**4. PRICE AND PAYMENT CURRENCY**The monthly rent payable by LESSEE, which is mutually agreed by the parties as from May5th, 2008, is US$ 11,876 (eleven thousand, eight hundred and seventy six United StatesDollars) and as from October 1st, 2008 is US$ 13,703 (thirteen thousand, seven hundredand three United States Dollars), for the half 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 May 5th, 2008, at the address herein established by LESSOR. The minimum rentamount shall not be lower than thirty seven thousand, six hundred and forty five pesos (AR$37,645), at the seller exchange rate published by Ambito Financiero, corresponding to the dayimmediately previous to the payment date. Should the monthly rent amount turns to be lower thansuch amount, LESSEE shall pay it to LESSOR. LESSOR may choose to demand that payment be made inArgentine pesos in the amount necessary to purchase the specified amount of dollars on the FloatingExchange Rate Market in New York or Montevideo, at LESSOR’s option, and free of any expenses forLESSOR. It is hereby expressly established that the price is herein set in United States dollarsbecause the parties understand that section 13 of Law No. 23928 has, in general, repealed section 1of Law No. 23,091, which banned the setting of lease agreements’ prices in dollars, for whichreason sections 617 and 619 of the Argentine Civil Code are now applicable. The parties freelyagree that the rent amount shall be jointly reviewed every year as from May 5th, 2009,upon the express prior request by one of the parties, following the procedure stated hereinafter toset a new rent amount. The parties agree that, in the event of disagreement as to the rent amountand of one 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 May 5th, 2009 and May5th, 2010, respectively, not more. The meetings shall always be held between directrepresentatives of both companies. If the parties fail to reach an agreement within said period,the rent amount shall be set by the L.J. Ramos firm, which will take into account the appraisalsmade by the brokers and other elements of market analysis, and the parties shall accept thisamount. In addition to the amount stated above, LESSEE shall, from May 5th, 2008, payany taxes due to the Autonomous Government of the City of Buenos Aires (Street Lighting, Sweepingand Cleaning, Pavement and Sidewalks, and Land Tax, known as “ABL”), Aguas Argentinas S.A. and thecommon expenses of the building, maintenance of the services provided at the Building, e.g.:Cafeteria, Gym. The amount of ordinary expenses, common expenses, taxes, assessments, and servicesshall be calculated according to the percentage established in Annex I, which is an integral partof this Agreement. The services used by LESSEE to carry out its business activities and which arenot mentioned above, such as electricity, telephone services and other services which are notcovered by the common expenses shall be borne by LESSEE from May 5th, 2008, theeffective date of this Agreement. The Value-Added Tax (VAT), and any other taxes which in thefuture may be levied on leases, is not included in the rent amount and shall be borne by LESSEE.**5. SECURITY DEPOSIT**The security deposit agreed upon by the PARTIES amounts to US$ 23,752 (twenty three thousand, sevenhundred and fifty two United States Dollars), equivalent to two months’ rent. Such amount is paidby means of a check payable to LESSOR’s order for the amount of Argentine Pesos sufficient topurchase the amount of dollars specified above. This agreement shall be sufficient evidence ofreceipt thereof. Such amount shall not accrue any interest whatsoever and shall be used ascompensation for any damages that LESSEE may cause to the leased premises from the moment deliveryof possession is received. The amount shall be reimbursed to LESSEE upon termination of theagreement and when the premises are returned in the conditions established herein and once anyamounts owed or necessary to restore the missing items or items to be replaced have been deducted.The parties agree that LESSOR’s failure to reimburse the amount given as Security Deposit by LESSEEshall empower LESSEE, once the premises are delivered in the agreed-upon conditions and theproportional amounts owed by LESSEE for the consumption of public utility services are paid, all ofwhich shall not exceed a period of twenty (20) business days from the date the premises aredelivered to LESSOR, to file for a summary proceeding claiming the undue withholding of the amountwithout prior notice to LESSOR being necessary. The delayed reimbursement of the security depositshall entail the LESSOR’s default and undue withholding of the amount, and shall consequentlyaccrue a monthly penalty interest equivalent to 2% per month for the period during which thesecurity deposit was withheld from the termination of the agreement and the delivery of the leasedpremises until the effective reimbursement. The PARTIES agree that such amount shall be paid atLESSOR’s offices located at Tronador 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 companies and/or entities owned byMERCADOLIBRE S.A. which conduct business in the Argentine Republic through LESSEE.**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 internal bylawsfor information and compliance purposes. Temporarily, until those bylaws become effective, therules related to the operation and aesthetics of the Building, which are attached hereto as AnnexII 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 within48 (forty-eight) business hours, indicating the estimated period during which it shall not be ableto comply 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.