CONTRACT OF LEASE
This Contract of Lease is entered into this 11th day of May 1999 in Makati City
by and between:
PHILIPPINE INTERNATIONAL TRADING CORPORATION, a government owned and controlled
corporation organized and existing under and by virtue of the laws of the
Philippines with offices located at Philippines International Centre, 46 Sen
Gilpyyat Ave., Makati City, represented herein by its President, XXXXXX X. XXXX,
hereinafter referred to as "LESSOR";
And
MOMENTUM INTERNET (PHILS) INC., a corporation organized and existing under and
by virtue of the laws of the Philippines with offices located at XX0 Xxxxxx
Luxury Condominium, Pearl Drive cor. Gold Loop, Ortigas Center, Pasig City,
represented herein by its VP-Administration, XXXXXXX XXXXX, hereinafter referred
to as "LESSEE".
Witnesseth, that:
WHEREAS, LESSOR is the registered owner of parking space Xx. 00, Xxxxx Xxxxxxxx,
located at the Manila Luxury Condominium (MLC), Pearl Drive, Ortigas Center,
Pasig City;
WHEREAS, the LESSEE has offered to lease the said parking space from the LESSOR
and the LESSOR has agreed thereto;
NOW THEREFORE, for and in consideration of the foregoing premises, the LESSOR
leases unto the LESSEE the aforementioned parking space subject to the following
terms and conditions:
1. LEASE TERM
The term of this lease shall be for a period of one (1) month effective on
May 11, 1999 to midnight of June 10, 1999, automatically renewable on a
monthly basis thereafter, PROVIDED: that either party may terminate this
lease for any reason by giving the other party due written notice of at
least one (1) month prior to the intended date of termination.
2. RENTALS
The monthly rental for the parking slot shall be PESOS: ONE THOUSAND FIVE
HUNDRED (P1500.00), inclusive of VAT, to be paid to the LESSOR within the
first Five (5) days of the month at the LESSOR's offices in Makati City.
Upon signing of this Contract, the LESSEE shall remit to LESSOR the monthly
rental for the first month and three (3) post-dated checks covering the
monthly rentals for the succeeding three (3) months. Subsequent checks for
monthly rentals for each quarter to be submitted thereafter, if the lease
is renewed. The LESSOR reserves the right to impose a penalty charge of 2%
a month for delayed payments based on outstanding amounts due and payable
to LESSOR.
The rentals may be increased by the LESSOR, PROVIDED: that the increase
shall become effective only from the subsequent lease month onwards from
date of receipt by LESSEE of the notice of increase by the LESSOR.
In case of pretermination of the lease by the LESSOR for reasons other than
breach or default committed by the LESSEE, any rentals paid in advance
shall be refunded (pro-rata) to the LESSEE within five (5) banking days
from the termination of the lease, less any unpaid accounts of the LESSEE
to the LESSOR.
3. COMPLIANCE WITH RULES AND REGULATIONS
The LESSEE shall comply with all rules, regulations and restrictions of the
MLC Condominium Association relative to the occupancy and use of the said
parking space, and shall use the leased area only for parking space for
vehicles and not for any other purpose. The LESSEE shall indemnify and hold
harmless the LESSOR against any actions, suits, damages or claims
whatsoever which may be brought or made by reason of the LESSEE's
nonobservance of the rules, regulations and restrictions of said MLC
Association.
4. LIABILITY
For the duration of the lease, the LESSEE shall hold the LESSOR free and
harmless from any injury, losses or damages caused to any person or
property which may occur on the leased area, and shall furthermore, be
responsible for all acts or omissions of its agents, representatives,
employees, visitors or family members while using or occupy the parking
area, whether temporarily or otherwise, and it is expressly agreed that the
LESSEE shall be fully responsible for such injury, loss or damage without
recourse to the LESSOR.
In addition, the LESSOR makes no warranty or assumes no responsibility for
the security of safety of the vehicle(s) parked at the said parking space
and the LESSEE understands that such risks shall be borne by the LESSEE at
all times.
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5. BREACH OF CONTRACT
In the event of violation by the LESSEE of any of the terms and conditions
of this lease, the LESSOR is hereby authorized to terminate this contract
upon written notice to the LESSEE. and eject the LESSEE without need of'
any judicial intervention. To effect this remedy, the LESSOR is hereby
expressly authorized by the LESSEE to repossess the leased parking space.
6. OTHER TERMS AND CONDITIONS
6.1 The LESSEE is not authorized to sublease or assign this lease to any
person or entity without the prior written consent of the LESSOR.
6.2 At the end of the lease term, or any renewals thereof, the LESSEE
shall peacefully vacate the leased parking area and deliver the same
to the LESSOR free of any debris or obstructions, and in the same
condition as it was at the beginning of the lease.
6.3 The LESSEE shall, at all times and for its own account, maintain the
leased parking area in clean condition, free from any obnoxious odor
or garbage.
6.4 None of the terms and conditions of this contract may be changed or
modified by mere tolerance on the part of the LESSOR and any such
changes or modifications, in order-to be binding, must be in writing
and signed by the duly authorized representatives of the parties.
6.5 In case of litigation arising from this contract, the venue shall be
the proper courts of Makati City.
IN WITNESS WHEREOF, the parties have signed this contract on the date and place
first above-written.
PHILIPPINE INTERNATIONAL MOMENTUM INTERNET
TRADING CORPORATION (PHILS) INC.
(LESSOR) (LESSEE)
BY: /s/ Xxxxxx X. Xxxx By: /s/ Xxxxxxx Xxxxx
-------------------------------- ----------------------------------
XXXXXX X. XXXX XXXXXXX XXXXX
President VP-Administration
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SIGNED IN THE PRESENCE OF
XXXXXXX X. XXXXX
VP-Finance & Administration
ACKNOWLEDGEMENT
REPUBLIC OF THE PHILIPPINES)
MAKATI CITY ) S.S.
BEFORE ME, a Notary Public for Makati City this 7th day of June 1999 personally
appeared the following:
NAME CTC/PASSPORT NO. DATE/PLACE ISSUED
XXXXXX X. XXXX 00045888 2/26/99/Makati City
XXXXXXX XXXXX 500035485 11/6/99 London
known to me and to me known to be the same persons who executed the foregoing
instrument and who acknowledged to me that the same are their free and voluntary
acts and that of the corporations which they represent.
IN WITNESS WHEREOF, I have set my hand and seal on the date and place first
above-written.
SEAL OF THE NOTARY PUBLIC
Doc. No. 492
Page No. NOTARY PUBLIC
Book No. UNTIL DECEMBER 31, 20100
Series of 1999 PTR NO. 0446024
ISSUED AT MAKATI CITY
ISSUED 0N JANUARY 5, 1999
