Exhibit 10.3
Lease
Contract
Lessor (hereinafter referred to
as Party A): Xuezheng Yuan
Lessee (hereinafter referred to
as Party B): China Unitech Group, Inc.
Party A and B have reached an
agreement through friendly consultation to conclude the following
contract.
1. Location of the
premises
Party A will lease to Party B
the premises and attached facilities owned by itself which is
located at and in good condition for No. 1 Xinxin Garden,
Fangjicun, Xudong Road, Wuchang, Wuhan, Hubei Province, China
430062 .
The registered size of the
leased premises is 300 square meters
(Gross size).
The lease term will be from
Nov. 1, 2008 to Nov.
1, 2009 .
Amount: the rental will be
$10,000. The installment will be paid before
Nov. 1, 2008 .
In case the rental is more than
30 working days overdue, Party B will pay 0.3 percent of monthly
rental as overdue fine every day, if the rental be paid 60 days
overdue, Party B will be deemed to have withdrawn from the premises
and breached the contract. In this situation, Party A has the right
to take back the premises and take actions against party B’s
breach.
5. Obligations of Party
A
Party A will provide the
premises and attached facilities to Party B for using.
In case the premise and attached
facilities are damaged by quality problems, natural damages or
accidents, Party A will be responsible to repair and pay the
relevant expenses. If Party A can’t repair the damaged
facilities in two weeks, so that Party B can’t use the
facilities normally, Party B has the right to terminate the
contract.
Party A will guarantee the lease
right of the premises. In case of occurrence of ownership transfer
in whole or in part and other accidents affecting the right of
lease by party B, party A shall guarantee that the new owner, and
other associated, third parties shall be bound by the terms of this
contract. Otherwise, Party A will be
