Prepare a written contract of lease of a parcel of land for P100k per month for a
Question:
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.