2/17/2010

Real Estate Lease Contract [Sample]


RESIDENTIAL LEASE CONTRACT

KNOW ALL MEN BY THESE PRESENTS:

This CONTRACT OF LEASE, made and executed in Marikina City, Philippines, by ANDRES BONIFACIO, of legal age, postal address at #5 Saturn St., Rancho 5 Concepcion Dos Marikina City; hereinafter called the LESSOR,

--and—

JOSE RIZAL, of legal age, married to JACK AGUINALDO RIZAL, Filipino citizen, and with residence and postal address at #69 Mango St., Villa Baha Subd, Brgy Trilala, Marikina City; hereinafter called the LESSEE,

WITNESSETH: THAT—

WHEREAS, the LESSOR is the absolute owner of real property located at #69 Mango St., Villa Baha Subd, Brgy Trilala, Marikina City.

WHEREAS, the LESSEE desires to lease the above-mentioned premises and the LESSOR is willing to lease the same to the LESSEE subject to the terms and conditions set forth herein below.

NOW, THEREFORE, for and in consideration of the foregoing, the LESSOR has let and leased to the LESSEE the subject real property, and the LESSEE hereby accepts the same by way of lease, according to the following terms and conditions:

LEASE TERM AND RENT

  • TERM OF LEASE. This Lease Contract shall be for a period of ONE YEAR, commencing from 01 OCTOBER 2009 to 30 SEPTEMBER 2010.
  • RENT. The rental of the leased premises throughout the period of lease shall be TWENTY THOUSAND PESOS (PhP20,000.00) per month payable on every 1ST day of the month.
  • Furthermore, upon signing of this Lease Contract, the LESSEE agrees to pay the LESSOR the sum of FORTYTWO THOUSAND PESOS (PhP60,000.00) to be applied as DEPOSIT and ADVANCE RENT.
  • DEPOSIT. The sum of FORTY THOUSAND PESOS (PhP40,000.00) shall be deemed as the DEPOSIT which shall be held by the LESSOR, to be refunded without interest only after the expiration of this Lease Contract. Such deposit may be applied to damages incurred in the leased premises through the fault or negligence of the LESSEE, members of the LESSE’S household, and/or guests. At the option of the LESSOR, any such damages shall be deducted from this deposit, and the balance if any shall be refunded to the LESSEE, normal wear exempted.
  • ADVANCE RENT. The sum of TWENTY THOUSAND PESOS (PhP 20,000.00) shall be applied as rental or payments for ONE MONTH of the term of this contract to commence on 01 OCTOBER 2009.
USE AND MAINTENANCE OF LEASED PREMISES
  • USE AND OCCUPANCY OF THE LEASED PREMISES. The leased premises shall be used by the LESSEE for residential purposes only. Occupancy of the leased premises shall be limited to the LESSEE, the LESSEE’S family, and their domestic help, such as drivers and servants.
  • MAINTENANCE AND UTILITIES. Payment of all utility bills (such as water, electric, telephone, cable TV, association dues) and other normal maintenance costs of the leased premises (such as gardening plants, grass, hedges, as well as all other landscape maintenance shall be for the account of the LESSEE.
  • SANITATION AND REPAIRS. The LESSEE shall keep the leased premises in a clean and in sanitary condition. The LESSEE is responsible in ensuring that the leased premises continue to be in good and tenantable condition. The LESSOR shall be responsible for all major repairs to be made on the premises, provided that the LESSEE must notify the LESSOR of such at least two (2) weeks in advance, specifying and describing such major repairs to be made on the water, electrical, and sewage installations caused by ordinary wear and tear, except repairs that are due to the fault or negligence of the LESSEE, members of the LESSEE’s household, guests, visitors, or pets. Minor repairs shall be for the account of the LESSEE. “Major Repairs” are those repairs costing more than TWO THOUSAND EIGHT HUNDRED PESOS (PhP2,800.00); while “Minor Repairs” are those repairs costing TWO THOUSAND EIGHT HUNDRED PESOS (PhP 2,800.00) or less per item of repair in question.
  • FIRE HAZARDS AND OBNOXIOUS SUBSTANCES. The LESSEE shall not keep, deposit, or store in the leased premises any obnoxious substances, highly flammable materials, or other substance that may constitute a fire hazard.
  • CONDITION AND INSPECTION OF LEASED PREMISES. The LESSEE shall maintain the leased premises in good and tenantable condition and for these purpose, the LESSOR reserves the right at reasonable times to enter and inspect the premises and to make any necessary repairs during such time. The LESSEE likewise agrees to cooperate with the LESSOR in keeping the leased premises in good and tenantable condition. The LESSOR must give five (5) days advance notice to the LESSEE through the telephone or a written note before each inspection.
  • IMPROVEMENTS. The LESSEE accepts the property in as-is basis. The LESSEE may install air-conditioning units and other movable furnishings, appliances, and decorative items within the leased premises. The LESSEE shall take care of the removal of these items and shall not cause any damage to the leased premises, otherwise, the LESSOR may charge any such damages to the LESSEE. The LESSEE shall not make any major structural changes, alterations, or improvements to the leased premises without the written consent of the LESSOR. Furthermore, any and all major alterations or improvements made or introduced by the LESSEE in the leased premises shall, upon the termination of this Lease Contract, automatically become part of the structure of the leased premises and become the property of the LESSOR without any obligation on the LESSOR’s part to refund its value or cost to the LESSEE.

TRANSACTION, PAYMENT, OCCUPANTS RECORDATION
  • The LESSOR shall keep a record of all transactions and payments. The LESSEE may view the records. The LESSEE shall also submit to the LESSOR the ID and COntact Numbers of each occupant of the leased premises.

LIABILITIES OF, AND LIMITATIONS ON, PARTIES
  • BREACH BY LESSEE. Any violation of the LESSEE of the terms and conditions of this Lease Contract shall be sufficient ground for the termination and revocation of this Lease Contract.
  • THIRD PARTY LIABILITY. During the LESSEE’s occupancy of the leased premises, the LESSEE shall hold the LESSOR free and harmless from any damage or responsibility to any person or property arising out of or as a consequence of the use and occupation of the leased premises by the LESSEE, members of the LESSEE’s household, agents, employees, domestic help, guests, visitors, or pets. However, when such damage is entirely the result of natural calamity, such as typhoon, earthquake, or flood, or is otherwise beyond the control of the LESSEE, the latter shall not be liable to the LESSOR.
  • SUBLEASE AND ASSIGNMENT. The LESSEE shall not sublease or allow the leased premises to be occupied for a fee in whole or in part by any other person or entity. This Lease Contract shall apply to the benefit of and be binding upon the parties hereto and their respective heirs, successors, the LESSOR’s assignees, and the LESSEE’s assignees if the LESSOR consents to the assignment of this Lease Contract.
  • ENCUMBRANCE OF LEASED PREMISES. In the event of a sale, transfer, mortgage, or any encumbrances of similar nature of the leased premises, the LESSOR shall advise the purchaser, mortgagor, or concerned third party that all the terms and conditions of this Lease Contract shall be respected.
RENEWAL AND TERMINATION OF LEASE
  • RENEWAL. This Lease Contract shall be renewed IN WRITING ONLY. The LESSEE must provide in writing, at least thirty (30) days in advance of termination, written notice to the LESSOR of the LESSEE’s desire to renew the Lease Contract, if such be the case.
  • TERMINATION BY LESSOR. Should the LESSEE fail to pay on the stipulated time or in the event of any violation of the terms and conditions stipulated in this Lease Contract, the LESSOR shall have the unilateral right to terminate this Lease Contract and enforce such right through either judicial or extrajudicial ejection. The LESSOR may exercise this right to terminate by sending a Termination Notice by Registered Mail – the notice is deemed received by the LESSEE after 15 days from the date the mail is registered to have been sent. If the LESSOR opts for extrajudicial ejection, the LESSOR or the LESSOR’s duly authorized representative may, after 15 days of the termination notice sent by registered mail, take actual, physical, complete, and full repossession of the leased premises, even without the consent of the LESSEE.
  • FORFEITURE CLAUSE. The LESSEE is bound to respect the term period of this Lease Contract. Should the LESSEE decide to reside elsewhere or abandon the leased premises before the expiration of the lease term, the LESSEE must inform the LESSOR in writing at least 30 days in advance, otherwise, the DEPOST shall be forfeited in favor of the LESSOR.
  • REMAINING UTILITY BILLS. The LESSEE shall also be liable to pay the LESSOR all the remaining utility bills and pending maintenance costs before any clearance or release from this Lease Contract may be granted by the LESSOR. The LESSEE must also provide proof of full payment of all bills before any clearance and release from this Lease Contract may be granted by the LESSOR.
  • RETURN OF LEASED PREMISES. Upon termination of this Lease Contract, the LESSEE shall immediately vacate the premises and return possession thereof, including all the keys of the premises, in the same as well as good and tenantable condition.
CONTRACT ADMINISTRATION
  • PROPERTY MANAGEMENT. The LESSOR may assign his/her rights, obligations, responsibilities, and representation to a Property Manager.
  • DISPUTE RESOLUTION. In case of litigation arising from the provisions of this Lease Contract, the parties agree to submit to the jurisdiction of the proper court sitting in MARIKINA MUNICIPAL TRIAL COURT, to the exclusion of all other tribunals.
  • OTHER PROVISIONS. This Lease Contract will be governed by, construed, and enforced in accordance with the laws of the Philippines. Any amendment or modification thereto must be in writing and signed by the parties hereto. No waiver by a party to any provision of this Contract shall be binding unless made expressly and in writing. If one or more provisions of this Contract shall be held invalid, illegal, or unenforceable, the remaining provisions shall remain in, and shall be given, full force and effect.
IN WITNESS WHEREOF, the parties hereto have hereunto set their hands at the place first above written, on this 1ST day of OCTOBER 2009.

ANDRES BONIFACIO: _______________________
OWNER/LESSOR MARITAL CONSENT: _____________________
PASSPORT #:_________
JOSE RIZAL: _____________________
LESSEE/TENANT MARITAL CONSENT: ______________
PASSPORT#:

SIGNED IN THE PRESENCE OF:
(This contract must be witnessed/signed by a Licensed Broker in compliance with RA 9646.)

JOHN ODONNELL R. PETALCORIN
LICENSED REAL ESTATE BROKER
REBL# 15901R EXP 12/31/2010

2 comments:

chandra said...

Your article is very pivotal!
Lease Contracts

julie anderson said...

Your article really great.You explained what are the typical things that need to mention in the agreement are mentioned here very clearly.Great task i say!
www.sampleleases.net