1
Exhibit 10.53
FORM 19
THE LAND TITLES ACT
(CHAPTER 157)
(SECTION 76)
LEASE
DESCRIPTION OF LAND
---------------------------------------------------------------------------------------------------------------------------
Reference to Land Registrar Mukim Town Subdivision Lot Whole or Part
(If part only, give details)
Volume Folio
---------------------------------------------------------------------------------------------------------------------------
352 161 Mukim 18 11046 The whole of Lot 11046 of Mukim 18
---------------------------------------------------------------------------------------------------------------------------
THE LESSOR
LESSOR
HOUSING AND DEVELOPMENT BOARD, a body corporate
incorporated under the Housing and Development Act and
having its office at HDB Centre, 0000 Xxxxx Xxxxx Xxxxx,
Xxxxxxxxx 0000
HEREBY LEASES the registered estate or interest in the land
above described (hereinafter referred to as "the demissed
premises") to
THE LESSEE
LESSEE
MAXTOR SINGAPORE LIMITED, a company incorporated in Bahamas
Island and having its registered office at 00, Xxxxxxxx
Xxxx #00-00, Xxxx Xxxxx, Xxxxxxxxx 0000 (Company
Registration No: 03305/F-G)
2
TERM OF LEASE
as tenant fot the term of Thirty (30) years commencing from the 1st day of
December 1988, YIELDING AND PAYING therefor the yearly rent of Dollars Five
Hundred and Thirty Four Thousand and Seventy Eight ($534,078.00) without
deductions and in advance every quarter without demand commencing on the 1st day
of December 1988 and shall be at the rate of $30.00 per square metre per annum
from the 1st day of December 1988 (hereinafter referred to as "the Initial
Rent") which rate shall be subject to revision on the 1st day of December 1987
to a rate based on the market rent on the date of such revision determined in
the manner following but so that the increase shlall not exceed seven point six
percent (7.6%) of the Initial Rent. The yearly rent so revised in 1987 shall be
subject to revision every year from the 1st day of December 1987 and shall be at
the rate based on the market rent on the respective dates determined in manner
following but so that the increase shall not exceed seven point six percent
(7.6%) of the yearly rent for each immediately preceding year. The market rent
in this context shall mean the rent per square metre per annum of the said land
excluding the buildings and other structures erected thereon and shall be
determined by the Lessor on or about the dates mentioned and the decision of the
Lessor shall be final. SUBJECT to the following PRIOR ENCUMBRANCES and the
convenants and conditions hereinafter set out.
PRIOR ENCUMBRANCES NIL
CONVENTS AND CONDITIONS
The Lessee for itself and its successors and assigns hereby convenants
with the Lessor as follows: -
1. Not to demise, transfer, assign, mortgage, let, sublet, underlet, license or
part with the possession of the said land or any part thereof in whatsoever
manner and not to effect any form of reconstruction howsoever brought about
including any form of amalgamation or merger with or take-over by another
company, firm or body or party, without first obtaining the consent of the
Lessor in writing. Section 17 of the Conveyancing Law of Property Act (Chapter
81) shall not apply. Any consent, if granted by the Lessor shall be given on
such terms and conditions as the Lessor may in its entire and unfettered
discretion deem fit to impose and shall include -
(a) full revision of the rental to the prevailing market rate
from the date of assignment;
(b) payment of such administrative fee as determined by the
Lessor.
2. Not to use the said land or any part thereof for any illegal or immoral
purpose.
3. Not to use or to permit or suffer the said land or any building thereon to be
used otherwise than as a factory to manufacture high capacity Winchester Disk
Drives and Electronic
-2-
3
Devices subject to the approval of the Competent Authority appointed under
Section 3 of the Planning Act.
4. Not to erect permit or suffer to be carried out any construction of chimneys
or ducts of any kind whatsoever in or at any part of the buildings for the
purpose of discharging smoke gas fume or any other substance connected directly
or indirectly with the manufacturing processes.
5. Not without the consent in writing of the Lessor to affix or exhibit or erect
or paint or permit or suffer to be affixed or exhibited or erected or painted on
or upon any part of the exterior of the demised premises or of the external
walls or rails or fences thereof any nameplate signboard placard poster or other
advertisement or hoarding.
6. To make reasonable provision against and be responsible for all loss injury
or damage to any person or property including that of the Lessor for which the
Lessee may be held liable arising out of or in connection with the occupation
and use of the demised premises and to indemnify the Lessor against all
proceedings claims costs and expenses which he may incur or for which he may be
held liable as a result of any act neglect or default of the Lessee its servants
contractors or agents.
7. Not to effect a change of name without the prior consent in writing of the
Lessor PROVIDED THAT on every change of name the Lessee shall pay to the Lessor
a fee to be specified by the Lessor in relation to such consent.
8. Not to install and/or use any electrical installations, machines or apparatus
that may cause or causes heavy power surge, high frequency voltage and current,
air borne noise, vibration or any electrical or mechanical interference or
disturbance whatsoever which may prevent or prevents in any way the service or
use of any communication system or affects the operation of other equipment,
installations, machinery, apparatus or plants of other Lessees and in connection
therewith, to allow the Lessor or any authorized persons to inspect at all
reasonable times, such installations, machines or apparatus in the demised
premises to determine the source of the interference or disturbance and
thereupon, to take suitable measures, at the Lessee's own expense, to eliminate
or reduce such interference or disturbance to the Lessor's satisfaction, if it
is found by the Lessor or such authorized person that the Lessee's electrical
installations, machines or apparatus is causing or contributing to the said
interference or disturbance.
9. To indemnify the Lessor against any claims, proceedings, action, losses,
penalties, damages, expenses, costs, demands which may arise in connection with
Clause 8 above.
10. To make good and sufficient provision for the safe and efficient disposal of
all waste including but not limited to pollutants generated at the said land to
the requirements and satisfaction of the Lessor and other relevant Government
authorities PROVIDED THAT in the event of any default by the Lessee under this
convenant the Lessor may carry out such remedial measures as he thinks necessary
and all costs and expenses incurred thereby shall be recoverable forthwith from
the Lessee as a debt.
-3-
4
11. On or before the execution of the lease, the Lessee shall supply to the
Lessor in writing a list of names of its existing shareholders and particulars
of the classes of shares held by each and every shareholder and the value
thereof and such list shall be duly certified to be correct by a director of the
company.
12. The Lessor further covenants with the Lessee that he shall at the written
request of the Lessee made not less than twelve (12) months before the expiry of
the said term but not earlier than the twenty-eighth (28th) year of said term
grant to the Lessee a Lease of the said land for a further term of thirty (30)
years (hereinafter referred to as "the further term") which shall commence from
the data immediately following the expiration of the said term on the same terms
and conditions and containing like convenants as are herein contained with the
exception of the present covenant for renewal or such variations or
modifications as shall be imposed by the Lessor PROVIDED THAT: -
(i) there be no existing breach(es) or non-observance(s) of any of the
covenants and conditions herein contained on the part of the Lessee to be
observed or performed)
(ii) the rental payable for the further term shall be as set out
hereunder: -
(a) The yearly rent for the further term shall be at the rate
based on the market rent at the commencement of the further term (hereinafter
referred to as the "Second Initial Rent") which rate shall however be subject to
a revision on the 1st day of December 2016 to a rate based on the market rent on
the date of such revision determined in the manner following but so that the
increase shall not exceed seven point six percent (7.6%) of the Second Initial
Rent.
(b) The yearly rent so revised shall be subject to revision
every year from the 1st day of December 2016 and shall be at the rate based on
the market rent on the respective dates determined in the manner following but
so that the increase shall not exceed seven point six percent (7.6%) of the
yearly rent for each immediately preceding year.
(c) The market rent and the time of payment of the yearly rent
shall be as aforesaid.
(d) Any demise, transfer, assignment or parting of possession of
the said land or any part thereof by the Lessee in whatsoever manner within five
(5) years of the commencement of the further term will be approved by the Lessor
only upon payment by the Lessee of a fee (hereinafter called the "additional
fee") which shall be equivalent to the value of the buildings and there shall
also be a full revision of the rental to the prevailing market rate from the
date of assignment and payment of such administrative fee as determined by the
Lessor as provided under Clause 1 herein contained. The value of the buildings
shall be determined by the Lessor alone and the Lessor's assessment shall be
final and conclusive and not be subject or open to review by the Lessee.
PROVIDED THAT the Lessee shall not be required to pay the additional fee for any
demise, transfer, assignment or parting with possession of the said land or any
part thereof by the Lessee in whatsoever manner after the aforesaid five (5)
years period.
-4-
5
(e) All costs expenses charges legal or otherwise including
stamp duty and the Lessor's legal costs of or connected with the preparation
completion and registration of the Lessee for the further term of thirty (30)
years shall be borne by the Lessee.
13. To perform observe and be bound by: -
(a) the covenants, conditions and powers implied by law in instruments
of lease or to such of them as are not expressly negatived or modified by this
Instrument on the Memorandum of Lease hereinafter referred to;
(b) the covenants and conditions set forth in the Memorandum of Lease
filed in the Registry of Titles and numbered as ML/24 all of which terms
covenants and conditions shall form part of the Instrument as if fully set out
herein and shall apply insofar as they are not expressly negative or modified by
this Instrument.
DATE OF LEASE 28th March 1991
[SEAL]
EXECUTION OF The COMMON SEAL of )
LESSOR HOUSING AND DEVELOPMENT )
BOARD was hereunto affixed in )
the presence of:- )
/s/ Xx. Xxx Hian Xxxxx MEMBER
--------------------------
Xx. Xxx Hian Xxxxx
/s/ Xxx Xxxx Xxxx OFFICER
--------------------------
Xxx Xxxx Xxxx
EXECUTION OF The COMMON SEAL of )
LESSER LESSEE was hereunto affixed in )
the presence of:- )
/s/ Xxxxx X. XxXxx DIRECTOR
--------------------------
Xxxxx X. XxXxx
/s/ Xxxxx X. Xxxxxxxx SECRETARY
--------------------------
Xxxxx X. Xxxxxxxx
CERTIFICATE OF DUPLICATION OF INSTRUMENT
----------------------------------------
I XXXXXX XXXX OON HUI of Sant Singh & Partners hereby certify that I have
carefully compared this duplicate instrument with the original and that it is a
true copy thereof.
/s/ Xxxxxx Xxxx Xxx Xxx
-------------------------
27/6/92
I, XXXX XXXX XXX the Solicitor for the Lessor hereby certify, pursuant to
Section 54 of the Land Titles Act, that this instrument is correct for the
purposes of the said Act.
I, XXXXXX XXXX OON HUI the Solicitor for the Lessee hereby certify,
pursuant to Section 54 of the Land Titles Act, that this instrument is correct
for the purposes of the said Act.
I, XXXXXX XXXX OON HUI the Solicitor for the Lessee hereby certify that
according to the information supplied to me within the last four (4) weeks by
the Chief Planner, URA the within land is zoned "Industry" and the within
premises is for industrial use.
Dated this 1st day of June 1992.
/s/ Xxxxxx Xxxx Xxx Xxx
-------------------------
Xxxxxx Xxxx Xxx Xxx
I, XXXXXX XXXX OON HUI the Solicitor for the Lessee hereby certify that
the place of incorporation of the Lessee as abovementioned specified in the
within instrument have been verified from the Certificate of Incorporation
produced and shown to me and are found to be correct.
Dated this 28th day of March 1991.
/s/ Xxxxxx Xxxx Xxx Xxx
-------------------------
Xxxxxx Xxxx Xxx Xxx 8/19
-5-
