TRANSLATION OF AMENDMENT OF LEASE AGREEMENT

EX-10.23 36 d211280dex1023.htm TRANSLATION OF AMENDMENT TO LEASE AGREEMENT Translation of Amendment to 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]

 

[  ]

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 12/31/2009.

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]

 

[  ]

Translator’s Note