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those events specified in the casualty insurance policy and for
damages to machinery in the Leased Properties that are covered by
the insurance, the Lessee shall, throughout the lease term, be
responsible for the maintenance of the Lease Properties as follows:-
1. Maintain, repair and improve the Leased Properties in good
conditions suitable for purpose of use specified in this
agreement in the same manner the Lessee repair and maintain
other similar properties at the Lessees expenses
2. Take any steps relating to renovation of the Leased Properties
at the Funds expense pursuant to the Budget
In case of movable property
1. Throughout the lease term, the parties agreed that the Lessee
shall be responsible for buying furniture, fixtures and
equipment necessary for business operation at the Funds
expense as may be approved by the Fund. Ownership of the
furniture, fixtures and equipment shall belong to the Fund and
shall be deemed the Leased Properties under this agreement
2. The Fund may authorize the Lessee to sell the furniture,
fixtures and equipment. Proceed from such sale shall be
delivered to the Fund accordingly
Determination of the maintenance budget of the Leased Properties
The Fund will determine the budget as from the first investment as
follows:-
1) For the first and second year, 2% of the income generated
from the operation of Glow Trinity Silom Building
2) For the third year, 3% of the income generated from the
operation of Glow Trinity Silom Building
And, where the properties are leased out thereafter, the Fund will
determine the maintenance budget of the Leased Properties as
follows:-
1) For the 4 th and 5 th year, 3% of the income generated from the
operation of Glow Trinity Silom Building
2) For the 6 th year onwards throughout the term, 4% of the
income generated from the operation of Glow Trinity Silom
Building
It is further agreed on such budget as follows:
a. Such budget shall not be deemed an expense for calculation
of the net profit of the Fund
In any fiscal year the Fund is required to pay the renovation
expense under this agreement, and expense for procurement
of furniture, fixtures and equipment for Glow Trinity Silom
Information Memorandum of Trinity Property Fund 26