Commercial Lease Agreement
Unit 501, Mabini Commerce Center, 12 Mabini Avenue, Barangay San Lorenzo, Makati City 1226, Philippines · Longer-term, public-document, tax, and registration route · Template v0.2.0
1. PARTIES, AUTHORITY, AND COMMERCIAL SCOPE
This Commercial Lease Agreement is made on August 30, 2026 between Mabini Commercial Properties, Inc., a corporation with record SEC CS201512345; BIR registration and current tax status retained in the closing file., address 12 Mabini Avenue, Barangay San Lorenzo, Makati City 1226, Philippines, acting through Jose P. Reyes, President (the “Lessor”), and Bayanihan Retail Corporation, a corporation with record SEC CS201912345; BIR registration and current tax status retained in the closing file., address 88 Pioneer Street, Mandaluyong City 1550, Philippines, acting through Laura M. Cruz, Chief Operating Officer (the “Lessee”).
Lessor authority route: registered owner. Evidence: Mabini Commercial Properties, Inc. is registered owner under CCT No. 012-2026001234; current certified title, tax declaration, board approval, secretary's certificate, marital/co-owner inapplicability, and mortgagee consent were verified and attached. Lessee signing authority: Board Resolution No. 2026-18 and notarized Secretary's Certificate dated 30 August 2026 authorize Laura M. Cruz to sign this exact lease and schedules within the approved financial limits.
This is a commercial—not residential or agricultural—lease. Primary use class: office. Property setting: ordinary property. Current route: Longer-term, public-document, tax, and registration route. It does not itself prove title, a permit, authority, tax status, building acceptance, registration, notarization, or lawful possession.
2. PREMISES, CONDITION, ACCESS, AND PERMITTED USE
Premises: Unit 501, Mabini Commerce Center, 12 Mabini Avenue, Barangay San Lorenzo, Makati City 1226, Philippines. Title/tax record: CCT No. 012-2026001234, Condominium Unit 501, registered to Mabini Commercial Properties, Inc.; current Makati tax declaration and dues clearance checked on 29 August 2026. Approximate area: 100 square meters. Boundaries and plan: Approximately 100 square meters measured to the inside finished face under signed Plan CL-501-A; boundaries, access corridor, service risers and measurement tolerance are marked, with rent adjusted prospectively if a joint licensed survey differs by more than two percent.
Included areas, systems, fixtures, equipment, and property: Unit 501 with finished floor, ceiling grid, lighting, base electrical panel, sprinklers, smoke detectors, two split-type air-conditioning units, pantry sink, restroom access, and the specific fixtures listed in Schedule 2. Parking, storage, loading, access, and common areas: Two nonexclusive parking slots P2-18 and P2-19, shared loading bay by booking, passenger and service elevators, lobby, corridors, restrooms and emergency exits, all subject to the disclosed building rules without guaranteed uninterrupted exclusivity.
Encumbrances, superior rights, consents, and non-disturbance: Title is mortgaged to Bayan Bank; written mortgagee consent and recognition/non-disturbance letter are conditions before rent commencement. Condominium corporation approval and current house rules are attached. No superior lease or adverse claim is known after the stated search. Initial-condition evidence: Schedule 3 is a jointly signed, dated turnover condition report with floor plan, photographs, meter readings, keys, cards, fixtures, existing wall marks, ceiling repair item, HVAC test, fire-system status and completion dates.
Permitted use: Operation of the lessee's specifically identified lawful business and directly incidental administrative activities, subject to all approved plans, permits, occupancy limits, and building rules. Prohibited use: No residential, unlawful, nuisance, hazardous, overloading, unlicensed, environmentally harmful, or structurally damaging use, and no activity outside the disclosed permitted use without prior written approval and permits. Exclusivity or radius treatment: No exclusive-use or radius protection is granted unless expressly stated in a signed schedule.
Permits and zoning allocation: Lessor proves existing lawful building/occupancy status within its control; lessee obtains and maintains business- and use-specific permits. Neither party warrants a permit controlled by the other or by a government authority.
3. TURNOVER, TERM, RENEWAL, AND HOLDOVER
Target turnover: October 1, 2026. Lease term: October 1, 2026 through September 30, 2029, both dates included. Base rent commences October 31, 2026, subject to the stated turnover and rent-trigger terms.
Turnover conditions: Vacant physical possession, safe legal access, agreed base-building systems operating, keys and access devices delivered, utilities available for connection, disclosed permits/evidence delivered, and the signed condition report completed. Delayed turnover: Rent does not commence before compliant turnover; after the agreed long-stop date, apply documented rent credit and allow termination with prompt refund of unapplied amounts unless delay was caused by the lessee.
Renewal option: written exercise at least 180 days before expiry. One additional three-year term by written notice given at least 180 days before expiry, subject to no uncured material default, signed confirmation, and rent set by the stated objective market-comparison process with a defined fallback appraisal.
Holdover may arise only through documented acceptance: 150% of the last base rent. Month-to-month only with written lessor acceptance, 150% base rent plus recurring charges, terminable on thirty days' notice, and without reviving renewal, guaranty, improvement, or exclusivity rights except as expressly signed.
Registration/annotation is intended: Execute a notarized registrable lease with verified authority and complete schedules; obtain Bayan Bank and condominium consents; compute and pay current taxes; submit the accepted instrument to the Makati Registry of Deeds for annotation; retain entry/annotation evidence and remove it upon documented expiry or termination.