BANGLA PROPERTY MANAGEMENT, INC.
(A Development Stage Company)
EXHIBIT 10.16 - MATERIAL CONTRACT
PROPERTY RENTAL AGREEMENT-XXXX XXXXXXXX
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RENTAL AGREEMENT
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By agreement made this 15th day of June, 0000 xxxxxxx Xxxx Xxxxxxxx, xx Xxxxxx,
Xxxxxxxxxxxx, Xxxxxx,( the "Owner"), and Bangla Property Management, Inc., of
Los Altos, California, (the " Renter").
PROPERTY DESCRIPTION
Portion of: 0000 Xxxxxx Xxxxxx, Xxxxxx, Xxxxxxxxxxxx, Xxxxxx, X0X 0X0
The Owner warrants that to the best of his/her knowledge and belief the
aforesaid property is free of faults or deficiencies, which would affect its
safe and dependable operation under normal and prudent usage.
RENTAL PERIOD
The Owner agrees to rent the above-described property to the Renter for a period
of two years, beginning July 1, 2003 and ending June 30, 2005.
USE OF PROPERTY
Executive Offices
The Renter further agrees that the rented property [1] shall not be used beyond
any rated capacity; [2] shall not be used for any illegal purpose; [3] shall not
be used in any manner for which it was not designed, built, or designated by the
manufacturer; [4] will not be used in a negligent manner; [5] will not be
operated by any other person without the written permission of the Owner; and
[6] will not be removed from the designated area of use or operation.
AREA OF USE OR OPERATION
The Renter agrees to operate/use the above-described property only at the
following location or within the following described area(s):
Garage Area
INSURANCE
The Renter hereby agrees that he shall fully indemnify the Owner for any and all
damage to or loss of the rented property and any accessories or related
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BANGLA PROPERTY MANAGEMENT, INC.
(A Development Stage Company)
equipment during the term of this Agreement whether caused by fire, theft,
flood, vandalism, or any other cause, except that which shall be determined to
have been caused by a fault or deficiency of the rented property, accessories,
or equipment.
RENTAL RATE
The Renter hereby agrees to pay the Owner at the rate of $ 50.00 per Month for
the use of said property. Any utilities consumed by the Renter shall be paid for
by the Owner.
DEPOSIT
(begin text deleted)
The Renter further agrees to make a deposit of $ N/A with the
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Owner. Said deposit to be used, in the event of loss of or damage to the rented
property during the term of this Agreement, to defray fully or partially the
cost of necessary repairs or replacement. In the absence of any damage or loss,
said deposit shall be credited toward payment of the rental fee and any excess
shall be returned to the Renter.
(end text deleted)
RETURN OF PROPERTY TO OWNER
The Renter hereby agrees to return the rented property and any
accessories/equipment to the Owner at 0000 Xxxxxx Xxxxxx, Xxxxxx, Xxxxxxxxxxxx,
Xxxxxx, X0X 0X0 no later than June 30, 2005.
TERMINATION OF AGREEMENT
It is mutually agreed that the Renter shall have the right to terminate this
Agreement at any time by payment of one full day rental for each 24-hour period
or any part thereof, during which the Renter has retained possession of the
property and any accessories/ equipment during the term of this Agreement.
IN WITNESS WHEREOF, the parties hereto hereby execute this Agreement.
/s/ Xxxxx Xxxxxxxx June 15, 2003
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Renter's Signature Date
/s/ Xxxx Xxxxxxxx June 15, 2003
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Owner's Signature Date
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