Section 1. The President of the Philippines, subject to such terms and conditions as he may deem just and advisable in the national interest, is hereby authorized to lease for a period not exceeding ninety-nine years to the United States of America, for diplomatic or consular purposes, the following portions of the tract of land located the District of Malate, City of Manila, Philippines, n as the "Plaza Militar" described as follows:
1. Parcel 1, which consists of portions of lots Nos. 3 and 16 Block No. 501, of Manila Cadastre, bounded on the northwest by the proposed extension of Herran Street; on the northwest by M. H. del Pilar Street as proposed to be widened; on the southeast by the extension of Militar Street; and on the southwest by the Dewey Boulevard as proposed to be widened, containing an area of 12,000 square meters, more or less; and
2. Parcel 2, which consists of Block No. 502, Manila Cadastre, bounded on the northwest by Herran Street as proposed to be widened; on the northeast by Mabini Street as proposed to be widened; on the southeast by Calle Militar as proposed to be widened; and on the southwest by M. H. del Pilar Street, as proposed to be widened, containing an area of 12,407.8 square meters, more or less.