EXHIBIT 10.48
Dated the 1st day of February 2007
LYNX INTERNATIONAL LIMITED
and
TARRANT COMPANY LIMITED
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TENANCY AGREEMENT
of
All Those
202/2000th parts of shares of and in Kun Tong Inland Lot No.87
(The whole
of 13th & 14th Floors and Car Parking Spaces Nos. 2 & 3
on
Ground Floor of Lladro
Building, No. 72 (formerly Nos. 72-80) Hoi Yuen Road,
Kwun Tong, Kowloon, Hong Kong)
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AN AGREEMENT is made this 1st day of February, Two Thousand and
Seven.
BETWEEN the parties
more particularly
described and set out in Part 1 of the
Schedule hereto.
WHEREBY IT IS AGREED as follows:-
1. The
Landlord shall let and the Tenant shall take all those parts of
the
premises more
particularly
described and set out in Part 2 of the
Schedule hereto together with fixtures and fittings (hereinafter
called
"the said fixtures")
now thereat details whereof are contained in Part
4 of the Schedule
hereto and together
with the use in common with the
Landlord and all
others having the like right of the entrances,
staircases, passages
and lavatories (if
any) in the building of which
the said premises form
part more particularly
described in Part 2
of
the Schedule hereto
(hereinafter called "the said premises") in so far
as the same is necessary for the proper use and
enjoyment of the
said
premises and together
also with the use in
common as aforesaid of the
lifts (if any) whenever the same shall be operating for the term
and at
the rent more particularly described and set out in Part 3 of the
Schedule hereto.
2. The
Tenant to the intent that the obligations hereunder shall continue
throughout the said term hereby agrees with the Landlord as
follows:
(a) Throughout
the said term to pay
the rent as set out in Part 3
of the Schedule
to the Landlord monthly in advance on the
first day of each calendar month without deduction and without
any right of set-off by the Tenant. The first payment of rent
which shall be made on the 1st February 2007 shall consist of
the rent accruing from the date of commencement of the term to
the last day of the same month and subsequent payments shall
be made monthly in
advance on the first day of each calendar
month.
(b) To pay and
discharge all rates,
government rent,
management
fees, charges,
impositions
and outgoings of an annual or
recurring nature now
or hereafter to be assessed, imposed or
charged by the Government of Hong Kong Special Administrative
Region of PRC or other lawful authority upon the said premises
or upon the Landlord thereof (not applicable to Property Tax).
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(c) To pay and
discharge all charges for the supply of water, gas
and electricity
to the said premises
and for water, gas
and
electricity as may be
shown by the separate
meter installed
upon or in
relation to the said premises or by accounts
rendered
to the Tenant in
respect of such amount of water gas
and electricity consumed in the said premises.
(d) To pay to
the Landlord
on demand all costs
incurred by the
Landlord for make good
and repair of any damaged part of the
said premises owing to the careless or improper use or neglect
by the Tenant or any employees, agents, visitors, contracted
parties, appointed person(s) or licensee(s) of the Tenant.
(e) To keep
all the interior of the said premises including the
flooring and interior
plaster or other
finished or rendering
to walls, floors, windows and ceilings and the pipes and
drains exclusively
serving the said premises in good clean
tenantable repair and
condition and properly preserved and
painted (fair wear and
tear excepted) and so
to maintain the
same at the expense
of the Tenant and to
deliver up the said
premises to
the Landlord at the expiration or sooner
determination of
the said term in condition aforesaid.
Provided that if the
Landlord so requires,
to remove at the
Tenant's expenses all fixtures and additions installed by the
Tenant and in such event the Tenant shall make good all damage
caused to the said premises by such removal.
(f) To take
all reasonable
precautions to protect the interior of
the said premises from storm or typhoon or the like.
(g) Not to
make any alterations
or additions in the said premises
without first having
obtained consent from the Landlord and
all additional renovation is at the cost of the Tenant.
(h) To
prevent causes of fire, water or electricity leakage,
damages to the said
premises or any third parties by any
employees, visitors,
agents, contracted parties, appointed
person(s) or licensee(s) of the Tenant.
(i) To insure
and indemnify the Landlord against any fire, water
or electricity leakage, damages to the said premises or to any
third parties by any employees, visitors, agents, contracted
parties, appointed person(s) or licensee(s) of the Tenant.
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(j) To be
wholly responsible for any loss, damage or injury caused
to any person(s) whomsoever directly or indirectly through the
defective or damaged
condition of any part of the interior of
the said premises
and to make
good the same by
payment or
otherwise and to indemnify the Landlord against all actions,
proceedings, claims
and demands
made upon the
Landlord in
respect of any such
loss, damage or injury
and all costs and
expenses incidental thereto.
(k) On receipt
of any notices from the landlord or its authorized
representatives
specifying any works or repairs which require
to be done and which
are the responsibility of the Tenant
hereunder forthwith to
e
