Lease Agreement (English Translation)
Exhibit
10.15
(English
Translation)
Lessor
( “Party A”):
Shenzhen
Huahan Pipelines Science & Technology Co., Ltd.
Lessee
(“Party B”):
Shenzhen
Ritar Power Co., Ltd.
In
accordance with Contract
Law of the People’s Republic of China,
The
Law of Urban Real Estate Administration And The
Rules
for Implementing the Regulations of Shenzhen Special Economic Zone on House
Leasing,
Party
A
and Party B have reached the following agreement through friendly
negotiation.
Article
1
Party
A
will lease to Party B the property (the “Lease Property”) located at ▇▇▇▇ ▇▇▇,
▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇ District, Shenzhen.
The
aggregate floor
area of the Lease Property is 1,200 square meters, and the Lease Property has
6
floors.
This
Lease Property is owned by Shenzhen Huanhan Pipelines Science & Technology
Co., Ltd.
Article
2
The
rental will be ▇▇▇ ▇▇ Yuan per square meter per month.
Article
3
Party
B
shall pay the lease guarantee deposit (the “Deposit”) together with the rent of
the first month to Party A by 10th
March,
2007.
Article
4
Party
B
shall pay the monthly rent to Party A before 10th
day of
each month, and Party A shall present relevant receipts to Party B when the
rent
is received.
Article
5
The
lease
term will commence on 6th
May 2007
and expire on 5th
May
2010.
The
aforesaid term shall not exceed the term of the land use right of the Lease
Property, and the loss incurred by the nullity of the excessive term shall
be
born according to the agreement reached by both parties (if any) or Party A
(if
no agreement).
Article
6
The
Lease
Property shall be used for office use purpose. If Party B decides to use the
Lease Property for other purpose, it shall obtain a prior written consent of
Party A, and submit an application for such change of usage to relevant housing
property authority. Party B shall not change the use of the Lease Property
without obtaining such approvals.
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Article
7
Party
A
shall deliver the Lease Property to Party B before 6th
March,
2007 and complete relevant procedures of such delivery.
In
case
Party A fails to deliver the Lease Property to Party B on time, Party B shall
be
entitled to request for a corresponding term extension.
Article
8
Both
parties shall complete together an inventory checklist when the Lease Property
is delivered.
Article
9
When
Party A delivers the Lease Property to Party B, Party A is entitled to collect
the Deposit which equals to two months’ rental, and Party A shall present
corresponding receipts to Party B when the Deposit is received by Party
A.
Party
A
shall return the Deposit to Party B in the event that all the following
conditions are satisfied:
a)
The
lease term expires or both parties agree to terminate this lease (the
“Contract”)
b)
Party
B returns the receipt of the Deposit to Party A and all the due fees have been
settled.
c)
Party
B has not caused deteriorations or injuries to the Lease Property and its
facilities.
Party
A
shall not return the Deposit to Party B in case any of the following conditions
is satisfied:
a)
Party
B refuses to pay the fees which are due.
b)
Party
B unilaterally terminates the lease Contract without the consent of Party A
(excluding the conditions stipulated in Article 18 or Article 20).
c)
Party
B unilaterally subleases the Lease Property to any third party to engage in
unlawful matters
Article
10
During
the lease term, Party A shall pay the relevant fees for using the land of the
Lease Property, relevant taxes, fee, and Party B shall be responsible for
utilities and other services to the premises and any other fees incurred from
the usage of the Lease Property by Party B.
Article
11
Party
A
shall keep and maintain the demised premises in a safe condition at all times
in
accordance with relevant law, regulations and policies and put the demised
premises into condition fit for their purpose of use contemplated by this
Contract.
In
the
event that Party B suffers any personal injuries or property damage due to
gross
negligence or wilful default of Party A with respect to the Lease Property,
Party A shall be entitled to claim for damages from Party B.
Article
12
Party
B
shall use the Lease Property with ordinary care and shall not use the Lease
Property to engage in unlawful business. Party A shall not interfere with the
normal and reasonable use of the Lease Property of Party B.
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Article
13
During
the lease term, not caused by Party B’s fault, in the event of occurrence of
deteriorations or injuries to the Lease Party which imposes safety threats
and
renders it untenantable of the premise, Party B shall notify Party A in time
and
take effective measures to prevent further damage or malfunction. Within 5
days
immediate after being notified by Party B, Party A shall be responsible for
repair or directly delegate Party B to repair the property.
In
the
event that Party B is unable to notify Party A or Party A fails to repair the
property within the aforesaid term after receiving the writing notice from
Party
B, Party B may repair the property on behalf of Party A.
In
the
event of any urgent condition where immediate repair is necessary, Party B
shall
make such repair on behalf of Party A and notify Party A in time.
The
expenses incurred from the aforesaid two conditions (including the reasonable
expenses spent by Party B to mitigate damages or injuries) shall be borne by
Party A. If Party B fails to comply with the obligations defined in this Article
13, the loss incurred from failure to mitigate the damage shall be born by
Party
B.
Article
14
Party
B
shall be responsible for the deteriorations to the Lease Property and its
affiliates caused by its unreasonable use or misuse and shall notify Party
A
promptly. In the event that Party B refuses to repair such damage, Party A
shall
file with the relevant contract registration authority and repair the
deteriorations to the Lease Property at the expense of Party B.
Article
15
During
the lease term, in the event that Party A or Party B intends to makes
alterations, additions or improvements on the Lease Property, both parties
shall
enter into a new agreement in writing.
In
the
event that an governmental approval shall be obtained before such change, both
parties shall submit required application to the relevant authority for
approval.
Article
16
Without
prior consent of Party A, Party B shall not sublease part or whole of the Lease
Property to any third party. In the event that Party A allows Party B to
sublease part or whole of the Lease Property to any third party, the sublease
term shall not exceed the lease term under this Contract.
Article
17
In
the
event that Party A decides to transfer parts or whole of the Lease Property
to
any third party, it shall notify Party B in writing one month before such
transfer and Party B has the right of first refusal.
3
In
the
event that Party A transfers the Lease Property to a third party, it shall
be
responsible to notify such third party to continue performing this
Contract.
Article
18
During
the lease term, this Contract may be terminated or amended in the event that
any
of the following conditions is satisfied:
a)
The
Contract can not be performed in the event of force majeure;
b)
Government confiscates, purchases, or demolishes the Lease
Property;
c)
Both
parties agree to terminate or amend this Contract.
Article
19
Party
A
is entitled to refuse to return the Deposit to Party B, in case any of the
following conditions is satisfied:
a)
The
rent of any month is overdue for more than 30 days (one month);
b)
Party
B use the Lease Property to engage in unlawful acts which violate the public
interests or other third party’s legitimate interests.
c)
Party
B alters the house’s structure or the agreed usage unilaterally;
d)
Party
B breaches Article 14 of this Contract and refuses to be responsible for the
repair liability or repair expenses which result in serious damage to the Lease
Property or its facilities;
e)
Party
B makes alterations, additions or improvements on the Lease Property without
the
consent of Party A and the approval from the relevant authority.
f)
Party
B subleases parts or whole of the Lease Property to any third party with Party
A’s consent.
In
addition to the right of claiming for damages, Party A is entitled to terminate
this Contract or require Party B to amend this Contract with Party
A.
Article
20
Party
B
is entitled to a refund equal to a double Deposit from Party A, in case any
of
the following conditions is satisfied:
a)
Party
A delays delivery of the Lease Property to Party B for more than 30 days (one
month);
b)
Party
A breaches the obligations in Article 11 which causes impossible for Party
B to
use the Lease Property in a way contemplated by this Contract;
c)
Party
A breaches Article 14 by refusing to maintain the Lease Property appropriately;
d)
During
the lease period, Party A makes alterations, additions or improvements on the
Lease Property without the consent of Party B and an approval form relevant
authority.
In
addition to the right of claiming for damages, Party B has the right to
terminate this Contract (after Party B obtains relevant remedies, it shall
notify Party A in writing and deliver the Lease Property to Party A) or require
Party A to amend this Contract with Party B.
4
Party
B
shall not pay the rent to Party A during the period between Party A obtains
such
notice and Party B obtains relevant compensation.
Article
21
Party
B
shall vacate the Lease Property at the expiration of the lease term and return
the Lease Property and its facilities to Party A, and Party B shall guarantee
the good status of the Lease Property and its facilities (except normal
deteriorations) and settle all the fees due and complete relevant transfer
procedures.
In
the
event that Party B fails to vacate or return the Lease Property to Party A,
Party A shall be entitled to repossess Lease Property and a double rent for
the
overdue period from Party B.
Article
22
If
Party
B needs to continue the use of the Lease Property after the Contract expires,
it
shall submit a written notice 2 months prior to the expiration of the lease
term
to Party A and Party B shall have the right of first refusal.
If
both
parties agree to extent the term of this Contract, they shall enter into a
new
lease contract and register with the relevant registration authority.
Article
23
During
the lease term, any party who fails to perform any obligation stipulated in
this
Contract shall bear corresponding liability subject to relevant provisions
under
this Contract.
Article
24
Any
issue
not covered under this Contract shall be otherwise negotiated by both parties
and listed in an appendix of this Contact. The appendix shall constitute a
part
of this Contract and have the same legal effect with the original
provisions.
In
the
event that an amendment to this Contract is entered into between both parties,
the amendment shall be registered with the relevant registration authority
of
this Contract and such amendment shall have the same legal effect as this
Contract after registration.
Article
25
Any
dispute arising out of this Contract shall be negotiated by both parties first,
and if no agreement can be reached, such dispute may be delivered to relevant
registration authority of the Contract for mediation, and if any agreement
still
can not be reached, such dispute shall be finally submitted to CIETAC,
Shenzhen Arbitration Commission Branch for arbitration.
Article
26
This
Contract shall come into effect on the date of execution.
Both
parties shall deliver this Contract to relevant authorities for registration
or
record within 10 days after the execution of this Contract.
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Article
27
The
Chinese version of this Contract shall prevail.
Article
28
There
are
two originals of this Contract. Each party shall hold one original.
Party
A
Shenzhen
Huahan Pipelines Science& Technology Co., Ltd.
(Corporate
Seal)
Party
B:
|
Shenzhen
Ritar Power Co., Ltd.
(Corporate
Seal)
|
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|
By:
/s/
Jiada Hu
|
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|
Name:
Jiada Hu
|
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|
Date:
9th
March, 2007
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