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Rent to Own Contract is a contract that is similar to the file named Rent to Own Agreement. Signing this file also means that the renter shall take possession of the property on a certain date and has the right to use the property until the agreement is terminated, and the ownership of the property shall transfer to the renter upon the full completion of this agreement. To be honest, the rent to own is a transfer of the ownership.

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RENT TO OWN CONTRACT

This Contract of Lease with Option to Purchase (Rent-to-Own Contract) made

and executed this ____of __________ 20___ Manila, Philippines by and between.

__________________________________, Filipino, of legal age, single/married to,

with post address at ________________________, hereinafter referred to as

the LESSOR/SELLER.

-AND –

__________________________________, Filipino, of legal age, single/married to,

with postal address __________________________, hereinafter referred to as

the LESSEE/BUYER.

WITNESSETH:

THAT, for and in consideration of the payment of rent and the faithful

compliance by the LESSEE/BUYER of all the stipulations and covenants hereinafter

contained, the LESSOR/SELLER has agreed to lease unto the LESSE /BUYER the

premises located at _______________________________, City of Manila under the

following terms and conditions.

1. PURPOSE: That the premises hereby leased shall be used exclusively by the

LESSE/BUYER for residential purposes only and shall not be diverted to

other uses. It is hereby expressly agreed upon that if at any time the premises

are used for other purposes, the LESSOR/SELLER shall have the right to

rescind this contract without prejudice to its other rights under the law.

2. TERM: The term of this non–renewable lease is for ______________ months

from _____________________ to ________________ inclusive.

3. RENTAL RATE: The monthly rate for the leased premises shall be in

PESOS: ______________________ [_______________], Philippine currency. All

rental payments shall be made payable to ______________________.

4. DEPOSIT: That the LESSEE/BUYER shall deposit with the LESSOR/SELLER

upon signing of this contract and prior to move in an amount equal to ten

percent (10%) of the selling price or the sum of PESOS:

_____________________________________________________, Philippine currency.

5. RENTAL PAYMENT: The LESSE/BUYER shall issue, likewise, upon signing

of this contract and prior to move in, Thirty (30) post-dated checks to cover

monthly rental for the months of _________________ to __________________,

each check dated on the _____ day of each month.

6. DEFAULT IN PAYMENT: In case of default by the LESSEE/BUYER in the

payment of the rent, such as when the checks are dishonored, the

LESSOR/SELLER, at its option may terminate this contract and eject the

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