EXHIBIT 4.12
TRANSLATION
TENANCY AGREEMENT
According to the laws and regulations of the Country, province and the district,
and through negotiation of both parties, Party A agree to let the property to
Party B, detail of the tenancy agreement are as follow:
1. Contract related parties
Landlord: (Party A) Shenzhen Shekou Real Representative: Xxxx Bin Chim
Property Company
Address: 15 Floor Shekou Building Telephone: 00000000,00000000
Lessee: (Party B) Jetcrown Indstrial Representative:
(Shenzhen) Ltd Telephone:
Address:
2. Rental and lease period
a. Party A owns and leases the property situate at 0/X-0/X, Xxxxx 00,
XxxXxxx Siu Village, 201-204, 206, 409 Block B9 NanShui Siu Village
and 201, 311 Block C3 of New Wing Village, Shekou, Shenzhen. The
construction area of the leased property is 2,152.2 square meters in
total. The rental for the leased property is calculated based on
DOLLARS NINTEEN RENMINBI (RMB 19) per square meter per month. The
purpose of the leased property is for dormitory and the total
monthly rental is DOLLARS FORTY THOUSAND EIGHT HUNDRED AND
NINETY-TWO RENMINBI (RMB 40,892). Rental should be paid monthly
before the 10th of each month. (Remark: Total rental for the year
2004 was at 8% discount as the payment was made at one time, i.e.
DOLLARS FOUR HUNDRED AND FIFTY-ONE THOUSAND FOUR HUNDRED FORTY-SEVEN
AND CENTS SIXTY-EIGHT RENMINBI (RMB 451,447.68))
b. The rental period for the leased property is one year commence from
1 January 2004 to 31 December 2004. Annual rental will be adjusted
according to market fluctuation.
3. Method of payment of rental
a. On signing this contract, if the parties are using the name of
individual, identity card or temporary ID should be provided. If the
parties are using the name of company, business registration,
representative letter and identity card should be provided to Assets
Management Department of Party A. If Party B intends to chose trust
receipt by Bank, Party B should provide the bank book of China
Merchant Bank to the Assets Management Department of Party A for
relevant procedures of trust receipt. On signing this contract,
Party B shall pay to Party A a guarantee sum of DOLLARS EIGTHY-ONE
THOUSAND SEVEN HUNDRED AND EIGHTY-FOUR RENMINBI (RMB 81,784).
b. Bank account of Party B should have sufficient amount for payment of
rental. If the bank account of Party B do not have sufficient amount
for payment, a late
charge of 3% of monthly rental will be charged. If the rental
overdue more than one month, Party A has the right to possession of
the property and reserve the right to request Party B to pay the
rental. Party A can perform the aforementioned through Property
Lease Management Department, or through Legal Department if it is
necessary. At the same time, the guarantee sum will not be refunded
to Party B. Upon the expiry of the contract, without the agreement
between Party A and Party B for renewal of the contract, Party B
should moved out within 3 days from the contract expiry date and the
leased property should be returned to Party A. If Party B do not
moved out within 3 days after the contract expiry date double rental
should be paid to Party A.
4. The Rights and Obligation of the parties
a. Property tax, land use right charge and lease property management
fee should be borne by Party A; water and electricity charges,
cleaning fee, and property management fee should be borne by Party
B.
b. Party B is not allowed to perform any decoration without the
permission of Party A. Otherwise, any loss or expense incurred will
be borne by Party B.
c. Party B is not allowed to change the structure and usage of the
property at his own discretion. No matter the leased property is
destroyed by Part B in accident or any other case, Party B should
responsible to compensate the economic loss and return the property
to its original status.
d. During the tenancy period, Party B should obey to the relevant laws
and regulations of Province Urban Management and Property
Management. Party B should corporate with Party A and maintains the
property in good conditions. Party B should guarantee the property
and public facilities are in good conditions and safety, and
maintain civilization.
e. During the tenancy period, if there is any loss arise from the
occurrence of natural disasters, the tenancy agreement will be
terminated automatically. Both parties should handle the case
according to the relevant regulations.
5. Surrender or renewal
a. During the tenancy period, Party B is not allowed to sublet the
property to third parties. Otherwise, a penalty, which equals to
five times of the monthly rental, will be imposed and Party A will
take procession of the property. On the time of expiry of the
contract or termination of the contract, Party B should return the
property to Party A. If Party B intends to extend the rental period,
they should inform Party A one month before the expiry in written.
If Party B does not moved out and return the property and he does
not intend to renew the contract, Party A has the right to take
relevant actions to take possession of the property. Party A can
deduct or confiscate the contract guarantee sum and request Party B
to pay the overdue rental.
b. During the tenancy period, if party A have to possess the property
due to the operation of business, Party A has to inform Party B one
month before in writing. Party A has to compensate one month rental
to Party B. If Party B want to terminate he contract, he also has to
inform Party A one month before in writing, and Party B has to
compensate Party A equals to 50% of the guarantee sum. On the time
of termination of the contract, the property has to be checked by
relevant department of Party A, rental will be counted up to the
date shown on the move out notice issued by Property Management.
Party B should present the relevant documents to Asset Management
Department of Party A within 2 working days. Otherwise, double
rental will be charged on the exceed period. After the termination
of tenancy agreement, the party who raise out the decision cannot
change, otherwise, any economic loss caused will be borne by the
this party.
c. Upon expiry or termination of the contact, Party B has to settle all
the water and electricity charge, management fee to the management
company which the Party A trust. Party A or the management company
will then check the property, any damage in the leased property
should be borne by Party B. The easy damage parts including
electrical pipe, sockets, switchers, door-lock, door-handle, lower
water pipe, water box component etc.. Penalty for damage other than
the aforementioned will depends on different tenancy period.
Termination within 6 month from the date of commencing the contract,
Party B has to pay repairment cost for any damage. Termination after
6 months from the date of commencing the contract, the repairment
cost for the following items can be waived (exclude damage other
than natural deterioration), for example, the wall printing, door,
window, security system, water pipe, electricity power, toilet,
renew facility printing etc..
6. If there shall be anything that is not provided for by this agreement, the
parties can issue supplementary agreement through negotiation.
Supplementary agreement and the original agreement all have equal legal
validity.
7. If there shall be any dispute arising through fulfillment, it should be
solved by the discussions and negotiation of the parties. If there shall
be no agreement made in negotiation, mediation can be made through the
Management Department of the property or prosecution can be made in the
People's Court.
7. The contract is valid since the date of signature and Company chop. The
contract has two copies, Party A and Party B will keep one with each
other, they are all have equal legal validity.
8. There are additional terms "one and two" in the supplementary which are of
equal validity with the main contract.
Party A: Shenzhen Shekou Party B: Jetcorwn Industrial
Real Property Company (Shenzhen) Ltd
Signature of Signature of
Representative: Signed & Chopped Representative: Signed and Chopped
Date: 7 January 2004 Date: 7 January 2004
