Office Lease Agreement (Unofficial Translation)
(Unofficial
Translation)
Lessor: LIN
Ping
Lessee: Fujian
Xing Gang Shipping Service Co., Ltd.
Pursuant
to the Contract Law of the People’s Republic of China as well as the related
laws and regulations, and intended to define the rights and obligations of both
Lessor and Lessee, this agreement is hereby reached through friendly
consultations and must be complied by both parties.
Article
1
The
Lessee agrees to lease an office space for commercial use from the Lessor, who
ensures the legal ownership of the space – with the construction area of 101
square meters (hereafter designated as “Premises”), and located on the 18th floor
of Building A, Zhongshan Plaza, 154 Hudong Road, Gulou District, Fuzhou City,
Fujian Province. The Lessee may use the interior appurtenances and
equipment in the Premises free of charge.
Article
2
Term of Lease: beginning on January 1,
2008 and ending on December 31, 2009.
Article
3
Upon the
Lessor’s consent, the Lessee may sublet the Premises to a third party. When
subletting is permitted by the Lessor, all terms of this lease shall remain in
full force and the Lessee shall remain liable for the performance of all of the
terms of this lease.
Article
4
The Lessor shall have the right to
terminate the lease when one of the followingoccurs:
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1.
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In
the event the Lessee assigns, transfers, or subleases the Premises without
the prior consent of the Lessor;
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2.
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In
the event the Lessee uses and occupies the Premises for the purpose of
unlawful activities or business that may do harm to the Lessor’s or
societal/public interests.
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3.
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In
the event the Lessee fails to pay the monthly rent for more than fifteen
(15) days from the due date as required in this
lease.
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Article
5
Upon the
expiration of the term of the lease, under like conditions, the Lessee shall
have the first right of refusal to renew the lease. In the event the Lessee does
not desire to renew the lease upon its expiration, the Lessee shall surrender
the Premises to the Lessor on the termination date of this lease. Should
the Lessee fail to do so, the Lessee bears all the resulting costs, expenses and
fees that affect the Lessor.
Article
6
Both
parties agree that the currency of rent payments is Renminbi (RMB), and that the
rent shall be RMB fifty (¥50) per square meter per month, or RMB five thousand
and fifty (¥5050) per month. The full payment of the rent for each succeeding
year must be transferred in one lump sum to a bank account designated by the
Lessor before the end of January of each year during the term
hereof.
Article
7
During
the term of the lease, in the event damages to the Premises are caused by the
Lessee, the Lessee shall assume full responsibility for all the damages and
repairs at its sole cost and expense.
As for
structural or otherwise problems of the Premises itself not occasioned by the
Lessee, the Lessor shall, at its expense, make all repairs and replacements
necessary to the Premises.
In the
event there are repairs needed to be made to the Premises, the Lessee may
require the Lessor to complete all repairs within a reasonable period of time.
Should the Lessor fail to do so, the Lessee may do so at its option, the
cost and expense thereof from the Lessor.
Article
8
During
the term of the lease, the Lessor is responsible for the expenses and fees of
the Lessee’s use of water, electricity, property management, telephones and
internet cable connections on the Premises.
Article
9
The
Lessor shall deliver possession of the Premises to the Lessee before the
commencement of the lease term. Should the Lessor fail to do so, a delay
of longer than fifteen (15) days in the handover shall be subject to a penalty
of RMB two thousand (¥2000) payable to the Lessee. In the event the Lessee
fails to pay the rent for a period longer than fifteen (15) days from the due
date required under Article 6 herein, the Lessor shall have the right to
terminate the lease in addition to the right to assess a penalty of RMB two
thousand (¥2000) from the Lessee.
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Article
10
During
the term of the lease, neither party shall be liable for any damage or
destruction of the Premises or for any loss of the Lessee caused by Force
Majeure.
Article
11
During
the term of the lease, where any dispute arises in connection with this
agreement, both parties
shall attempt in the first instance to resolve it through friendly
consultations. If the dispute cannot be resolved in this manner, both parties
agree that the People’s Court at the Lessor’s location shall be the ruling
authority to judge for the dispute.
Article
12
Upon the
expiration of this lease, if the Lessor does not desire to continue the lease,
the Lessee shall surrender the Premises, with any fixtures, appurtenances or
equipment provided by the Lessor in good working order and condition, to the
Lessor.
Article
13
Any
matters not defined herein shall be settled by supplementary agreements which
are to be reached through negotiations between both parties, in accordance with
the provisions of the Contract Law of the People’s Republic of
China. Both supplementary agreements and this agreement have the same
legal effects.
Article
14
The
addendums of this lease, as the integral parts of the agreement, have the same
legal effects.
Article
15
This
lease becomes effective after both parties affix their respective signature or
seal hereto. This agreement is executed in two originals, and each
party shall retain one original copy.
Lessor:
LIN Ping (signature)
Legal
Representative:
Date:
January 1, 2008
Lessee:
Fujian Xing Gang Shipping Service Co., Ltd. (seal)
Legal
Representative: XXX Xxxx (signature)
Date:
January 1, 2008
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