Rental Agreement
Exhibit 10.7
Contract No.: HK-WB-20230715
This contract was concluded between Efun Company Limited. (hereinafter referred to as “Party A”) and Ctrl Media Limited (hereinafter referred to as “Party B”) on July 15, 2023 , for Unit F, 12/F, Xxxxxx Estate, Xx. 00, Xxx Xxx Xxxxxx, Xxxxxxx, Xxxx Xxxx (hereinafter referred to as the “Property”) for rent sharing, both parties agree to abide by the following terms and conditions:
1. Rent and others
1.1 Rent The monthly rent of the property is HK$46,000, and Party B shall share HK$ 34,000.
1.2 Others Apart from the monthly rent of HK$ 12,000, Party A does not need to pay any other expenses (including but not limited to water, electricity and other expenses) for the property, and Party B shall bear all other expenses.
2. Settlement
Party A should issue the invoice for the rent sharing of the previous month before the 5th of the next month, and Party B shall pay the rent to Party A before the 20th. During the rent-free period, Party A does not need to share the rent.
2.2 Party A’s receiving account:
Account name: EFUN COMPANY LIMITED
Bank: Bank of China (Hong Kong) Limited
Bank Address: 00X, Xxxxx X, Xxxxxx Xxxxxx,
00 Xx Xx Xxx Xxxx, Xxxx Xxxxx,
Hong Kong
Swift code: XXXXXXXX
Account number: 01261110243606
3. Contract Period
This contract is valid from July 15, 2023 to July 15 , 2025 (both days inclusive) , If the lease contract between Party A and the owner is terminated in advance, this contract will be terminated automatically.
4. Liability for breach of contract
During the contract period, both parties must abide by the contract. If any party violates the provisions of this contract, it must pay the other party pay 2% of the annual rent according to the respective year as liquidated damages.
5. Dispute Resolution
All disputes arising from the execution of this contract or related to this contract shall be settled by both parties through friendly negotiation first. If the negotiation fails, the dispute shall be submitted to the arbitration of the institution administered by the Hong Kong International Arbitration Center (“HKIAC”), and finally resolved in accordance with the “HKIAC Administered Arbitration Rules” in force when the notice of arbitration is submitted. The law applicable to this arbitration clause shall be Hong Kong law, the place of arbitration shall be Hong Kong, and the number of arbitrators shall be one. The arbitration proceedings shall be conducted in English. The arbitration is final and has statutory enforcement effect. If the statutory conditions are not met, both parties to the contract must faithfully perform.
6. Other
This contract consists of 2 pages, and it will take effect from the date of signing the first page. In duplicate, each party holds one copy, with equal legal validity. (no text below)
(This page is the signature page (Contract No.: HK-WB-20230715))
| [Company Seal Applied] | [Company Seal Applied] |
| Party A (signature) : | Party B (signature) : |
| Efun Company Limited | Ctrl Media Limited |
