Tianjin Port International Car Exhibition Centre Showroom Lease
Exhibit
10.2
Tianjin
Port International Car Exhibition Centre
Showroom
Lease
Party
A (“Lessor”): Tianjin Port International Car Exhibition
Centre
Party
B (“Lessee”): Tianjin Shisheng Investment Group Ltd.
Upon
friendly negotiation, the Lessor and Lessee made the following agreements
according to <Chinese Contract Law>, <Chinese Property Management
Regulation> and <Tianjing Leasing Management Regulation>:
1 Place
and
Area
The
Lessor rents estate
property located at B Hall. Tianjin Port International Car Exhibition Center,
with a total area of 2191.79
square
meters to the Lessee.
2. Price
Rental
per day is RMB
2.5 /per square meter/per day,
whole
year rental is RMB
2,000,000
and
RMB
1,000,000
for half
year.
3 Lease
Term
The
Lease
term lasts for Five
years
from January
1, 2007 to December 31, 2011
4. Payment
(1)
The
lease
contract shall be executed before January 31, 2007, upon the execution, Party
A
will provide 50% of the whole year rental financing to Party B and Party B
shall
pay whole year’s rental in full to Party A within 5 days of
execution
(2) The
first
year’s rental shall be paid at the contract execution, the following rentals
shall be paid before December 20th
each
year.
(3) Party
B
shall pay RMB 10,000 deposit to Party A within 3 days of execution.
(4)
This
deposit will be kept by Party A to ensure Party B’s performance of obligation,
if Party B breached or terminated contract within the contract term, the deposit
will be reimbursed to Party A as compensation and Party B shall cover the
insufficient amount. If the deduction of the deposit occurs, Party B shall
fill
the deposit to make it RMB 10,000. If Party B performs all its obligation during
the contract term, when the contract expires, Party A shall reimburse the
deposit to Party B within 15 days of expiration. (No interest will be
calculated)
5. Party
B
shall obey Party’s decoration requirements restrictedly, the decoration plan
shall be delivered to Party A and get written approval prior to the
construction, Party B couldn’t change the decoration plan during the
construction or will be treated as breach of contract.
6. Usage
of
showroom
(1)
Party
B shall use the showroom only for car exhibition and car trading purpose, Party
B shall not change the usage of the showroom, shall not sub-lease, transfer
lease, lend the showroom to any other parties, the name and sign on the showroom
shall be consistent with this contract.
(2) During
the leasing term, Party B shall obey related rules restrictedly. Party B shall
not bring into, use, or store any dangerous articles, shall not smoke in the
showroom.
7. During
the leasing term, if Party A renovates or has the short-term exhibition in
the
place, Party B shall coordinate and move out temporarily, the loss caused due
to
Party B’s refuse or move or coordinate shall be covered by Party B. Rental is
exempted during renovation or short-term exhibition.
8.
Party A
ensures Party B’s goods and stuffs move in and out of the showroom during the
office hours, the goods and stuffs need to qualify
(1)
The wax
on all cars exhibit in showroom shall be polished, the package shall be removed
and the car shall be in clean condition.
(2)
Car
exhibit in the showroom cannot be moved without Party A’s
permission
(3)
Party B
needs to provide required documents when move in or out cars
(4)
The
unpack, check and decorate of cars shall only be performed in the designated
areas
9.
Termination, extension and dissolution of contract
(1) The
contract will be terminated automatically and none of the party needs to
compensate
A.
Leasing term expires and Party B has no intension for extension
B. Party
A
or B claimed bankruptcy, dissolution or demission
C. Force
Majeure
D. Under
termination condition Party A and B both agreed in advanced
(2) If
both
parties have intension to extend the leasing term, the procedures shall be
done
within 30 days prior to the expiration date
(3)
Both
parties agree to terminate the contract
(4)
Party
A
has right to terminate the contract unilateral
A.
Party
B does not meet Tariff-free zone management regulations or real property
management regulations
B.
Party
B cannot make the payment on time
C. Party
B
cannot use the showroom as agreed purpose for continuously two months during
the
leasing period
D. Party
B
breached the contract and cause Party A damages or losses
(5) If
Party
B terminates the contract before the expiration without Party A’s approval, the
deposit will be withdrew and Party B shall be responsible for all the losses
caused to Party A.
10. Breach
obligation
(1) The
breaching party shall be fully responsible for the breach of
contract
(2) The
breaching party shall reimburse the other party 2% of total contract value
as
breaching compensation.
(3) Under
force xxxxxx, it shall notice the other party in written within 5 days of
occurrence and work actively with the other party to decrease the
losses
11. Both
parties shall try to resolve any disputes based on friendly negotiations before
appealing to local jurisdiction under where the real estate is governed.
12. Any
supplementary agreements on the resolved matters of this Contract will be the
attachments hereof and has the same effectiveness of this Contract
13. The
contract is in triplicate, Party A and B holds one copy each and the third
contract to be surrendered to Real Estate Bureau.
Party
A
(“Lessor”): Tianjin Port International Car Exhibition
Centre
(Seal)
Party
B (“Lessee”): Tianjin Shisheng Investment Group Ltd.
(Seal)
January
10, 2007
