EXHIBIT 10.6
A Translation from Chinese Language
PROPERTY LEASING AGREEMENT
Leasee: Shanghai Yiyang Automobile Consulting Services Co., Ltd. ("Party A")
Xxxxxx: Oriental Automotive Parts Development (China) Co., Ltd. ("Party B")
Party B owns the exterior wall spaces of the first through third floors of
a commercial building located at 1926 Cao An Road (the "Property"). Party A
is a consulting and advertising corporation specializing in automobile and
auto parts industries, and Party A desires to lease the Property from Party
B for advertising purposes. Therefore, Parties have reached the following
agreement:
1. Party B shall provide exterior advertising space up to 12 units,
including 10 units (20 square meter a unit) on main side, 2 units on each
eastern side and western side (70 square meter a unit).
2. Party A shall be responsible for its own advertising operations on the
Property.
3. The Party A's advertising activities on the Property shall be limited
to those automobile and auto parts related products and businesses.
4. The rent of the Property shall be RMB 900,000 for the first year;
thereafter, 3% of annual increase.
5. Leasing term shall be 3 years, from February 19, 2003 to February 18,
2006.
6. The Party A shall pay RMB 30,000 of security deposit within 3 days upon
the signing of this Agreement. The rent shall be payable quarterly, which
is due on or before 25th day of the first month of the quarter on the first
month in each quarter. The security deposit of RMB 30,000 shall be return
to the Party A at the date of the expiration of this Agreement.
7. The Party A's Rights and Obligations
(1) Party A shall conduct its own business of advertising on the
Property in accordance with the provisions of this Agreement.
(2) Party A shall have the rights to determine the fees it charges
for the advertising on the Property and to have its own advertising strategy.
(3) Party A shall pay the rent on time.
(4) Party A shall obey all laws, rules and regulations of doing business.
8. Party B's Rights and Obligations:
(1) Party B shall deliver the Property to Party A within 3 days upon
the payment of security deposit by Party A.
(2) Party A shall have the right to renew this leasing agreement under
the equal terms which Party B may enter into with third parties. The renew
notice has to be received by Party B 30 days prior to the expiration date
of this agreement.
9. Disagreements
In the event that there are disagreements, parties shall try to solve the
disagreements internally at the first place. If no agreement can be reached,
both parties may take legal actions at the court located in the business
place of Party B.
10. This agreement shall have six copies, of which three for each party.
Each copy shall have the equal legal effect.
Shanghai Yiyang Automobile Consulting Services Co., Ltd.
Corporate Seal
/s/ Ding Xxxx Xxxx
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Ding Xxxx Xxxx
Oriental Automotive Parts Development (China) Co., Ltd.
Corporate Seal
/s/ Xxxx xxxxxxx
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Xxxx Xxxxxxx
Date: February 18, 2003
