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EXHIBIT 10.2
PROVISIONAL LEASE OF STATE LAND
Whereas, I, XXXXXXXXX XXXXX, the Superintendent of Lands and Surveys,
Kuching Division (hereinafter called "the said Superintendent") have agreed to
lease to ZYCON CORPORATION SENDIRIAN BERHAD, a company incorporated and
registered under the Companies Act, 1965, all that parcel of land situate in the
Muara Tebas Land District and known as Lot Number 1072 (in Block/Section Number
12) containing approximately 7.31 hectares; and
Whereas a lease in accordance with the provision of the Land Code
cannot be given because the immediate survey of the land has not yet been
practicable;
Now therefore, I, the said Superintendent, xxxxxx agreed to the said
ZYCON CORPORATION SENDIRIAN BERHAD entering into possession of the said land and
holding it as tenant from the fourteenth day of November, 1995 subject to the
payment therefor of the annual rent of dollars Fourteen Thousand and Thirty-Five
only (RM14,035.00) of the payment of such revised rent as may hereafter be
determined under section 30 of the Land Code, and subject to the following terms
and conditions:
(1) Upon the completion of a properly survey of the land the holder of
this provisional lease will be given a lease in accordance with the provisions
of the Land Code, and subject to the following express conditions and
restrictions (including any modifications of implied conditions and
restrictions):
(i) This land is to be used only for industrial purposes;
(ii) The development or re-redevelopment of this land shall be
in accordance with plans and sections and elevations approved by the
superintendent of Lands and Surveys, Kuching Division;
(iii) The erection of a building or buildings on this land
shall be in accordance with detailed drawings and specifications
approved by The Council of the City of Kuching South and shall be
completed with two (2) years from the date of registration of this
lease;
(iv) No residential accommodation other than accommodation for
a watchman with a maximum floor area of 37.2 square metres may be
permitted on this land;
(v) No transfer affecting this land may be effected without
the consent in writing of the Director of Lands and Surveys; and
(vi) No sublease affecting this land may be effected without
the consent in writing of the Director of Lands and Surveys during the
initial period of five (5) years from the date of registration of this
lease.
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Premium: Ringgit three hundred and ninety three thousand four hundred
twelve and cents forty only (RM393,412.40) (payable by five (5) installments as
follows:
(a) The first installment of RM118,023.00 to be paid on the
registration of this lease; and
(b) Fourth (4) subsequent equal installments of RM83,145.80 to
be paid annually thereafter on the 1st day of January of each
succeeding year.)
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