Prepare a written contract of lease of a parcel of land for P100k per month for a period of 5 years, 2 months advance and 2 months deposit, with the following addition terms: 

(1) Escalation Clause of 10% of previous year's rental beginning the third year and every year thereafter; 

(2) No sublease without the express and written consent of lessor; 

(3) Non payment of monthly rentals for at least 5 months terminate the lease without need of demand or court action; 

(4) Venue of litigation shall be in Surigao City; 

(5) Leased premises shall be used only for commercial and other purposes consistent with the same; 

(6) All improvements on the property shall belong to the Lessor upon expiration of the lease; 

(7) the deposit shall take care of unpaid utility bills and any deterioration to the property where the lessee is accountable to the extent of the amount of the deposit; and violation of any terms of the contract will result to the forfeiture deposit, except the non-payment of the rentals.

Answer rating: 100% (QA)

LEASE OF CONTRACT CONTRACT O LEAE i made and executed at the City of Surigao this day ot December ... View the full answer