PROCESSING PLANT LEASE AGREEMENT
Exhibit 10.7.2
PROCESSING PLANT LEASE AGREEMENT
Lessor (Party A): Jiangsu Huadong Medical Device Industrial Co., Ltd,
Lessee (Party B): Yangzhou Huada Medical Device Co., Ltd,
This Lease Agreement (“Agreement”) is made for and between Party A and Party B for Party A’s lease of Party A’s legally owned plant to Party B. In accordance with relevant laws and regulations and on the basis of voluntariness, equality and reciprocity, both Parties agree the following:
I. | Leased Plant |
The plant that Party A leases to Party B is located at No. 88 Tongda Road, Touqiao Town, Guangling District, Yangzhou City, with a leased floor area of 670 square meters.
II. | Lease Term |
1. | The lease of the plant shall start from January 1, 2021 to December 31, 2021, with a duration of one year. |
2. | Upon the expiration of the lease term, Party A shall be entitled to reclaim the leased plant, and Party B shall return the plant as scheduled. Party B may renew the Agreement three months prior to the termination, with a written notice to Party A. With Party A’s consent, both Parties may sign a new lease agreement. |
III. | Payment of Rent |
1. | Party A and Party B agree that the rent of the plant is RMB 60.00 per square meter of floor area with an annual rent of RMB 40,200.00. |
2. | Party B shall pay the rent of the plant to Party A once the Agreement is signed. The annual rent shall be paid in a lump sum between January 1, 2021 and January 5, 2021. |
IV. | Other Expenses |
1. | During the lease term, Party B shall bear the expense of water, electricity, gas, telephone and other communications fees arising from the use of the plant, and the payment shall be made within three days upon receiving the receipt or invoice. |
V. | Use and Maintenance of the Leased Plant |
1. | During the lease term, Party B shall promptly notify Party A for maintenance should the plant and its ancillary facilities be found damaged or malfunctioning; Party A shall carry out maintenance within three days upon receiving Party B's notice. In the case of Party A’s failure to carry out maintenance within the time limit, Party B may carry out maintenance on behalf of Party A, with the cost borne by Party A. |
2. | During the lease term, Party B shall appropriately use and take care of the plant and its ancillary facilities. If inappropriate use of Party B results in damage or malfunction of the plant and its ancillary facilities, Party B shall be responsible for maintenance. Where Party B refuses to carry out maintenance, Party A may carry out maintenance on behalf of Party B, with the cost borne by Party B. |
3. | During the lease term, Party A shall ensure that the plant and its ancillary facilities are in a normal, useable and safe condition. Party A shall notify Party B three days in advance of the inspection and maintenance of the plant. Party B shall cooperate in the inspection and maintenance, and Party A shall reduce the impact on Party B’s use of the plant. |
4. | Any furnishing or additional ancillary facilities and equipment by Party B is subject to Party A’s written consent in advance. Should any approval from the relevant authorities be required in accordance with relevant provisions, Party A shall apply for approval from the relevant authorities before Party B’s further moves. |
VI. | Others |
1. | The Agreement shall come into force on the date of signature and seal by both parties. |
2. | The Agreement shall be executed in duplicate, one copy for each party, with the same legal effect. |
Party A: | Party B: | |
Jiangsu Huadong Medical Device Industrial Co., Ltd. | Yangzhou Huada Medical Device Co., Ltd, | |
Date: December 7, 2020 |