.
.
.
Exhibit 10.1
LEASE CONTRACT
Lessor (Party A): Stuart Bulcraig and Xxx Xxxx Bing Lessee (Party B): Shenzhen CSAV Trading Co. Ltd
Address: 12A Blk F Portifino Address: (ILLEGIBLE)
ID Card (Business License) NO: ID Card (Business License) NO:
Telephone: Telephone:
Party A has agreed to lease the house property, and Party B has agreed to accept
the lease by Party A. The both parties, through friendly consultation and
negotiation, have made and entered into this Agreement under the laws and
regulations of country and province, whereby the both parties shall be bound to
the following terms and conditions:
Article I: Party A has agreed to lease the house property, which is located in
_______ district, Shenzhen City, to Party B for office purpose. The premise
covers 265 square meters.
Article II: The lease term is from 1/8/06 to 31/7/09
Article III: The monthly rental for the house property amounts to Currency RMB
sixty (in Word: Five per M(2)), the security deposit of Currency RMB Seventeen
thousand (in Word: two hundred twenty five). The security deposit is owned by
party B, and shall not be distressed for rental or property management fee.
Upon/after all correlative charges are paid off, the security deposit shall be
refunded to Party B at the expiration of the lease.
Article IV. Mode of Rental Payment
The rental shall be paid once a month before/on 1st day of every month,
amounting to Currency RMB 17,225.00. Party B shall fulfill the rental payment
under this Agreement. Where any rental arrearage, 0.5% of amount in arrear shall
be surcharged as the overdue fine day by day. Where the rental payment is
delayed for 30 days or longer, Party A shall have rights to cancel this Contract
and evict the house property. All articles deposited in the premise by Party B
shall be removed out within two days, or otherwise Party A may dispose of them
as waste. Where any failure to contact by reason of Party B results in rental
arrearage for over fifteen days, the penalty is the same as the above, and Party
A shall be entitled to claim on the back rental, overdue fine and to deduct from
the security deposit.
Article V: Within the lease term, the monthly property management fee,
electricity and water xxxx, call fee, CATV fee, gas rates and hygienic fee shall
be paid at Party B's expense.
Article VI: Within the life of this Contract, either of the parties has no right
to cancel this Contract. Party B shall not sublease the house property to any
third party without approval by Party A, or otherwise Party A shall have rights
to forthwith terminate this Contract and to forfeit the security deposit.
Article VII: Any renewal of this Contract upon/after the expiration of the lease
shall be achieved by and between the both parties through friendly consultation
and negotiation. Party A shall have the priority of renewal based on the
equality and the same conditions.
Article VIII: Party B shall not change any building structure and facility
without any approval. If any damage and loss caused by reason of Party B's
negligence or deliberately committed by Party B, Party B shall be liable for
remedy and restoring the premise, or compensating for the economic loss to Party
A.
Article IX: Within the lease duration, Party B shall not commit any illegal act
with this house property, or otherwise Party A shall have rights to terminate
this Contract, evict the house property and deduct from the security deposit.
Article X: Within life of this Contract, this Contract shall be self cancelled
where any failure to execution thereof this Contract caused by force majeure.
Article XI: Party B shall return the house property in good condition (excluding
normal depreciation) to Party A upon/at termination of this Contract, or
otherwise indemnify for the damage and loss.
Article XII: Parties hereto may revise or supplement the concerned matters not
mentioned herein through friendly negotiation and consultation; the
supplementary provision and this Contract are equally authentic.
Article XIII: Any dispute arising from or/and in connection with this Contract
or execution thereof shall be settled by Party A and Party B through friendly
negotiation; in case that no agreement is reached, shall be submitted to an
administrative department in charge of tenancy for mediation or brought a
lawsuit before People's Court.
Article XIV: This Contract is made in duplicate and executed upon signature by
Party A and Party B, one copy to be each party in witness thereof and being
equally authentic.
Representative for/on behalf Representative for/on behalf
of Party A: of Party B:
Date: 21st June 2006 Date: 21st JUNE 2006
/s/ Stuart Bulcraig /s/ ILLEGIBLE
------------------------------------ -----------------------------------------