Real Estate Lease Agreement
Exhibit 10.31
Real Estate Lease Agreement
¨ Lease, Rent
Regarding the real estate indicated below, the lessor and the lessee hereby enter into a lease agreement as stated below: 1. Description of Real Estate | ||||||||
Location | 707-24 Yoksam-dong, Kangnam-ku, Seoul and 11 Lot Hanshin Inter Valley 24 7th Floor West Wing No. 818 and No. 819 | |||||||
Lot | Category of land type | Plain field | Area | No. 818 (5.642) No. 819 (4.392) m2 | ||||
Building | Structure, Usage | Steel frame steel reinforced concrete structure | Area | No. 818 (34.34) No. 819 (26.73) m2 | ||||
Rented Part | West Wing No. 818 and 819 in their entirety | Area | m2 |
2. Provisions of the Agreement Article 1 (Objective) Concerning the lease of the above mentioned real estate, the lessor and lessee agree to pay the lease deposit and rent as follows: | ||||||||
Deposit | Exactly twenty-eight million won (Won) 28,000,000 won | |||||||
Down Payment | Exactly won to be paid and received upon signing the agreement. Recipient: In Hwa Jung | |||||||
Interim Payment | Exactly won to be paid on [date]. | |||||||
Balance | Exactly twenty-eight million won to be paid on February 16, 2009. | |||||||
Rent | Exactly twenty-eight million won (advance payment) ((Won) 2,800,000) to be paid on the 16th of each month. |
Article 2 (Agreement Period) The lessor shall hand over the above mentioned real estate by February 16, 2009 in a usable and profitable condition as intended for the usage under this lease agreement. The lease agreement period shall last until February 16, 2010 from the date of the handover. Article 3 (Usage Change and Sublet, etc.) The lessee shall not renovate or alter the usage or structure of the real estate or sublet, transfer the right of lease or provide collateral for the real estate, or use the real estate for any other purpose than the usage stated in this agreement without the lessors consent. Article 4 (Cancellation of the Agreement) In the case where the lessee cannot pay the monthly rent in time twice or more or the lessee breaches Article 3, the lessor may immediately terminate the agreement. Article 5 (Termination of Agreement) At the end of the lease agreement period, the lessee shall return the real estate to the lessor in its original condition. In such a case, the lessor shall return the deposit to the lessee after deducting any rent in arrears and damage compensation. Article 6 (Nullification of the Agreement) Before the lessee pays the interim payment (the balance if there is no interim payment) to the lessor, the lessor reimburses double the down payment and the lessee gives up the down payment to nullify the agreement. Article 7 (Negligence of Liability and Indemnification) In case the lessor or lessee does not perform any details of the agreement, the other party may notify of such negligence in writing and terminate the agreement. In addition, either party of the agreement may claim for damages on agreement cancellation, and the down payment is deemed as the criteria of the damages unless there are separate commitments on the damages. Article 8 (Agent Commission) The real estate agent is not responsible if the lessor or the lessee does not fulfill the agreement. In addition, the agent commission shall be paid separately by both parties upon signing this agreement, and if the agreement is nullified, cancelled, or terminated without intent or negligence of the brokerage agent, the agent commission shall be paid. In case of the common brokerage agent, the lessor and the lessee shall each pay his commission to the agent he requested for the brokerage services. (The agent fee shall be set at 0.7% of the amount of transaction valuation.) Article 9 (Issuance of Brokerage Object Confirmation and Description, etc.) The brokerage agent shall prepare a written confirmation and description of the brokerage object and attach a copy of the business guarantee relations certificate (deduction certificate) and issue them to both parties on February 5, 2009. Special Provisions 1. This represents the lease agreement under the current basic facility condition. 2. Value added taxes are not included (management expenses are separate). 3. Interior decorations shall follow the decision of the lessor and may be turned over from the lessor or removed. Lessees shall not exchange money. 4. Lessee: The lessee is changed to the Korean corporation when it is established by its US Headquarters. 5. The amount of 2,800,000 won deposited as the down payment shall be paid in advance as rent. 6. Increase in the rent upon agreement renewal shall be within 3%. 7. The lessee shall notify the lessor of his vacating of the property 3 months in advance. 8. 9. To certify the agreement, each party of the agreement verifies that there are no discrepancies and signs and affixes his seal before the lessor, lessee, and brokerage agent each affixes his seal on each page and keeps one copy. February 5, 2009 |
Lessor | Address | Seocho Hill House No. 402, 1612-2 Seocho-dong, Seocho-ku, Seoul |
[seal: In Hwa Jung] Seal | |||||||||||||||||
Resident Registration No. | 640710 ###-###-#### | Telephone | 011 ###-###-#### | Name | In Hwa Jung | |||||||||||||||
Agent | Address | Resident Registration No. | Name | |||||||||||||||||
Lessee | Address | 500 Unicorn Park Drive, Woburn, MA 01801 USA | Monotype Imaging Inc. |
Seal | ||||||||||||||||
Registration No. | Telephone | 1 ###-###-#### | Corporation Name | Monotype Imaging Inc. | ||||||||||||||||
Agent | Address | Resident Registration No. | Representative | |||||||||||||||||
Brokerage Agent | Business Location | Hanshin Inter Valley 1st floor, Suite 105 707-34 Yoksam-dong, Kangnam-ku | Business Location | Seonnung Daerim Acrotel 215, 140-3 Samsung-dong, Kangnam-ku | ||||||||||||||||
Business Title | Hanshin Real Estate Brokerage Office | Business Title | Daerim Acrotel Brokerage Office | |||||||||||||||||
Representative | Signature, Seal | Sook Hui Choi [signature: Sook Hui Choi] Seal [seal: Sook Hui Choi] | Signature, Seal | Jae Hui Shin [signature: Jae Hui Shin] Seal [seal: Jae Hui Shin] | ||||||||||||||||
Registration No. | 9250-9362 | Telephone | 3452-5000 | Registration No. | 9250-8491 | Telephone |   ###-###-#### | |||||||||||||
Certified Real Estate Agent | Signature, Seal | Sook Hui Choi Seal | Signature, Seal | Jae Hui Shin | Seal |