Warehouse Storage Service Agreement, dated April 1, 2025, by and between United Warehouse Management Limited and Kwai Bon Transportation Limited
Exhibit 10.1
# **WAREHOUSE STORAGE AGREEMENT**
**Party A:** United Warehouse Management Limited
**Party B:** Kwai Bon Transportation Limited
**Storage Location:** Lot No. 1298 in D.D. 119 (hereinafter referred to as "the Premises")
**Storage Area:** Underground level of Lot No. 1298 in D.D. 119
(Covered area of 17,000 square feet)
**Storage Term:**
- **Fixed Term:** From **1st April 2025 to 31st March 2027 (2 years)**
- **Renewable Term:** From **1st April 2027 to 31st March 2028 (1 year, subject to renewal)**
**Storage Fee:** **HKD $235,000.00 per month**
This Agreement is made and entered into on **14th March 2025** by and between Party A and Party B.
The details of **Party A, Party B, Storage Location, Storage Area, Storage Term, and Storage Fee** are specified in **Schedule 1** hereto. Both parties agree to comply with and perform the following terms and conditions:
### **TERMS AND CONDITIONS**
1. **Payment of Storage Fees**
- Party B shall pay the designated storage fee to Party A on the **first day of each month** during the Storage Term.
- If Party B fails to pay the storage fee within **14 days** of the due date, Party A shall have the right to take appropriate action to recover the outstanding amount.
- Any goods stored by Party B within the Premises shall be deemed **abandoned**, and all related costs shall constitute a debt owed by Party B to Party A.
2. **Permitted Use**
- Party B shall use the Premises **solely for storage purposes**.
3. **Compliance with Laws**
- Party B shall comply with all **laws, regulations, and rules** of the Hong Kong Special Administrative Region, as well as any relevant covenants applicable to the Premises.
4. **Utility Payments**
- Party B shall be responsible for all **water, electricity, gas, telephone, and other miscellaneous charges** related to the Premises during the Storage Term.
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5. **Maintenance & Repairs**
- Party B shall maintain the Premises in **good repair** (excluding natural wear and tear or inherent defects).
- Upon expiry or termination of this Agreement, Party B shall return the Premises in the **same condition** as at the commencement of the Storage Term.
6. **Prohibited Items**
- Party B shall **not store any prohibited items** or materials that violate fire safety regulations.
7. **Government Rates & Rent**
- Party A shall be responsible for paying **government rates and land rent** for the Premises.
8. **Government Resumption**
- If the government reclaims the Premises during the Storage Term, Party B shall **vacate the Premises unconditionally** and remove all stored goods as required by Party A.
9. **Security Deposit**
- Party B shall provide a **Security Deposit** (as specified in Schedule 1) to guarantee compliance with this Agreement.
- If Party B **breaches any terms**, Party A may deduct losses from the Security Deposit and **terminate this Agreement immediately**.
- If no breach occurs, the Security Deposit shall be refunded (without interest) within **14 days** after the return of the Premises or settlement of any outstanding payments.
10. **Non-Termination by Party A**
- Party A **shall not unilaterally terminate** this Agreement during the Storage Term, provided Party B pays all fees on time and complies with all terms.
11. **Third-Party Storage**
- Party B may store **third-party goods** in the Premises but remains **fully responsible** for all obligations under this Agreement.
12. **Title Guarantee**
- Party A warrants that it has **legal rights** to the Premises.
- Any disputes regarding land ownership shall be handled by Party A, provided they do not disrupt Party B’s operations.
13. **Early Termination**
- Either party may terminate this Agreement by giving **two months’ written notice**, but **not within the first 22 months**.
- If terminated early, the defaulting party shall compensate the other party for losses.
- Party B must **remove all goods** before vacating; otherwise, Party B shall bear the removal costs.
14. **Access for Inspection/Repairs**
- Party A may enter the Premises at **reasonable times** (with Party B’s written consent) to inspect or conduct repairs.
15. **Copies of Agreement**
- This Agreement is executed in **duplicate**, including **Schedule 1** (3 pages in total), with each party retaining one copy.
16. **Stamp Duty**
- Both parties shall **share the stamp duty costs** for this Agreement.
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### **SCHEDULE 1**
**Premises:** Underground Level, Lot No. 1298 in D.D. 119
**Party A:** United Warehouse Management Limited
- Business Registration No.: 75279678
- Address: RM 1401, 14/F, Phase I Austin Tower, No. 22-26 Austin Avenue, Hong Kong
- Contact No.: +852 6606 3331
- Representative: Chan Sze Yu
**Party B:** Kwai Bon Transportation Limited
- Business Registration No.: 19082388
- Address: 3/F, Tai Hung Fai (Kwai Chung) Centre Phase 2, 38-42 Kwai Fung Crescent, Kwai Chung, N.T., Hong Kong
- Contact No.: +852 2363 1700
- Representative: Edgar Chan
**Storage Term:** 1st April 2025 – 31st March 2027 (inclusive)
**Storage Fee:** HKD $235,000.00 per month
**Security Deposit:** HKD $470,000.00 (equivalent to 2 months’ rent)
**Rent-Free Period:** 1st April 2025 – 15th April 2025 (inclusive), with the first month’s storage fee at **HKD $117,500.00**
**Payment Method:** Bank transfer or cash deposit into Party A’s designated bank account
**Bank Details:** OCBC Wing Hang Bank (Hong Kong) Limited
- Account No.: (035) 815780-831
*(Payment receipt must be sent to Party A’s representative after payment.)*
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### **SIGNATURE SECTION**
**Signed for and on behalf of Party A:**
**Company Name:** United Warehouse Management Limited
**Business Registration No.:** 75279678
**Name:** Chan Sze Yu
**HKID No.:** Z681692(5)
**Position:** Director
**Date:** 1st April 2025
**Signed for and on behalf of Party B:**
**Company Name:** Kwai Bon Transportation Limited
**Business Registration No.:** 19082388
**Name:** Chan Yu
**HKID No.:** V046231(4)
**Position:** Director
**Date:** 1st April 2025
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This translation preserves the **original legal structure** while ensuring clarity in English. Let me know if you'd like any refinements!
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