CONTRACT OF LEASE
KNOW ALL MEN BY THESE PRESENTS:
This CONTRACT OF LEASE made and entered into this day April 3, 2017, in Makati City, Metro Manila by
and between:
Name, with address in Address hereinafter referred to as the “LESSOR”
-and_______________, with address in __________________________________ hereinafter
referred to as the “LESSEE”
WITHNESSETH:
WHEREAS, the LESSOR is the absolute and registered owner of a residential property described
as Unit / Address, hereinafter referred to as the “LEASED PREMISES”;
WHEREAS, the LESSOR has offered to let and the LESSEE desires to lease the above
condominium unit.
WHEREAS, the LESSEE desires to lease the above-mentioned LEASED PREMISES, and the LESSOR
is willing to lease the same unto the LESSEE, subject to the terms and conditions hereinafter specified:
NOW, THEREFORE, for and in considering of the foregoing and mutual covenants herein
contained, the LESSOR has let and by these present does hereby let and lease unto the LESSEE the
aforesaid condominium unit known as Unit 019-000A Salcedo Square Makati, and the LESSEE hereby
accepts the same by way of lease, subject to the following terms and conditions:
1. PERIOD OF LEASE - The term of this lease shall be for a period of twelve moths commencing
on April 8, 2017 to April 8, 2018. The LESSEE reserves the option to renew the lease for the
succeeding years upon expiration of this original lease term, and under the same terms and
condition set forth herein, provided the LESSEE gives the LESSOR written notice of his
intention to renew at least sixty (60) days before the expiration date of the initial lease
term.
2. RENTAL – The LESSEE shall pay to the LESSOR the all-in monthly rental of Thirty Thousand
Pesos (Php 30,000.00) Philippine currency, inclusive of Association Dues.
3. PAYMENT TERMS – Upon signing of this Contract, the LESSEE shall pay the LESSOR:
a) The amount SIXTY THOUSAND PESOS (Php 60,000.00), which shall remain intact during
the lease period, to serve as SECURITY DEPOSIT.
This security deposit shall cover any unpaid bills of the LESSEE upon termination of the
lease such as for water, electricity, cable or telephone, other utility bills or damage to the
LEASED PREMISES and its furnishing cause by the fault of the negligence of the LESSEE,
member of its household, guest, employees and assigns, excluding natural wear and tear,
such amounts shall be deducted from this security deposit with the consent of the LESSEE,
and the balance, if any, shall be refunded to the LESSEE within sixty (60) days from
termination of this Contract and delivery of the PREMISES to the LESSOR. This deposit
cannot be applied or used for rental payment. This security deposit shall not earn interest
while held by the LESSOR
On or before the date of turnover of the leased premises, the LESSOR together
with the LESSEE, shall inspect the leased premises in order to determine any damages
beyond normal wear and tear caused by the LESSEE’s fault or negligence and to establish
the cost of such damages, if any, for the purpose of deducting said cost from the security
deposit.
b) The ONE (1) month advance rental in the amount of THIRTY THOUSAND PESOS
(P30,000.00) covering the ONE (1) month rent period from April 10, 2017 to May 10,
2017.
c) Eleven (11) checks for the Succeeding monthly rentals to cover the one-year lease at
THIRTY THOUSAND PESOS (P30,000.00) each check.
4. WATER, ELECTRIC CURRENT, CONDOMINIUM DUES, ETC. – All utility expenses such as for
water, gas, electric current, telephone, cable TV, internet and other similar charges shall be
for the account of the LESSEE.
The regular condominium association dues for the Salcedo Square shall be paid by the
LESSOR. Any special assessment of the said condominium corporation (other than those
directly related to the LESSEE’s use) shall be for the LESSOR’S account.
5. RESIDENTIAL PURPOSE- The LEASED PREMISES shall be used only for residential purposes by
_______________, and for no other purpose without the prior written consent of the LESSOR.
The LESSEE may not assign or sublease the LEASED PREMISES or any part thereof without the
prior written consent of the LESSOR.
6. IMPROVEMENT, ALTERATIONS – The LESSEE shall not make any major structural changes,
alterations, renovations or improvements, in the LEASED PREMISES without the written
consent of the LESSOR. However, any major alterations or improvements made or introduced
by the LESSEE on the LEASED PREMISES with the written consent of the LESSOR shall upon
termination of this Contract of Lease, automatically inure to the benefit of the LESSOR and
become the property of the LESSOR without any obligation on the latter’s part to pay or
refund its value or cost to the LESSEE.
7. SANITATION, MAINTENANCE & REPAIRS – The LESSEE shall at all times keep the LEASED
PREMISES in clean, sanitary and good tenantable condition.
The LESSEE has inspected the LEASED PREMISES and found the same to be in good tenantable
condition. The LESSOR shall be responsible for all major repairs on the Leased Premises
caused by ordinary wear and tear costing over FIVE THOUSAND PESOS (PHP5,000.00) per
occurrence. Minor repairs, including but not limited to the replacement of bulbs and fuses,
faucet handles, cabinet pulls and catches, locks, toilet seats and water tank cover, electrical
switches and outlets, doorknobs, screens, window mechanism and other similar breakages in
the LEASED PREMISES costing FIVE THOUSAND PESOS (PHP5,000.00) and below per
occurrence shall be for the account of the LESSEE, However, repairs due to the fault or
negligence of the LESSEE, members of its household, guest, or visitors, shall be for the sole
account of the LESSEE.
8. FIRE HAZARD AND OBNOXIOUS SUBSTANCE- The LESSEE shall not keep, deposit, or store in
the LEASED PREMISES any obnoxious or inflammable materials or substance that might
constitute a fire hazard.
9. TAXES AND INSURANCE- Real estate taxes, government assessment and other related taxes,
fire insurance charges and similar expenses shall be for the account of the LESSOR.
10. CALAMITIES AND OTHER ACTS OF GOD- If the leased premises or any part thereof is
destroyed or rendered untenable by fire, war, civil disturbance, earthquake, floods, typhoons,
or any other calamity, by criminal vandalism, or termite infestation, the LESSEE shall not be
responsible for the restoration of the property, it being understood and agreed upon by the
parties that the LESSOR has the sole responsibility to provide against such contingency by
insurance or other means.
In Case the premises become totally destroyed or untenable by reason of any of the
causes mentioned above, this lease shall be extinguished and the LESSOR shall return to
the LESSEE or his representative the unapplied portion of advance rentals and security
deposit with no further obligation on the part of the LESSEE to pay rent , unless the
LESSOR immediately provides the LESSEE another property equally sustainable and
satisfactory to the LESSEE.
In the event, however, that the premises are only partially destroyed or rendered
untenable, the LESSEE may elect to either terminate this lease after giving written notice
to the LESSOR at least ten (10) days in advance with the same consequences as those in
case of total destruction, or to remain in the premises and pay a proportionately reduced
rent, acceptable to the LESSOR.
11. THIRD PARTY LIABILITY- The LESSEE during its occupancy of the LEASED PREMISES shall hold
the LESSOR free and harmless from any damage, liability or responsibility to any person or
property arising out of or as a direct consequences of the use of the LEASED PREMISES by the
LESSEE, his agent, employees, domestic help or guest. When such damages or liability is
caused by fortuitous events or acts of God, such as typhoons, earthquakes, explosions, floods
etc., which are beyond the control of the LESSEE, the later shall not be liable to the LESSOR.
12. SALE, TRANSFER, MORTAGE- The LESSOR reserves the right to mortgage, sell, transfer, or
otherwise dispose of the property provided that the LESSEE’s right under his lease are
respected. The LESSEE binds himself to allow the LESSOR or its authorized representatives to
enter the premises together with prospective buyers, at reasonable hours and with prior
notice.
13. RULES AND REGULATIONS – The LESSEE agrees to abide by the existing rules and regulations
promulgated by the One Central Condominium. Association and any other law, ordinances,
rules and regulations affecting the LEASED PREMISES.
14. INSPECTION OF PREMISES- Subject to the provisions of Paragraphs 7 and 8 hereof, the LESSEE
shall maintain the LEASED PREMSIES in clean, good and tenantable condition, ordinary wear
and tear expected. For such purpose, the LESSOR reserves the right to enter the LEASED
PREMISES at reasonable hours of the day and with prior notice, in order to inspect the LEASED
PREMISES and to make necessary repairs thereof.
15. RETURN OF LEASE PREMISES- Upon the termination of this lease contract, the LESSEE shall
immediately vacate the LEASED PREMISES and peacefully return possession thereof to the
LESSOR. Sixty (60) days prior to the termination of this lease, the LESSOR may show the
premises to prospective tenants at reasonable hours and with prior notice.
The premises shall be returned by the LESSEE to the LESSOR in the same good, clean and
tenantable condition as it was turned over to the LESSEE at the beginning of this lease,
ordinary wear and tear expected.
16. PRE-TERMINATION – This Contract of lease may be terminated by the LESSEE provided that
the LESSEE shall give prior notice of such termination to the LESSOR at least sixty (60) days
prior to the date of cancellation.
In the event of cancellation or pre-termination of this Contact of Lease during the Leased
period, except due to force majeure, advance rent or rent equivalent to two (2) months shall
be forfeited in favor of or to be paid to the LESSOR as liquidated damages upon termination
of the Lease Contract and the deposit shall be refunded in accordance with Section 3.a hereof.
In lieu of pre-termination, should the LESSEE be required to leave the Philippines due to
reassignment, serious illness or is caused to leave Philippines for an indefinite period of time
prior to the expiration of this lease, the LESSEE may have the option of assigning successor
from his office or company, with the prior written consent of the LESSOR, and which,
successor shall not be unreasonably denied by the LESSOR.
17. FORCE MAJUERE- In the event the LEASED PREMISES or any part thereof is destroyed or
rendered untenable by fire, war, civil war, disturbances, earthquake, flood, typhoon, or any
other calamity, the LESSEE shall not be responsible for the restoration of the property, it being
understood and agreed upon by the parties that the LESSOR has the sole responsibility to
provide against such contingencies by insurance or other means. In case of the cause abovementioned, this lease shall be extinguished and the LESSOR shall be obligated to return to the
LESSEE the unapplied portion of the advance rentals with no obligation on the part of the
LESSEE to pay the rent, unless the LESSOR immediately, offers and furnishes the LESSEE with
another property equally suitable and satisfactory to the LESSEE.
18. WAIVER OF RIGHTSL; AMENDMENTS OF CONTRACT- Failure or delay of either party to insist
once or in several instance on the strict performance by the other party of any stipulation or
condition in this contract and/or exercise of any right or option herein shall not be construed
as abandonment, withdrawal, waiver nor cancellation of such conditions, stipulation, right or
option. Any amendment to this LEASE OF CONTRACT shall be made in writing and shall be
signed by both parties for such amendment to be effective.
IN WITNESS WHEREOF, the parties have hereunto set their hands this day of April 3,
2017 in Salcedo Square - 1227, 106 L.P. Leviste Street, Makati, Metro Manila
Lessor
Lessee
WITNESSES
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