MEMORANDUM OF AGREEMENT
(For Extension of Lease)
This AGREEMENT is entered into by and between:
KAINAN SA KALYE BONIFACIO COMPANY, owned by RAM
L. NANDWANI, of legal age, Indian national, and a resident of
Davao City, herein designated as the "LESSOR”;
-and-
WOW LECHON (J AND B'S LECHON), owned by DARELL
JAYSON PAJARO, MARK JORDAN ALIÑO, and JOSE
GABRIELLE MILITANTE, all of legal age, Filipinos, and
residents of Davao City, hereinafter collectively designated as
the “LESSEE”;
WITNESSETH:
WHEREAS, LESSOR and LESSEE were parties and signatories to a
Contract of Lease executed on _____________ whereby the Leased Property
belonging to the LESSOR was leased by the LESSEE for THREE (3) years,
up to December 31, 2023.
WHEREAS, LESSOR and LESSEE have mutually agreed to extend the term
of the said lease contract for three (3) years, commencing on January 1,
2024 and ending on December 31, 2026.
NOW, THEREFORE, by mutual agreement, both parties have agreed to
extend the term of the said Contact of Lease for another three (3) year(s),
from January 1, 2024 and ending on December 31, 2026, under the
following ADDITION and/or CHANGES to the terms, consideration, and
conditions to the original Contract of Lease, a copy of which is hereto
attached and made an integral part of this Agreement, to wit:
ADDITION/CHANGE OF TERMS, CONSIDERATION, AND
CONDITIONS TO THE ORIGINAL CONTRACT OF LEASE:
The term of this Lease shall be for three (3) years, commencing on
[Start Date] and ending on [End Date].
Rental payments from August 2024 onwards: The rent for the
leased premises as regards the extended lease shall be One Hundred
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Ten Thousand Pesos (₱110,000.00) per month for the first year, with
an annual increase of five percent (5%) starting from the second year
as outlined below:
Year 1 (2024): ₱110,000.00 per month
Year 2 (2025): ₱115,500.00 per month
Year 3 (2026): ₱121,275.00 per month
Rental payments shall be directly deposited to the Lessor's bank
account using the following bank details: -
Bank Name:
Account Number:
Account Name:
Agreement on the balance of Rental Payments from march to
July of 2024: Lessor has failed to pay rent since March 2024 until
July 2024 which has been outstanding in the total amount of
______________ (P_______.00).
In this regard, it is hereby agreed by both parties that the said
amount shall be paid in installments in the amount of ONE HUNDRED
THOUSAND PESOS every 5th of the month beginning August 5, 2024
until fully paid which shall be deposited directly to the bank as
mentioned above.
Sale of the Leased premises: The Lessor retains the right to sell the
leased premises at any time, provided that the Lessor gives the Lessee
a two-month written notice prior to the sale. Upon receiving such
notice, the Lessee agrees not to oppose the sale and will surrender
the leased premises voluntarily and peacefully by the end of the notice
period.
Default in Rent Payment: In the event that the Lessee defaults on
rent payments for a consecutive period of three (3) months, the
Lessor shall have the right to rescind the contract and eject the
Lessee without the need for court proceedings. In this eventuality,
the Lessee agrees to peacefully and voluntarily turn over possession
of the leased premises in good condition immediately upon rescission
of the contract by the Lessor.
Payment of Property Taxes and Business taxes: The Lessee shall
shoulder and shall be responsible for the timely payment of all taxes
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related to the leased property, including but not limited to property
taxes and business taxes. The Lessee shall also be responsible for
keeping the payment of these taxes updated and ensuring that no
liens or penalties accrue due to late or missed payments.
IN WITNESS WHEREOF, we have hereunto set our hands, this _____________
at Davao City, Philippines.
KAINAN SA KALYE BONIFACIO COMPANY
Represented by: RAM L. NANDWANI
LESSOR
WOW LECHON (J AND B'S LECHON)
represented by
DARELL J. PAJARO MARK J. ALIÑO JOSE G. MILITANTE
LESSEE
SIGNED IN THE PRESENCE OF:
__________________ __________________
ACKNOWLEDGMENT
Republic of the Philippines)
City of Davao )S.S
BEFORE ME, a notary public for and in Davao City, this day _________,
personally appeared the Parties with their respective competent evidence of
identity, described above, known to me and to me known to be the same
persons who executed the foregoing instrument and acknowledged to me
that the same is their free and voluntary act and deed.
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This instrument consisting of three (3) pages, including the page on which
this acknowledgement is written, has been signed on each and every page
thereof by the concerned parties and their witnesses, and sealed with my
notarial seal.
WITNESS MY HAND AND SEAL, on the date and place first above written.
Doc. No. ____ ;
Page No. ____ ;
Book No. ____ ;
Series of 2024.
