Contract of Lease: Know All Men These Present

CONTRACT OF LEASE
KNOW ALL MEN THESE PRESENT:

This Contract of Lease (The Contract), made and entered into ___________________
At Masbate City, Province of Masbate, Philippines, by and between:
LESSOR: ERWIN C. CORTES with postal address at Cagba, Tugbo, Masbate City.
LESSEE: CITICASH LENDING INVESTOR INC. with postal address at Hillside, Cagba
Tugbo, Masbate City.
WITHNESSETH
WHEREAS the LESSOR is the owner of one (1) Commercial unit, located at Cagba, Tugbo,
Masbate City, with lighting and water facilities. Herein after referred to as “Leased Premises”,
WHEREAS the LESSEE desires to lease the premises and the LESSOR is willing to lease the same
unto LESSEE subject to the terms and conditions herein after specified.
NOW, THEREFORE, for and in consideration of the foregoing and mutual covenants herein
contained, The LESSOR leases unto the LESSEE the Leased Premises and the LESSEE hereby
accepts the same by way of lease subject to the following conditions;
1. TERM – This lease shall be for a period of ONE (1) year, commencing on JANUARY 18,
2023 and terminating on JANUARY 18, 2024 subject pf renewal or extension upon
expiration such terms and conditions as may mutually be agreed upon between the
parties.
2. RENTAL – The rental shall be at the rate of TWELVE THOUSAND PESOS (Php 12,000.00)
per month, exclusive of taxes and association dues which shall be payable on 18 DAY of
every month.
3. ADVANCE RENTAL AND SECURITY DEPOSIT – Upon signing of the Contract, the LESSEE
agrees to pay the LESSOR the amount of in the Philippines currency, to be applied as
follows.
a. As one (1) month advance rent (Php 12,000) covering the period of_________________
b. ONE (1) month deposit, the amount of (Php 12,000) pesos only to be applied as
security deposit which will be refunded without interest within one (1) month by the
LESSOR to the LESSEE upon expiration or termination of the contract, less unpaid water,
electricity, and damages to the Leased Premises, natural wear and tear expected, and
other bills which LESSOR and may be required to pay for the amount of the LESSEE. It is
also further understood that the security deposit shall in no case be applied as rental
payments.
4. UTILITIES, ELECTRICITY, AND OTHER DUES AND FEES – All expenses for water,
electricity, telephone, garbage for the account of the LESSEE.
5. COMMERCIAL PURPOSE ONLY – The Leased Premises shall be used for purpose only
and for no other purpose without the written consent of the LESSOR.
6. SUBLEASE – The LESSEE shall not sublease, in while or in part, the Leased Premises nor
transfer, convey assign or encumber its right under this contract without the previous
written consent of the LESSOR.
7. IMPROVEMENT – The LESSEE shall not make any major structural changes, alternative
or improvement in the Leased Premises without the knowledge or written consent of
the LESSOR.
HOWEVER, any major structural alterations of improvements made or introduced by the
LESSEE in the Leased Premises with the written consent of the LESSOR shall, upon the
expiration or termination of the contract, become the property of the LESSOR without any
obligation on the latter, part to pay or refused its value or cost to LESSEE
8. SANITATION AND REPAIRS – The LESSEE shall keep the Leased Premises clean and
sanitary condition and keep them at all times good condition. The LESSEE has inspected
the Leased Premises and found the same to be in good and tenantable condition subject
however to the LESSOR’S undertaking in the following paragraph.
9. RETURN OF LEASED PREMISES – Subject to the LESSOR obligation hereof, the LESSEE
acknowledges the receipt of possession of the Leased Premises in good and satisfactory
condition ad habitable for the use and purpose for which the same is intended and
agrees the upon expiration of this contract of Lease, to quietly and peacefully surrender
unto the LESSOR the possession of the Leased Premises in the same and satisfactory
condition upon LESSE’S occupancy, reasonable wear and tear expected.
10. VENUE - In case of suit arising from this agreement for damages of enforcement for
breach or violation hereof, the venue of the action shall be the proper court of Masbate
to the exclusion of all other courts.
IN WITNESS WHEREOF, the parties have signed this Contract Leased on the date and at the
place first above written.
LESSEE: MELVIN Y. CANALES LESSOR: ERWIN C. CORTES

TIN NO. 291-779-289 DRIVER’S LICENSE NO. E03-03-000532
BRANCH MANAGER
SIGNED IN THE PRESENCE OF:

________________________ _______________________
WITNESS WITNESS
ACKNOWLEDGEMENT
REPUBLIC OF THE PHILIPPINES
BEFORE ME, a Notary Public for and in ______________________, this ________________
Day of ______________________ in personally appeared the following persons exhibiting me.
All known to me and to be known to be the same persons who executed the forgong
instrument and they acknowledge to me that then same is their free and voluntary act and
deed as well as that of corporation and person represented.
WITNESS MY HAND AND SEAL on the date and place first above written.
DOC NO. __________
BOOK NO. ________
PAGE NO. _________
SERIES OF _________

Contract of Lease: Know All Men These Present

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CONTRACT OF LEASE

KNOW ALL MEN THESE PRESENT:

LESSEE: MELVIN Y. CANALES LESSOR: ERWIN C. CORTES

SIGNED IN THE PRESENCE OF:

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