EXHIBIT 10.14
TENANCY AGREEMENT
[_] DEPOSIT BASIS RENT
[X] MONTHLY RENT
PROPERTY DESCRIPTION
LOCATION Room # 817 and 6 other rooms, LG Palace Building, 165-8
Dongkyo-Dong, Mapo-Gu, Seoul, Korea
LAND Classification - _________; Area - 47.547(m(2)) (approx.
14.383 pyeong); Direction - Southeast
BUILDING Construction - reinforcing rods and ferroconcrete; Use -
Business; Gross floor space - 354.08 (m(2)) (approx. 107.11
pyeong)
PROPERTY TO LEASE Offices including the whole exclusively possessed area of room
# 817 and six other rooms at lease the location stated above
This Agreement is made in regards to the lease of the Property described above
between the Landlord and Tenant with below conditions.
Item 1 [Deposits and Payment dues] The Landlord agrees to let and the Tenant
agrees to take the Property and Contents at the deposit and rent payable as
below
Deposit The sum Sixty Million won (60,000,000 Won)
of money
Down Payment
Part Payment
The Remainder
The Rent Five Million and 7 Hundred Thousand won
(5,700,000 Won) Rental payments will be equal.
Monthly payments due on the 10th of the
month.
Item 2 [Terms] Term of the agreement is fixed term agreement for 12 months,
starting on July 10, 2005 and ending on July 9, 2006. Item 3 [Change of use or
Sublease] Not to assign, or sublet, part with possession of the Property, or to
let any other person use the Property. To use the Property for business purpose
and not to use it or any part of it for any other purpose nor to allow anyone
else to do so.
Item 4 [Cancellation of the Agreement] If at any time the Rent is outstanding
for two consecutive times after becoming due (whether formally demanded or not)
and/or Item 3 of this Agreement is breached by the Tenant, the Agreement itself
can be cancelled.
Item 5 [End of Tenancy] (1) To leave the Property at the end of the tenancy in
good repair and condition, upon the date so appointed and hand back all keys to
doors, windows and any other items. (2) When the Tenant leave the Property in
agreement with the term (1), the balance of the Deposit is to be paid to the
Tenant only after vacation of the Property. The outstanding Rent and
compensation for damages are deducted from the Deposit and such amount to be
assessed upon termination of the Agreement.
Item 6 [Discharge of the Agreement]: The Landlord can discharge the Agreement by
paying double the amount of the Down payment to the Tenant until the Tenant pays
the Part payment (the Remainder if there is no Part payment) and the Tenant can
discharge the Agreement by giving the Down payment out.
EXCEPT THAT,
- THE AGREEMENT IS MADE ON THE PRESENT CONDITION OF THE PROPERTY
AFTER THE GOVERNMENT REGISTER CERTIFICATE AND THE SITE ARE
CONFIRMED. ANY DAMAGES OR CHANGES TO THE CONDITION OF THE
PROPERTY DURING THE TERM HAVE TO BE RESTORED BY THE TENANT.
- THE MANAGEMENT EXPENSES AND OUTGOINGS ARE SETTLED ON THE
APPOINTED DATE FOR THE REMAINDER PAYMENT.
- WHEN TAX INVOICES ARE ISSUED, SURTAX IS NOT INCLUDED.
- THIS AGREEMENT IS MADE ON THE PURPOSE OF USING THE FOLLOWING
ROOMS; ROOM # 817, 818, 819, 820, 821, 822 AND 823, AND THE
GROSS FLOOR SPACE IS THE SUM OF AREAS OF THOSE ROOMS
- THE PROPERTY IS GIVEN AS SECURITY FOR AT MOST US $1,300,000 OF
BOND BY INDUSTRIAL BANK OF KOREA.
The Agreement should be signed by both the Landlord and the Tenant and both
parties should keep a copy of original agreements.
JUNE 23, 2005
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The Landlord Address 16-7, Samjung-Dong, Ojung-Gu, BuCheon, Sign
Kyonggi-Do, Korea
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Social 110111-14383 Tel. 338-6283 Name Eugene Science,
Security No. Inc.
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The Landlord's Address Sign
Agent
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Social Tel. Name
Security No.
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The Tenant Address 8th floor, LG Palace Building, Sign
Dongkyo-Dong, Mapo-Gu, Seoul, Korea
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Social 314-81-31847 Tel. 6333-4200 Name Bestian Partners
Security No. Co. Ltd.,
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The Tenant's Address Sign
Agent
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Social Tel. Name
Security No.
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