Attached files
Exhibit
10.3
Premises Lease
Contract
This
Premises Lease Contract (“Contract”) is entered into by
and between:
Lessor:
Shishi Changsheng
Shoes Industrial Co., Ltd.
And
Lessee: Shishi Feiying Plastic Co.,
Ltd.
This
Contract is entered into in order to define rights and obligations of the Lessor
and the Lessee through negotiation.
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Article
1
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The
Lessor leases the premises, located in Longshan Development
Area, Hanjiang Town, Shishi City (Jingmin Road (S), Jiulongshan
Development Zone, Hongku, Hanjiang) (“Premises”), covering
building (use) areas of 3,914.18 m2,
to the Lessee that will be used as a factory for producing
slippers.
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Article
2
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Term
of Lease (“Lease
Term”)
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The Lease
Term shall be four years from January 01, 2008 when
the Lessor delivers the Premises to the lessee, to December 31, 2011
when the Premises are withdrawn or the parties hereto renew the
lease.
The
Lessor shall be entitled to terminate this Contract and withdraw the Premises if
the Lessee meets any of the following circumstances:
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1.
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The
Lessee sub-leases, transfers or sub-lends the Premises to others at its
own discretions.
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2.
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The
Lessee carries out illegal activities in the Premises, which damage the
public benefits.
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3.
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The
Lessee defaults in the rentals for more than three months in
accumulation.
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In the
event that the Lessee is unable to find other premises upon expiry of the Lease
Term, the Lessor shall extend the Lease Term at its own discretionary
powers.
In the
event that the Lessor intends to continue to lease out the Premises upon expiry
of the Lease Term, the Lessor shall have the first refusal of right for the
further lease of the Premises.
Exhibit
10.3
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Article
3
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Rentals
and Payment Deadline
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Upon
negotiation and determination by the parties hereto, the monthly rentals shall
be RMB 5.00 per square meter, and the total annual rentals shall be RMB 234,850.80. The
rentals shall be paid in a lump sum one month in
advance.
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Article
4
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Repairs
and Maintenance during Lease Term
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The
Lessor shall be obligated to repair the Premises by inspecting and repairing the
Premises and its equipment every six months, to ensure
the safe residence in and the normal use of the Premises by the
Lessee.
When the
Lessor is repairing the Premises, the Lessee shall assist such repairs in an
active manner without interrupting the construction in any way. In the event
that the Lessor is unable to repair the Premises, it may assist the Lessee to
carry out such repairs through negotiation. And the repairs fees paid by the
Lessee shall be applied to offset the rentals or reimbursed by the Lessor in
installment.
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Article
5
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Replacement
of Lessor and Lessee
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(I)
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This
Contract shall be binding upon the new owner provided that the Lessor
transfers the Premises to a third
party.
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(II)
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In
the event that the Lessor sells the Premises, it shall send a three-month
notice to the Lessee. In the event of all the things being equal, the
Lessee shall have the first refusal of right to purchase the
Premises.
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Article
6
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Breaching
Liability
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(I)
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In
the event that the Lessor fails to deliver the Premises meeting the given
requirements to the Lessee subject to the above terms hereof, it shall pay
RMB 2,000.00 as the
compensation to the Lessee.
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(II)
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In
the event that the Lessor fails to deliver the Premises to the Lessee on
schedule, it shall pay RMB 2,000.00 as the
liquidated damages to the Lessee.
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Exhibit
10.3
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(III)
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In
the event that the Lessor fails to deliver the Premises to the Lessee on
schedule (or as required), it shall pay RMB 2,000.00 as the
liquidated damages to the Lessee, and shall indemnify the Lessee if such
failure causes injury of the Lessee's personnel or property loss to the
Lessee.
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(IV)
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In
addition to paying the rentals, the Lessee shall pay RMB 1,000.00 as the
liquidated damages to the Lessor provided that it fails to pay the rentals
within the specified time limit.
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(V)
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In
the event that the Lessor transfers the Premises to others at its own
discretions by breaching this Contract, it shall pay RMB 1,000.00 as the
liquidated damages to the Lessee, and shall indemnify the loss caused to
the Premises, if any.
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Article
7
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Conditions
for Exemption:
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In the
event that the Premises are damaged and the Lessor suffers losses due to the
Force Majeure, no party shall be liable to the other party.
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Article
8
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Dispute
Resolutions
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Any
dispute arising out of performance of this Contract shall be settled through
negotiation; if not reached, any party may bring a lawsuit to the
court.
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Article
9
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Miscellaneous
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This
Contract is made in two originals with the Lessor and the Lessee holding one
respectively.
Sealed by
Lessor: Shishi Changsheng Shoes Industrial Co., Ltd.
Address:
Legal
Representative:
Sealed by
Lessor: Shishi Feiying Plastic Co., Ltd.
Address:
Legal
Representative:
Signed in
Shishi City
Signed on
December 25, 2007