Contract
EXHIBIT 10.75
Date
of Agreement: 13 August 2007
Name
of Parties:
| Party “A”: Xx Xxxx | Party “B”: Trio-Tech (Chongqing) Co., Ltd. |
|
Address
of Property:
|
Trio-Tech (Chongqing) Co.,
Ltd.
00-0/0,
Xxxxxx Xxxxxxxxxxxxx Xxxxxxxx
Xx.
0 Xxxxx Xxxxxxx Road 1st Road
Jiangbei
District, Chongqing
People's
Republic of China 400020
|
Agreement
between Landlord Xx Xxxx “A” and Tenant Trio-Tech CQ “B”
The two
agreements are for the rental of units 26-4 and 26-5
1. A
agrees to rent out 2 units in Future International Building to B.
|
Unit
26-4
|
101.33 sqm | @ RMB 4863 p/m | Deposit XXX 0000 |
| Unit 26-5 | 93.13 sqm | @ RMB 4614 p/m | Deposit RMB 9228 |
2.
Purpose of Usage – Office
3. Rental
Period: August 15, 2007 to September 30, 2010
4.
Payment Method:
Rent will be
paid every 3 months (quarterly)
Rental rate:
RMB 4,863 per month
Deposit: RMB
9,726
5.
Utility Charges – Party B is responsible for all utility charges.
6.
Renovation / Modification of Building
A will
guarantee safety and B is responsible for maintenance of the building. B is
allowed to remove the walls, but will have to reinstate them at its own expenses
when the units are returned to A.
7.
Subletting – B is allowed to sublet the premises, but approval must be obtained
from A. Terms and conditions between B and sub-lessee will follow the main
contract (this contract). The subletting period should not be longer than the
period tenanted under the main contract.
8.
Changes/ Termination Clauses
Apart
from normal circumstances, the contract can be terminated if:
i)
Special reasons from either A or B which both parties have mutually agreed
upon;
ii)
Breach by B which cannot be rectified / corrected by A within 15 days after the
breach;
iii)
Unforeseen circumstances which damage the units;
iv)
Intervention by changes in government regulations.
9. B’s
Responsibilities
A
reserves the right to terminate the agreement and take back the units and B is
liable to compensate A:
i) If B
did not seek A’s approval in writing to sublet to other parties;
ii) If B
did not seek A’s approval in writing and changed the structure of the building,
causing damages, and did not manage to reinstate the building to its original
state;
iii) If B
changed the usage of the rented units / misused the units or engaged in illegal
activities;
i) If
there is a delay in rental payments by more than half a month.
During
the tenancy period, if B stops renting the unit without obtaining consent from
A, B will have to compensate A double the rental rates. If the compensation does
not cover A’s losses, B will have to compensate further.
10. A’s
Responsibilities
A is
responsible for handing over the premises to B at the appointed time and date,
as agreed. A will compensate B based on 0.3% if there is late delivery of the
premises. If this continues after 7 days, A will have to further compensate to B
if the compensation is insufficient to cover B’s losses.
The same
conditions as listed under Clause 9.1 will apply to A if A breaches the
contract.
A commits
that it is the legal owner of the premises and promises that there will not be
any disputes over the ownership. If there are disputes over the ownership of the
rented units, A will have to compensate B’s losses/ damages if there should be
any.
11. Other
Terms & Conditions
11.1 The
terms and conditions listed hereby shall form all and part of the agreement
between A & B.
11.2 Both
parties A & B, upon signing this agreement, agree that both have
responsibilities to adhere to the terms hereby listed in the agreement. In the
event that either party breaches any terms, the breaching party will have to
compensate according to the agreement.
11.3 In
the event of disputes, any dispute will be settled according to the local
governing laws.
11.4 This
agreement is binding upon both parties A & B upon signing the agreement.
Each shall keep one copy of the agreement.
