CONTRACT OF LEASE
KNOW ALL MEN BY THESE PRESENTS:
This Contract of Lease, made
and entered into by and between:
INTRAMUROS REALTY CORPORATION,
a corporation duly organized and existing under Philippine law,
with business address at 33 General Luna St. Intramuros, Manila,
hereinafter referred to as the LESSOR
ANDRES CARVAJAL, of legal age,
married, Filipino, with residence address at 1000 Dagupan St.,
Tondo, Manila, hereinafter referred to as the LESSEE
WHEREAS the LESSOR is the owner
of an condominium unit located at Suite 2517, Herrera Tower,
No. 98 Herrera St. corner Valero St., Salcedo Village, Makati
WHEREAS the LESSEE desires to occupy the above-named condominium
unit and the LESSOR is willing to lease the same unto the LESSEE
by way of this agreement;
1. TERM. The LEASE shall be for
a duration of one (1) year commencing from 1 January 1999, renewable
at the optionof the LESSOR at such new terms and conditions as
may agreed upon by the parties.
2. RENTAL The LESSEE agrees to
pay the LESSOR the monthly rental fee of Pesos: Twenty Thousand
(Php 20,000.00), Philippine currency. Upon signing of this Contract
of Lease. The LESSEE shall pay the LESSOR two (2) months' rental
in advance covering the months 1 January 1999 to 1 March 1999.
Succeeding monthly rentals be payable via post dated checks to
be issued by the LESSEE in favor of the LESSOR.
LESSEE hereby agrees to pay 5%
interest per month on any delay in payments. If the check is
dishonored, the LESSEE is obliged to replace the check under
pain of the pre-termination of this agreement.
3. DEPOSIT. The LESSEE shall
pay the LESSOR the sum of two (2) months deposit of Pesos: Forty
Thousand (Php 40,000.00), Philippine currency to guarantee the
payment of any future damage to the leased premises, unpaid utilities
and other obligations to third parties by the LESSEE during the
term of the agreement, which deposit shall bear no interest.
Unless applied to said damages, unpaid utilities and other obligations
to third parties, said deposit shall be returned to the LESSEE
within sixty (60) days after the termination of this agreement:
Provided, however, that the deposit cannot be applied to unpaid
back rentals owed by the LESSEE prior to the expiration of this
agreement. Furthermore, if the LESSEE vacates the premises before
the expiration of the period of lease, the total amount of the
deposit and advance rentals shall be forfeited in favor of the
4. ASSOCIATION DUES. Association
dues per month of Pesos: Three Thousand (Php3,000.00) or as determined
by the Association from time to time shall be for the account
of the LESSEE.
Penalty for late payment of Association
dues is 4% per month or a fraction of a month compounded until
the arrears are fully paid and settled.
5. USE OF PREMISES. The premises
shall be used exclusively for office purposes only and shall
not be used whatsoever for residential or in any illegal or unlawful
activity or to keep materials, chemicals and other matters considered
as fire hazards or nuisance to the building.
6. IMPROVEMENTS. The LESSEE shall
not make any alteration, structural changes or improvement in
the leased premises without the prior written consent of the
LESSOR. However, at the termination of the lease, the same not
having been renewed by the parties, the LESSEE shall restore
the leased premises in its original state existing at the commencement
of the agreement. Restoration of the LEASED PREMISES shall be
for the exclusive account of the LESSEE. Any improvement after
the lease is terminated and after the LESSEE shall have vacated
the premises shall belong to the LESSOR.
7. FACILITIES. All charges for
water, electricity, telephone, association dues and other public
utilities used in the leased premises as well as janitorial and
security services or any other charges as may be imposed by the
building administrator of the condominium building shall be for
the account of the LESSEE. The LESSEE hereby guarantee the prompt
payment of any and all charges heretofore mentioned as they fall
due. Any delay in the payment thereof shall constitute a material
breach of this agreement.
8. INSURANCE. The LESSOR shall
insure the leased premises against fire. Should the leased premises
be damaged by fire, earthquake, storm or any fortuitous events
to the extent that the same be rendered untenable this agreement
shall be automatically canceled and the deposit as well as the
unused portion of the advance rentals be refunded within SIXTY
(60) days, minus any unpaid obligation.
9. REPAIRS. The LESSEE shall,
during the duration of the lease, make all minor repairs on the
leased premises to preserve the same in serviceable or tenantable
conditions at the LESSEE's expense except replacement of parts
due to natural wear and tear. The LESSEE, however, shall give
advance written notice to the LESSOR of Ten (10) days prior to
undertaking any minor repair.
9.01 All damages caused to the
leased premises due to the fault, misuse, carelessness, and/or
negligence or on account of the use thereof by the LESSEE and
other occupants therein shall be made good and repaired by the
9.02 Should the LESSEE fails
to make the necessary and appropriate repairs within five (5)
days from demand, the LESSOR shall undertake the needed repairs
and shall charge the costs thereof to the LESSEE.
10. INSPECTION OF PREMISES. To
ensure that the lease premises is being maintained in good and
tenantable conditions, the LESSOR or his authorized representative
is hereby given the right after due notice, to enter and inspect
any part of the leased premises during reasonable hours and as
the occasion thereof might require.
11. ASSIGNMENT AND SUBLEASE.
The LESSEE hereby shall have no right to assign or transfer its
rights, interest and obligations under the lease contract or
sub-lease contract premises or any portion thereof to any person
or entity without the prior written consent of the LESSOR.
12. INJURY OR DAMAGE. The LESSEE
hereby assumes the full responsibility for any damage which may
be caused to the person or property of any third person in the
leased premises during the duration of the lease. LESSEE further
binds himself to hold the LESSOR free and harmless from damages
as a result thereof, unless such damage or liability arose out
of structural or other inherent defects in the leased premises
or is due to the fault of the LESSOR, his agent or representatives.
13. SALE OF THE LEASED PREMISES.
The LESSEE recognizes the right of the LESSOR to sell or otherwise
convey ownership of the leased premises to any other interested
party, provided the LESSEE's rights under the lease are respected.
14. HAZARDOUS AND PROHIBITIVE
MATERIALS: The LESSEE shall not keep or store in the lease premise
any hazardous and obnoxious substance or inflammable material
or substance that might constitute a fire hazard or other chemicals
and materials or prohibitive drugs in violations of the laws
of the Philippines.
15. RULES AND REGULATIONS. The
LESSEE binds himself to comply with the existing rules and regulations
promulgated by the building administrator and/or association
and any other environmental or other laws, ordinances, rules
and regulations applicable to the leased premises.
16. VIOLATIONS. The LESSOR may,
at this options, consider this agreement automatically rescinded
and canceled, without need of any court action, upon ten (10)
days notice given to the LESSEE based on any of the following
a. Failure of the LESSEE to pay
two (2) months advance rental and other bills or charges therefore
mentioned as they fall due for any reason whatsoever within the
period to pay.
b. For any violation made by
the LESSEE or its agents and representatives of any of the terms
and conditions stipulated in this contract.
c. In case the leased premises
shall be vacated or abandoned for a period of thirty (30) days
without prior written notice to the LESSOR. Consequently, the
LESSOR is hereby permitted authorized by the LESSEE to enter
the premises, either by force or otherwise, without being liable
to prosecution therefor.
16.1. Upon termination of the
contact of lease based on any of the foregoing grounds and upon
demand, the LESSEE shall immediately vacated and peacefully surrender
possession of the lease premises to the LESSOR or his duly authorize
17. REMEDIES. In addition to
the provisions of the proceeding paragraph, the LESSEE hereby
acknowledges and recognizes the right of the LESSOR to avail
or resort to any or all of the following remedial measures without
need of court action.
a. In case of failure of the
LESSEE to pay or settle any due and unpaid obligations (rentals,
electricity, water, telephone, association dues etc.) as provided
for under this lease contract , the LESSEE hereby authorizes
the LESSOR, who is hereby given the right, to disconnect all
facilities such as but not limited to disconnect all facilities
such as but not limited to electricity, telephone, water in the
leased premises without need of further notice to the LESSEE.
b. Likewise, until the aforesaid
unpaid obligations are paid or settled, the LESSEE hereby given
the rights, to re-renter the lease premises, remove all persons
therefrom , take possession of any of all furniture, fixtures
and equipment's found thereon or therein and/or padlocked the
door of the premises.
c. Moreover, by way of a security
or to secure the payment of any of the unpaid obligations of
the LESSEE , the LESSEE consents and authorizes the LESSOR to
retain possession of any of all the furniture, fixtures and equipment's
that may found on the premises as belongings to the LESSEE until
such time that all the unpaid obligations of the LESSEE are paid
d. If after ten (10) days from
the date the LESSOR shall have taken possession of the aforesaid
furniture, fixtures and equipment by way of security, the LESSEE
still fails to pay or settle its unpaid obligations to the LESSOR
the LESSEE hereby consents and authorizes the LESSOR to sell
by way of public or private sale any or all the furniture's fixtures
equipment as may be sufficient to pay or settle the lessee's
unpaid obligations plus the accrued interests and attorney's
fee equivalent to 25% of the total amount due and unpaid. All
expenses that may be incurred in the sale shall be for the account
of the LESSEE.
17.01 For purposes of selling
the aforesaid properties, the LESSEE hereby irrevocably appoint
the LESSOR as its attorney-in-fact to sell and dispose of any
or all of the aforesaid the property of the LESSEE in a private
or public sale at a price as may be determined to be just and
reasonable by the LESSOR and to apply the proceeds therefrom
to any or all the unpaid obligations of the LESSEE.
17.02 If the sale proceeds should
proved to be inadequate to fully payer settle the unpaid obligations
of the LESSEE, the LESSEE shall remain liable to the LESSOR for
any of the deficiency.
17.03 Should the proceeds of
the sale of any of the aforesaid properties be sufficient to
pay or settle all of the lessee's unpaid obligations, the LESSEE
may get back its other properties not sold by the LESSOR. If
after thirty(30) days from written notice of the LESSOR directed
to the last known address of the LESSEE, the LESSEE still fails
to get back the remaining properties, said properties shall then
be deemed abandoned in favor of the LESSOR.
17.04 The above enumerated remedies
oproved for the LESSOR shall not be exclusive, but shall be cumulative
and without prejudice to any court action that may be instituted
by the LESSOR for any causes of action that may arise under this
contract of lease.
18. ATTORNEY'S FEE In case the
LESSOR resorts to judicial action base upon or in connection
with this lease contract, the LESSEE hereby agrees to pay attorney's
fee equivalent to twenty five (25%) of the total amount involved
pr claimed by the LESSOR as against the LESSEE plus all court
expenses and/or costs of litigation.
19. COURT VENUE. All court actions
from this contact of lease shall be filed only in the Courts
of Makati City to exclusion of all other courts.
20. TIME OF ESSENCE. Time is
the essence hereof any waiver by the LESSOR of a breach of any
term, covenant or condition herein contained, whether express
or implied, shall not constitute of a waiver of any subsequent
breach thereof, or a breach of covenant to pay the rent so accepted.
No waiver by the LESSOR shall be deemed to have been made unless
expressed in writing and signed by the LESSOR.
21. SUCCESSORS AND ASSIGNS This
lease shall bind and inure to the benefits of the successors
and assigns of the LESSOR and of the permitted successors and
assigns of the LESSEE.
IN WITNESS WHEREOF, the parties
have hereunto set their hand this 27th day of December 1998 at
Makati City, Metro Manila.
INTRAMUROS REALTY CORPORATION
Signed in the Presence
REPUBLIC OF THE PHILIPPINES)
MAKATI, METRO MANILA ) S.S.
BEFORE ME , a Notary Public for
and in the City of Makati, this 27th day of December 1999, personally
came and appearance the following:
Name CTC No. Place Date
a know to me to be the same persons
who executed the foregoing Contract of Lease consisting of six
pages including this acknowledgement, signed by the parties and
their instrumental witness at the bottom part of page 5 and the
left margin of all other pages.
WITNESS MY HAND AND SEAL on the
date and place above stated.
Series of 2000