CONTRACT OF LEASE KNOW ALL MEN BY THESE PRESENTS: This Contact Contact of Lease Lease made made and entered into by by and between: between: __________ _______________ _________ _________ _______, __, Filipino, Filipino, of legal age, married, and a resident r esident of ____ ______ ____ ____ ____ ____ ____ ____ ____ ____ __,, here herein inaf afte terr refe referr rred ed to as the the LESS LESSOR OR,, and and __________ _______________ __________ _______, __, Filipino, Filipino, of legal age, and a resident of __________ _______________ __________ _________ _________ _____,, as the LESSEE; LESSEE; WITNESSETH: 1. DESCRIPTION DESCRIPTION OF LEASED LEASED PROPERTY. PROPERTY. Lessee Lessee has has leased from Lessor Lessor and received in satisfactory condition the following property, referred to in this lease as the vehicle: A New or Used: Us ed: ___________________________________________________ _____________________________________________________ __ __________ _______________ _________ _________ _________ _________ __________ __________ _________ _________ __________ __________ _________ ____ 2. TERM OF LEASE. LEASE. The term of of lease shall commence commence on _________ ______________ ________ ___ and shall be for a period of ________________ unless extended further by agreement of Lessor and Lessee. 3. INSURANCE. INSURANCE. Lessee Lessee is responsib responsible le for any any loss or or damage to the vehicle vehicle and Lessee agrees to provide insurance coverages for the term of this lease in the types and amounts satisfactory to Lessor. 4. MAIN MAINTEN TENAN ANCE CE.. Lesse Lessee e is respo responsi nsibl ble e for for all maint mainten enan ance ce,, servi service ce,, repairs of the vehicle. Lessee will provide and pay for all gas, oil, antifreeze, and replacement tires for the vehicle. Lessee will, at Lessee’s expense, maintain the vehicle in good working order and see that all maintenance, service, and repairs are performed when needed, but at least as often as set forth in the owner’s manual or as requested by the manufa manufactu cturer rer in connec connection tion with any recall recall program program.. Lessee Lessee is not required to purchase a service contract. 5.
DISCLAIMER OF WARRANTIES. The only express warranty to which the vehic vehicle le is subje subject ct is the stand standard ard manu manufa fact cture urer’ r’s s warra warrant nty y on the vehic vehicle le;; Lesso Lessorr is leasi leasing ng the vehic vehicle le to Lessee Lessee “AS IS” IS” and and Lessor Lessor DOESN’T MAKE ANY EXPRESS WARRANTIES OR REPRESENTATIONS. IN ADDITION, THERE ARE NO IMPLIED WARRANTIES OF MERCHANTABILITY, FITN FITNES ESS S FO FOR R ANY ANY PARTI PARTICU CULA LAR R PURPO PURPOSE SE OR ANY ANY OT OTHE HER R IMPLI IMPLIED ED WARRANTIES BY Lessor. Lessor shall have no responsibility o Lessee or to any other person with respect to any interruption of service, loss of business or anticipated profit or consequential damages. Any statement concerning the model year is for identification only.
6. DEFAULT. DEFAULT. Lessee will be in default default of of obligations obligations under under this lease lease if any of the following events or conditions occur: a. Lessee fails fails to make any any payment payment under under this lease lease when when it is due; due; b. Less Lessee ee beco become mes s the the subj subjec ectt of a bank bankru rupt ptcy cy or inso insolv lven ency cy proceeding; c. Lessee fails to maintain maintain the required required insurance coverages. coverages. 7.
TAXES. TAXES. Lessee will will pay when due due all sales, rental, or other other taxes, and and all fees and charges of any nature (together with any interest or penalties not arising from the negligence of Lessor) imposed in connection with this lease by any national or local governmental authority (excepting however, any national or local tax or taxes based in whole or in part on the income of the Lessorr). 1
8. TITLE. Legal title to the vehicle will be in the name of the Lessor. Lessee agrees to pay all title and registration costs. 9. VEHICLE USE. Lessee agrees to keep the vehicle free from all items and encumbrances, except liens and encumbrances in Lessor’s favor. Lessee will not use the vehicle illegally, sell it, lease it, or otherwise transfer it without Lessor’s prior written consent. Unless Lessee has first received Lessor’s written consent, Lessee will not place any sign or mark on the vehicle. If Lessor consents to the placement of a sign or mark on the vehicle, Lessee will pay at the end of the lease the cost to remove the sign or mark and all needed repairs that are caused by the removal. 10.INDEMNITY AGREEMENT. Lessee agrees to hold Lessor harmless and indemnify Lessor against any claim and/or liability, loss, or expense, regardless of its nature, including attorney fees and other expenses for the defense of such claim and/or liability, imposed by law or otherwise, arising out of the maintenance, use, condition, operation, or ownership of the vehicle during the period the vehicle is leased. This indemnity includes any claim made against Lessor because of a defect in the vehicle, whether brought under the theory of strict liability or otherwise. 11.
DAMAGE TO VEHICLE. Lessee agrees to be responsible for all damage to the vehicle and for its loss or destruction form any cause. Lessee will immediately notify Lessor and Lessee’s insurance company of any such event, or of any accident, and Lessee will cooperate with and assist Lessor and Lessee’s insurance company in any reasonable manner necessary as a consequence.
12.ASSIGNMENT. Lessor can assign Lessor’s interest in this lease and to the vehicle without Lessee’s consent. Lessee agrees to make all payments thereafter to assignee. Lesser understands that Lessee has no right to assign any of the Lessee’s rights under this lease. Lessee also understands that Lessee has no right to sublease, assign, or transfer the vehicle. 13.GOVERNING LAW. This lease shall in all respects be governed by Philippine laws. IN WITNESS WHEREOF, we have hereunto affixed our signatures this ________________ in Talisay City, Cebu, Philippines. __________________________
____________________________
Lessor Lessee
SIGNED IN THE PRESENCE OF: ____________________
____________________
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ACKNOWLEDGMENT Republic of the Philippines} City of Talisay
}S.s.
BEFORE ME, this ________________, in Talisay City, Cebu, Philippines, personally appeared _________________ and ______________________, exhibiting to me their CTC No. ____________ issued on ________________ in Talisay City and CTC No. ____________ issued on ________________ in Cebu City, respectively, known to me to be the same persons who executed the foregoing instrument and they acknowledged to me that the same is their free and voluntary act and deed. This instrument consists of two (2) pages including this page on which the acknowledgment is written, having been signed by all parties and their instrumental witnesses on the left margin of each page and all copies hereof. WITNESS MY HAND AND SEAL on the date and place first above-written. Doc. No. _____ Page No. _____ Book No. _____ Series of 2012.
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