CONTRACT OF LEASE

KNOW ALL MEN BY THESE PRESENTS:

This Contract of Lease, made and entered into by and between:
INTRAMUROS REALTY CORPORATION, a corporation duly organized and existing under Philippine law, with
business address at 33 General Luna t! "ntramuros, #anila, hereinafter referred to as the L$%&
and
ANDRES CARVAJAL, of legal age, married, 'ilipino, with residence address at ())) *agupan t!, Tondo, #anila,
hereinafter referred to as the L$$$
WITNESSETH: THAT
WHEREAS, the L$%& is the owner of an condominium unit located at uite +,(-, .errera Tower, /o! 01 .errera t!
corner 2alero t!, alcedo 2illage, #a3ati City4
WHEREAS, the L$$$ desires to occupy the abo5e6named condominium unit and the L$%& is willing to lease the
same unto the L$$$ by way of this agreement4
(! TERM! The L$7$ shall be for a duration of one 8(9 year commencing from ( :anuary (000, renewable at the
optionof the L$%& at such new terms and conditions as may agreed upon by the parties!

+! RENTAL! The L$$$ agrees to pay the L$%& the monthly rental fee of Pesos: Twenty Thousand 8Php
+),)))!))9, Philippine currency! ;pon signing of this Contract of Lease! The L$$$ shall pay the L$%& two 8+9
months< rental in ad5ance co5ering the months ( :anuary (000 to ( #arch (000! ucceeding monthly rentals be
payable 5ia post dated chec3s to be issued by the L$$$ in fa5or of the L$%&!L$$$ hereby agrees to pay ,=
interest per month on any delay in payments! "f the chec3 is dishonored, the L$$$ is obliged to replace the
chec3 under pain of the pre6termination of this agreement!

3! DEPOSIT! The L$$$ shall pay the L$%& the sum of two 8+9 months deposit of Pesos: 'orty Thousand 8Php
>),)))!))9, Philippine currency to guarantee the payment of any future damage to the leased premises, unpaid
utilities and other obligations to third parties by the L$$$ during the term of the agreement, which deposit
shall bear no interest! ;nless applied to said damages, unpaid utilities and other obligations to third parties, said
deposit shall be returned to the L$$$ within sixty 8?)9 days after the termination of this agreement: Pro5ided,
howe5er, that the deposit cannot be applied to unpaid bac3 rentals owed by the L$$$ prior to the expiration
of this agreement! 'urthermore, if the L$$$ 5acates the premises before the expiration of the period of lease,
the total amount of the deposit and ad5ance rentals shall be forfeited in fa5or of the L$%&!

>! ASSOCIATION DUES! 7ssociation dues per month of Pesos: Three Thousand 8Php3,)))!))9 or as determined by
the 7ssociation from time to time shall be for the account of the L$$$!Penalty for late payment of 7ssociation
dues is >= per month or a fraction of a month compounded until the arrears are fully paid and settled!

,! USE OF PREMISES! The premises shall be used exclusi5ely for office purposes only and shall not be used
whatsoe5er for residential or in any illegal or unlawful acti5ity or to 3eep materials, chemicals and other matters
considered as fire hazards or nuisance to the building!

?! IMPROVEMENTS! The L$$$ shall not ma3e any alteration, structural changes or impro5ement in the leased
premises without the prior written consent of the L$%&! .owe5er, at the termination of the lease, the same
not ha5ing been renewed by the parties, the L$$$ shall restore the leased premises in its original state existing
at the commencement of the agreement! &estoration of the L$7$* P&$#"$ shall be for the exclusi5e account
of the L$$$! 7ny impro5ement after the lease is terminated and after the L$$$ shall ha5e 5acated the
premises shall belong to the L$%&!

-! FACILITIES! 7ll charges for water, electricity, telephone, association dues and other public utilities used in the
leased premises as well as @anitorial and security ser5ices or any other charges as may be imposed by the
building administrator of the condominium building shall be for the account of the L$$$! The L$$$ hereby
guarantee the prompt payment of any and all charges heretofore mentioned as they fall due! 7ny delay in the
payment thereof shall constitute a material breach of this agreement!

1! INSURANCE! The L$%& shall insure the leased premises against fire! hould the leased premises be damaged
by fire, earthAua3e, storm or any fortuitous e5ents to the extent that the same be rendered untenable this
agreement shall be automatically canceled and the deposit as well as the unused portion of the ad5ance rentals
be refunded within "BTC 8?)9 days, minus any unpaid obligation!

0! REPAIRS! The L$$$ shall, during the duration of the lease, ma3e all minor repairs on the leased premises to
preser5e the same in ser5iceable or tenantable conditions at the L$$$<s expense except replacement of parts
due to natural wear and tear! The L$$$, howe5er, shall gi5e ad5ance written notice to the L$%& of Ten 8()9
days prior to underta3ing any minor repair!

0!(! 7ll damages caused to the leased premises due to the fault, misuse, carelessness, andDor negligence or on
account of the use thereof by the L$$$ and other occupants therein shall be made good and repaired by
the repairs done!

0!+! hould the L$$$ fails to ma3e the necessary and appropriate repairs within fi5e 8,9 days from demand,
the L$%& shall underta3e the needed repairs and shall charge the costs thereof to the L$$$!

()! INSPECTION OF PREMISES! To ensure that the lease premises is being maintained in good and tenantable
conditions, the L$%& or his authorized representati5e is hereby gi5en the right after due notice, to enter and
inspect any part of the leased premises during reasonable hours and as the occasion thereof might reAuire!

((! ASSIGNMENT AND SUBLEASE! The L$$$ hereby shall ha5e no right to assign or transfer its rights, interest and
obligations under the lease contract or sub6lease contract premises or any portion thereof to any person or
entity without the prior written consent of the L$%&!

(+! INJURY OR DAMAGE! The L$$$ hereby assumes the full responsibility for any damage which may be caused to
the person or property of any third person in the leased premises during the duration of the lease! L$$$
further binds himself to hold the L$%& free and harmless from damages as a result thereof, unless such
damage or liability arose out of structural or other inherent defects in the leased premises or is due to the fault
of the L$%&, his agent or representati5es!

(3! SALE OF THE LEASED PREMISES! The L$$$ recognizes the right of the L$%& to sell or otherwise con5ey
ownership of the leased premises to any other interested party, pro5ided the L$$$<s rights under the lease are
respected!

(>! HAZARDOUS AND PROHIBITIVE MATERIALS! The L$$$ shall not 3eep or store in the lease premise any
hazardous and obnoxious substance or inflammable material or substance that might constitute a fire hazard or
other chemicals and materials or prohibiti5e drugs in 5iolations of the laws of the Philippines!

(,! RULES AND REGULATIONS! The L$$$ binds himself to comply with the existing rules and regulations
promulgated by the building administrator andDor association and any other en5ironmental or other laws,
ordinances, rules and regulations applicable to the leased premises!

(?! VIOLATIONS! The L$%& may, at this options, consider this agreement automatically rescinded and canceled,
without need of any court action, upon ten 8()9 days notice gi5en to the L$$$ based on any of the following
grounds!

(?!(! 'ailure of the L$$$ to pay two 8+9 months ad5ance rental and other bills or charges therefore
mentioned as they fall due for any reason whatsoe5er within the period to pay!

(?!+! 'or any 5iolation made by the L$$$ or its agents and representati5es of any of the terms and
conditions stipulated in this contract!

(?!3! "n case the leased premises shall be 5acated or abandoned for a period of thirty 83)9 days without prior
written notice to the L$%&! ConseAuently, the L$%& is hereby permitted authorized by the L$$$
to enter the premises, either by force or otherwise, without being liable to prosecution therefor!

(?!>! ;pon termination of the contact of lease based on any of the foregoing grounds and upon demand, the
L$$$ shall immediately 5acated and peacefully surrender possession of the lease premises to the
L$%& or his duly authorize representati5e!

(-! REMEDIES! "n addition to the pro5isions of the proceeding paragraph, the L$$$ hereby ac3nowledges and
recognizes the right of the L$%& to a5ail or resort to any or all of the following remedial measures without
need of court action!

(-!(! "n case of failure of the L$$$ to pay or settle any due and unpaid obligations 8rentals, electricity,
water, telephone, association dues etc!9 as pro5ided for under this lease contract , the L$$$ hereby
authorizes the L$%&, who is hereby gi5en the right, to disconnect all facilities such as but not limited
to disconnect all facilities such as but not limited to electricity, telephone, water in the leased premises
without need of further notice to the L$$$!

(-!+! Li3ewise, until the aforesaid unpaid obligations are paid or settled, the L$$$ hereby gi5en the rights, to
re6renter the lease premises, remo5e all persons therefrom , ta3e possession of any of all furniture,
fixtures and eAuipment<s found thereon or therein andDor padloc3ed the door of the premises!

(-!3! #oreo5er, by way of a security or to secure the payment of any of the unpaid obligations of the L$$$ ,
the L$$$ consents and authorizes the L$%& to retain possession of any of all the furniture, fixtures
and eAuipment<s that may found on the premises as belongings to the L$$$ until such time that all the
unpaid obligations of the L$$$ are paid or settled!

(-!>! "f after ten 8()9 days from the date the L$%& shall ha5e ta3en possession of the aforesaid furniture,
fixtures and eAuipment by way of security, the L$$$ still fails to pay or settle its unpaid obligations to
the L$%& the L$$$ hereby consents and authorizes the L$%& to sell by way of public or pri5ate
sale any or all the furniture<s fixtures eAuipment as may be sufficient to pay or settle the lessee<s unpaid
obligations plus the accrued interests and attorney<s fee eAui5alent to +,= of the total amount due and
unpaid! 7ll expenses that may be incurred in the sale shall be for the account of the L$$$!

(-!,! 'or purposes of selling the aforesaid properties, the L$$$ hereby irre5ocably appoint the L$%& as its
attorney6in6fact to sell and dispose of any or all of the aforesaid the property of the L$$$ in a pri5ate
or public sale at a price as may be determined to be @ust and reasonable by the L$%& and to apply the
proceeds therefrom to any or all the unpaid obligations of the L$$$!

(-!?! "f the sale proceeds should pro5ed to be inadeAuate to fully payer settle the unpaid obligations of the
L$$$, the L$$$ shall remain liable to the L$%& for any of the deficiency!

(-!-! hould the proceeds of the sale of any of the aforesaid properties be sufficient to pay or settle all of the
lessee<s unpaid obligations, the L$$$ may get bac3 its other properties not sold by the L$%&! "f after
thirty83)9 days from written notice of the L$%& directed to the last 3nown address of the L$$$, the
L$$$ still fails to get bac3 the remaining properties, said properties shall then be deemed abandoned
in fa5or of the L$%&!

(-!1! The abo5e enumerated remedies opro5ed for the L$%& shall not be exclusi5e, but shall be cumulati5e
and without pre@udice to any court action that may be instituted by the L$%& for any causes of action
that may arise under this contract of lease!

(1! ATTORNEY'S FEE. "n case the L$%& resorts to @udicial action base upon or in connection with this lease
contract, the L$$$ hereby agrees to pay attorney<s fee eAui5alent to twenty fi5e 8+,=9 of the total amount
in5ol5ed pr claimed by the L$%& as against the L$$$ plus all court expenses andDor costs of litigation!

(0! COURT VENUE! 7ll court actions from this contact of lease shall be filed only in the Courts of #a3ati City to
exclusion of all other courts!

+)! TIME OF ESSENCE! Time is the essence hereof any wai5er by the L$%& of a breach of any term, co5enant or
condition herein contained, whether express or implied, shall not constitute of a wai5er of any subseAuent
breach thereof, or a breach of co5enant to pay the rent so accepted! /o wai5er by the L$%& shall be deemed
to ha5e been made unless expressed in writing and signed by the L$%&!

+(! SUCCESSORS AND ASSIGNS! This lease shall bind and inure to the benefits of the successors and assigns of the
L$%& and of the permitted successors and assigns of the L$$$!
"/ E"T/$ E.$&$%', the parties ha5e hereunto set their hand this +-th day of *ecember (001 at #a3ati City, #etro
#anila!

INTRAMUROS REALTY CORPORATION ANDRES CARVAJAL
Lessor Lessee
Fy:
JULIAN FELIPE
President
igned in the Presence of:


GGGGGGGGGGGGGGGGGGGGGGGG GGGGGGGGGGGGGGGGGGGGGGGGG

ACKNOWLEDGMENT

&$P;FL"C %' T.$ P."L"PP"/$9
#7H7T", #$T&% #7/"L7 9 !!
BEFORE ME , a /otary Public for and in the City of #a3ati, this +-th day of *ecember (000, personally came and
appearance the following:
Name CTC N. P!a"e Da#e
:ulian 'elipe
7ndres Car5a@al
a 3now to me to be the same persons who executed the foregoing Contract of Lease consisting of six pages including this
ac3nowledgement, signed by the parties and their instrumental witness at the bottom part of page , and the left margin
of all other pages!
WITNESS MY HAND AND SEAL on the date and place abo5e stated!

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