Sample Business Contracts

Term Lease Agreement - Gravity Corp. and Gravity Interactive LLC

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                              TERM LEASE AGREEMENT


                 GRAVITY CORPORATION, hereinafter called Lessor


               GRAVITY INTERACTIVE LLC, hereinafter called Lessee

This Lease Agreement between Lessor and Lessee dated May 01, 2003 contains the
following terms:

1.  Objective

Lessor hereby leases to Lessee and Lessee hereby leases from Lessor, all
Equipment and other property, described in Section 2 of this agreement.

2. Leased Equipment

All Equipment shall be leased for the purpose of online game service and the
equipment leased hereunder is as outlined below:

    Description                                      Quantity
    -----------                                      --------
    Servers - pe 1550                                   20
    Servers - pe 1550                                    8
    Servers - pe 1650                                   11
    Servers - pe 6450                                    1
    Servers - pe 6450                                    1
    Servers - pe 6450                                    2
Cables for KVM switch box                                1
          Total                                         46

3.   Term of Lease

     (1)  The date of the Lessee's signing of the Certificate of Acceptance
          (Exhibit B which shall be attached hereto and made a part hereof)
          shall be the "Lease Commencement Date". The term of this Lease with
          respect to each item of Equipment shall commence when the Certificate
          of Acceptance (Exhibit B) is signed by Lessee, and the expiration date
          of this agreement is April 30, 2003 In case of the revocation of this
          leasing contract by the agreement of both parties, lessee has a
          purchase option for the foresaid equipments. The purchasing price of
          the foresaid equipments shall be the amount equal to the original
          equipments cost less accumulated depreciation cost as of purchasing
          date. Any right, title and interest pertain to this Leased Equipment
          shall transfer to Lessee at the time of Equipment Purchase.


     (2)  Upon both parties agreement, renewal shall be extended for 15 days
          after the expiration date of this agreement.

4.   Order and Delivery of Equipment

     (1)  Lessor agrees to arrange for delivery of the Equipment within thirty
          (30) days of the date of the Lease Agreement.

     (2)  Satisfactory delivery date shall mean the date Lessee requested
          equipments and software are configured and installed.

5.   Use of Equipment

     (1)  Lessee covenants and represents to Lessor that the Equipment will be
          used exclusively for online game service purposes and will not be used
          at any time during the Term of this Lease for personal, family or any
          other purposes.

     (2)  The Lessee also shall use the Equipments in a careful and proper
          manner and shall comply with and conform to all laws, ordinances and
          regulations which relate in any way to the possession, use or
          maintenance of the Equipment

6.   Lessee's Inspection and Acceptance

     (1)  The Lessee's acceptance of the Equipment shall be evidenced by the
          Lessee's signing of the Certificate of Acceptance (Exhibit B). Lessee
          shall inspect each item of Equipment within sixty (60) working days
          after delivery and installation for acceptability thereof and if
          Equipment is acceptable shall promptly execute the Certificate of
          Acceptance (Exhibit B).

     (2)  If Lessee believes delivered Equipments do not meet specified
          requirements, Lessee should gives written notice to Lessor specifying
          any defect in the Equipment or any other proper objection to the
          Equipment. Lessee agrees that it shall be conclusively presumed, as
          between Lessor and Lessee, that Lessee has accepted the Equipment and
          the Lease shall be deemed to commence on the fifteen days after
          delivery unless Lessee gives written notice to Lessor.

     (3)  If Lessee gives a written notice for the explanation of un-acceptance
          of delivered Equipment to Lessor, the Equipment shall be returned
          immediately to the Lessor and regenerated in accordance with the
          original Lessee specified Instruction.

7.   Equipment Location

Lessee shall keep and use the Equipment at the Lessee address location as
specified below. However, Lessee may move the Equipment to another location upon
informing the Lessor of the new location.

                              4505 GLENCOE AVE.
                              MARINA DEL REY, CA 90292


8.   Title and Ownership

     (1)  The Equipment at all times shall be and remain the sole and exclusive
          property of Lessor during the Lease Term and Lessee shall have no
          right, title or interest herein except the usage right.

     (2)  At the end of Lease term, lessee has a purchase option for the
          foresaid Equipment. Any right, title and interest pertain to this
          Leased Equipment shall transfer to Lessee at the time of Equipment

9.   Liens and Taxes

     (1)  Lessor shall keep the Equipment free and clear of liens and

     (2)  Lessee shall not assign a third party for responsibility on the

     (3)  Lessor shall not sell, or transfer this Lease, the Equipment or any
          part thereof or any interest therein without an agreement between the
          Lessor and the Lessee.

     (4)  Lessee shall be responsible or liable for any taxes (property, local,
          state, or federal) related to ownership of the Equipment.

10.  Lease Payments

     (1)  Lease payments shall be made in accordance with Payment Schedule
          (Exhibit C attached hereto and made a part hereof).

          The Lease payments for Equipment during the Term shall be payable to
          the Lessor in the amounts and at the address set forth below.

                              GRAVITY CORPORATION
                              620-2 SHINGSA-DONG SHINGU BLDG 5TH
                              KANGNAM-GU, SEOUL KOREA

     (2)  Lease payments shall be paid on a MONTHLY BASIS. First Lease payment
          shall be due no less than one hundred twenty (120) days after Lease
          Commencement Date or thirty days (30) from Lessor's billing date,
          whichever is the later, for all Equipment.

11.  Loss and Damage

At the end of Lease term, Lessee shall be responsible to return the Equipment to
Lessor under the same condition as when the Equipment was first leased. Lessee
assumes risks and liabilities directly related to loss, theft, damage, or
destruction to any Equipment. No loss, theft, damage or destruction of the
Equipment shall relieve Lessee of the obligation of Lease payments or any other
obligation under this Lease.

12.  Purchase Option or Return of Equipment

     (1)  No less than sixty (60) days prior to the expiration of the Lease, the
          Lessor shall provide a written notification to the Lessee of the
          purchase option cost of the Equipment. Lessee shall have the option to
          purchase all or part of the Equipment at this time for the residual
          cost detailed in the Equipment Schedule (Exhibit A).

     (2)  Lessee shall provide thirty (30) days written notice prior to the end
          of the Lease Term that it will purchase the Equipment or that it will
          return the Equipment to the Lessor at such time.


13.  Entire Lease Agreement

     (1)  The terms and conditions of this Term Lease Agreement, Equipment
          Schedule (Exhibit A), Certificate of Acceptance (Exhibit B), Payment
          Schedule (Exhibit C), and any Modifications upon which it is based
          shall constitute the entire Lease Agreement between the Lessee and the

     (2)  These terms and conditions shall not be amended, altered or changed
          except by the written agreement of both parties.

14.  Legal jurisdiction

Lessor and Lessee hereby affirm to have the ability to perform responsibly in
connection with this Lease Agreement. When a dispute continues for more than 30
days, this Lease Agreement shall be brought in Seoul District Court in Republic
of Korea.


LESSOR: Gravity Corp.

By: Hwi Young, Jung
/s/ Jung Hwi Young

Title: CEO                 05/01/2003       Date

LESSEE: Gravity Interactive, LLC.

By: Jung R. Kim
/s/ Jung Ryool Kim

Title: CEO                 05/01/2003   Date


                               EQUIPMENT SCHEDULE
                                   (EXHIBIT A)

This Equipment Schedule (Exhibit A) is attached to and is governed by the terms
and provisions of the Term Lease Agreement dated May 01, 2003 by and between,

1.   The Equipment leased hereunder is as outlined below:
     (attach additional pages, if necessary)

      Items                         mm/dd/yy         Quantity           Price($)        Remarks
      -----                         --------         --------       --------------      -------
servers - pe 1550                  11/06/2001           20               49,529.39
servers - pe 1550                  01/02/2002            8               19,534.46
servers - pe 1650                  04/08/2002           11               34,739.45
servers - pe 6450                  11/06/2001            1                6,117.88
servers - pe 6450                  11/10/2001            1                7,641.33
servers - pe 6450                  04/26/2002            2               22,316.28
Cables for KVM switch box                                1
      Sub                                                           $139,878.79USD


                            CERTIFICATE OF ACCEPTANCE
                                   (EXHIBIT B)

In compliance with the terms, conditions and provisions of the Term Lease
Agreement dated May 01, 2003 ("Lease") by and between the undersigned GRAVITY
INTERACTIVE LLC ("Lessee") and GRAVITY CORPORATION ("Lessor"), Lessee hereby
accepts all of the Equipment for all purposes under the Lease and all attendant
documents as of June 30, 2003 (Lease Commencement Date).


By: Jung R. Kim
/s/ Jung Ryool Kim

Title: CEO

Date: June 30, 2003


                                PAYMENT SCHEDULE
                                   (EXHIBIT C)

1. Lease Terms & Monthly Payment Amount:

Term -  XXX  12 months,      24 months,   or        36 months
       -----            ----                   ----


Monthly Lease Payment:    $1,165.66USD