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March 2001, shall be repealed and replaced with the Appendix A to this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 ▇▇▇/▇-▇ ▇▇▇▇ ▇▇▇▇▇▇ 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
(▇▇▇. ▇▇▇▇▇▇▇ Chiranon) (Miss Siraphon Saengphairoj)
Assistant Director & Assistant Branch Manager
Branch Manager
- signed - - signed - Witness
(▇▇. ▇▇▇▇▇▇ 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 ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇
- ▇▇. ▇▇ 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)