LEASE AGREEMENT FOR 2 UNITS OF BUGGY

KNOW ALL MEN BY THESE PRESENTS:

This Memorandum of Agreement made and executed, by and between:
G1 ATV MOTORS SALES AND RENTAL, INC., a corporation duly
organized and existing under Philippine laws, with office address at
No.2847 Osmea Highway cor Gil Puyat Makati City, represented by MR.
JEE WHAN PARK hereinafter referred to as the FIRST PARTY,
-

and

MR. CERILO B. CHAN, of legal age, a Filipino, with a business address

at Albay Bicycle Center, Rizal St. Albay District, Legaspi City hereinafter
referred to as SECOND PARTY.
WITNESSETH:
WHEREAS, the FIRST PARTY is in the business of importing, selling, distributing and renting All
Terrain Vehicle (ATV) and Buggy (Go Kart) all over the Philippines.
WHEREAS, the FIRST PARTY and the SECOND PARTY agreed to a rental service for 2 units of
Buggy, one for a 150cc desert buggy and the other is 260cc dune buggy with the following description:
Unit Model
Engine No.
Chassis No.
Color

:
:
:
:

150cc Desert Buggy_

XY157QMJ0905000067_
L4BACKDD196000099__
BLUE_______________

Unit Model
Engine No.
Chassis No.
Color

:
:
:
:

260CC Dune Buggy__

XY170MM0905000121__
L4BAHNDD396000057__
BLACK______________

WHEREAS, the rental operation

in____________________________________.

by

the

SECOND

PARTY

will

takes

place

WHEREAS, the First PARTY shall supply the aforementioned 2 units of Buggy as introductory units
for the rental service agreed upon.
WHEREAS, the First Party shall remain the owner of the two (2) units of Buggy and nothing in this
agreement shall grant ownership of the two (2) units of buggy to the SECOND PARTY.
NOW, THEREFORE, for and in consideration of the foregoing premises and the mutual covenants
hereinafter set forth, the parties have agreed to enter into this Agreement, under the following terms and
conditions: That---

1)

TERM: Both parties agreed for a term of two (2) years for the said Rental Service
beginning______________________________________renewable upon mutual consent of both parties.

2)

EXPENSES: The SECOND PARTY shall be responsible for the expenses for the operation and
maintenance of the 1 unit of 150cc Buggy and 1 unit of 260cc Buggy (Go Kart).

3)

PAYMENT OF RENT: The LESSEE shall pay to the LESSOR one half () of the profit of the rental
service________________ after all the expenses incurred in operating the rental business has been deducted
from the gross income of the rental service.

4)

FORCE MAJEURE/LIABILITY: If whole or any part of the 2 buggy units shall be loss because of
theft, robbery, unauthorized used of the 2 buggy units aside from the rental service agreed upon or any act of
man which is against the interest of the lessor or destroyed or damaged by fire, flood, lightning, typhoon,
earthquake, storm, or any other unforeseen disabling cause of acts of God, the SECOND PARTY shall be liable
to the FIRST PARTY for any damages to the company resulting from any of the aforementioned incidents.

5)
DEFAULT PAYMENT: In case of default by the SECOND PARTY in the payment
of the rent, such as when the checks are dishonored, the FIRST PARTY at its option may
terminate this agreement. The FIRST PARTY has the right to repossess the two (2) units of
Buggy when there is in default of payment for One (1) month.
6)

VENUE OF ACTIONS: In the event of suit arising from this agreement, the parties hereto hereby
agree to submit their causes of action exclusively before the venue of the proper courts in Makati City.
IN
WITNESS
WHEREOF,
the
parties
this___________________________in Makati City.

________________
G1 ATV MOTORS

have

hereunto

set

their

hands

on

________________
MR. CERILO B. CHAN
Second Party

Signed in the presence of:

_____________________________

____________________________

ACKNOWLEDGMENT
REPUBLIC OF THE PHILIPPINES
] S.S

BEFORE ME, a notary public, this ______ day of _____________, _______, personally appeared
MR. JEE WHAN PARK for G1 ATV MOTORS SALES AND RENTAL INC. and CERILO B. CHAN
exhibiting their respective tax identification number, and known to me to be the same persons who executed the
foregoing instrument, who acknowledged to me that the same is their true and voluntary act and deed.
NAME
TAX IDENTIFICATION NUMBER
G1 ATV MOTORS SALES AND RENTAL CORP
246-558-757-000
CERILO B. CHAN
______________
This instrument, consisting of two (2) pages and the page on which this acknowledgment is written,
has been signed on the left margin of each and every page thereof by the parties and their instrumental
witnesses, and sealed with my notarial seal.
IN WITNESS WHEREOF, I have hereunto set my hand, the day, year, and place above written.
Doc. No. ______;
Page No. ______;
Book No. ______;
Series of 2009