EXHIBIT 4.11
TRANSLATION
TENANCY AGREEMENT
Party A: Shenzhen Shekou Real Property Company Tele: 26684762
Party B: Jetcrown Industrial (Shenzhen) Ltd Tele: 13609620061
Identity Card or Unit Business Licence No.:
Through negotiation of both parties, and according to the relevant
regulations of Shenzhen Special Economic Zone, Party A and Party B signed the
following contract relating to lease of property.
1. Party B is, at his own discretion, to lease 66 rooms located at Block Cl,
New Wing Village, Shekou, including Room 201-203, 205-208, 210-214, 305,
307-310, 402-405, 407, 409, 413, 414, 416, 502-504, 506, 507, 510,
513-516, 601, 603-607, 609-616, 701-716 from Party A. The property will be
used as DORMITORY. The construction area of these rooms is 3,268.49 square
meters. The monthly rental per square meter is FIFTEEN RENMINBI (RMB 15)
and total month rental shall be DOLLARS FORTY-NINE THOUSAND TWENTY-SEVEN
DOLLAR AND CENTS THIRTY-FIVE RENMINBI (RMB 49,027.35).
2. The terms of the tenancy shall be from January 1,2004 to December 31,2004.
3. The monthly rental will be cleared every month (on the time of termination
of the agreement, if the rental period is less than 15 days, Party B
should pay half month rental; if the rental period is more than 15 days,
Party B should pay whole month rental). The rental should be paid once
every month. Party B should pay the rental before 5th of each month to the
Finance department of Party A. If the rental becomes overdue, a late
charge of 2% per day will be charged. If the rental overdue more than
thirty days, it will be treated as breach of contract by Party B. Party A
has the right to take possession of the property and request Party B to
pay the rental and the guarantee sum will not be refunded.
4. On signing of this Agreement, Party B shall pay to Party A a guarantee sum
which equals to one month's rental i.e. DOLLARS FORTY-NINE AND
TWENTY-SEVEN RENMINBI (RMB49,027). Upon the expiry of the contract, Party
A shall refund the guarantee sum, without interest, to Party B.
5. Party B is not allowed to alter the structure and use of the property at
his own discretion. If any loss or responsibility arises because of this
reason, Party B has full responsibility to renovate the same or indemnify
from the economical loss. According to the situation, Party A has the
right to take possession of the property. Any loss arise will be deducted
from the guarantee sum paid by Party B. (If the amount is insufficient,
Party B should pay the balance).
6. Party B can, with Party A's permission, to alter the building structure
and use of the property. Upon the expiry of the contract, Party A has the
right to request Party B to restore the property into original state and
condition without any conditions. The relevant expenses should be borne by
Party B.
7. During the tenancy period, if there is any loss arise from the occurrence
of natural disasters, both parties should handle the case according to the
relevant regulations.
8. During the tenancy period, Party B is not allowed to sublet the property
to third parties. Otherwise, a penalty, which equals to two times the
monthly rental, will be imposed and Party A will take possession of the
property. All the responsibility will be borne by Party B.
9. Upon the expiry of the contract, with the agreement of Party A, Party B
can renew the contract but Party B should inform Party A one month before
the expiry of the contract. The rental will be determined by Party A. If
under the same conditions offered by third parties, Party B has the first
priority to lease the property. After the expiry date, Party B does not
move 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.
10. Both parties cannot breach the contract at his own discretion after they
signed and chopped the contract. In the course of the contract, if either
party proposed to terminate the contract, the proposed one should
compensate the other party a sum, which equals to one month's rental.
Through the negotiations of both parties, they can terminate the contact
but they should give one month's notice to the other party.
11. The rental mentioned in this contract does not include the management fee
charged by the relevant property management department, the water and
electricity charges, gas fee and cable TV charges etc. or the fee for
using the district or urban facilities. Such fees should be borne by Party
B.
12. If the relevant departments imposed any charges, it should be borne by
Party B as well.
13. Party A should make sure the leased property complies with the relevant
fire prevention regulations of the Country.
14. Party B is not allowed to use fire to xxxx and home used electrical
appliances (such as electrical oven, electrical cooker, electrical heater
etc.).
15. Party B is not allowed to install electrical wires at his own discretion.
If the electrical source is out of order, Party B should inform Party A to
repair at once. If Party B intends to install electrical boiler, he can
commence work only after getting permission from Party A.
16. Party A, upon receipt Party B's report, should repair the facilities at
one and the
expenses will be borne by Party B.
17. Fire broke out because of the aforementioned reasons, any loss arising
from the fire will be borne by Party B. If the case is serious, Party A
will stop the electricity supply and report to National Safety and Fire
Department to handle.
18. The yearly rental was at 8% discount as the payment was made at one time,
i.e. DOLLARS FORTY-FIVE THOUSAND ONE HUNDRED AND FIVE RENMINBI
(RMB 45,105).
19. If there shall be anything that is not provided for by this agreement, the
parties can solve it through negotiation. This contract is made in
triplicate, Party B will keep one copy while Party A will keep two copies,
they are all have equal legal validity.
Party A: (Chop) Party B: (Chop)
Signature of the Signature of the
representative: Ng Xxxx Xxx (Signed) representative: (Signed)
December 31, 2003
