CONTRACT OF LEASE
KNOW ALL MEN BY THESE PRESENTS:
This Contract of Lease made and entered into by and between:
_____________, of legal age, Filipino, (single / married / widow), and a resident of _____________, Philippines, (hereinafter referred to as the “LESSOR”);
– and –
_____________, of legal age, Filipino, (single / married / widow), and a resident of _____________, Philippines, (hereinafter referred to as the “LESSEE”);
WHEREAS, the LESSOR is the owner of a certain parcel of land situated at _____________, Philippines, more particularly described as follows:
(Technical Description of Property)
WHEREAS, the Lessor desires to lease the afore-described property in favor of the LESSEE and the LESSEE accepts the lease subject to the terms and conditions herein set forth.
NOW, THEREFORE, for and in consideration of the terms and conditions mutually agreed upon by the parties, the LESSOR hereby lease unto the LESSEE, his heirs, successors and assigns, the above-described parcel of land subject to the following terms and conditions, to wit:
1. That the term of this lease shall be for a period of _____________ (_____) (years/months) to commence upon the signing of this Contract and shall be renewable for another _____________ (_____) (years/months) at the option of the LESSEE, and thereafter renewable upon mutual agreement of the parties;
2. That the monthly rentals on the leased premises above-mentioned shall be __________________________ (P___________), Philippine Currency for the first _____________ (_____) (years/months) of this agreement, which shall be increased by __________________________ (P___________) every _____________ (_____) (years/months) thereafter. The rentals shall be paid by the LESSEE to the LESSOR on a monthly basis payable on or before the _______th day of the every month;
3. That upon the signing of this Contract, the LESSEE agrees to pay advanced rentals for _____________ (_______) months;
4. That the LESSOR shall pay the real property taxes levied of the leased premises corresponding to the aforementioned parcel of land while the LESSEE shall pay the real property taxes levied on the building and other improvements that shall be introduced by the latter;
5. It is expressly agreed by the parties herein that any fixed improvements or renovations that will be introduced in the subject stall shall become the property of the LESSOR after the expiration of the term of this Contract.
IN WITNESS WHEREOF, the parties have hereunto affixed their signatures this _____________ at _____________, Philippines.
SIGNED IN THE PRESENCE OF: