CONTRACT OF LEASE

KNOW ALL MEN BY THESE PRESENTS:

This CONTRACT OF LEASE made and entered between:

LUZVIMINDA A. LOPENA, of legal age, Filipino, with residence and address at 696
M. L. Quezon St., Brgy. Sucat, Muntinlupa City, herein referred to as the “LESSOR”;

- and -

RUAZOL, OLAYRES & COMPANY, a partnership duly organized and existing by

the virtue of the laws of the Philippines, with business address at 696 M. L. Quezon
St., Brgy. Sucat, Muntilupa City, represented by its General Manager, JOHN
VINCENT OLAYRES, hereinafter referred to as the “LESSEE”.

- WITNESSETH -

WHEREAS, the LESSOR is the absolute owner of a residential establishment

located at 696 M.L. Quezon Street, Brgy. Sucat, Muntinlupa City hereinafter referred to
as the LEASED PREMISES;

WHEREAS, the LESSEE has offered to lease the leased house and the LESSOR
has agreed to lease unto the LESSEE the said house hereinafter known as the LEASED
PREMISES;

NOW THEREFORE, in consideration of the mutual covenants and agreements

herein contained, the LESSOR hereby let and by these does hereby let and lease unto
the LEASEE one (1) residential house and the LESSEE hereby accepts by way of lease
subject to the following terms and conditions:

1. TERM: This contract of lease shall be valid for ONE (1) YEAR commencing
February 1, 2016 and will expire on January 31, 2017, renewable upon mutually agreed
terms by giving the LESSOR thirty (30) day notice prior to the expiration of lease.

2. RENTAL PAYMENT: The parties agreed that the rental for the leased premises shall
be payable in Philippine Currency, without necessity of demand, at a monthly rate of
FOUR THOUSAND FIVE HUNDRED PESOS, (P4,500.00) inclusive of all government
required fees and taxes to be paid on or before the 30th day of the month.

3. DEPOSIT:The aforesaid security deposit in the amount of NINE THOUSAND PESOS

(P9,000.00), equivalent to two (2) months deposit. This deposit shall pay for unpaid
electric bills, telephone, water and other utility bills and other liquidated damages in case
the LESSEE fail to settle the said utility bills. The deposit shall be returned to the
LESSEE without interest within thirty (30) days at the end of the terms being no renewal
entered by both parties, less expenses for the repair of the premises, if any.

4. PUBLIC UTILITIES: Applications for telephone, internet connection and cable shall
be undertaken by the LESSEE. All expenses for consumption of water, electricity and all
other utilities shall be for the account of the LESSEE.
5. FIXED IMPROVEMENTS: The LESSEE shall not make any structural changes,
alterations and improvement without the written consent of the LESSOR. However, any
major alterations or improvements made and introduced by the LESSEE in the leased
premises with the written consent of the LESSOR shall, upon termination of this contract
automatically inure to the benefit of said premises and become property of the LESSOR
without any obligation on the latter’s part or refund for its value or cost to the LESSEE.

6. MOVABLE IMPROVEMENTS: The LESSEE may install movable furnishings and

decorative items within the leased premises which shall remain property of the LESSEE.
The LESSEE shall take care and ensure that the removal of these items shall not cause
any damage to the leased premises.

7. SANITATION AND REPAIRS: The LESSEE shall maintain the leased premises
clean and in good condition and keep them at all times in very good conditions. The
LESSOR shall be responsible for all major repairs on the water, electrical, and sewage
installations cause by wear and tear except repairs due to the negligence of the
LESSEE, member of his employees, guests or visitors. Minor repairs shall be for the
account of the LESSEE. for the purpose of clarifying these provisions, major repairs are
those costing FIVE THOUSAND PESOS (P5,000.00) or more and minor repairs are
those each costing less than FIVE THOUSAND PESOS (P5,000.00).

8. FIRE HAZARDS, OBNOXIOUS AND ILLEGAL SUBSTANCES: The LESSEE shall

not keep, deposit, or store in the premises any obnoxious and/or illegal substance or any
flammable materials or substances that may constitute a fire hazard to the leased
premises.

9. TAXES AND INSURANCE: Real estate and other government assessments shall
be for the LESSOR’S account. LESSEE, at his option and interest, may secure an
appropriate policy over their respective insurable interest on the premises subject of this
lease and in case of occurrence of the event insured against, either partial or total loss
or damage, the LESSOR shall not be liable for such loss or damage. The LESSEE shall
shoulder his own damages and shall hold the LESSOR free from any or such liability.

10. FORCE MAJEURE: If whole or any part of the leased premises 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 lease contract
may be terminated without compensation by the LESSOR or by the LESSEE by notice in
writing to the other.

11. LESSOR'S RIGHT OF ENTRY: The LESSOR or its authorized agent shall after
giving 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
which it may deem necessary.

12. ENCUMBRANCES: In the event of sale, transfer or mortgage, or any other

encumbrances, the LESSOR shall advise the in writing the purchaser, mortgagee, or
encumbrances at all terms and conditions of this lease agreement including any
provisions for renewal thereof shall be respected.

13. GUARANTEED LEASE: This CONTRACT OF LEASE may not be terminated

during the LEASED PERIOD. In the event the LESSEE terminates the contract, all
unused rentals shall be forfeited in favor of the LESSOR.

14. RETURN OF PREMISES: Upon termination of this Contract for any reason
whatsoever, the LESSEE shall immediately vacate the premises and return possession
thereof to the LESSOR upon the latter’s request, unless this Contract of LEASE is
extended. The LESSOR may show the premises to prospect tenants 1 month prior to
expiration of the contract of lease at reasonable hours within the least 24-hour notice to
the LESSEE.

15. JUDICIAL RELIEF: Should any one of the parties herein be compelled to seek
judicial relief against the other, the losing party shall pay an amount of One Hundred
(100) % of the amount clamed in the complaint as attorney's fees which shall in no case
be less than P50,000.00 pesos in addition to other cost and damages which the said
party may be entitled to under the law.

16. This CONTRACT OF LEASE shall be valid and binding between the parties, their
successors-in-interest and assigns.

IN WITNESS WHEREOF, the parties have hereunto set their hand in the City of
Muntinlupa on this 1st of February 2016.

LESSOR: LESSEE:

Ms. LUZVIMINDA A. LOPENA Mr. JOHN VINCENT V. OLAYRES

RUAZOL OLAYRES & COMPANY
General Manager

SIGNED IN THE PRESENCE OF:

__________________________ __________________________
 ACKNOWLEDGEMENT

REPUBLIC OF THE PHILIPPINES)

CITY OF MUNTINLUPA ) S.S.

BEFORE ME, Notary Public, for and in the City of Muntinlupa, appeared
Luzviminda A. Lopena with Passport No. _____________ issued on ______________ in
________________ and John Vincent Olayres with Passport No _________________
issued on __________________ in _______________, known to be the same persons
who executed the foregoing instrument and acknowledge to me that the same is their
free and voluntary act and deed.

WITNESS MY HAND SEAL THIS ______ day of February, 2016.

Doc No. : _______;

Page No.: _______;
Book No.: _______;
Series of 2016