CONTRACT OF LEASE

KNOW ALL MEN BY THESE PRESENTS:

This CONTRACT OF LEASE is made and executed at the City of Manila, this day of 27th April,
2017, by and between:

ESPAA DEVELOPMENT CORPORATION, a private entity, existing and created under the
laws of the Republic of the Philippines, with principal place of business at Espaa Two
Towers, Espaa Boulevard, Sampaloc, Manila, represented in this Act by its President, Mr.
PEDRO SANTOS, hereinafter referred to as the LESSOR.

-and- JUAN DELA CRUZ, of legal age, single, Filipino, and with residence and postal address
at 123 Little Baguio St., Marulas, Valenzuela City, hereinafter referred to as the LESSEE.

- WITNESSETH-
That the LESSOR is the owner of a condominium unit, Unit 2206 located at Espaa Two
Towers, Espaa Blvd., Sampaloc, Manila with a floor area consisting of approximately 21.50
square meters and hereby lets and leases unto the LESSEE the said condominium unit and
the LESSEE hereby accepts in lease from the LESSOR said leased premises subject to the
following terms and conditions, to wit:

1. That the term of this contract shall be for a period of ONE (1) year to commence
on May 1, 2017 and to expire on April 31, 2018, renewable for another year, at the
option of the LESSEE;

2. That the LESSEE shall give the LESSOR a notice of his intention to renew the lease
in writing not less than fifteen (15) days from the expiration of the lease or
renewed lease;

3. That in case the LESSEE does not vacate the leased premises within fifteen days
(15) from the expiration of the lease, without any notice to the LESSOR of his
intention to renew the contract of lease, the contract shall be deemed renewed on
a month to month basis;
4. That in case the LESSOR decides not to renew the lease, the LESSOR shall notify
the LESSEE in writing of such intention no less than sixty days (60) from the
expiration of the lease;

5. That the LESSEE shall pay to the LESSOR a monthly rental of Eighteen Thousand
Five Hundred Pesos (Php 18,500.00), due at the end of each month. All rental
payments will be required in cash or by certified check;

a. It is understood that the monthly rental of the LESSEE is inclusive of a

guaranteed parking space area, which shall be for the exclusive use of the
LESSEE;

6. That in addition to the next preceding paragraph, the LESSEE shall pay the
LESSOR the sum of Fifty Five Thousand Five Hundred Pesos (Php 55,500.00) as
security deposit. The security deposit shall not be applied to the rental but
refunded to the LESSEE within 15 days from the expiration of the lease after
deducting the expenses for repairs incurred by the LESSOR in returning the leased
premises to good and tenantable condition and unpaid bills, if any;

7. That the LESSOR may increase the monthly rental only once every two years and
no more than 5% at any one instance;

8. That the LESSOR shall pay for the real property taxes, government assessments,
insurance coverage and similar expenses pertaining to the leased premises;

9. That the LESSEE shall pay for, and defray at his own expense the consumption for
water, electricity, telephone, and other utilities;

10. That the LESSEE may sublease, assign, or transfer his rights under this contract to
any third person, provided that the LESSOR shall be notified in writing of the
sublease, assignment, or transfer at least thirty days (30) prior to the effectivity
of the sublease, assignment, or transfer;

11. That the leased premises shall be used exclusively for residential purposes by the
LESSEE or his sub-lessor, assignee, or transferee, if any;

12. That the LESSEE hereby expressly acknowledge that the leased premises is in
good and tenantable condition and agrees to keep the same in such good and
tenantable condition;

13. That the LESSOR shall make, during the lease, all the necessary repairs in order to
keep the premises suitable for the use of the LESSEE;
14. That the ordinary wear and tear in the leased premises shall be for the sole
account of the LESSEE. Every repair and improvement to be made in the leased
premises shall immediately brought to the attention of the LESSOR;

15. That the LESSOR shall hold the LESSEE harmless and free, and/or otherwise
indemnify the latter from any third-party claims arising from this contract,
pertinent provisions of laws, rules and regulations and/or ordinances;

16. That the LESSOR shall have the right to terminate this contract upon sixty (60)
day prior written notice to the LESSEE, in any of the following instances:

a. The LESSEE fails to pay rentals of three (3) consecutive months; or

b. In the event of any violation by the LESSEE of the terms and conditions
stipulated in this contract and the LESSEE fails to remedy the default
within sixty (60) days from its receipt of the written demand from the
LESSOR.

17. That the LESSEE shall have the option to terminate this contract upon thirty (30)
day written prior notice to the LESSOR in the event of any breach by the LESSOR
of this contract, and the LESSOR fails to remedy such breach or default within
thirty (30) days from receipt of the written demand of LESSEE;

18. That the LESSEE shall vacate the leased premises at the expiration of the lease and
return the possession of the same to the LESSOR in good and tenantable condition;

19. That in case the LESSEE decides to pre-terminate the lease contract, he shall pay
the pre-termination fee equivalent to one month rental to be deducted from the
security deposit. The LESSOR shall return to the LESSEE the remaining post-dated
checks;

20. That in case the LESSOR decides to sell the leased premises, the LESSEE shall have
the right of first refusal;

21. That in case the LESSEE decides not to buy the leased premises from the LESSOR,
the LESSOR guarantees that the sale to third persons shall not affect the right of
the LESSEE to the leased premises during the period of lease or renewed lease;

22. The LESSOR or its authorized agent, only after giving due notice to the LESSEE,
shall have the right to enter the leased premises in the presence of the LESSEE or
its representative at any reasonable hour to examine the same or make repairs
 therein or for the operation or maintenance of the building, or for any other lawful
purposes which it may deem necessary;

23. That if whole or any part of the leased premises shall be destroyed or damaged by
fire, flood, lightning, typhoon, earthquake, storm, riot or any other unforeseen
disabling cause of acts of God, as to tender the leased premises during the term
substantially unfit for use and occupation of the LESSEE, then this contract may
be terminated without compensation by the LESSOR or by the LESSEE by notice
in writing to the other;

24. That any dispute between the LESSOR and the LESSEE arising from this contract
shall be mutually and immediately resolved. Should mutual resolution be not
reached by the parties, such disputes may be resolved by arbitration or other
alternative modes of dispute resolution in the City of Manila in accordance with
the rules of the Philippine Dispute Resolution Center, Inc.;

25. That failure of the LESSOR or the LESSEE to insist, in one or more instances, the
strict performance of any of the provisions of this contract, shall thereafter not be
construed as abandonment or waiver of such provision or option. No waiver shall
be deemed to have been made unless express in writing and signed by the LESSOR
or the LESSEE.

26. That any amendments to, modification of, or supplement to this contract, or
additional rules and regulations for the use of the leased premises, must be subject
to the mutual agreement of the parties after prior consultations between the
parties;

27. This CONTRACT OF LEASE shall be valid and binding between the parties, their
successors-in-interest and assigns.

IN WITNESS WHEREOF, parties herein affixed their signatures on the date and place above
written

Pedro Santos Juan Dela Cruz

President LESSEE
Espaa Development Corp. Drivers License ID No. D16-88-198402
LESSOR
Drivers License ID No. D16-88-198402
 Signed in the presence of:

1. __________________________ 2. __________________________

Republic of the Philippines)

City of Manila ) S.S.

ACKNOWLEDGEMENT

BEFORE ME, this 27th day of April 2017 in the City of Manila, personally appeared:

Name CTC No. Date/Place of Issue

Pedro Santos 20411190 January 21, 2017, Manila City
Juan Dela Cruz 58910088 April 8, 2017, Valenzuela City

Known to me to be the same persons who executed the foregoing instrument and
acknowledged to me that the same is their free and voluntary act and deed.

This instrument consisting of ___ page/s, including the page on which this acknowledgement
is written, has been signed on each and every page thereof by the concerned parties and their
witnesses, and sealed with my notarial seal.

WITNESS MY HAND AND SEAL, at the place and on the date above written.

ATTY. CESAR LAPUZ

Notary Public for Manila
Unit 12 ABC Building, Espaa Blvd, Manila
Appointment No. 156, until December 31, 2017
IBP No. 157483, 01/10/17 - Manila
PTR No. 234354, 01/ 10/ 17 Manila
Roll No. 55628, 4/20/06
MCLE No I- 002343, 9/05/16
MCLE No II- 009345, 9/06/16

Doc. No. 5 ;
Page No. 22 ;
Book No. 3 ;
Series of 2017 .