Exhibit 10.6
English Summary of the Tenancy Agreement
Parties
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Landlord: Great Rich Universal Limited |
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Tenant: Timwood Asia Logistics Limited |
Premises
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Unit: Room B23, 5/F, Wing Hong Factory Building |
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Address: 777–783 Yu Chau West Street, Cheung Sha Wan, Hong Kong |
Term
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Fixed Term: 21 May 2025 – 20 May 2026 (non-breakable) |
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Flexible Term: 21 May 2026 – 20 May 2027 (terminable with notice) |
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Rent-Free Period: 7 days (14–20 May 2025) |
Rent & Payments
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Includes management fees, rates, and government rent |
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Excludes electricity, telephone, and other utilities |
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Payment Due: On or before the 1st day of each month |
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Over 10 days: 5% monthly administrative fee |
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Over 1 month: landlord may terminate, repossess, and claim remaining rent |
Deposits
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Rental Deposit: HK$8,200 (2 months’ rent) |
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Electricity Deposit: HK$1,800 |
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Total Deposit Paid: HK$10,340 |
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Refund: Within 15 working days after lease expiry and full handover, subject to deductions |
Utilities
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Electricity Rate: HK$1.80 per unit |
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Minimum Monthly Charge: HK$60 |
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Power Disconnection: Allowed for unpaid rent or electricity (with admin fee of HK$300 to reconnect) |
Use Restrictions
The tenant must not:
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Use the premises for residential purposes, overnight stays, or bathing |
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Store dangerous goods or illegal items |
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Conduct noisy, polluting, food-related, financial lending, gambling, party room, or cryptocurrency mining activities |
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Cook, use gas or cooking appliances, commercial refrigerators, pallet jacks, or incense |
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Keep pets or grow plants |
Breach may result in immediate eviction without compensation.
Maintenance & Repairs
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Tenant responsible for: |
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All internal repairs, fittings, utilities, and maintenance |
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Insurance (fire, flood, theft, third-party liability, employee insurance) |
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Landlord responsible for: |
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Normal wear and tear of provided air-conditioning and exhaust fan |
2Alterations & Reinstatement
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No alterations without written consent |
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Reinstatement required upon vacating |
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Additional renovation deposit may apply |
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Landlord may show the unit to prospective tenants during the last two months |
Keys & Access
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Keys and access cards issued against deposit |
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All must be returned on vacating, or liability may arise |
Termination & Special Rights
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During Fixed Term: No early termination by either party |
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During Flexible Term: Either party may terminate with 1 month’s written notice or payment in lieu |
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Redevelopment / Owner Repossession: Landlord may terminate with 1 month’s notice |
Legal & Miscellaneous
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Stamp duty shared equally |
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Legal costs borne by the losing party in disputes |
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Notices deemed served once delivered, faxed, or mailed |
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Tenant must provide valid ID and address proof |
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