Contract of Lease (Motor Vehicle)

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CONTRACT OF LEASE
KNOW ALL MEN BY THESE PRESENTS: This Contact of Lease made and entered into by and between: __________________________, Filipino, of legal age, married, and a resident of ______________________, hereinafter referred to as the LESSOR, and ______________________, Filipino, of legal age, and a resident of _____________________________, as the LESSEE; WITNESSETH: 1. DESCRIPTION OF LEASED PROPERTY. Lessee has leased from Lessor and received in satisfactory condition the following property, referred to in this lease as the vehicle: A New or Used: _____________________________________________________ __________________________________________________________________ 2. TERM OF LEASE. The term of lease shall commence on _________________ and shall be for a period of ________________ unless extended further by agreement of Lessor and Lessee. 3. INSURANCE. Lessee is responsible for any loss or damage to the vehicle and Lessee agrees to provide insurance coverages for the term of this lease in the types and amounts satisfactory to Lessor. 4. MAINTENANCE. Lessee is responsible for all maintenance, service, 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 manufacturer in connection with any recall program. Lessee is not required to purchase a service contract.

5. DISCLAIMER OF WARRANTIES. The only express warranty to which the
vehicle is subject is the standard manufacturer’s warranty on the vehicle; Lessor is leasing the vehicle to Lessee “AS IS” and Lessor DOESN’T MAKE ANY EXPRESS WARRANTIES OR REPRESENTATIONS. IN ADDITION, THERE ARE NO IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR ANY PARTICULAR PURPOSE OR ANY OTHER IMPLIED 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. Lessee will be in default of obligations under this lease if any of the following events or conditions occur: a. Lessee fails to make any payment under this lease when it is due; b. Lessee becomes the subject of a bankruptcy or insolvency proceeding; c. Lessee fails to maintain the required insurance coverages.

7. TAXES. Lessee will pay when due all sales, rental, or other taxes, 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).

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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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