Contract of Lease
Contract of Lease
Contract of Lease
CONTRACT OF LEASE
WITNESSETH:
1. TERM - This lease for the Leased Premises shall be for a period of twelve
(12) months, commencing on January 1, 2018 and terminating on December
31, 2018, subject to renewal or extension upon expiration on such terms and
conditions as may mutually be agreed upon between the parties.
2. RENTAL - The rental shall be at the rate of PESOS: THIRTY FIVE
THOUSAND Philippine Currency per month, EXCLUSIVE of applicable
taxes, monthly cable fees and other utilities, and maintenance expenses.
Monthly rentals shall be due every 1st of the month without making prior
demand for the payment thereof. This can be payable in cash or check in the
name of Daniel Kang.
Should the LESSEE fail to pay the monthly rental on due date, the
LESSEE shall be liable to pay a penalty of two percent (2%) per month
interest without prejudice to the right of the LESSOR to terminate this
Contract and eject the LESSEE as hereinafter set forth.)
In case where renewal of contract is done, the Lessor may opt to request
an increase in rental up to a maximum of 10% of the contracted rate for
the first year and a maximum of 5% for subsequent years.
The LESSOR also undertakes to do all repairs and breakdowns in the Leased
Premises which may occur within the first SIXTY (60) DAYS of the lease, provided
that it is not due to the fault or negligence of the LESSEE and reported to the
LESSOR by the LESSEE in writing within the said period.
10. PROHIBITION - The LESSEE shall not bring into or store in the Leased
Premises anything flammable in nature or explosive character nor install
therein any apparatus or equipment which may expose the Leased Premises
to fire or increase the fire hazard of the building or change the insurance rate
of the building, except gas tank with the stove for cooking food. It being
understood that should the LESSEE do so, not only shall it be responsible for
all damages which such violation may cause the LESSOR, but the LESSOR
shall, in addition thereto, have the right to cancel this Contract pursuant to the
provision of Section 12 hereof.
11. INSPECTION - The LESSOR reserves the right at reasonable times with
prior notice to LESSEE to enter into and inspect the Leased Premises and to
make necessary repairs thereon.
15. VENUE - In case of suit arising from this Agreement for damages or
enforcement for breach or violation hereof, the venue of the action shall be
the proper courts of Cebu City, to the exclusion of all other courts.
ACKNOWLEDGMENT
BEFORE ME, this 10th day of January 2018 in the City of Cebu personally
appeared Daniel Kang who presented to me his Philippine Passport No. EB 8868190
issued by Department of Foreign Affairs Cebu on January 2, 2016 valid until January 2,
2021; and Sarang Choo who presented to me her Philippine Passport No. EB9547132
issued by Department of Foreign Affairs Cebu on January 2, 2017 valid until January 2,
2022; both known to me to be the same persons who executed the foregoing
instrument and who acknowledged to me that the same is their free and voluntary
act.
WITNESS MY HAND AND SEAL, on the date and place first above written.
LIST OF FURNISHINGS
7. 4 cabinets