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KNOW ALL MEN BY THESE PRESENTS: This Contact of Lease made and entered into by and between: __________________________, Filipino, of legal age, married, and a resident of ______________________, hereinafter referred to as the LESSOR, and ______________________, Filipino, of legal age, and a resident of _____________________________, as the LESSEE; WITNESSETH: 1. DESCRIPTION OF LEASED PROPERTY. Lessee has leased from Lessor and received in satisfactory condition the following property, referred to in this lease as the vehicle: A New or Used: _____________________________________________________ __________________________________________________________________ 2. TERM OF LEASE. The term of lease shall commence on _________________ and shall be for a period of ________________ unless extended further by agreement of Lessor and Lessee. 3. INSURANCE. Lessee is responsible for any loss or damage to the vehicle and Lessee agrees to provide insurance coverages for the term of this lease in the types and amounts satisfactory to Lessor. 4. MAINTENANCE. Lessee is responsible for all maintenance, service, repairs of the vehicle. Lessee will provide and pay for all gas, oil, antifreeze, and replacement tires for the vehicle. Lessee will, at Lessees expense, maintain the vehicle in good working order and see that all maintenance, service, and repairs are performed when needed, but at least as often as set forth in the owners manual or as requested by the manufacturer in connection with any recall program. Lessee is not required to purchase a service contract.
7. TAXES. Lessee will pay when due all sales, rental, or other taxes, and all
fees and charges of any nature (together with any interest or penalties not arising from the negligence of Lessor) imposed in connection with this lease by any national or local governmental authority (excepting however, any national or local tax or taxes based in whole or in part on the income of the Lessorr).
8. TITLE. Legal title to the vehicle will be in the name of the Lessor. Lessee agrees to pay all title and registration costs. 9. VEHICLE USE. Lessee agrees to keep the vehicle free from all items and encumbrances, except liens and encumbrances in Lessors favor. Lessee will not use the vehicle illegally, sell it, lease it, or otherwise transfer it without Lessors prior written consent. Unless Lessee has first received Lessors written consent, Lessee will not place any sign or mark on the vehicle. If Lessor consents to the placement of a sign or mark on the vehicle, Lessee will pay at the end of the lease the cost to remove the sign or mark and all needed repairs that are caused by the removal. 10.INDEMNITY AGREEMENT. Lessee agrees to hold Lessor harmless and indemnify Lessor against any claim and/or liability, loss, or expense, regardless of its nature, including attorney fees and other expenses for the defense of such claim and/or liability, imposed by law or otherwise, arising out of the maintenance, use, condition, operation, or ownership of the vehicle during the period the vehicle is leased. This indemnity includes any claim made against Lessor because of a defect in the vehicle, whether brought under the theory of strict liability or otherwise.
BEFORE ME, this ________________, in Talisay City, Cebu, Philippines, personally appeared _________________ and ______________________, exhibiting to me their CTC No. ____________ issued on ________________ in Talisay City and CTC No. ____________ issued on ________________ in Cebu City, respectively, known to me to be the same persons who executed the foregoing instrument and they acknowledged to me that the same is their free and voluntary act and deed. This instrument consists of two (2) pages including this page on which the acknowledgment is written, having been signed by all parties and their instrumental witnesses on the left margin of each page and all copies hereof. WITNESS MY HAND AND SEAL on the date and place first above-written. Doc. No. _____ Page No. _____ Book No. _____ Series of 2012.