Lease Agreement (English Translation)
Exhibit
10.17
(English
Translation)
Lessor
(Party A): Huizhou
Huiyang Sanlian Iron Products Factory
Lessee
(Party B): Ritar
Power (Huizhou) Co., Ltd.
In
accordance with relevant Chinese laws, decrees and pertinent rules and
regulations, Party A and Party B have reached an agreement (the “Agreement”)
through friendly negotiation based on principles of freedom of contract,
equality and mutual benefit.
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1.
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Lease
Condition
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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.
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2.
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Lease
Term
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| 2.1 |
The
lease term shall be twelve months from 1 April 2007 to 31 March
2008.
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2.2
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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.
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3.
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Rent
and Deposit
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3.1
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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 RMB ___
Yuan per
month.
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3.2
|
Once
both parties sign the Agreement, Party B shall pay that safety deposit
to
Party A in an 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.
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4.
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Other
Fees
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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 it receives
the receipts or invoices.
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5.
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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.
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6.
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Other
issues
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6.1
|
In
case of breach of the Agreement by any party for terminating the
Agreement
unilaterally, the breaching party shall be liable for the breach
and pay
the non-breaching party a penalty in an amount equal to three months’
rent.
|
1
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6.2
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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 otherwise terminate once the rent
for
any month becomes overdue for at least three
months.
|
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7.
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Both
parties shall solve any issues not covered in this Agreement in accordance
with relevant PRC laws and
regulations.
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8.
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This
Agreement has four originals and each party holds two originals.
This
Agreement become effective with both parties’ signatures or corporate
seals.
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Lessor:
Huizhou
Huiyang Sanlian Iron Products Factory
(Corporate
Seal)
Lessee:
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Ritar
Power (Huizhou) Co., Ltd.
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By:
/s/
Jiada Hu
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|||
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Name:
Jiada Hu
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Date:
1 April 2007
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2
