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Exhibit 10.7
HuiZuShou No. 0010
HuiZuBei No. 0010
HuiZudeng No. 0010
Guangzhou City
House Lease Contract
Compiled & Printed by
Guangzhou Municipal Administration of State Land, Resources and
Housing
Guangzhou City
House Lease Contract
Lessor:
Guangzhou Urban Construction
& Development Co., Ltd (hereinafter referred to as Party A)
Lessee:
Guangzhou Media Message
Technologies, Inc. (hereinafter referred to as Party B)
This contract is reached by and
between both parties in accordance with the state, provincial and
municipal laws and regulations as well as the relevant
administrative rules for real estate on the principles of equality
and mutual interests. Both parties agree to abide by and obey
supervision and administration of local real estate
authorities.
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1.
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Party A agrees to lease its real
property located at Floor 10, No. 123, Tiyu West Street,
Tianhe District with a building area of 1,486.404 square meters to
Party B for office use.
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2.
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Term & Rent of Lease Agreed Upon
by Both parties
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Lease Term
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Amount of Monthly Rent (Currency:
RMB)
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In figure
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In word
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From Sept. 26,
2003 to Sept. 25, 2006
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118,912
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One hundred and
eighteen thousand, nine hundred and twelve
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to
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N/A
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Note:
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1)
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Lease Term under this contract shall
be within twenty years.
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2)
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The
national and municipal lease policies shall be referred to for
determination of lease rent if the leasehold is for residential
use. Both parties may seek decision of lease rent via negotiation
if the household is for business purpose.
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3)
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Additional table may be used in case
that the table above provides no enough blank.
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4)
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Blank space in the table must be
filled with N/A .
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Lease rent shall be settled per
month by means of bank transfer from Party B to Party A before the
fifth day of each month. Lease rent shall be adjusted according to
the newly issued standard by Guangzhou municipal real property
administrations if the national welfare housing policy is subject
to any changes or the structure and fitment of the leasehold is
reformed. In such case, party B shall have the right to pay the
lease rent according to the adjusted rent to Party A.
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3.
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Party B has rendered a deposit of
RMB 237,824 Yuan to Party A (refer to the housing reform policy for
specific amount of lease deposit if the leasehold is state-owned.
The lease deposit for non-residential and other types of houses
shall be no more than the total amount of three months.) and
pledges to use the household based on the lease contract signed by
both parties. Upon expiration or termination of this contract,
Party A shall reimburse this deposit to Party B.
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4.
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During the lease term, Party A shall
assume the following responsibilities:
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1)
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Shall deliver the leasehold as well
as its accessorial equipment to Party B for use in accordance with
this contract. Late delivery will result in a penalty equal to 0.2%
(less than 3%) of monthly rent per day to Party B.
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2)
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Shall be responsible for a periodic
safety inspection of the household and any maintaining cost for
natural damages incurred to the main structure of the household. A
house resuming agreement shall be signed and entered with party B
into in the event that temporary move from the household is
required due to maintenance and repair of it. Party A shall
indemnify Party B for any individual casualties or lost in its
assets.
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Please refer to supplementary
contract for other maintaining or repairing responsibilities of
Party A.
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3)
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A
written notice shall be made to Party B three months (or even
longer) in advance in case of any intended transfer of the
leasehold and thirty days in advance for any intended
mortgage.
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4)
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Shall obtain advance consent from
Party B if it intends to terminate this contract during the lease
term.
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5.
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During the lease term, Party B shall
assume the following responsibilities:
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1)
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Shall make the payment of lease rent
in time. Late payment will result in a penalty equal to 0.2% (no
more than 3%) of monthly rent per day. Party A shall have the right
to terminate this contract and retract the household if rent
payment has been delayed for 30 days.
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2)
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Shall use the leasehold based on the
intended usage of it Party A may terminate this contract and
retract the household if Party B apply the household for other
purpose other than that specified in this contract
unilaterally.
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3)
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Shall obtain consent in writing from
Party A and sign a written contract with Party A if it plans to
expand, add or reconstruct
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