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(Contract of Lease Simple Form)

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");

WITNESSETH That:
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.

LESSOR LESSEE

SIGNED IN THE PRESENCE OF:

__________________ __________________

(ACKNOWLEDGMENT)