TRANSLATION OF AMENDMENT OF LEASE AGREEMENT
Exhibit 10.22
TRANSLATION OF AMENDMENT OF LEASE AGREEMENT
The Chairman of the Board of Korea Specialty Contractor Financial Cooperative (referred as “Gap” hereafter) and the Executive Director of GTC Research, Inc. (referred as “Eul” hereafter) agree to make changes to the Amendment of Lease Agreement entered on 12/31/2007.
CONTENT
| 1. | Amended Items (Unit: Won/Month Rent and Monthly Maintenance Fee VAT is separate) |
| Items | Previous | Amended | Comment | |||
| Lease Property | Korea Specialty Contractor Financial Building 10th & 11th Floors 5229.47 m2 | Korea Specialty Contractor Financial Building 10th & 11th Floors 5229.47 m2 | ||||
| Section 3 Lease Term | 01/01/2008-12/31/2008 | 01/01/2009-12/31/2009 | - | |||
| Section 5 (Lease Deposit) | 388,837,200 (74,355/m2) | Same as left column | ||||
| Section 6 (Monthly Rent) | 38,886,300(7,436/m2) | 40,047,200 (7,658/m2) | Increase 1,160,900 | |||
| Section 7 (Monthly Maintenance Fee) | 39,925,200 (7,061/m2) | 38,405,200(7,344/m2) | Increase 1,480,000 | |||
| Due Date for Rent/Maintenance Fee | Last day of each month (The next day if it falls in a holiday) | Last day of each month (The next day if it falls in a holiday) | ||||
| Number of Free Parking Space | 46 | 46 | ||||
| Special Item | ||||||
| 2. | Effective Date of the Amended Agreement: 1. 1. 2009 |
| 3. | If “Gap” or “Eul” wishes to terminate this agreement during the lease period, this agreement shall be terminated by providing notification of termination of the lease to the other party in writing at least by 3 months prior. In that case, there shall be no penalty for early termination. However, if the lessee pre-paid 1 month rent as a penalty (interest for 1 month which is calculated from 12% of annual interest rate for either partial rent or the deposit in case of the lessee), the lease shall be cancelled immediately [the pre-paid penalty shall be returned immediately], even during the period mentioned above. |
To confirm this agreement, 2 copies of this Amendment of Lease Agreement is made and each “Gap” and “Eul” shall keep 1 copy.
12. . 2008
| Lessor | Address | 395-70 Shindaebang-dong, Dongjak-gu, Seoul | ||
| Business | Korea Specialty Coontractor Financial Cooperative | |||
| Representative | Il Joong Kim [Seal] | |||
| Lessee | Address | 395-70 Shindaebang-dong 11th Floor, Dongjak-gu, Seoul | ||
| Business | GCT Research, Inc. | |||
| Representative | Kyung Ho Lee [Seal] | |||
| [ ] | Translator’s Note |
AMENDMENT OF LEASE AGREEMENT
The Chairman of the Board of Korea Specialty Contractor Financial Cooperative (referred as “Gap” hereafter) and the Executive Director of GTC Asia Pacific, Inc. (referred as “Eul” hereafter) agree to make changes to the Amendment of Lease Agreement entered on 12/31/2007.
CONTENT
| 1. | Amended Items (Unit: Won/Month Rent and Monthly Maintenance Fee VAT is separate) |
| Items | Previous | Amended | Comment | |||
| Lease Property | Korea Specialty Contractor Financial Building 10th Floor 739.13 m2 | Korea Specialty Contractor Financial Building 10th Floor 739.13 m2 | ||||
| Section 3 Lease Term | 01/01/2008-12/31/2009 | 01/01/2009-12/31/2009 | - | |||
| Section 5 (Lease Deposit) | 54,958,000 (74,355/m2) | Same as left column | ||||
| Section 6 (Monthly Rent) | 5,496.100 (7,436/m2) | 5,660,200 (7,658 /m2) | Increase 164,100 | |||
| Section 7 (Monthly Maintenance Fee) | 5,218,900 (7,061/m2) | 5,428,100 (7,344/m2) | Increase 209,200 | |||
| Number of Free Parking Space | 6 | 6 | ||||
| Special Item | ||||||
| 2. | Effective Date of the Amended Agreement: 1. 1. 2009 |
| 3. | If “Gap” or “Eul” wishes to terminate this agreement during the lease period, this agreement shall be terminated by providing notification of termination of the lease to the other party in writing at least by 3 months prior. In that case, there shall be no penalty for early termination. However, if the lessee pre-paid 1 month rent as a security deposit (interest for 1 month which is calculated from 12% of annual interest rate for either partial rent or the deposit in case of the lessee), the lease shall be cancelled immediately [the pre-paid security deposit shall be returned immediately], even during the period mentioned above. |
To confirm this agreement, 2 copies of this Amendment of Lease Agreement is made and each “Gap” and “Eul” shall keep 1 copy.
12. . 2008
| Lessor | Address | 395-70 Shindaebang-dong, Dongjak-gu, Seoul | ||
| Business | Korea Specialty Coontractor Financial Cooperative | |||
| Representative | Il Joong Kim [Seal] | |||
| Lessee | Address | 395-70 Shindaebang-dong, Dongjak-gu, Seoul | ||
| Business | GCT Research, Inc. | |||
| Representative | Kyung Ho Lee [Seal] | |||
[ ] Translator’s Note
