Memorandum of Amendment to Lease Agreement between Airports Authority of Thailand and King Power Tax Free Co., Ltd. for Chiang Mai Airport Space

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Summary

This amendment updates the lease agreement between the Airports Authority of Thailand and King Power Tax Free Co., Ltd. for retail space at Chiang Mai Airport. The amendment increases the leased area, replaces the original appendix with new rental details, and confirms a performance guarantee of 35,701 Baht provided by DBS Thai Danu Bank. All other terms of the original lease remain unchanged. The amendment is effective from April 5, 2001, and the guarantee is valid until May 31, 2002.

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EX-10.86 14 kingpower1086.txt MEMORANDUM OF AMENDMENT LEASE AGREEMENT Memorandum of Amendment Lease Agreement for Space in Chiang Mai Airport No. Chor.Mor. 1-28/2543 dated 19 March 2001 Amendment 1 This memorandum is made at the Airports Authority of Thailand on 5 June 2001, between the Airports Authority of Thailand, represented by Flight Lieutenant Usar Borisuth, Deputy Managing Director, Acting Managing Director of the Airports Authority of Thailand, hereinafter called the "Lessor" of one part, and King Power Tax Free Co., Ltd., registered as a juristic person Company Limited under the Civil and Commercial Code, with the head office at 26th-27th Floors, Siam Tower, No. 989, Rama I Road, Pathum Wan Sub-district, Pathum Wan District, Bangkok Metropolis, represented by Mr. Viratana Suntaranond, the person empowered to enter juristic act binding King Power Tax Free Co., Ltd. according to the Certificate No. Phor.Hor. 0007150 dated 24 April 2001, issued by the Office of Partnership/Company Registration, Bangkok Metropolis, hereinafter called the "Lessee" of the other part. Whereas the Lessor agrees to lease out and the Lessee agrees to lease the space in Chiang Mai Airport, according to the Agreement No. Chor.Mor. 1-28/2543 dated 19 March 2001, for a period of two years, from 1 June 2000 to 31 May 2002. And whereas the Lessor has permitted the Lessee to lease additional space for the business operation, namely No. 1B 202; from 15 square metre to 18.50 square metre, and No. 1C 202; from 14 square metre to 31 square metre, effective 5 April 2001. Therefore, the Lessor and the Lessee agree as follows : 1. The Appendix A to the Lease Agreement No. Chor.Mor. 1-28/2543, dated 19 March 2001, shall be repealed and replaced with the Appendix A to this memorandum. 2. In entering into this memorandum, the Lessee has submitted the Letter of Guarantee No. 00744000165, dated 18 May 2001, of DBS Thai Danu Bank Public Company Limited, Pathum Wan Branch, for Baht 35,701.00 (Thirty-Five Thousand Seven Hundred and One Baht) to the Lessor as guarantee for compliance with the Agreement No. Chor.Mor. 1-28/2543 dated 19 March 2001. The said performance guarantee shall be returned after the Lessee has been relieved from all obligations under the said contract. 3. The contents of the Agreement No. Chor.Mor. 1-28/2543 dated 19 March 2000, besides the amendment made according Clause 1 and Clause 2 of this memorandum, shall remain valid. 4. This memorandum is effective 5 April 2001. This memorandum is made in duplicate. Both parties, having read and understood it entirely, hereunder sign their names and affix seal (if any) in the presence of witnesses and each retaining one copy. The Lessor The Lessee - ---------- ---------- - signed - - signed - (Flight Lieutenant Usar Borisuth) (Mr. Viratana Suntaranond) Witness Witness - ------- ------- - signed - - signed - (Mr. Krit Phakhakit) (Miss Sarinthorn Jongchaidetwong) DBS THAI DANU BANK PUBLIC COMPANY LIMITED Letter of Guarantee No. 00744000165 18 May 2001 We, DBS Thai Danu Bank Public Company Limited, Pathum Wan Branch, with offices at 186/5-8 Siam Square Soi 7, Phaya Thai Road, Pathum Wan Sub-district, Pathum Wan District, Bangkok Metropolis, hereby issue this Letter of Guarantee to the Airports Authority of Thailand, as follows : 1. Whereas King Power Tax Free Co., Ltd. has entered into the Lease Agreement for Space in Chiang Mai Airport, No. Chor.Mor. 1-28/2543, and performance guarantee is required by the Airports Authority of Thailand, for an amount of Baht 35,701.00 (Thirty-Five Thousand Seven Hundred and One Baht). 2. We consent to bind ourselves as the guarantor of King Power Tax Free Co., Ltd. to the Airports Authority of Thailand for an amount not exceeding Baht 35,701.00 (Thirty-Five Thousand Seven Hundred and One Baht). That is, if King Power Tax Free Co., Ltd. fails to comply with the agreement entered with the Airports Authority of Thailand, or is in breach of any clause of the said agreement, thereby the Airports Authority of Thailand is entitled to forfeit the performance guarantee or demand penalty or fines and/or damages from King Power Tax Free Co., Ltd., we shall promptly make the payment on behalf of and without requesting King Power Tax Free Co., Ltd. to make such payment first. 3. We acknowledge and consent in case the Airports Authority of Thailand has given an extension or leniency for compliance with the agreement to King Power Tax Free Co., Ltd., provided that the Airports Authority of Thailand shall notify us without delay. This Letter of Guarantee is valid from 5 April 2001 to 31 May 2002. As evidence, we, DBS Thai Danu Bank Public Company Limited, Pathum Wan Branch, by the undersigned who are empowered to enter juristic act binding the bank, hereunder sign our names and affixed the seal. - signed - - signed - Guarantor (Mrs. Sirikul Chiranon) (Miss Siraphon Saengphairoj) Assistant Director & Assistant Branch Manager Branch Manager - signed - - signed - Witness (Mr. Somsak Ratanakritnanon) (Mr. Siriphon Archiwa )
Appendix A Details of Rents and Location of the Leased Premises ----------------------------------------------------- Memorandum to Agreement No. Chor.Mor. 1-28/2543 dated 19 March 2001 ------------------------------------------------------------------- (Total 3 Sheets) Sheet No. 1 - --------------------------- ----- --------- ---------- ----------- ------------ -------- ------------------------ Area Rents Rent Service Fee Building/ Fine/ Lease Period Leased Premises Sqm. Baht/Sqm. Baht/Month Baht/Month Land Tax Penalty ------------------------ Per month Baht/Month Baht/Day From To - --------------------------- ----- --------- ---------- ----------- ------------ -------- ----------- ----------- Areas in Passenger Terminal Chiang Mai Airport - - No. 1A 113 16.00 450.00 7,200.00 1,080.00 900.00 612.005 Apr. 2001 31 May 2002 - - No. 1A 218 22.25 450.00 10,012.50 1,501.88 1,251.56 851.065 Apr. 2001 31 May 2002 - - No. 1B 202 18.50 450.00 8,325.00 1,248.75 1,040.63 707.635 Apr. 2001 31 May 2002 - - No. 1C 202 31.00 450.00 13,950.00 2,092.50 1,743.75 1,185.755 Apr. 2001 31 May 2002 - --------------------------- ----- --------- ---------- ----------- ---------- ---------- ----------- -----------
The Lessor The Lessee - ---------- ---------- - signed - - signed - (Flight Lieutenant Usar Borisuth) (Mr. Viratana Suntaranond) Witness Witness - ------- ------- - signed - - signed - (Mr. Krit Phakhakit) (Miss Sarinthorn Jongchaidetwong)