Exhibit 10.6

 

English Summary of the Tenancy Agreement

 

Parties

 

●Landlord: Great Rich Universal Limited

 

●Tenant: Timwood Asia Logistics Limited

 

Premises

 

●Unit: Room B23, 5/F, Wing Hong Factory Building

 

●Address: 777–783 Yu Chau West Street, Cheung Sha Wan, Hong Kong

 

Term

 

●Total Term: 2 years

 

oFixed Term: 21 May 2025 – 20 May 2026 (non-breakable)

 

oFlexible Term: 21 May 2026 – 20 May 2027 (terminable with notice)

 

●Rent-Free Period: 7 days (14–20 May 2025)

 

Rent & Payments

 

●Monthly Rent: HK$4,100

 

oIncludes management fees, rates, and government rent

 

oExcludes electricity, telephone, and other utilities

 

●Payment Due: On or before the 1st day of each month

 

●Late Payment:

 

oOver 10 days: 5% monthly administrative fee

 

oOver 1 month: landlord may terminate, repossess, and claim remaining rent

 

Deposits

 

●Rental Deposit: HK$8,200 (2 months’ rent)

 

●Electricity Deposit: HK$1,800

 

●Key Deposit: HK$340

 

●Total Deposit Paid: HK$10,340

 

●Refund: Within 15 working days after lease expiry and full handover, subject to deductions

 

 

 

 

Utilities

 

●Electricity Rate: HK$1.80 per unit

 

●Minimum Monthly Charge: HK$60

 

●Power Disconnection: Allowed for unpaid rent or electricity (with admin fee of HK$300 to reconnect)

 

Use Restrictions

 

The tenant must not:

 

●Use the premises for residential purposes, overnight stays, or bathing

 

●Store dangerous goods or illegal items

 

●Conduct noisy, polluting, food-related, financial lending, gambling, party room, or cryptocurrency mining activities

 

●Cook, use gas or cooking appliances, commercial refrigerators, pallet jacks, or incense

 

●Keep pets or grow plants

 

●Obstruct common areas

 

Breach may result in immediate eviction without compensation.

 

Maintenance & Repairs

 

●Tenant responsible for:

 

oAll internal repairs, fittings, utilities, and maintenance

 

oInsurance (fire, flood, theft, third-party liability, employee insurance)

 

●Landlord responsible for:

 

oNormal wear and tear of provided air-conditioning and exhaust fan

 

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Alterations & Reinstatement

 

●No alterations without written consent

 

●Reinstatement required upon vacating

 

●Additional renovation deposit may apply

 

●Landlord may show the unit to prospective tenants during the last two months

 

Keys & Access

 

●Keys and access cards issued against deposit

 

●All must be returned on vacating, or liability may arise

 

Termination & Special Rights

 

●During Fixed Term: No early termination by either party

 

●During Flexible Term: Either party may terminate with 1 month’s written notice or payment in lieu

 

●Redevelopment / Owner Repossession: Landlord may terminate with 1 month’s notice

 

Legal & Miscellaneous

 

●Stamp duty shared equally

 

●Legal costs borne by the losing party in disputes

 

●Notices deemed served once delivered, faxed, or mailed

 

●Tenant must provide valid ID and address proof

  

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