Lease Agreement Template Philippines

25 Sep Lease Agreement Template Philippines

2. That the monthly rents in the rental premises mentioned above ______________________________________________________P___________________________P___________________________ The rents must be paid by the tenant each month to the LESSOR, payable on the day or before the _______th day of the month; 2. TERM: This rental period is ONE (1) YEAR. from (date) to (date) inclusive. Upon its expiry, this lease agreement may be renewed under mutually agreed terms between the two parties and written notice of the intention to renew the lease shall be served on the lessor no later than seven (7) days before the expiry of the period agreed herein. CONSIDERING that the lessor wishes to rent the property described above for the benefit of the lessor and that the lessee accepts the rental contract under the conditions set out herein. NOW, for and taking into account the conditions mutually agreed by the parties, the lessor leases the land described above to the tenant, his heirs, successors and recipients of assignment, under the following conditions: 8. FORCE MAJEURE: If the leased land is destroyed or damaged in whole or in part by fire, flood, lightning, typhoon, earthquake, storm, agitation or any other unforeseen and disabling cause of force majeure, to make the rented premises for the use and occupation of the tenant essentially unsuitable during the life, this lease may be terminated without compensation by the lessor or tenant by written notification to the other. CONSIDERING that the lessor is the owner of the leased premises, a residential property located at the address of the property to be rented; 1.