CONTRACT OF LEASE

KNOW ALL MEN BY THESE PRESENTS:

This Contract of Lease is made and entered into by and between:

Carlito G. Cabrales, of legal age, Filipino citizen, with residence

address at Brgy. Polangi, Calbiga, Samar, now and hereinafter referred to
as “LESSOR”,

AND

Samar II Electric Cooperative, Inc. (SAMELCO II), an electric

cooperative duly organized, incorporated and registered pursuant to
Presidential Decree No. 269, as amended by RA 10531, and with
principal office at Brgy. Arado, Paranas, Samar, represented herein by its
General Manager, Joey L. Talon, CPA, hereinafter referred to as
“LESSEE”,

WITNESSTH:

THAT FOR and in consideration of the payment of the rent and of the compliance
of all conditions hereinafter contained the LESSOR has agreed to lease unto the LESSEE,
and the latter to lease, the property with postal address at Brgy. Polangi, Calbiga, Samar,
owned by the LESSOR.

NOW, THEREFORE, for in consideration of the foregoing, the parties hereto have
agreed as follows:

1. TERM – This CONTRACT OF LEASE shall be for a fixed period of one (1) year,
commencing on ________________and shall expire on ________________. The amount
of rent specified in this contract shall be reviewed and agreed upon by both LESSOR and
LESSEE at the end of the lease. In case the LESSOR and LESSEE fail to agree on the new
rental rate, this contract shall be deemed terminated without prejudice.

2. RENTAL – The LESSEE shall pay a monthly rental of THREE THOUSAND PESOS
(Php 3,000.00) ONLY, Philippine Currency, Upon signing of this Contract, the LESSEE
shall pay the corresponding deposit herein described on the following paragraph, together
with the first month rent. The LESSEE shall pay the monthly rent every 30th of the month.

3.DEPOSIT – The LESSEE shall pay to the LESSOR the sum of THREE THOUSAND
PESOS ONLY, Philippine Currency representing One (1) month deposit. This deposit shall
be refunded to LESSEE upon termination of this Lease only after full settlement of any rent
in arrears, bills for utilities, and damages to the premises caused by LESSEE on the leased
premises and such other costs as may be chargeable against LESSEE under this contract.

4. UTILITIES – All expenses for electricity and such other utilities shall be for the account
of the LESSEE.

5. PURPOSE OF THE PREMISES – The premises subject of this Contract shall be used
by the LESSEE as Satellite Collection Office every Thursday only and LESSEE shall not
alter the use of the leased premises nor sublease the premises or any portion thereof without
the prior written consent of the LESSOR.

6. RETURN OF PREMISES/RENEWAL – One of the essential conditions of this lease

that induced the LESSOR to lease the premises to the LESSEE is the latter’s promise to
abide by the terms hereof faithfully. Thus, at the expiration of the term or termination of
this Contract, that is on ____________________, the LESSEE shall vacate immediately the
leased premises and return the possession thereof to the LESSOR in as good condition as
were found at the beginning of the lease, reasonable wear and tear permitted.

IN WITNESS WHEREOF, the authorized signatories of the parties have signed

these presents this ______th day of ____________, at _______________________.

(Lessor) (Lessee)

By: By:

Carlito Cabrales Joey L. Talon, CPA

General Manager

SIGNED IN THE PRESENCE OF

_______________________________ ______________________________

ACKNOWLEDGEMENT

REPUBLIC OF THE PHILIPPINES)

) S.S.

BEFORE ME, a Notary Public for and in the above-stated locality, personally
appeared the following, this __________day of _________________:

NAME GOV’T ID NO. DATE & PLACE ISSUED

Carlito Cabrales

Joey L. Talon, CPA CTC 19947089 02-19-18, Metro Manila

All known to me and to me known to be the same persons who executed the foregoing
Contract of Lease consisting of Two (2) pages, including this one, signed by them and their
instrumental witnesses and they acknowledged to me that the same is their own free and
voluntary act and deed and of the corporation(s) herein represented.

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

Doc. No: _____

Page No: _____
Book No: _____
Series of 2018.