Lease Contract - Eming - 2017
Lease Contract - Eming - 2017
WHEREAS, the LESSOR and the LESSEE previously executed a Contract to Sell
involving the above described property. However, they agreed to change the said contract to a
lease agreement;
WHEREAS, the LESSOR agrees to lease-out the property to the LESSEE and the
LESSEE is willing to lease the same;
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. TERM: This term of lease will commence on February 1, 2018 until the amount of FIVE
HUNDRED THOUSAND PESOS (P500, 000.00) already deposited by the LESSEE to the
LESSOR is used as rental of the leased premises at the rate of thirty thousand pesos (P30,
000.00) per month.
2. RENTAL RATE: The monthly rental rate for the leased premises shall be in PESOS: Thirty
Thousand Pesos (P 30,000.00), Philippine Currency.
3. ASSOCIATION DUES: The LESSEE shall pay the yearly Monterazzas Association Dues in
the amount of sixteen thousand pesos (P16, 000.00), Philippine currency.
4. UTILITIES: All expenses of water, electricity, internet, telephone, and other utilities shall be
for the account of the LESSEE.
5. MAINTENANCE: The LESSEE shall maintain the leased premises in good condition and for
such purpose, the LESSOR reserves the right at reasonable time and with notice to enter and
inspect the premises.
6. REPAIRS: Minor repairs below Five Thousand Pesos (P5, 000.00) accumulated in one month
period will be for the account of the LESSEE; major structure repairs shall be on the account of
the LESSOR, provided that the damage is not caused by the fault or negligence of the LESSEE
and its occupants;
7. IMPROVEMENTS: The LESSEE shall not make any structural changes, alterations or
improvements in the leased premises without the written consent of the LESSOR. However, any
major improvements made or introduced by the LESSEE shall, upon termination of the contract,
automatically inure to the benefit of the leased premises, which may be refunded to the LESSEE
upon mutual agreement of both parties.
8. ASSIGNMENT: LESSEE agrees not to transfer, assign or sublet the premises or any part of it.
9. This CONTRACT OF LEASE shall be valid and binding between the parties, their successors-
in-interest and assigns.
IN WITNESS WHEREOF, parties herein affixed their signatures on the date and place
above written.
VIOLETA C. LUGTU ANNIE LYNN G. EMING
LESSOR LESSEE
TIN: 185-731-493-000