Attached files
Exhibit
10.7
LEASE
AGREEMENT
Translation
Party A
(Lessor): Chongqing No. 3 Construction Co., Ltd.
Party B
(Lessee): Chongqing Foguang Tourism Development (Group) Co., Ltd.
The
parties enter into the following agreement through consultation:
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I.
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Location
of Property
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The
property under lease is located at 239 Jianxin Road, 2nd
Floor, Jiangbei District, Chongqing, with a total area of 1,053 square meters.
Party B shall have the right to decorate or renovate the property for its
business use.
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II.
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Term
of Lease
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The term
of lease is four and half years, starting from August 1, 2008 to December 31,
2012. When the lease is due, Party B shall have the priority to renew the lease
under the same conditions. The rent may be adjusted based on the market price
and both parties shall execute a subsequent agreement.
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III.
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Rent
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The rent
shall be calculated as RMB 9.00/square meter, with an annual increase of RMB
2.00 /square meter (for example, the rent will be RMB 11.00 /square meter from
August 1, 2009 to July 31, 2010, RMB 13.00 / square meter from August 1, 2010 to
2011, and so forth).
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IV.
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Payment
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The rent
shall be paid on a quarterly basis. Payment of RMB 28,431 shall be made five
days in advance of the next pay period. Upon the execution of this Agreement,
Party B shall pay a deposit of RMB 28,431.
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V.
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Breach
of Agreement
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1.
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Party
B shall be subject to a late fee if Party B fails pay the rent on time.
Party A shall have the right to terminate the Agreement if the rent is
overdue for three months. The late fee shall be 2/1,000 of the quarterly
rent per day, calculated from the due date to the date of
payment.
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2.
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During
the term of the Agreement, Party A shall not terminate the Agreement
without breach of Party B, otherwise, Party A shall pay a pro rata
renovation fee and a penalty of 2/1,000 of the quarterly rent per day,
calculated from the second day of the termination date to the due date of
the Agreement.
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1
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VI.
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Miscellaneous
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1.
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During
the lease term, Party B shall comply with relevant laws and regulations
and shall be liable for any illegal use of the
property.
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2.
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Party
B shall pay for its renovation and decoration of the property. Party A
shall not compensate such fees when the Agreement is terminated as a
result of Party B’s default or when the lease term has
expired.
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3.
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Party
B shall pay for the routine maintenance and repair of the property and
facilities after Party B renovates the
property.
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4.
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Any
renovation of the property by Party B is subject to the consent of the
Property Company. Party B may renovate the property as instructed by the
Property Company and shall bear the full legal responsibility for any
damage as a result of the renovation. After the renovation, the fire alarm
system of the property shall be inspected by the public security
department and the fire department. Party B shall be responsible for fire
safety of the property.
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5.
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Party
B shall pay the property management, water, power and other fees and
expenses timely.
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6.
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Once
Party B starts renovating the property, the renovations of Party B shall
be administrated by the Property
Company.
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7.
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Any
unsettled matter under this Agreement and any dispute arising from this
Agreement shall be subject to consultation between the
parties.
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8.
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This
Agreement shall become effective upon execution of both parties and be
executed into four duplicates with equivalent effect. Each party shall
hold two duplicates.
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Party A
(Lessor): Chongqing No. 3 Construction Co., Ltd. (Stamp)
Party B
(Lessee): Chongqing Foguang Tourism Development (Group) Co., Ltd. (signature
& stamp)
July 18,
2008
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