be for the sole account of the Lessee and must be
duly paid at all times. The Lessor shall not be liable for any unpaid bills
incurred by the Lessee. Any violation of this clause shall constitute a
Breach of Contract over which the provisions of Clause 14 shall apply.
After the expiration of the term of the lease and the LESSEE continue to
occupy the Leased Premises with the consent of the LESSOR, such
extension of the leased shall be deemed only tolerated as running from
month to month under the same terms and conditions herein stipulated and
maybe terminated by the LESSOR by means of a written notice served
upon the LESSEE at least thirty (30) days in advance.
*24. WARRANTY. The LESSOR warrants the peaceful and continuous use,
possession and enjoyment of the Leased Premises by the LESSEE during
the effectivity of the contract.
22. EFFECTIVITY. This Contract shall take effect on the date of its
execution and shall remain valid and binding for as long as any obligation
arising therefrom remains to be satisfied.
LESSOR LESSEE
_______________________ _________________________
______________________ ________________________
ACKNOWLEDGMENT
BEFORE ME, a Notary Public for and in the City of Cebu, personally
appeared the following persons with their respective Community Tax Certificate
details: