Lease Agreement
Exhibit
10.19
Lessor
(Party A): Huizhou
Huiyang Sanlian Iron Products Factory
Lessee
(Party B): Ritar
International Group Limited
In
accordance with relevant Chinese laws, decrees and pertinent rules and
regulations, Party A and Party B have reached an agreement through friendly
negotiation based on principles of freedom of contract, equality and mutual
benefit.
1. |
Lease
Condition
|
The
14,704 square meters land Party A leased to Party B is located at Cunfa Lake,
Xxx Xxxxx Xxxx Town, Hui’yang District, Huizhou.
2. |
Lease
Term
|
2.1 |
The
lease term shall be six months from 1 October 2006 to 31 March
2007.
|
2.2 |
Party
A has the right to repossess the land contemplated in the lease when
this
Agreement expires and Party B shall return the leased land in time.
If
Party
B
intends to extend the term of the leasehold, he shall
notify Party A within three months before the Agreement
expires.
|
3. |
Rent
and Deposit
|
3.1 |
As
the result of both parties’ negotiation, the rent of the leased land shall
be RMB 0.5 Yuan per square meter each day and it will be XXX 000000
Yuan
per month.
|
3.2 |
Once
both parties sign the Lease Agreement, Party B shall pay lease deposit
to
Party A at the amount of one month’s rent. Party B shall pay the rent
before the 5th of each month, and three months’ rent shall be paid in
advance to Party A.
|
4. |
Other
Fees
|
During
the lease term, Party B shall bear the costs and fees of using the leased
premises and shall pay the amount of money within three days after he receives
the receipts or invoices.
5. |
Sublease
|
During
the lease term, consent from Party A shall be obtained before Party B subleases
the premises. Otherwise, the rents paid and the deposit shall be forfeited
and
will not be returned to Party B.
6. |
Other
issues
|
6.1 |
In
case of breach of contract by any party that terminates the Agreement
before the term of the contract expires, the breaching party shall
be
responsible for breaching the Agreement and pay the non-breaching
party a
penalty at the amount of three times monthly
rent.
|
6.2 |
During
the lease term, if any issue arising from the Real Property Certificates
for the leased land adversely affects the normal
operation of Party B, Party A shall be responsible
for damages incurred therein. This Agreement shall become effective
after
the Party B pays the first rent or terminate once Party B fails to
perform
for three months.
|
7. |
Both
parties shall solve any issues not covered in this contract in accordance
with relevant PRC laws and
regulations.
|
8. |
This
Agreement has four originals and each party holds two originals.
This
Agreement become effective once both parties sign or stamp on
it.
|
Lessor:
Huizhou
Huiyang Sanlian Iron Products Factory
(Corporate
Seal)
Lessee:
Ritar
International Group Limited
|
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|
|
|
|
By: | /s/ Jiada Hu | ||
Name: Jiada Hu |
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Execution
Date: October 1st,
2006