LEASE AGREEMENT
Exhibit
10.15
Date:
November 8, 2005
Lessor:
Beijing
International Technological Cooperation Center Xxxx
Xxxx
Tower Company (“Party A”)
Lessee:
Jinzhou Halla Electrical Equipment Co., Ltd. ("Party B")
Management:
Beijing
Wangjing Zhucheng Real Property Management Company. (“Party C”)
1. Based
on
the laws and regulations of People's Republic of China, the Parties enter
into
this
Lease Agreement in order to specify the rights and obligations of the
Lessor
and the Lessee.
2. Party
A
agrees to lease the properties and the facilities therein, located at 8085
and
8086
#8A to Party B for the usage of office space (the "Property"). The total
area
of
the properties is 169 square meters. Any alteration to the building shall be
approved
by Party A before it is made.
3. Lease
Term
| a. |
The
term of the lease is 24 months, commencing from November 15, 2005 and
ending on November 14, 2007.
|
| b. |
Extension
of the term shall be requested no later than 45 days before the expiration
of the lease and shall be approved by all the parties to this agreement.
The extension agreement shall be executed at least 15 days before the
expiration of the lease.
|
4. Rental
Payment
| a. |
The
rental payment is RMB17,000 per month. The management fee collected
by
Party C shall be determined in separated
agreements.
|
5. Deposit
| a. |
Party
A shall pay to Party B the sum of RMB51,000 as deposit within 3 days
after
the execution of the agreement.
|
1
| b. |
The
deposit is solely for security purpose and shall not be deemed as any
other payment of any kind and cannot be assigned or be used as a lien
to
secure debts owed by Party B to any third parties during the lease
term.
|
| c. |
Party
A can use the deposit to cover damages caused by breaches of this
agreement on the part of Party B. Party A shall return the deposit,
not
including interests accrued, to Party B only after Party B has fulfilled
all of Party B’s obligations hereunder.
|
| d. |
When
Party A uses part or full amount of the deposit for the use set forth
in
5c, Party B shall make payment of the equal amount to Party A for deposit
purpose, within 3 days after Party A delivers written notice to Party
B.
|
6. Other
Fees
| a. |
The
following fee shall be paid by Party B to Party C, based on the usage
of
utilities.
|
Water:
Cold water: RMB5.6/ton; Warm water: RMB 9.5/ton
Electricity:
RMB 0.95/unit
Other
fees agreed by the parties.
7. Deposit
Payment Arrangement
| a. |
Party
B shall pay the deposit 5 days before the commencement of the lease
in
cash or through wire transfer.
|
| b. |
If
Party B defaults in payment when due, Party B shall pay a late fee
in the
amount of 5% of the defaulted payment each day, not exceeding 30
days.
|
8. Party
A
may adjust the amount of payment based on changes of governmental regulations
regardingutilities
fees.
9. Necessary
Documentation
10. Alteration
or Decoration of the Property
| a. |
Any
alteration to the Property shall be approved by Party A 15 days before
it
is made.
|
| b. |
Any
alteration to the Property made by Party B is at its own cost.
|
| c. |
The
Property need not be restored to its original state at the expiration
of
the lease term.
|
11. Repairs
2
| a. |
Party
A is responsible for maintaining the Property in a safe condition.
Any
damage to the Property caused by Party B’s misuse or negligence shall be
borne by Party B.
|
| b. |
Party
A shall be responsible for reasonable wear and tear arising from the
use
thereof under this lease.
|
12. Public
Area: public area includes hallway, restroom, elevator, entrance door, hall
and
other area shared by public.
13. Right
of
Entry: Party A, Party C and relevant government officials can enter into the
Property if it is for the purpose of security, fire and other necessary
situations.
14. Remedies
for Breaches of the Agreement
| a. |
If
Party A and Party C fail to deliver the Property to Party B at the
commencement of the lease, Party A shall pay 0.05% of the total rental
price to Party B each day when such delay continues.
|
| b. |
Party
A is responsible for any damages, loss or injury caused by its failure
to
maintain the Property pursuant to this agreement.
|
| c. |
Except
as set forth in 15a, in the case of early termination of the lease
by
Party A, Party A shall pay to Party B the sum equal to the sum of security
deposit.
|
| d. |
In
the event Party B fails to make a payment when due, Party B shall on
a
daily basis, pay to Party C in the amount of 5% of the defaulted
payment.
|
| e. |
If
Party B fails to restore the Property to its original state after it
makes
alterations to the Property without Party A’s written consent, Party B is
responsible for any loss and damages borne by other parties, and is
subject to a late charge at the amount of two month’s rent.
|
| f. |
If
Party B terminates the lease before its expiration, the deposit will
not
be refunded.
|
15. Force
majeure: this
agreement will be terminated automatically if caused by forces beyond the
control of the parties.
16. Termination
of the agreement
| a. |
Except
as set for in 15a, any party cannot modify or terminate the agreement
without other parties’ written consent.
|
| b. |
Any
event of default on the part of Party B for longer than 30 days may
result
in termination of the lease by Party A or Party C.
|
3
Beijing
International Technological Cooperation Center Wangjing
Tower Company
Seal
Jinzhou
Halla Electrical Equipment Co., Ltd
Seal
Beijing
Wangjing Zhucheng Real Property Management Co., Ltd.
Seal
4
