Property Lease Contract
Exhibit 10.11
Lessor: Xxxx Xxxxxxxx, Li Pin (hereinafter referred to as “Party A”)
ID No.: 513125196312150423, 510103195907220034
Lessee: Sichuan Senmiao Ronglian Technology Limited (hereinafter referred to as “Party B”)
Business License No.: 510000000393444
In consideration of lease of the Premises under the legal ownership of Party A to Party B, this Contract is made by and between Party A and Party B after friendly negotiation to define each party’s rights and obligations hereunder on the basis of free will, equality, and mutual benefits.
| I. | The Premises are located at Xx. 0000, 00X, Xxxxx 0, Xx. 0000, Xxxxxx Jiannan Blvd. High-Tech Zone, Chengdu. |
| II. | Lease Period and Terms: |
| 1. | The lease period of the Premises shall be three years, commencing from December 29, 2016 to December 29, 2019. |
| 2. | Rent: XXX 00 yuan/m2/month; area: 120.39 m2; amount: RMB 6,019.5 yuan/month in total (SIX THOUSAND AND NINETEEN YUAN FIFTY CENTS). |
| 3. | Party B undertakes to Party A that the Premises leased will be used for office purpose only. |
| 4. | Upon the expiration of the lease term, Party A has the right to reoccupy the Premises, and Party B shall return it as scheduled. In case that Party B requires a renewal of the lease, notice must be given to Party A within one month prior to the expiration of the lease period; if Party A agrees upon the renewal, a new lease shall be executed. |
| III. | Repair and Use of the Premises |
| 1. | Party A shall ensure the Premises leased will be used safely during the lease period. Party B shall properly use the Premises leased as well as the ancillary facilities. In case of any damage to the Premises and the facilities due to Party B’s misuse, Party B shall be liable for repair or economic compensation. |
| 2. | The decoration of the Premises and the ancillary facilities as well as the maintenance thereafter shall be the sole responsibilities of Party B. |
| IV. | Transfer and Sublease of the Premises |
| 1. | Party B shall not sublease or lend out the Premises leased during the lease period without the written consent of Party A. |
| 2. | In case that Party A agrees to Party B’s sublease of the Premises, a supplemental agreement shall be established separately; Party B shall sublease the Premises according to the written agreement with Party A. |
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| V. | Treatment upon Party B’s Default |
In any one of the following events during the lease period, Party A has the right to terminate this Contract and recover the Premises; furthermore, Party B shall pay the liquidated damages equal to 20% of the total amount of the rent herein to Party A; in case that the liquidated damages are not sufficient for covering Party A’s losses, Party B shall make indemnification to make up all of Party A’s losses.
| (1) | To sublease or lend out the Premises to others without Party A’s written consent; |
| (2) | To remove or alter the Premises structure or damage the Premises without Party A’s consent, and fail in correction and remedy within specified period upon receipt of Party A’s notice; |
| (3) | To change the lease purpose specified herein without authorization or use the Premises for illegal activities; |
| (4) | To fail behind with the rent for more than one month. |
| VI. | This Agreement is executed in duplicate; each party holds one; it shall come into effect upon affixing the signature or seal. |
| VII. | Remarks: Expenses for water and electricity of the Premises shall be on Party B’s account. |
| Party A | Party B | |
| /s/ Xxxx Xxxxxxxx, | Sichuan Senmiao Ronglian Technology Limited | |
| Xxxx Xxxxxxxx | (Seal) |
| /s/ Li Pin | ||
| Li Pin | ||
| Date: December 29, 2016 | Date: December 29, 2016 |
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