China-Hainan-Farming Bureau Building Rental Agreement - Hainan Farming Bureau Testing Center and Hainan Agricultural Resources Co. Ltd.
RENTAL AGREEMENT
PARTY A: HAINAN FARMING BUREAU TESTING CENTER
PARTY B: HAINAN AGRICULTURAL RESOURCES COMPANY LIMITED
Party A and party B agreed the terms and conditions as follows:
1. Party A has agreed to rent the sixth floor of Second Phase of the Farming
Bureau Building (the "Building") to Party B for office use.
2. The rental period is for eight years which starts from October 1, 1996 to
September 30, 2004. After the completion of the rental period, if Party B
still wish to use the Building, under the same terms and conditions as
offered to other party, Party A should give Party B the priority to rent
the Building.
3. The rental are charged by intervals. from October 1, 1996 to September 30,
2000, the monthly rental payment is Rmb Six Thousand Only. From October 1,
2000 to September 30, 2004, the monthly rental payment is decided by
mutual agreement of both parties based on the market price at that time
with preferential terms as offered by Party A.
4. The rental amount is paid semi-annually in advance. The first installment
should be paid within 10 days after the signing of this agreement. The
following rental payments should be made payable within 10 days after
every six months.
5. This agreement shall be terminated automatically if Party B delays the
rental payment for two months.
6. If Party B intends to make any renovation work on the Building, Party B
should inform Party A of the scale of the renovation work first and
renovate in accordance with the rules and regulations as imposed by the
government. All the costs and expenses incurred thereon and all the effect
inherent with the renovation work should be borne by Party B.
7. Party B shall not change the structure of the Building and its usage.
After the termination or expiry of this agreement, Party B should demolish
any add-in facilities and make the Building clean.
8. Party B shall take the sole responsibility of the safety and sanitary of
the Building.
9. Party B shall not sub-lease the Building, or otherwise, Party A shall have
the right to terminate this agreement and retain the Building.
10. All the electricity and building management fee shall be decided by Party
B and the Management Division of Farming Bureau Building mutually, and
shall be paid by Party B directly to the Management Division of Farming
Bureau Building.
11. During the rental period, Party A shall have the right to retain the
Building in accordance with the requirements imposed by its superior
government divisions because of the changes in State or government
policies. Under this situation, Party A should inform Party B 30 days in
advance and terminate the agreement. Party A should also repay back the
excess of the rental to Party B and Party B should move out the Building
unconditionally.
12. Any taxes or government charges payable during the rental period should be
borne by either party in accordance with the terms of this agreement.
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13. Both parties shall make any supplementary provisions after mutual
agreement and these provisions shall have the same legal effects as other
provisions in this agreement.
14. This agreement has altogether four copies, each party shall retain two
copies. This agreement is effective upon the date of signing by both
parties.
For and on behalf For and on behalf
Hainan Farming Bureau Testing Center Hainan Agricultural Resources
Company Limited
/s/ Huang Xiang Qian /s/ Lin Jia Ping
______________________________ ___________________________
Date: August 9, 1996