Lease of University Properties

I.1   The Chancellor is authorized to approve and sign contracts of lease, with the University as lessor, of equipment or any other personal property where the monthly rental does not exceed One Hundred Thousand Pesos (P100,000.00); provided that no lease shall last for more than two (2) years; provided, further, that any such lease shall be reported to the President.

I.2   The Chancellor is authorized to approve and sign contracts of lease, with the University as lessor, of buildings, rooms and similar facilities, other than University housing or residential units, for a period not exceeding three (3) years, subject to reporting to the President.