|
CONTRACT OF LEASE |
| KNOW ALL MEN BY THESE
PRESENTS:
This Contract of Lease, made and executed in _____________on this ____________ by and between -- (hereinafter referred to as LESSOR); - and - (hereinafter referred to as LESSEE); WITNESSETH: THAT - WHEREAS, the LESSOR is the owner of that certain commercial space, containing a floor area of _____ square meters more or less, located at ____________ with address at _______________ including all fixtures, restaurant furniture, equipment, appliances, accessories and utensils which are listed under the Inventory of Fixtures, Restaurant Furniture, Equipment, Appliances, Accessories and Utensils dated ___________ which is hereto attached and made an integral part hereof as Annex “A” (hereinafter collectively referred to as PROPERTY); WHEREAS, the LESSEE has offered to lease the PROPERTY and the LESSOR has accepted the offer under the terms and conditions provided hereinbelow; NOW, THEREFORE, for and in consideration of the foregoing premises and more specifically of the stipulations provided hereunder, the herein LESSOR hereby leases the PROPERTY to the herein LESSEE, under the following terms and conditions, to wit: Section
1. USE OF THE PROPERTY
1a. The PROPERTY shall be used exclusively as a restaurant and/or
other specific use which falls under such classification. Section
2. TERM OF LEASE
2a. The term of this Contract shall be one year, commencing on
__________ until _______________ subject to renewal as provided hereunder. Section
3. RATE OF LEASE 3b. The BMR shall be due and payable to the LESSOR monthly, or not later than the last day of every month; while the POS covering the gross sales within the period of three months shall be due and payable quarterly, or not later than the fifth day of the month following the subject quarter. 3c. The consideration on any subsequent renewal of the Contract of Lease after the first year shall include the monthly payment of the BMR and the quarterly payment of the POS.
3d.
There shall be an escalation of the BMR equivalent to _____ Percent
(___%), to commence from the third year and every year of renewal
thereafter.
3e. All BMRs corresponding to this Contract and every subsequent
renewal thereof shall be covered by twelve (12) monthly post-dated checks.
3g. The LESSEE agrees to submit the restaurant’s sales records for
inspection by the LESSOR at least once a month. Section
4. DEPOSIT AND ADVANCE
4a. Upon the execution of this Contract, the LESSEE shall pay the
LESSOR the sum of _____________, representing a deposit equivalent to
_____ months’ BRR and an advance equivalent to one month’s rent,
including eleven (11) post-dated checks to cover the BMRs for this
Contract.
4b. The deposit is intended to secure payment of the following:
rentals covering the last
month/s of occupancy of the PROPERTY prior to termination of this Section
5. UTILITIES, INSURANCE AND OTHER PROVISIONS
5a. The LESSEE shall provide and maintain an appropriate waste
depository within the premises of the PROPERTY and shall bear the cost of
waste collection and disposal services thereof.
5b. All plans and designs of exterior signages and lighting
fixtures shall be subject to the approval of the LESSOR and the cost of
construction and maintenance thereof shall be borne by the LESSEE.
5c. The LESSEE shall provide a security guard during daytime at his
own expense and shall share 25-percent of the night guard’s salaries and
wages.
5d. The LESSEE shall share 25-percent of the fire insurance premium
of the ____________ and shall provide, at his own expense, a fire
insurance for its contents in favor of the LESSOR. Section
6. REPAIRS, ALTERATIONS AND RENOVATIONS
6a. The LESSEE warrants that he has inspected the premises of the
PROPERTY and accepts the same “as is - where is”, and that should
there be any defect/s of said premises which the LESSEE might have
discovered or may discover in the future, said LESSEE holds the LESSOR
free and harmless from any/all actions, damages, claims and liabilities of
whatever kind and nature arising therefrom or connected therewith.
6b. No alterations and renovations on and within the PROPERTY shall
be effected by the LESSEE without the prior written consent of the LESSOR,
and in case of authorized alterations and renovations, all costs of the
same shall be borne by the
LESSEE. All subsequent improvements on and within the PROPERTY
shall become the property of the LESSOR upon the termination or expiration
of this Contract.
6c. The LESSEE shall immediately effect replacement, repairs or
restoration, at his own expense, for any loss and/or damage on and within
the PROPERTY, including the windows, doors, toilets, bath, electrical and
water systems and all items Section
7. OTHER CONDITIONS
7a. The LESSEE shall permit the LESSOR or her representative/s to
enter and view the condition of the premises of the PROPERTY during hours
which are reasonable and convenient to both parties.
7b. The LESSEE assumes full responsibility, and shall hold the
LESSOR free and harmless, for any damage or injury to third persons or
property as a consequence of certain incidents arising from use of the
PROPERTY premises by the LESSEE, his employees, customers, guests,
domestic help or agents.
7c. Upon the expiration or termination of this Contract, the LESSEE
shall peacefully vacate and surrender the PROPERTY to the LESSOR ;
otherwise said LESSEE shall be liable to pay liquidated damages, rentals
for as long as the premises are not vacated and interests on unpaid
rentals at 3-percent every month.
7d. Should the LESSOR find it necessary to engage the services of a
lawyer, to protect and enforce her rights under this Contract, the LESSEE
holds himself liable to pay the LESSOR the amount of not less than P________________
as attorney’s fee. 7e. Any legal action arising from this Contract shall be brought before the court of competent jurisdiction in _________, waiving for this purpose any other proper venue. Section
8. GENERAL PROVISIONS
8a. This Contract of Lease shall constitute the entire agreement of the
parties concerning the lease of the PROPERTY to the LESSEE.
8b. All notices required or necessary to be given hereunder shall be sent
by personal delivery at the respective addresses of the parties herein
above set forth, or at the address as may be designated in writing by
either party.
8c. This Contract shall be binding upon the executors, administrators and
assigns of the herein parties. IN WITNESS WHEREOF, the parties hereto have hereunto set their hands on the date and at the place first above written.
______________________________
______________________________
SIGNED IN THE
PRESENCE OF: |