Attached files
| file | filename |
|---|---|
| 10-K - Sutor Technology Group LTD | v197494_10k.htm |
| EX-21 - Sutor Technology Group LTD | v197494_ex21.htm |
| EX-23 - Sutor Technology Group LTD | v197494_ex23.htm |
| EX-32.1 - Sutor Technology Group LTD | v197494_ex32-1.htm |
| EX-31.1 - Sutor Technology Group LTD | v197494_ex31-1.htm |
| EX-32.2 - Sutor Technology Group LTD | v197494_ex32-2.htm |
| EX-31.2 - Sutor Technology Group LTD | v197494_ex31-2.htm |
Exhibit
10.14
English
Summary of
LEASE
AGREEMENT
Lessor
(Party A): Ningbo Huaye Steel Processing Co., Ltd.
Lessee
(Party B): Ningbo Zhehua Heavy Steel Pipe Manufacturing Co., Ltd.
In
accordance with the applicable regulation, the parties reach the following
agreements:
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1.
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Description
of Facility: the facility is located at No. 1 South Tong Yuan Road, Ningbo
Camel Machinery & Electronics Industrial
Park.
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2.
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Term:
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a.
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the
term of this lease agreement is 10 years, from September 1, 2004 to August
31, 2013
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b.
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upon
the expiration of this lease agreement, Party A has rights to take back
the facility. If Party B desires to renew the lease agreement, Party B
shall provide a written notice at least three months prior to the
expiration of the lease agreement. Upon approval by Party A, the parties
will enter into a new lease agreement based on the terms of this lease
agreement.
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3.
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Rent
and Payment Method:
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a.
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the
rent is RMB 80,000 per month and RMB 960,000 per
year.
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b.
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upon
the execution of this lease agreement, Party B shall make a deposit equals
to one month’s rent. Party B shall make a prepayment of three-month’s
rent.
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4.
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Maintenance
of the Facility: during the term of this lease agreement, if Party B
discovers any damage or problems with the facility or its ancillary
equipment, Party B shall notify Party A; Party A shall make the necessary
repair within 3 days after receipt of such notice; If Party A fails to
provide timely repair, Party B can make the repair and the related costs
shall be borne by Party A; During the term of this lease agreement, Party
B shall take reasonable care of the facility and its ancillary equipments.
Any damage to the facility caused by Party B’s unreasonable use shall be
repaired by Party B.
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5.
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Sublease
and Return of the Facility: Party B shall not sublease the facility to any
third party without prior written consent of Party A. If Party B subleases
the facility without Party A’s prior approval, Party A has no obligation
to return the deposit or rent. The facility shall be at workable condition
when Party B returns the facility to Party
A.
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6.
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Other
Agreements: during the term of this lease agreement, the parties shall
comply with the applicable laws and regulations; Party A shall have right
to urge and assist Party B in fire, safety and health related matter;
Party B can decorate the facility at its own expenses, provided that such
decoration does not affect the structure of the facility; If Party B fails
to make its rent payment for one month, Party A has right to a liquidated
damage of 5% of the due and unpaid rent and has right to terminate this
lease agreement; upon the expiration of this lease agreement, Party B has
right of first refusal.
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7.
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Miscellaneous:
during the term of this lease agreement, if Party A terminates
the lease agreement in breach of this lease agreement, it shall pay Party
B a liquidated damage equals to 3-month’s rent; if Party B terminates the
lease in breach of this lease agreement, Party B shall pay Party A a
liquidated damage equals to 3-month’s rent. This lease agreement becomes
effective upon execution by both
parties.
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Party
A: Ningbo Huaye Steel Processing Co., Ltd.
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Party
B: Ningbo Zhehua Heavy Steel Pipe
Manufacturing
Co., Ltd.
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(Seal)
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(Seal)
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Date:
August 6, 2004.