EXHIBIT 10.26
Landlord: Dongguan Weng Li Xxxxx Xxxx Xxx Xxxx Xx Xxx (hereafter named "Party
A")
Address: Weng Li Xxxxx Xxxx Xxx Xxx
Tenant: Mastercraft Engineering Company Limited (hereafter named "Party B")
After discussion, both parties agree:
A. Party A lets an area, which is located in "Xxxx Xxx Industrial Estate", to
Party B for new factory plant, dormitory. Total area is _____ M/2/.
B. The factory plant and dormitory have to be built before Sep. 30, 1998 and
let to B. Party B rents the buildings for decoration for 45 days without
paying rent.
C. Letting period: From Dec. 1, 1998 to Nov. 30, 2001.
D. Rental fee
1. The Total area of the dormitory and factory plant is 7,006M/2/. The
monthly rent is HK$ 730M/2/. Thus, the total monthly rent is HK$
51,538, which starts to pay from Dec. 98.
2. The area of the warehouse is 408M/2/. The monthly rent is HK$ 8/M/2/.
Thus, the total monthly rent is $3,264, which starts to pay from Dec.
98.
3. The total rental fee is HK$ 54,802, in which part of this has to be
paid at the beginning of the month, while the remaining will be paid
by the end of the month.
E. Three years as one letting period, By the end of the letting period, Party
A will increase the rent by _____%
F. Party A has to provide 200KVA Transformer. Party A charges Party B
$____/KVA for the transformer, total $____/annum.
G. Party B has to buy insurance for the dormitory and factory plant at the
rate of $400/M/2/. If Party B did not buy insurance and cause the loss of
Party A, party B has to compensate Party A.
H. If any party breaches the contract, this party has to pay 6-month rental
fee to the other party as compensation.
I. After signing by both parties, Party B has to pre-pay HK$ 100,000.00 as
mortgage.
J. This agreement has two original copies, both parties get one of them.
Landlord: /s/ (illegible) Tenant: /s/ (illegible)
seal seal
dated: April 25, 1998
