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EXHIBIT 10-0
LEASE AGREEMENT
LANDLORD: DATUK LAI KON FAH PGDK, DESCRIBED AS "PARTY A"
TENANT: ZHU HAI SPECIAL ECONOMIC ZONE MIN GUANG INDUSTRIAL COMPANY,
DESCRIBED AS "PARTY B"
Party A and Party B, will abide by the law of the Peoples Republic of China and
other applicable regulations, with equally beneficial terms, hereby agreed to a
lease agreement as follows:
I. Party A agreed to let Party B the premises "Factory #B and the two
stairways to the dormitory within the Ji Hai Industrial Building of the Xxxxx
Xxxxx Industrial Zone.
II. Terms:
(1) The terms of the lease agreement shall be three (3) years,
commencing on March 15, 1997, and ending on March 15, 2000.
(2) Upon expiration of the agreement, if Party B needs to continue
leasing the premises, Party B shall communicate the request to Party A six (6)
months in advance. After Party A's approval, a new lease agreement shall be
signed.
(3) Upon expiration of the lease agreement, Party B has priority to
continue the lease under the same economic conditions offered by other
interested parties.
III. Rent:
(1) The rent of the premises is calculated based on the square
meters of the premises, a rate of XXX 00 per square meter shall be charged,
total RMB ___________ per month. (Refer to attachment for the factory layout).
(2) Party B shall pay rent before the fifteen of each month through
direct deposit to Party A's account.
IV. (1) During the lease term, Party B shall maintain the premises in
good condition. Any damages to the premises caused by Party B shall be the
liability of Party B.
(2) During the lease term, any damages caused to the building or the
landscape of the premises by Party B shall be fixed back to the original
conditions as the premises was delivered.
(3) Party B shall deposit with Party A upon execution hereof three
months of rent. After deposit is given to Party A, it will be Party B's
responsibility to facilities the premises.
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(4) After the payment of three months deposits to Party A, Party A
shall immediately deliver the premises to Party B. In addition to that, Party A
shall facilitate the premises with electricity and water.
(5) To ensure the safety and security of this Ji Hai industrial
buildings, no merchandise, containers or miscellaneous items shall be stored in
the common area permanently.
(6) Prior to March 1, 1997, a permit shall be obtained from the
Labor department and other applicable local agencies for using the lift in the
premises. The yearly inspection of the lift and fees shall be Party A's
responsibility.
(7) Party A agrees to build fences around the building to ensure the
safety and security of the premises.
(8) Party A agrees with party B that the first floor of the
dormitory shall be used as a canteen for workers.
V. Change of ownership:
(1) In the case of ownership transfer of the premises, Party B's
lease agreement shall has the same legal effectiveness as before.
(2) Party B shall obtain advance approval from Party A prior to any
swapping location with other party.
(3) After the joint venture of Xxxxx Consumer Electronics, Inc. and
Party B is established, this agreement shall automatically assumed by the new
joint venture company. Party A shall agree without any additional conditions.
VI. Bleaching of agreement:
(1) During the term of the lease, Party B shall abide to all
agreements specified in the lease, Otherwise, Party A has the right to terminate
the lease agreement.
(2) If any party bleach the agreement, a penalty of three months of
rent shall be pay to the opposite party.
VII. Both parties are free from any liabilities or damages caused by natural
disasters.
VIII. In the case of disagreement or dispute occur during the term of the
lease, both parties shall compromise and solve the dispute. If not, either of
the parties can consult with the Bureau of Business Contract and Agreement or
the court to reach to a decision.
IX. The title of the premises belongs to Xx. Xxx Kon Fah.
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X. This agreement shall be effective immediately once it's signed by both
parties. This agreement shall has three copies. Each party shall has one copy
and one be kept by _____________.
Landlord:____________________ Tenant:_____________________
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