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Title: |
Property Leasing Agreement |
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Date: |
2003 |
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Preview shows 7KB of 44KB total |
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$39 |
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ID: |
#292362 |
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ENGLISH TRANSLATION OF CHINESE LANGUAGE ORIGINAL
Property Leasing Agreement
between
China Life Insurance (Group) Company
and
China Life Insurance Company Limited
{PAGE}
TABLE OF CONTENTS
CLAUSE 1 PREMISES OF THE AGREEMENT........................................3
CLAUSE 2 SCOPE OF LEASE...................................................4
CLAUSE 3 LEASE TERM.......................................................4
CLAUSE 4 PAYMENT OF RENT..................................................5
CLAUSE 5 RIGHTS AND DUTIES................................................6
CLAUSE 6 FURTHER UNDERTAKINGS.............................................8
CLAUSE 7 AMENDMENT AND TERMINATION........................................8
CLAUSE 8 DEFAULT AND DAMAGES..............................................9
CLAUSE 9 REPRESENTATIONS AND WARRANTIES...................................9
CLAUSE 10 FORCE MAJEURE...................................................10
CLAUSE 11 MISCELLANEOUS...................................................11
CLAUSE 12 NOTICES.........................................................12
CLAUSE 13 GOVERNING LAW AND DISPUTE SETTLEMENT............................13
CLAUSE 14 SUPPLEMENTARY PROVISIONS........................................13
SCHEDULE I..................................................................15
SCHEDULE II.................................................................17
2
{PAGE}
This Property Leasing Agreement (the "Agreement") is entered into on September
30, 2003 in Beijing, People's Republic of China ("PRC") by and between the
following two parties:
Party A: China Life Insurance (Group) Company
Address: No. 5 Guan Ying Yuan Xi Qu, Xicheng District, Beijing
Legal Representative: Wang Xian Zhang
Party B: China Life Insurance Company Limited
Address: China Life Building, No. 16 Chao Wai Avenue, Chaoyang
District, Beijing
Legal Representative: Wang Xian Zhang
WHEREAS,
(1) Party A is a wholly state-owned insurance company duly organized and
existing under the laws of the PRC;
(2) Party B is a joint stock insurance company with limited liability duly
organized and existing under the laws of the PRC; and
(3) In accordance with the Municipal Real Estate Law of the PRC, the Contract
Law of the PRC, as well as other relevant laws and regulations, both
parties wish to make fair and reasonable arrangements regarding the leasing
or subleasing of real estate from Party A to Party B.
On the basis of mutual benefit and through friendly consultations, both parties
hereto have agreed to enter into this Agreement as follows:
Clause 1 Premises of the Agreement
1.1. Party A owns all the real property listed in Schedule I of this Agreement
(hereinafter referred to as "Party A Real Property"). The Party A Real
Property listed in Schedule I includes real property owned by Party A and
its affiliates, and Party A's affiliates have agreed to have Party A to
enter into this Agreement.
1.2. Party A is entitled to sublet all real property listed in Schedule II of
this Agreement (hereinafter referred to as "Party A Leased Property").
1.3. The real property referred to in clauses 1.1 and 1.2 are collectively
referred to in this Agreement as "Agreement Property".
3
{PAGE}
1.4. Party A agrees to lease Party A Real Property and sublease Party A Leased
Property to Party B in accordance with the terms and conditions of this
Agreement for Party B's use as office space and Party B agrees to lease or
sublease such properties as the case may be.
Clause 2 Scope of Lease
2.1. There is a total of 833 for sites Party A Real Property, having a total
construction area of 637,143 square meters. The detailed description of
such sites is set forth in Schedule II, which constitutes a part of this
Agreement.
2.2. There is a total of 1,764 for sites Party A Leased Property, having a total
construction area of 1,060,261 square meters. The detailed description of
such sites is set forth in Schedule II, which constitutes a part of this
Agreement.
2.3. The Agreement Property shall be deemed to have been delivered to Party B
when Party B is duly organized. Party A shall ensure that the Agreement
Property is in good condition satisfactory to Party B when delivered.
2.4. Both parties hereby agree that each party may, by giving written notice to
the other party no later than November 30th of each year, reduce the number
of properties under the lease in accordance with its business needs. Upon
receipt of such notice from the other party, each party shall modify the
Schedules of this Agreement accordingly and as per the requirements of
Clause 11.4, and make adjustments to the rent payable for the following
year in accordance with Clause 4.4 of this Agreement.
2.5. Both parties hereby agree that each party may, by giving written notice to
the other party no later than November 30th of each year, increase the
number of properties under the lease. If both parties agree to such
increase before December 31 of such year, they shall modify the Schedules
of this Agreement accordingly and as per the requirements of Clause 11.4,
and make adjustments to the rent in accordance with Clause 4.4 of this
Agreement.
Clause 3 Lease Term
3.1. Unless otherwise required by the listing rules of the Stock Exchange of
Hong Kong Limited, this Agreement shall expire on December 31, 2005.
3.2. The term of the sublease under this Agreement shall be the term of the
original head lease less the period during which Party A rented such
sublease estates prior to the effective date of this Agreement, provided
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