**4. PRICE AND PAYMENT CURRENCY**The monthly rent payable by LESSEE, which is mutually agreed by the parties as from April1st, 2008, is US$ 23,752 (twenty three thousand, seven hundred and fifty two UnitedStates Dollars) and as from October 1st 2008 is US$ 27,405 (twenty seven thousand, fourhundred and five United States Dollars), for the floor leased together with the parking spaces, allof which were specified in Section 2 above. Payment shall be computed to the forward month, andrent shall be payable between the 1st and the 5th day of the respective monthfrom April 1, 2008, at the address herein established by LESSOR. The minimum rent amount shall notbe lower than seventy five thousand, two hundred and ninety one pesos (AR$ 75,291), at the sellerexchange rate published by Ambito Financiero, corresponding to the day immediately previous to thepayment date. Should the monthly rent amount turns to be lower than such amount, LESSEE shall payit to LESSOR. LESSOR may choose to demand that payment be made in Argentine pesos in the amountnecessary to purchase the specified amount of dollars on the Floating Exchange Rate Market in NewYork or Montevideo, at LESSOR’s option, and free of any expenses for LESSOR. It is herebyexpressly established that the price is herein set in United States dollars because the partiesunderstand that section 13 of Law No. 23928 has, in general, repealed section 1 of Law No. 23,091,which banned the setting of lease agreements’ prices in dollars, for which reason sections 617 and619 of the Argentine Civil Code are now applicable. The parties freely agree that the rent amountshall be jointly reviewed every year as from April 1st, 2009 (inclusive), upon theexpress prior request by one of the parties, following the procedure stated hereinafter to set anew rent amount. The parties agree that, in the event of disagreement as to the rent amount and ofone of the parties having requested a review of the amount, the PARTIES shall obtain each anappraisal of the amount for rents with similar characteristics and conditions from a renowned realestate broker working in the area. Once both appraisals are obtained, the PARTIES shall agree upona new rent amount within thirty calendar days computed as from April 1st, 2009 and 2010,respectively, not more. The meetings shall always be held between direct representatives of bothcompanies. If the parties fail to reach an agreement within said period, the rent amount shall beset by the L.J. Ramos firm, which will take into account the appraisals made by the brokers andother elements of market analysis, and the parties shall accept this amount. In addition to theamount stated above, LESSEE shall, from April 1, 2008, pay any taxes due to the AutonomousGovernment of the City of Buenos Aires (Street Lighting, Sweeping and Cleaning, Pavement andSidewalks, and Land Tax, known as “ABL”), Aguas Argentinas S.A. and the common expenses of thebuilding, maintenance of the services provided at the Building, e.g.: Cafeteria, Gym. The amountof ordinary expenses, common expenses, taxes, assessments, and services shall be calculatedaccording to the percentage established in Annex I, which is an integral part of this Agreement.The services used by LESSEE to carry outits business activities and which are not mentioned above, such as electricity, telephone servicesand other services which are not covered by the common expenses shall be borne by LESSEE from April1, 2008, the effective date of this Agreement. The Value-Added Tax (VAT), and any other taxeswhich in the future may be levied on leases, is not included in the rent amount and shall be borneby LESSEE.
 
 

 
**5. SECURITY DEPOSIT**The security deposit agreed upon by the PARTIES amounts to US$ 47,504 (forty seven thousand, fivehundred and four United States Dollars), equivalent to two months’ rent. The PARTIES agree thatsuch amount is paid as follows; (i) the amount of US$ 14,576 (fourteen thousand, five hundred andseventy six United States Dollars) was paid by LESSEE to LESSOR on March 31st, 2005, by reason ofthe previous lease agreement (signed on March 31, 2005), (ii) the amount of US$ 25,620 (twenty fivethousand, six hundred and twenty United States Dollars) was paid by LESSEE to LESSOR on August23rd, 2007, on account of the security deposit corresponding to the previous leaseagreement (signed on March 31, 2005), according to the amendment to such agreement agreed upon bythe Parties on August 23rd, 2007, and (iii) the amount of US$ 7,308 (seven thousand,three hundred and eight United States Dollars) is paid by LESSEE to LESSOR by means of a checkpayable to LESSOR’s order for the amount of Argentine Pesos sufficient to purchase the amount ofdollars specified above. This agreement shall be sufficient evidence of receipt thereof. Suchamount shall not accrue any interest whatsoever and shall be used as compensation for any damagesthat LESSEE may cause to the leased premises from the moment delivery of possession is received.The amount shall be reimbursed to LESSEE upon termination of the agreement and when the premisesare returned in the conditions established herein and once any amounts owed or necessary to restorethe missing items or items to be replaced have been deducted. The parties agree that LESSOR’sfailure to reimburse the amount given as Security Deposit by LESSEE shall empower LESSEE, once thepremises are delivered in the agreed-upon conditions and the proportional amounts owed by LESSEEfor the consumption of public utility services are paid, all of which shall not exceed a period oftwenty (20) business days from the date the premises are delivered to LESSOR, to file for a summaryproceeding claiming the undue withholding of the amount without prior notice to LESSOR beingnecessary. The delayed reimbursement of the security deposit shall entail the LESSOR’s default andundue withholding of the amount, and shall consequently accrue a monthly penalty interestequivalent to 2% per month for the period during which the security deposit was withheld from thetermination of the agreement and the delivery of the leased premises until the effectivereimbursement. The PARTIES agree that such amount shall be paid at LESSOR’s offices located atTronador 4890 10th floor, Capital Federal.**6. USE OF THE PREMISES**LESSEE undertakes to use the leased premises to conduct its business, by using them as office only.This agreement shall not be assigned or transferred, whether in whole or in part, unless suchassignment or transfer is made to subsidiaries, affiliates or companies that are LESSEE’s legalsuccessors, which shall assume all of LESSEE’s obligations. Notwithstanding the foregoing, andshould the authorized transfer be made, LESSEE shall duly notify LESSOR of this circumstance. Thissection shall not be restrictively construed, and thus LESSEE may designate the premises as thelegal and/or administrative and fiscal domicile of all the companiesand/or entities owned by MERCADOLIBRE S.A. which conduct business in the Argentine Republic throughLESSEE.**7. TELEPHONE LINES**The installation, maintenance and ownership of telephone lines shall be borne by LESSEE.**8. DEFAULT**Should LESSEE fail to timely pay the rent, notwithstanding any other actions that LESSOR couldinstitute, LESSEE shall pay compensatory interest and penalty interest equal to 2% (two percent)per month on the amount owed to LESSOR during the delinquency period. Default in payment shall, inany event, occur as a result of the mere lapse of time, without any court or out-of-court demandnotice being necessary.
 
 

 
**9. RETURN OF THE PREMISES.**Upon termination of this Agreement, LESSEE undertakes to return the PREMISES which are the subjectmatter hereof without any court or out-of-court demand notice being necessary, and with all taxes,assessments and services payable by it duly paid, clean and in good state of repair, except fornormal deterioration caused by the ordinary wear and tear. Delivery of the premises shall beevidenced by means of a written document issued by a representative of LESSOR. LESSOR shall giveLESSEE a 15-day written notice prior to the expiration of the term of the lease to inform to whomsuch delivery shall be made, and who shall perform a general inspection of the leased premisestogether with LESSEE in order to verify their condition. For such purpose, a record shall beprepared detailing the state of repair of the PREMISES and describing whether there is any damageor missing items. LESSEE shall repair any such damage or pay any missing items, except for theordinary wear and tear resulting from the appropriate use of the premises and the lapse of time.Upon expiration of the lease term, the fixed improvements made by LESSEE shall remain with thepremises for the benefit of LESSOR, unless these can be withdrawn from the PREMISES without causingdamages or modifications that may alter the original condition of the received property, and thisshall be under the charge of LESSEE. In the event LESSEE fails to return the PREMISES, it shallpay, in addition to the monthly rent amount, 1/30 part of the monthly rent amount for each day ofdelay as penalty, and actual damages.**10. TERMINATION**The breach by one party of any of its obligations under this Agreement shall entitle the other toterminate this agreement, provided prior notice is given demanding compliance or that the breach becured within not more than fifteen (15) days. Upon expiration of this period, and should thebreach continue, the non-breaching party shall consider the agreement automatically terminated bythe breaching party.**11. CONDOMINIUM, ADMINISTRATION AND INTERNAL BYLAWS.**LESSOR shall deliver to LESSEE the condominium and administration bylaws and the internalbylaws for information and compliance purposes. Temporarily, until those bylaws become effective,the rules related to the operation and aesthetics of the Building, which are attached hereto asAnnex II and are an integral part hereof, shall apply.**12. STAMP TAX**THE PARTIES hereby agree that they shall equally bear the stamp tax payable by reason of thiscontract.**13. FORCE MAJEURE, ENTIRE AGREEMENT, AMENDMENTS**Acts of God and *force majeure*events shall be governed by sections 513 and 514 of the ArgentineCivil Code in all aspects related to their nature, occurrence, characteristics and consequences.Should an event considered to be an act of God or a *force majeure*event in accordance with theregulations in force take place, the party affected thereby shall notify the other of theoccurrence of such event and of the means to be used to deal with such event within 48(forty-eight) business hours, indicating the estimated period during which it shall not be able tocomply with the contractual obligations affected by the event. This shall apply provided thatnotice is given within the stated term. This Agreement constitutes the entire and exclusiveagreement of the PARTIES and supersedes any other previous agreement as well as all the oral orwritten proposals and any other communications between them which may have been sent prior to theexecution of this Agreement (Section 1197 of the Argentine Civil Code). Any amendment to orextension of this Agreement shall be made in writing by mutual agreement of the Parties.**14. JURISDICTION. ADDRESSES**For all purposes, the PARTIES submit to the jurisdiction of the Civil Courts in and for the City ofBuenos Aires (Capital Federal), and waive their right to resort to any other competent courts. ThePARTIES set their addresses at the ones set out above, where all court or out-of-court noticesshall be deemed to have been validly given.In witness whereof, the parties have executed this Agreement in two (2) counterparts, each of whichshall be deemed to be an original and all of which together shall constitute one and the sameinstrument, in the City of Buenos Aires, on November 13th, 2008.