EXHIBIT 10.32
SUBLEASE
THIS SUBLEASE (the "Sublease") is entered into as of the date set forth in
Section 3.1(c) below, by and between the Shanghai TaiSi Science and Technology
Ltd., Corporation ("TaiSi"), a company organized under the laws of the PRC, and
TCSI Corporation ("TCSI"), a company organized under the laws of the USA.
W I T N E S S E T H
1. SUBLEASE GRANT.
1.1 TaiSi has leased certain space located at 0000 Xxxxxxx Xxxx, Xxxxxxxx,
PRC in accordance with a lease agreement ( the "Xxxxxxxxx"). TaiSi shall
sublease a portion of that certain space to TCSI for the purpose of, among other
things, setting up a Representative Office in Shanghai (the "Office").
1.2 In consideration of the obligation of TCSI to pay rent as herein
provided and in consideration of the other terms, covenants and conditions
hereof, TaiSi hereby subleases to TCSI and TCSI hereby hires from TaiSi, upon
and subject to the provisions of this Sublease and the Xxxxxxxxx, the Office.
3. SUBLEASE SUMMARY AND DEFINITIONS.
3.1 As between TaiSi and TCSI, the Sublease provisions and definitions set
forth in this Section 3.1 shall replace inconsistent terms in the Xxxxxxxxx. All
other terms and conditions shall remain the same. If there is any conflict
between the Xxxxxxxxx and this Sublease, the latter shall control.
(a) TCSI's Notice Name TCSI CORPORATION
and Address: 0000 Xxxxxx Xxxxxxx Xxxxxxx
Xxxxxxx, XX 00000 (USA)
Attn: Xxxxx Xxxxxx, Vice President
(b) TCSI's State of Incorporation: Nevada, USA
(c) Sublease Date: The last date below
(d) Unincorporated Provisions Those provisions that do not apply to
of the Xxxxxxxxx: the Office, including but not limited
to: TCSI does not pay to the
Overlandlord any tax, electricity
fee, water fee, building management
fee, or similar, and which shall be
the responsibility of TaiSi.
(e) Office: Suite 906 consisting of approximately
224 square feet.
(f) Sublease Commencement Date: One year commencing on the last date
below.
(g) Sublease Expiration Date: The anniversary of the last date
below; provided, not less than 15
days before the expiration date,
and each anniversary thereafter,
TCSI may extend for an
1
additional year, or on a monthly
basis as may be mutually agreed
between the parties.
(h) Monthly Rent: The equivalent of $2000 (two
thousand US Dollars) per month
including local taxes (if any),
monthly rent, building maintenance,
hydro, utilities and such other
fees.
(i) Security Deposit: First and last month's rent.
(j) Payment: All amounts payable by TCSI shall be
without previous demand or notice
therefor by TaiSi.
4. MISCELLANEOUS
4.1 TaiSi has obtained from the local authorities all approvals required to
sublease to a foreign representative office, or equivalent.
4.2. This Sublease may not be changed orally, but only by an agreement in
writing signed by the party against whom enforcement of any waiver, change,
modification or discharge is sought.
4.3. This Sublease shall not be binding upon TCSI unless and until it is
signed by TaiSi and delivered to TCSI.
4.4. This Sublease constitutes the entire agreement between the parties on
the subject matter herein and all representations and understandings have been
merged herein.
IN WITNESS WHEREOF, the parties have hereunto set their hands and seals of
the day and year first above written.
SHANGHAI TAISI SCIENCE AND TCSI CORPORATION
TECHNOLOGY LTD., CORPORATION
By /s/ Xxxxxxx Xxx By /s/ Xxxxx Xxxxxx
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Name Xxxxxxx Xxx Name Xxxxx Xxxxxx
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Date February 7, 2001 Date February 7, 2001
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