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(Contract of Lease - Simple Form)

CONTRACTOFLEASE

KNOW ALL MEN BY THESE PRESENTS:

This ContractofLeasemade and entered into by and between:

_____________, oflegal age, Filipino, (single / married / widow),and a resident

of_____________, Philippines, (hereinafter referred to as the "LESSOR");

- and -

_____________, oflegal 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 ofProperty)

WHEREAS, the LESSOR desires to lease the afore-described property in favor of the

LESSEE and the LESSEE accepts the leasesubject 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 leaseunto the LESSEE, his heirs, successors

and assigns, the above-described parcel ofland subject to the following terms and conditions, towit:

1. That the term of this lease shall be for a period of _____________ (_____)(years/months) to commence upon the signing of this Contractand shall be renewable

for another _____________ (_____) (years/months) at the option of the LESSEE, and

thereafter renewable upon mutual agreement ofthe 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 ofthe every month;

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3. That upon the signing ofthis 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 ofland while the LESSEE shall pay the real

property taxes levied on the building and other improvements that shall be introduced bythe 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 ofthe LESSOR afterthe expiration ofthe term ofthis Contract.

IN WITNESS WHEREOF, the parties have hereunto affixed their signatures this

_____________at_____________, Philippines.

LESSOR LESSEE

SIGNED IN THE PRESENCE OF:

__________________ __________________

(ACKNOWLEDGMENT)