Factory Premise Lease Agreement

Exhibit 10.5
 
Factory Premise Lease Agreement

Party A:  Huizhou NIVS Audio & Video Technology Company
Limited
Party B:  HYUNDAI Light & Electric (HZ) Company Limited

After the friendly consultation between the parties, Party A wishes to lease the factory located at No.29 & 00 Xxxxxxxx Xxxx Xxxx, Xxxxxxx Xxxx, Xxxxxxx Xxxx to Party B. The parties hereby agree upon the following
terms:

            1.

            Party A shall provide Party B with the factory and dormitory (with a gross area of 5000㎡) and the water, electricity and fire
      facilities attached for Party B’s use. Party A shall be responsible to fulfill all the formalities with the government
      authorities as required under the fire prevention law. The term of the lease shall be three years (commencing from July 1, 2008 to June 30, 2010)

            2.

            The rent for the factory payable
      by Party B to Party A on a monthly basis shall be RMB25,000 (Twenty-five
      Hundred Renminbi only), calculated based on a unit
      price of RMB5.00/㎡.

            3.

            During the term of the lease, Party B shall be responsible to
      maintain the fixed
      assets of Party A.
      Party B shall not
      demolish the construction structure of the factory or build additional construction
      structure in the factory. If there is any artificial
      damage to the
      construction, Party B shall be responsible for
      the repair and reinstitution and to bear all the costs and expenses incurred.

            4.

            During the term of the lease, Party B shall make use of the factory and
      dormitory according
      to the provisions
      of law and is not allowed to sublease it to any third parties. Otherwise, Party A shall have the right to terminate this
      agreement due to
      Party B’s breach of this Agreement.

            5.

            During the term of the lease of the factory and dormitory, Party B
      shall pay all charges
      on time and in
      accordance with
      the provisions
      of
      law.

            6.

            During the term of the lease of the factory and dormitory, Party B shall be responsible for
      all losses resulted from any man-made accidents.

            7.

            If Party B intends to terminate this Agreement prior to the expiry of the term of lease, it shall provide Party A with a
      three-month notice in
      writing
      and pay Party
      A with the rents for three
      months.

            8.

            While collecting rents, Party A
      shall provide Party B with the official tax invoices for Party B’s entry of its book of account.

            9.

            The parties shall perform this Agreement in accordance with the
      terms herein.
      Any disputes arising
      from the contract shall be solved through consultation or mediation by the relevant government
      authorities. In case
      that no resolution is reached, either
      party can bring a lawsuit before the
  court.

            10.

            This agreement is prepared in two original copies, each party holding one copy. This agreement will come into
      effect upon the
      execution of both
      parties.

              Party A:  /s/  ILLEGIBLE

              Party B: :  /s/  ILLEGIBLE

              Huizhou NIVS Audio & Video Technology
Company
    Limited

              HYUNDAI Light & Electric (HZ)
      Company
Limited
Document Metadata

Factory Premise Lease Agreement

Document Metadata

Party A: /s/ ILLEGIBLE	Party B: : /s/ ILLEGIBLE
Huizhou NIVS Audio & Video Technology Company Limited	HYUNDAI Light & Electric (HZ) Company Limited