TRANSLATION OF AMENDMENT OF LEASE AGREEMENT
Exhibit 10.23
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 12/31/2009.
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 | 01/01/2010-12/31/2010 | 01/01/2011-12/31/2011 | - | |||
Section 5 (Lease Deposit) | 388,837,200 (74,355/m2) | 388,837,200 (74,355/m2) | Increase - | |||
Section 6 (Monthly Rent) | 40,047,200 (7,658/m2) | 41,250.000 (7,888/m2) | Increase 1,202,800 | |||
Section 7 (Monthly Maintenance Fee) | 39,555,700 (7,564/m2) | 40,742,800 (7,791/m2) | Increase 1,187,100 | |||
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 | Discounted Lease Deposit shall be adjusted at the time of the Lease Agreement for 2012 |
2. | Effective Date of the Amended Agreement: 1/1/2011 |
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 prepaid one-month rent as a penalty (in case the lease is at least partially based on a deposit basis, calculated by applying a 12% annual interest rate to the deposit for a one-month period), the lease may be terminated immediately, even during the period stated above. |
12/31/2010
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] |
[ ] | Translators 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 12/31/2009.
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 | 01/01/2010-12/31/2010 | 01/01/2011-12/31/2011 | - | |||
Section 5 (Lease Deposit) | 54,958,000 (74,355/m2) | 54,958,000 (74,355/m2) | Increase - | |||
Section 6 (Monthly Rent) | 5,660,200 (7,658/m2) | 5,830,200 (7,888/m2) | Increase 170,000 | |||
Section 7 (Monthly Maintenance Fee) | 5,590,700 (7,564/m2) | 5,758,500 (7,791/m2) | Increase 167,800 | |||
Number of Free Parking Space | 6 | 6 | ||||
Special Item | Discounted Lease Deposit shall be adjusted at the time of the Lease Agreement for 2012 |
2. | Effective Date of the Amended Agreement: 1/1/2011 |
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 prepaid one-month rent as a penalty (in case the lease is at least partially based on a deposit basis, calculated by applying a 12% annual interest rate to the deposit for a one-month period), the lease may be terminated immediately, even during the period stated above. |
12/31/2010
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] |
[ ] | Translators Note |