Common Contracts
1 similar Lease Agreement contracts
ContractLease Agreement • June 26th, 2024
Facts: On June 8, 1983, Florencia T. Huibonhoa and the Gojoccos (Rufina, Severino, and Loreta) signed a memorandum of agreement wherein Huibonhoa would lease three commercial lots in Binondo, Manila. On June 30, 1983, they executed a lease contract for 15 years allowing Huibonhoa to construct a building on the lots. The lease specified that rent payments of P45,000 per month would commence upon the building’s completion or within 8 months if not completed by then. Due to the construction materials crisis spurred by Benigno Aquino Jr.’s assassination, Huibonhoa was delayed and completed the building 7 months late. The Gojoccos demanded rent starting March 1984, which Huibonhoa failed to pay, prompting multiple demands from the Gojoccos. Huibonhoa filed a suit for reformation of contract on January 3, 1985, claiming mistakes and seeking to extend the lease term and adjust rent. The Gojoccos filed a separate action for ejectment in the Metropolitan Trial Court of Manila on January 14, 198
