Lease Agreement
Exhibit
10.1
Lessor:
Jilin Province Xinshiji Leasing Co., Ltd.
Lessee:
Jilin Province Yongxin Chain Drugstore Co., Ltd.
Lessee
has agreed to take the lease of the property located 91#-1# Chongqing Rd.,
(originally known as the Xinshiji Shopping Center) (“Premises”). The parties
enter into the following terms and conditions:
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1.
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The
size of the Premises is 672 square
meters
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2.
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Term
of lease:
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As agreed
by both parties, the term of lease is five years. If the bank interest rate
increases by the third year, the rent for the fourth and fifth years would be
adjusted accordingly.
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3.
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Rent:
550,000RMB/year
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4.
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Payment
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The rent
shall be paid on a half-yearly basis. Lessee shall pay the rent one month before
each due date. Lessor has the right to require a 1% late fee if the Lessee pays
within 10 days after the due date. If the rent remains unpaid for more than 10
days after the due date, the Agreement shall be deemed terminated and Lessor
shall have the right to offer the lease to others.
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5.
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Restrictive
Use
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Lessee
shall not change the agreed use of the Premise without consent of Lessor. Lessee
shall not store prohibited items in the Premise. Lessee shall be liable for its
own misconduct committed in the Premise that causes danger to
public.
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6.
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The
Premise is only for Lessee’s use. Lessee shall not sublease, transfer or
lend the Premise to a third party.
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7.
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Lessee
shall insure its properties such as equipment and machinery. Lessor shall
not compensate for any damage caused to Lessee’s
properties.
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8.
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Lessee
shall undertake the expense for property management and utilities such as
water, electricity and heating. Lessor shall undertake the lease related
tax.
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9.
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No
party shall terminate the Agreement without proper cause. If any party
breaches the Agreement, the breaching party shall undertake all economic
loss resulted by the breach.
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10.
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Upon
the expiration of the Agreement, if the Premise is still on lease, Lessee
shall have a priority to renew the lease over a third party lessee under
the equivalent condition of rent.
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11.
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The
term of lease starts on September 1,
2006.
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12.
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Any
unmentioned issue is subject to consultation and negotiation of both
parties.
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13.
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Lessor
shall issue official invoice to
Lessee.
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14.
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This
Agreement is executed into two duplicates of equivalent legal effect. Each
party has a duplicate.
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Lessor:
(stamp)
Lessee:
(stamp)
Execution
date: August 23, 2006
