EXHIBIT 10.24
Landlord: Dongguan Weng Li Xxxx Xxxx Xxx Xxxx Xx Xxx (hereafter named
Party A)
Address: Weng Li Xxxxx Xxxx Xxx Xxx
Tel.: 0000000
Tenant: Techtime Industries Limited (hereafter named "Party B")
Address: Tien Xxx Xxxx Xx Xxx
Tel.: 0000000
After discussion, Party A agreed to let the 2/F and 3/F to Party B as the
dormitory and the details are as follow:
A. Party A agree to let 1 block of factory plant and 1 block of dormitory
to Party B, which is located in Tien Xxx Xxxx Xx Xxx. The total area
of these buildings is 4,380m/2/.
B. This letting period starts from May 1, 1996 to May 1, 1999, last for 3
years.
C. The rental fee will start to count from the 45th date of handover.
D. The annual rental fee is RMB$335,000. Part of the rental fee has to be
paid at the beginning of the month, while the remaining will be paid
by the end of the month.
E. Party A has to provide 160KVA electricity for Party B, in which the
extra installation of KVA will be paid by Party B.
F. Party B is responsible for installation fee of all the facilities.
G. Party B has to pay 400/m/2/ insurance premium for the factory plant
and dormitory each month.
H. If any party breach the contract, it has to compensate the other for
3-month rental fee.
I. Party B has prior right to continue renting the buildings after the
termination of the contract.
J. There are 2 original copies of this agreement, and both parties get
one of them.
1.
Landlord: Dongguan Weng Li Xxxx Xxxx Xxx Xxxx Xx Xxx (hereafter named
Party A)
Address: Weng Li Xxxxx Xxxx Xxx Xxx
Tel.: 0000000
Tenant: Techtime Industries Limited (hereafter named "Party B")
Address: Tien Xxx Xxxx Xx Xxx
Tel.: 0000000
After discussion, both parties agree:
A. Party A let an area, which is located in "Xxxx Xxx Industrial Estate",
to Party B for new factory plant, dormitory. Total area is 2,440 m/2/.
The details are as follow:
1. Letting period: From Nov 1, 1997 to Oct 30, 1999, last for 2
years.
2. 1st stage: 1 block of factory plant, the total area of 1/F is
1,000 m/2/. The monthly rent is HK$7.50/ m/2/, total $7,500.00,
which starts to count from Nov, 97.
3. 1 block of dormitory, total area 1,454 m/2/. The monthly rent is
HK$6.50/ m/2/, total $9,451.00, which starts to count from Nov,
97.
4. Party A has to provide 315VA transformer. Party A charges Party
$4/KVA/month for the transformer, total $1,260/annum.
5. The total rental fee is RMB$18,211/month. Part of the amount has
to be paid at the beginning of the month, while the remaining has
to be paid by the end of the month.
B. Party B has to buy insurance for the dormitory and factory plant at
the rate of $400/m/2/. If Party B did not buy insurance and cause the
loss of Party A, Party B has to compensate Party A.
C. If any party breach the contract, this party has to pay 3-month rental
fee to the other party as compensation.
D. Party B has the prior right to rent the buildings but Party A has the
right to increase the rental fee by 10%
E. This agreement has two original copies, both parties get one of them.
2.
