CONTRACT OF LEASE

KNOW ALL MEN THESE PRESENTS:

This CONTRACT OF LEASE is made and entered into by and between:

DAVID ONG KIM LIONG, of legal age, married, Filipino, with residence at 2511 JOSE ABAD
SANTOS STREET TONDO, METRO MANILA, hereinafter referred to as the LESSOR.

-AND-

ALFRED GEORGE YAO ANG, of legal age, married, Filipino, with residence at RM. 26-E, 707
ONGPIN ST. BINONDO, MANILA, hereinafter referred to as the LESSEE.

That for and in consideration of the payment of monthly rental payable in the manner hereinafter set forth,
LESSOR hereby let, by way of lease, to the LESSEE, and the LESSEE desired to lease: a portion of the above
describe structure with address at 735 Bulacan Street, Gagalangin Tondo, Metro Manila (“The Leased
Premises”).

Now, THEREFORE, the LESSOR hereby lease and let unto the LESSEE, and the LESSEE accept on the
lease the above mentioned property, and the LESSEE is willing and capable of leasing the said property, subject
to the following terms and conditions:

1. This lease shall be for a period of TWO (2) YEARS, commencing on October 25, 2022 and expiring
on October 24, 2024 unless sooner terminated for breach of this contract. Upon expiration for another
period an option of the LESSOR. This contract maybe renewed for an addition period of two (2) years with
an escalation of 5% as agreed upon renewal provided that the LESSEE must notify the LESSOR in writing
of the renewal of this Contract at least thirty (30) days prior to the expiration of this Contract.

2. The LESSEE shall pay unto LESSOR a monthly rental of THIRTY THOUSAND PESOS (Php
30,000.00), Philippine currency for the Leased Premises for the first twelve (12) months. Afterwards, the
monthly rentals for the next twelve (12) months shall be the amount of THIRTY-ONE THOUSAND
FIVE HUNDRED PESOS (Php31,500.00). Upon signing of this Contract, the LESSEE shall also issue in
favor of the LESSOR twelve (12) pieces of postdated checks all in the amount of THIRTY THOUSAND
PESOS (Php 30,000.00) dated 25th day of every month starting October 2022 up to September 2023, and
eleven (11) pieces of postdated checks all in the amount of THIRTY-ONE THOUSAND FIVE
HUNDRED PESOS (Php31,500.00) dated 25th day of every month starting October 2023 up to August
2024, which shall cover the monthly rental of the Leased Premises.

3. The LESSEE shall be solely responsible for the obtaining the necessary permits and licenses thereon
and for the faithful observance of all laws, ordinance, rules and regulation appertaining thereto, including
those with respect to fire, health sanitation and public safety, and those of water, electricity and telephone
and other utilities. The LESSEE shall only use the property exclusively for the purpose of retail of LPG.
The LESSEE shall not use the property for any illegal or immoral purpose and shall assume full
responsibility for any violation thereof during the term of this lease. Should the LESSEE desire to use the
property for another purpose, the written consent of the LESSOR must first be obtained.

4. The building and/or LEASED premises shall be insured against fire and typhoon by the LESSEE at its
own expense, with a reputable insurance company. In case of the occurrence of fire and subsequent damage
to the building and/or Leased Premises, the LESSOR shall use the insurance proceeds to repair/reconstruct
the building of Leased Premises. In which case, LESSEE shall have the exclusive right to re-occupy the
building and/or Leased Premises for the remaining term of the lease. If the building and/or Leased Premises
on the other hand is totally destroyed by fortuitous event not covered by insurance, the Contract of Lease
shall be extinguished.

5. The LESSEE shall apply for a BIR TIN number and for an authorization to print sales invoices
pursuant to the requirement of the Bureau of Internal Revenue.

6. The LESSEE shall not directly or indirectly sublease, assign, transfer, convey, mortgage or in any way
encumber its right of lease over the lease premises or any portion thereof under any circumstances
whatsoever, any contract that maybe in violation of this clause shall be null and void. It is expressly
understood and agreed by the parties that the personnel character of the LESSEE as here in below
represented and the nature of lease premises as above restricted, constitute and are the special consideration
and inducement for the granting of this lease by the LESSOR. Consequently, any violation direct or
indirect, of any of the stipulation hereof shall automatically and unequivocally terminate this contract of
lease from the time such violation occurs.
7. The LESSEE hereby expressly acknowledge that the lease premises are in the good and tenantable
condition with complete lighting fixture, one unit one horsepower water pump, one 42 gallon stainless
pressure tank, two water closet, kitchen sink, three lavatory, and Schlage locket. The LESSEE agrees to
keep the same in such good and tenantable condition. Any provisions of law, present or future, or any
stipulation in this agreement to the contrary notwithstanding, the LESSEE hereby agrees and binds itself to
undertake at its exclusive expense, all repairs, necessary or otherwise, such as may required to maintain the
same in good state of repair. It is expressly agreed and understood, however, that the LESSEE shall not
start or proceed with any repair work not in any case introduce improvements or make any alterations in the
lease premises without the prior written consent and approval of the LESSOR. And the parties agree that all
improvements or alterations of whatsoever nature such as us maybe made thereon shall upon completion
thereof, form integral parts of the lease premises and shall not be removed there from but shall belong to
and become the exclusive property of the LESSOR, without any right on the part of the LESSEE to
reimbursement of the cost or value thereof.

8. The LESSEE may at its discretion, install, affix, inscribe, or paint such notice. Sign and other
advertising media on such part of the interior and exterior of the Lease Premises including a portion of the
façade of the building to show or give notice to the public of its place and purpose of business LESSEE
shall pay for the permit of the signboard and all expenses.

9. The LESSEE shall pay for and defray at its exclusive expense, the consumption of water, electricity,
telephone, or other utility service system therein shall be for the exclusive account of the LESSEE.

10. The LESSEE shall not make alterations or charges in the electrical or plumbing installation within the
lease premises, without the prior consent of the LESSOR.

11. The LESSEE shall not claim any loss or damage on account of necessary work that the LESSOR may
order to be done in the premises, and which in any way interrupt its use of the premises leased.

12. The LESSEE shall comply with all sanitary rules and safety regulations and which maybe promulgated
from time to time by the LESSOR. And shall keep and maintain the lease premises in clean and sanitary
condition and dispose of all rubbish only thru the means and places indicated by the LESSOR for the
purpose.

13. The LESSOR or their duly authorized representatives shall have the right to inspect the lease premises
at any reasonable hour of the day.

14. If the rental herein stipulated, or any part thereof at any time, shall be in arrears or unpaid, or any part
if the LESSEE shall at any time fail or neglect to perform or comply restrictions stipulated, or if the
LESSEE shall become bankrupt or insolvent or shall compound with its creditors, then and in any of such
above cases, this Lease of Contract shall become automatically terminated and cancelled and said premises
shall be vacated peacefully by the LESSEE for the LESSOR to hold and enjoy, henceforth as if these
presents have not been made, and it shall be lawful for the LESSOR or any person or persons duly
authorized in their behalf, without any formal notice or demand, to enter into and upon said leased
premises, or any part thereof without prejudice on the LESSOR to exercise any or all rights from the
Contract of Lease and those given by law, and upon such cancellation of the Contract of Lease hereby
grants to the LESSOR the legal right to enter, and take possession of the lease premises and to items therein
as though the term of their Lease of Contract has expired.

15. The LESSEE, at the expiration of the term of the lease or cancellation of this lease as herein provided,
will unconditionally and promptly deliver the said premises to the LESSOR in as good and tenantable
condition, in the respect, as the same now are, reasonable wear and tear excepted, devoid of all occupants,
furniture, articles and effects of any kind. Provided, however, that non-compliance on the part of the
LESSEE with the terms of this clause will give the LESSOR the right at its option, to refuse to accept the
delivery premises and to compel the LESSEE to pay rent thereafter at the same rate of rental as herein
provided, plus 50% additional sum per month as penalty compounded quarterly, until the LESSEE shall
have complied with the terms hereof. This same penalty shall likewise be imposed in case the LESSEE
shall refuse to leave premises after its right of lease has expired or terminated for any reasons whatsoever.

16. Deposit in the leases premises of any notice to vacate the premises shall constitute due and sufficient
notice to the LESSEE as provided by law. Upon the expiration of the term of this lease or earlier
termination thereof as above provided, the LESSEE hereby expressly authorizes in advance the LESSOR to
enter the leased premises remove all personal property that may be found in the leased premises and
deposits the same in a warehouse, and the LESSEE further agrees to pay all cost for the transfer and storage
in the event that the said LESSOR chooses to exercise this action in lieu of the right given in favor of the
 LESSOR under paragraph 18 of this contract.

17. If said premises be not surrendered at the end of the term, the LESSEE shall be responsible to the
LESSOR for all damages which the LESSOR shall suffer by reason thereof and will indemnify the
LESSOR against all claims made by any succeeding tenant against the LESSOR resulting from delay by
the LESSOR in delivering possession of the premises to such succeeding, tenant, insofar as such delay is
occasioned by failure of the LESSEE to surrender the premise.

18. The LESSEE hereby expressly recognized the absolute right of the LESSOR to sell the leased
premises, and in the event of sale, this Contract of Lease shall be deemed ipso facto cancelled and the right
of said LESSEE to occupy the premises considered automatically terminated.

19. The failure of the LESSOR to insist upon a strict performance of any of the terms, conditions and
covenants hereof shall not be deemed a relinquishment or waiver of any right or remedy that said LESSOR
may have, nor shall it be constructed as a waiver of any subsequent breach or default of the terms,
conditions, and covenants herein contained, which shall be deemed in full force and effect. No waiver by
the LESSOR shall be deemed to have been made unless expressed in writing and signed by the LESSOR.

20. Any violation by the LESSEE of the foregoing terms and applicable provisions of law shall entitle the
LESSOR pre-terminate this Lease of Contract and to liquidated damages of no less than One Hundred Fifty
Pesos (Php150,000.00), Philippine Currency provided that at the LESSOR notifies the LESSEE. The
LESSEE may also pre-terminate this Contract of Lease provided that the LESSEE notifies the LESSOR in
writing of said pre-termination at least thirty (30) days from effective date of the same and that the security
deposits, as well as the advance rentals shall be forfeited in favor the LESSOR.

21. In case of court litigation for the enforcement of the LESSOR right under this lease contract, the
LESSEE binds itself to pay the LESSOR an amount equivalent to 25% of any amount due, but in no case
less than Fifty Thousand Pesos (Php 50,000.00), Philippine Currency, as Attorney’s Fee, plus cost and
expenses. Further, the parties hereby agree that the venue of any litigation shall exclusively be in the City
of Manila.

22. In the event when the LESSEE had a problem with his employee resulting in the lock-out and for
strike, the LESSOR had the right to enter the premises and remove all the property of the LESSEE. The
LESSEE shall pay all the damages for removing and all the storage. The LESSOR has the right to lease the
property to other interested party.

23. This Lease Contract supersedes and renders void agreement and understanding, oral and/or written
previously entered between the parties covering the property herein leased, and this agreement may not
hereafter be modified or altered except by instrument in writing duly signed by the parties hereto.

24. This Contract, as well as the other paragraphs not affected, shall not be invalidated should any
paragraph herein be rendered void.

IN WITNESS WHEREOF, thesepresent are signed in the city of Manila Philippines, on the
__________day of _____________.

DAVID ONG KIM LIONG

LESSOR

ALFRED GEORGE YAO ANG

LESSEE
 SIGNED IN THE PRESENCE OF:

_______________________ _______________________

ACKNOWLEDGEMENT

REPUBLIC OF THE PHILIPPINES)

CITY OF MANILA )SS
METROPOLITAN MANILA )

BEFORE ME, this ___ day of ___________, in the City of Manila, Philippines, personally appeared
the following persons: DAVID ONG KIM LIONG with OSCA No. 022738 issued at Manila on January 22,
2014 ; And ALFRED GEORGE YAO ANG with Passport ID No. P3289968B issued at DFA NCR WEST on
September 20, 2019, who executed the foregoing instrument, and they acknowledge to me that the same is their
free act and deed.

IN WITNESS WHEREOF, I have hereto set my hand sealed my notary seal, on the day, year, and
place first above written.

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