Summary English Translation of Factory Lease Agreement dated September 30, 2000 Parties: Shanghai SIMIC Electronics Co., Ltd (“SIMIC”) and Shanghai SIM-BCD Semiconductor Manufacturing Co. Ltd (“SIM-BCD”) Date: September 30, 2000 Purpose: SIMIC as...
Exhibit 10.8
Summary English Translation of Factory Lease Agreement dated September 30, 2000
Parties:
Shanghai SIMIC Electronics Co., Ltd (“SIMIC”) and Shanghai SIM-BCD Semiconductor Manufacturing Co. Ltd (“SIM-BCD”)
Date: September 30, 2000
Purpose:
SIMIC as lessor leases to SIM-BCD as the lessee certain factory space located at 000 Xxxxxx Xxxx, Xxxxxxxx.
Summary of Major Terms:
• | Monthly rent is RMB133,218.36 but, for the first and second years, SIM-BCD only needs to pay 40% of the monthly rent (i.e. RMB53,287.34) and, for the third year, SIM-BCD only needs to pay 50% of the monthly rent (i.e. RMB 66,609.18). Thereafter SIM-BCD shall pay 100% of the monthly rent. |
• | Term: 10 years subject to any renewal (including new rent) that may be negotiated by both parties half a year before the expiration of the term. |
• | Either party may terminate the lease if the other party materially breaches the agreement or becomes insolvent or bankrupt or SIM-BCD is terminated due to the termination of the joint venture agreement that created SIM-BCD. |
• | SIMIC shall not transfer any part of the leased factory space or assign any right regarding such leased factory space to any third party without SIM-BCD’s prior written consent. |
• | The governing law is PRC law and, if a dispute cannot be resolved by negotiation within 3 months, the dispute shall be submitted to arbitration in Hong Kong pursuant to the rules of Hong Kong International Arbitration Centre. |