LAND LEASE AGREEMENT.
This Land Lease Agreement (hereinafter referred to as the “Agreement”) is made and entered on this ____ day of _____ 2021 (the “Effective Date”), between _________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________, Contact Info: ________________ (hereinafter collectively referred to as the “Landlords”), Pia Marie Hugo and Albert Hugo, Contact Info: ___________, (herein collectively referred to as the “Tenants”), for the Lease of the Property of 4,000 sq. m land located at ___________ Philippines.
NOW THEREOF, in consideration of the mutual covenants and promises made by the Parties hereto, the Parties covenant and agree as follows:
TERM.-The initial term of this Agreement shall be for a period 25 years (1st July 2021 to 1st July 2046) commencing on the Effective Date herein.
PURPOSE.-The Tenants shall use the Land for purpose of constructing a school for the less privileged refugee children around the area. Nothing herein gives the Tenants the right, legal or otherwise, to use the land for any other purpose other than the one stated herein without prior written consent from the Landlords.
PAYMENT.-The Tenants shall pay Eight Hundred Dollars ($800) per month for the lease, starting 1st July 2021, and subsequent rent payments shall be paid on the 1st day of each month. The rent shall be deposited in a joint “Sibling Funds Account”, which shall be then distributed among the siblings, excluding the Tenants. Tenants shall pay a late charge of $________ for each rent payment made more than _______ days after the day it is due. This fees shall be deemed to be rent.
The Tenants shall be responsible for any land taxes due for the term of this Agreement.
TERMINATION/CANCELLATION.-The Parties acknowledge that any of the Parties can terminate/cancel this Agreement at any time provided that they issue a Written Notice on the same, explaining their reasons for the termination/cancellation. If the Agreement is not terminated/cancelled during the 25 year term, the Tenants shall have the option to buy the land or renegotiate a new lease term.
BREACH OF AGREEMENT.-In the event that the Landlords violate any of the terms stated in this Agreement, interferes with the Tenants’ use and enjoyment of the Land and/or interferes with the operations and management of the school, the Landlords shall pay the Tenants the sum total of the amount paid as rent and any other money deemed necessary for the development made of the land as of the time of the termination of the Agreement.
MODIFICATION.-This Land Lease Agreement contains the entire Agreement between the Parties relating to the subject matter hereof and supersedes any and all prior agreements or understandings, written or oral, between the parties related to the subject matter hereof. No modification of this Agreement shall be valid unless made in writing and signed by both parties hereto.
GOVERNING LAW.-This Agreement shall be governed by and construed in accordance with the laws of _____________ [State/Country]. Exclusive jurisdiction and venue shall be in _________ [State/Country].
The Parties having acknowledged and understand thoroughly the terms herein contained and seen that they are consistent with their intentions, subscribed their names and seals in the presence of witnesses and have each retained a copy of this Agreement.
TENANT: ___________________ ________________________ ___________
(SIGNATURE) (NAME) (DATE)
TENANT: ___________________ ________________________ ___________
(SIGNATURE) (NAME) (DATE)
LANDLORD: ____________________ ______________________ ___________
(SIGNATURE) (NAME) (DATE)
LANDLORD: _____________ ________________________ ___________
(SIGNATURE) (NAME) (DATE)
LANDLORD: ______________ _____________________ ___________
(SIGNATURE) (NAME) (DATE)
LANDLORD: _____________ ________________________ ___________
(SIGNATURE) (NAME) (DATE)
LANDLORD: ____________________ __________________________ ___________
(SIGNATURE) (NAME) (DATE)
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