Commercial Space Lease Agreement Philippines

Has. The tenant pays the lessor during the first rental period [annual rent] per year, payable in instalments of [monthly rental amount] per month. Each instalment payment shall be due on the first day of each calendar month during the term of the rental in advance to the lessor at [the payment address indicated by the lessor] or at another place determined by written notification of the lessor or lessee. The amount of rent for all partial calendar months included in the rental period is set each day on a pro rata basis. The tenant also pays the landlord a “deposit” in the amount of [deposit]. 1. Insurance. – The tenant must benefit from coverage for the leased property against all insurable risks incurred by a duly accredited and serious insurance company equal to the maximum insurable value of the leased property. The owner is the beneficiary of the required insurance. In the event of total loss or damage to the rented property and/or improvements during the term of the rental agreement, the lessor has the possibility to return or restore the lost or damaged rental property and/or improvements to its original condition or to automatically consider this rental agreement as terminated. In case of partial damage, the rent is reduced in relation to the remaining leasable or usable area. It goes without saying that the tenant acts as guarantor of the subtenant for the purposes of this rental agreement.

The tenant makes available to the owner a copy of the sublease agreement no later than ten (10) days after the conclusion of the sublease agreement. In addition, the LESSOR transfers the percentage of the lessor`s participation in the sublease agreements during the first five (5) days of each calendar month. .