Document:

<PAGE>   1

                                                                  Exhibit 10.55

STATE OF SOUTH CAROLINA                  )
                                         )             MODIFICATION AGREEMENT
COUNTY OF GEORGETOWN                     )           RELATING INTER ALIA TO THE
                                         )                   FOLLOWING:
                                         )             MORTGAGE, ASSIGNMENT OF
                                         )              LEASES AND RENTS AND
                                         )               SECURITY AGREEMENT
                                         )               DATED JUNE 2, 1988
                                         )             AND RECORDED WITH THE
                                         )                REGISTER OF DEEDS
                                         )             FOR GEORGETOWN COUNTY,
                                         )           SOUTH CAROLINA IN MORTGAGE
                                         )              BOOK 337 AT PAGE 133

         THIS MODIFICATION AGREEMENT (the "Agreement") executed this day of
December, 1999 to be effective as of the 10th day of May, 1999 by and between
BRUNNER COMPANIES INCOME PROPERTIES, L.P., I, as successor in interest to
DAYTON & ASSOCIATES XII, ("Borrower") and NEW YORK LIFE INSURANCE COMPANY,
whose address is 51 Madison Avenue, New York, New York 10010, ("NYLIC").

         WITNESSETH:

         WHEREAS, NYLIC previously made a loan available to the Borrower in the
original principal amount of One Million Six Hundred Thousand and No/100
Dollars ($1,600,000.00) (the "Loan");

         WHEREAS, the Loan was evidenced by that certain promissory note in the
original amount of $1,600,000.00 from Borrower for the benefit of NYLIC (the
"Note") and secured inter alia by a lien on that certain parcel of real
property and improvements thereon pursuant to that certain Mortgage, Assignment
of Leases and Rents and Security Agreement from Borrower dated June 2, 1988 and
recorded with the Register of Deeds for Georgetown County, South Carolina in
Mortgage Book 337 at Page 133 as amended by that certain Loan Modification and
Extension Agreement and Mortgage Amendment, effective as of June 10, 1993
recorded in Mortgage Book 642, page 299, as further amended by that certain
Second Loan Modification and Extension Agreement and Mortgage Amendment,
effective as of June 10, 1994, recorded in Mortgage Book 742, Page 248 and
further amended by that certain Third Loan Modification and Extension
Agreement, Cross Pledge and Default Agreement, and Mortgage Amendment
Agreement, effective September 29, 1995 recorded in Mortgage Book 796, Page 144
(the "Third Loan Modification Agreement") and further amended by that certain
Modification Agreement, effective October 10, 1998 recorded in Mortgage Book
B1158 Page P249 (as amended, modified or assigned, the "Mortgage").

         WHEREAS, the Note and the Mortgage and any and all other documents
related to the Loan are collectively referred to as the "Loan Documents".

<PAGE>   2

         WHEREAS, except as otherwise provided, all terms herein shall have the
meanings ascribed thereto in the Loan Documents;

         WHEREAS, the Loan became due and payable in full on May 10, 1999,
which was the maturity date of the Loan, NYLIC has notified Borrower of the
same and Borrower desires NYLIC to waive the maturity date and modify the terms
of the Loan Documents; and

         WHEREAS, Borrower and NYLIC have agreed to amend certain terms of the
Loan and the Loan Documents to inter alia change the maturity date of the Loan
to May 10, 2000 and to provide a new repayment schedule.

         NOW, THEREFORE, in consideration of the mutual promises contained
hereinbelow, the sum of Five and No/100 Dollars ($5.00) and other good and
valuable consideration, the receipt, sufficiency and adequacy of which the
parties do hereby acknowledge, the parties do hereby agree as follows:

         1.       The Note, and Loan Documents as applicable, are amended as
                  follows:

                  (a)      From and after May 10, 1999 through May 10, 2000
                           (the "Extended Maturity Date"), the Loan will accrue
                           interest at a fixed rate per annum equal to seven
                           (7%) percent;

                  (b)      Commencing June 10, 1999 and continuing on the tenth
                           day of each month thereafter until the Extended
                           Maturity Date, payments in the amount of $8,815.00
                           will be due and payable. Such payments will be
                           applied first to accrued and unpaid interest and
                           then to principal;

                  (c)      Commencing June 10,1999 and continuing on the tenth
                           day of each month thereafter until the Extended
                           Maturity Date, Borrower will deposit into escrow
                           with NYLIC payments for insurance and ad valorem
                           taxes as required under the Loan Documents (such
                           monthly payments currently being equal to
                           $3,425.00);

                  (d)      Unless sooner demanded as provided herein, all
                           outstanding principal together with accrued unpaid
                           interest due under the Loan shall be due and payable
                           in full on May 10, 2000;

                  (e)      The Borrower shall be entitled to prepay the Note in
                           full at par without fee or premium on a date which
                           is designated by Borrower in writing given to NYLIC
                           at least ten (10) days prior to such date; and,

                  (f)      Notwithstanding anything to the contrary in the Note
                           or Loan Documents, NYLIC shall have the right, at
                           its sole option, upon fifteen (15) days prior
                           written notice to Borrower, with or without cause
                           and irregardless of

                                       2
<PAGE>   3

                           whether an event of default shall exist or not, to
                           accelerate repayment of the Loan in full and demand
                           Borrower repay the Loan in full.

                  (g)      The terms and provisions of Section 13. Covenants
                           Regarding Tenant Improvement, Leasing Commissions,
                           Capital Improvements and Debt Service Shortfall
                           Escrow Account of the Third Loan Modification
                           Agreement are hereby amended (i) to provide that for
                           the purpose of calculating Net Cash Flow, the term
                           "operating expenses" shall not include any "costs or
                           expenses" for repayment and/or recovery of
                           affiliates or related party loans, equity infusions
                           and/or such payments or returns of capital; and
                           shall include all legal fees and expenses incurred
                           by Borrower, as approved by NYLIC, in connection
                           with the Winn-Dixie Litigation, as such term is
                           defined in the Loan Documents; and (ii) to provide
                           that together with each quarterly statement of Net
                           Cash Flow, Borrower will provide Lender with a
                           written summary and description of all partnership
                           operating costs included in operating expenses for
                           such quarter together with evidence of Borrower's
                           payment of same and, at the request of Lender,
                           Borrower will also provide a description and
                           evidence of payment of any other operating expenses;
                           and, (iii) to provide that the designated depository
                           for the purposes of Section 13 shall be RegionsBank,
                           N.A. 204 Main Street, Thomson, Georgia, or at a
                           branch office of the same.

         2.       The Loan Documents are amended by deleting all references to
                  the maturity date of "May 10, 1999" and substituting in lieu
                  thereof the maturity date of May 10, 2000.

         3.       The principal balance due and owing under the Loan Documents
                  as of the date hereof, after giving effect to Borrower's
                  payment of all principal payments required to be paid
                  hereunder, is $1,406,023.98.

         4.       The Borrower represents and warrants that, at the time of the
                  execution and delivery of this Agreement, Borrower has good
                  and absolute title to the real property encumbered by the
                  Loan Documents, and has full power and authority to subject
                  the same to the lien of the Loan Documents and the same is
                  free and clear of all liens, charges and encumbrances
                  whatsoever, except those created by the Loan Documents or
                  those known to NYLIC and those set forth in NYLIC's existing
                  title insurance policy for the Loan (the "Title Policy").

         5.       Except as otherwise modified hereby, the terms and provisions
                  of the Loan Documents shall remain in full force and effect.

         6.       As a condition precedent to NYLIC's agreement herein:

                  (a)      upon the execution of this Agreement, Borrower shall
                           pay all costs and expenses, including but not
                           limited to attorney's fees, recording fees and title
                           charges incurred in connection with this Agreement
                           and/or the consummation of the transaction
                           contemplated hereby.

                                       3
<PAGE>   4

                  (b)      no default shall exist under the Loan Documents as
                           of the date hereof nor shall any event have occurred
                           which with the passage of time or the giving of
                           notice, or both, would constitute such a default;

                  (c)      upon execution of this Agreement, Borrower shall
                           provide NYLIC evidence that the depository account
                           opened by Borrower with Regions Bank, N.A. in
                           account number 6801003992 (the "Account") for the
                           purpose of holding Net Cash Flow is correctly named
                           "Brunner Companies Income Properties, L.P., I for
                           the benefit of New York Life Insurance Company."

                  (d)      Borrower shall provide or cause to be provided to
                           NYLIC an independent title report in form and
                           content acceptable to NYLIC opining that there are
                           no matters of record filed subsequent to December 1,
                           1998 except for such matters as are expressly
                           approved by NYLIC in its discretion.

                  (e)      Borrower will assign all of Borrower's right title
                           and interest in and to any proceeds, monies, funds,
                           property, real or personal received by Borrower in
                           connection with a judgment or by settlement in lieu
                           thereof arising out of or obtained by Borrower in
                           connection with the litigation identified on
                           Schedule I attached hereto (the "Winn-Dixie
                           Litigation") pursuant to the terms of that certain
                           Assignment Agreement, the form of which is attached
                           hereto as Exhibit "A".

         7.       Borrower and NYLIC agree that it is the intent of the parties
                  that the execution of this Agreement or any documents as
                  contemplated by this Agreement or the consummation of any
                  transactions contemplated by this Agreement shall constitute
                  a modification, restatement and renewal under the Loan and
                  shall not be construed as a novation.

         8.       By executing this Agreement, Borrower is reconfirming the
                  accuracy and correctness of all representations contained in
                  the Loan Documents.

         9.       This Agreement may be executed in two or more counterparts,
                  each of which shall be deemed to be an original, but all of
                  which shall constitute one and the same instrument, and in
                  making proof of this Agreement, it shall not be necessary to
                  produce or account for more than one such counterpart.

         10.      Borrower hereby agrees that NYLIC, and its officers,
                  directors, employees and agents are irrevocably and
                  unconditionally released and discharged of any and all
                  claims, demands, obligations, liabilities, costs and
                  expenses, now existing (including, without limitation, any
                  obligations or commitment of NYLIC to provide any financial
                  accommodations to Borrower under the Loan Documents) arising
                  out of or related to the Loan Documents.

                  [THE REST OF THIS PAGE HAS BEEN LEFT BLANK]

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<PAGE>   5

         IN WITNESS WHEREOF, the parties have executed this Agreement this day
of December, 1999 to be effective as of May 10, 1999.

WITNESSES AS TO BORROWER:                 BORROWER:

                                          BRUNNER COMPANIES INCOME
                                          PROPERTIES, L.P. I, as successor in
                                          interest to DAYTON & ASSOCIATES XII
                                                                         (SEAL)

                                          By:
-------------------------                    ----------------------------------
                                          Name:
-------------------------                      --------------------------------
                                          Its:
-------------------------                     ---------------------------------

                                       5
<PAGE>   6

         IN WITNESS WHEREOF, the parties have executed this Agreement this day
of December, 1999 to be effective as of May 10, 1999.

WITNESS AS TO NYLIC:                      NYLIC:

                                          NEW YORK LIFE INSURANCE COMPANY
                                                                         (SEAL)

                                          By:
-------------------------                    ----------------------------------
                                          Name:
-------------------------                      --------------------------------
                                          Its:
-------------------------                     ---------------------------------

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<PAGE>   7

STATE OF GEORGIA           )
                           )                        PROBATE
COUNTY OF RICHMOND         )

         PERSONALLY appeared before me the undersigned witness and made oath
that s/he saw the within-written Brunner Companies Income Properties, L.P. I,
as successor in interest to Dayton & Associates XII by ________________________
____________________________________, its ___________________________________,
sign, seal, and as its act and deed, deliver the within-written instrument for
the uses and purposes therein mentioned, and that s/he with the other witness
whose signature appears above, witnessed the execution thereof.

                                                -------------------------------
                                                            Witness

SWORN TO before me this
       day of                         , 1999.
-------       ------------------------

------------------------------------ (L.S.)
Notary Public for Georgia
My Commission Expires:
                      ------------------------

                                       7
<PAGE>   8

STATE OF NEW YORK          )
                           )            PROBATE
COUNTY OF                  )

         PERSONALLY appeared before me the undersigned witness and made oath
that s/he saw the within-written New York Life Insurance Company, by __________
____________________________, its ________________________________, sign, seal,
and as its act and deed, deliver the within-written instrument for the uses and
purposes therein mentioned, and that s/he with the other witness whose
signature appears above, witnessed the execution thereof.

                                               --------------------------------
                                                            Witness

SWORN TO before me this
        day of                           , 1999.
-------        --------------------------

                                          (L.S.)
-----------------------------------------
Notary Public for New York
My Commission Expires:
                      -------------------

                                       8
<PAGE>   9

                                   SCHEDULE I

         Description of all parties and proceedings commenced in connection
with the collection of past due and future accruing rent for the Winn-Dixie
store at White Horse Plaza, Greenville, South Carolina.

                                       9<PAGE>   1

                                 EXHIBIT 10.30
<PAGE>   2
            Beijing Chongwen New World Property Development Pte Ltd
                      China New World Electronic Pte Ltd

                                      And

                                 Myweb Inc.com

                                   regarding

                           Beijing New World Centre
                      No 34 Chongwen Main Street, Beijing

                                 Office block
                              South Block, Unit 5
                            Office Rental Agreement

                                  2 June 1999
<PAGE>   3
Landlord: Beijing Chongwen New World Property Development Pte Ltd (hereinafter
known as "Landlord")
Business Registration Number: 005663 (2-1)
Registered Address: No. 16, Cheong Cheng Garden, Chongwen District, Beijing
Authorised signatories: Chern Cherng Tong        Occupation: Managing Director

China New World Electronic Ptd Ltd
Business Registration Number: 00386
Registered Address: No. 3, Chongwen Main Street, Chongwen District, Beijing
Authorised signatories: Cheng Jia Chuern         Occupation: Managing Director

Tenant: Myweb Inc.com (hereinafter known as "Tenant")
Business Registration Number:
Registered Address:
Authorised signatories:                          Occupation:

Landlord is a co-operative enterprise which is the developer of the Beijing New
World Centre (hereinafter known as "Centre"). Landlord is willing to rent out
and Tenant is willing to rent a portion of the office block at the Centre and
thus, this agreement.

This agreement is signed between Landlord and Tenant on 2 June 1999. In order
to ascertain the responsibility and rights of both parties, the following
agreement has been reached whereby both parties shall adhere to the terms and
conditions of the agreement, as follows:

1.       Scope of Rental

         Tenant shall rent from Landlord the office space at the Centre as
         indicated in Appendix 1 (hereinafter known as "office rented"). The
         floor area of the office rented is also set out in Appendix 1. The
         floor plan of the office rented is highlighted in pink (refer Appendix
         2) for easy reference. At the time of hand over of the office rented,
         Landlord has provided certain fittings in the office rented (refer
         Appendix 3) for the use of Tenant.

2.       Date of Commencement
         (refer Appendix 3)

3.       Duration/Length of Rent
         (refer Appendix 3)

4.       Rental

         (i)      Tenant needs to pay monthly rental (this rental does not
                  include expenses) to Landlord. Refer Appendix 3 for the amount
                  of rental payable.

         (ii)     Tenant must pay the monthly rental fee in advance. Once Tenant
                  has signed the tenancy agreement, Tenant must make initial
                  payment (equivalent to one month rental) to Landlord.

         (iii)    The rental payment for a particular month must be paid 3 days
                  before the commencement of the month, without any deduction
                  for expenses. If the due date falls on a Saturday, Sunday or
                  public holiday of RPC, the due date will be delayed to the
                  next immediate working day.

5.       Management Fee

<PAGE>   4

         (i)      Tenant must pay the monthly central management fee charged
                  on the office space rented. Refer to Appendix 3 for the
                  amount of monthly central management fees.

                  Both parties agree that the management fee can be adjusted
                  based on the actual increase in the cost of management.
                  Landlord and/or the management company appointed by Landlord
                  (hereinafter known as the "management company") must inform
                  Tenant of any adjustment not less than one month from the
                  impending adjustment. Tenant must pay the adjusted central
                  management fees according to the amount informed by the
                  management company.

         (ii)     Once Tenant has signed the agreement, Tenant must make
                  initial payment (equivalent to one month management fee) to
                  the management company.

         (iii)    The management fee for a particular month must be paid 3 days
                  before the commencement of the month, without any deduction
                  for expenses. If the due date falls on a Saturday, Sunday or
                  public holiday or RPC, the due date will be delayed to the
                  next immediate working day.

6.       Other infrastructure facilities
         (i)      With regard to telephone charges, both parties agree to
                  settle the charges in accordance with the provisions in
                  Appendix 4.

         (ii)     Tenant should pay the monthly electricity charges according
                  to the bill issued by the management company, based on
                  individual meter installed by the management company showing
                  the electricity consumption by Tenant. Tenant must pay the
                  bill within 7 days of the bill being issued. Landlord and the
                  management company reserve the rights to increase the
                  electricity charges in accordance with the adjustment to
                  electricity charges by the relevant government authorities.

7.       Deposit
         (i)      Deposit includes two months rental fee, two month management
                  fee and electricity deposit. Once the agreement has been sign
                  by Tenant, the full deposit must be paid to Landlord.

         (ii)     After the expiry of the rental period, and 30 days after
                  Tenant has returned the empty office in its original condition
                  to Landlord, Tenant has paid all charges, rental due to
                  Landlord or the management company, Tenant has paid for any
                  compensations for losses suffered by Landlord due to the
                  non-performance by Tenant of any provisions of this agreement,
                  after deducting any other amount according to the provisions
                  of this agreement, Landlord shall refund the balance of
                  deposit and related interest to Tenant.

8.       Adjustment of deposits
         (i)      If there is adjustment in the monthly rental fee and/or
                  monthly management fee or electricity deposit by the
                  management company and the adjustment results in the deposits
                  previously paid by Tenant being less than the total of two
                  months rental, two months management fees and electricity
                  deposits, Tenant must pay the additional deposits within 7
                  days of being informed of the adjustment. Otherwise, Tenant
                  is deemed to have breached this agreement.
<PAGE>   5
         (ii)     The management company has authority to make adjustment on
                  electricity's deposit according to the actual usage. Landlord
                  and / or the management company must inform Tenant of any
                  adjustment not less than one month from the impending
                  adjustment.

9.       Payment method
         Unless there are special request by Landlord, Tenant must pay rental
         fee, management fee and deposit or other fees in RMB equivalent to the
         USD amounts provided in this agreement (based on the spot rate of Bank
         of China for the sale of USD). Landlord and / or management company
         shall furnish written advice to Tenant as to the amount payable,
         designated bank, location and designated bank account number. Tenant
         shall provide a photocopy of bank-in-slip to Landlord or management
         company for their safekeeping within the payment deadline.

10.      Right and Responsibility of Landlord and management company
         (i)      Where Tenant pays the rental and other charges and
                  adheres to other provisions of the agreement, Landlord does
                  not have right to interfere with the manner in which Tenant
                  utilises the rented space.

         (ii)     Management is responsible for the following centralised
                  services:-
                  Facilities included: drainage, electricity, lighting,
                  air-conditioning, heating system, telephone, public wash room
                  and other necessary facilities. Tenant may not install
                  air-conditioners unless it is done according to instructions
                  given by Landlord and / or management company.

         (iii)    Management company's responsibilities

                  a)       24 hours security
                  b)       fire extinguishing service according to the standards
                           set forth by the relevant legal regulations of the
                           City of Beijing.
                  c)       Cleanliness and hygiene of the public area

         (iv)     Other than the situation as described in clause 13 of this
                  agreement, where notice has been received from Tenant,
                  Landlord shall repair the damages to the structure of the
                  space rented, central machinery or drainage system (damage not
                  caused by Tenant) in a timely manner and according to the
                  regulations as set out in the "usage, management and repair
                  and maintenance handbook".

         (v)      The management company may set, announce, alter or abolish
                  rules and regulation contained in "rules and regulations for
                  Tenant--, --renovation handbook" and other notices. Tenant
                  must observe all these regulations.

         (vi)     Landlord reserves the following rights:
                  a)       Public facilities: such as drainage, electricity, air
                           conditioning, heating system, fire extinguisher,
                           telecommunications common for space rented; Landlord
                           or management company has right to send their
                           technician to Tenant's premises to carry out
                           inspection, repairs, restructuring if necessary.
                           Tenant shall be notified in advance unless in
                           emergency cases.

                  b)       Landlord or management company has the right to
                           temporary disconnect the facilities/infrastructure of
                           the rented space for purpose of repair and
                           maintenance, after issuing reasonable notice, other
                           than in emergency cases.

<PAGE>   6
                  c) Landlord has authority to use the external walls and roof
                     top of the property.
                  d) Landlord has authority to maintain or change the name of
                     the building, and has the right to transfer this authority
                     to a third party. If there is any change in name, one month
                     notice will be given to Tenant.

         (vii)    Landlord has the right to terminate the agreement if the
                  following circumstances happen to Tenant:
                  a) violation of law and regulations of China (and if Tenant
                     carries out illegal or immoral activities)
                  b) usage of office block has been change by Tenant.
                  c) Tenant uses an identity other than the one defined under
                     this agreement to carry out all the ongoing activities
                     (other than with the prior written approval of Landlord).
                  d) Tenant did not pay all the relevant expenditure (include
                     deposit, rental fee or management fee or payment according
                     to clause 14iv of this agreement) after 14 days of the due
                     date.
                  e) Tenant has rented out a part or the whole office to 3rd
                     parties or shares the rented space with 3rd party without
                     the prior written consent of Landlord.
                  f) If there is any serious damage of the building, whereby,
                     Tenant cannot afford to compensate for the damages, or
                     Tenant has already declared bankruptcy.

         (viii)   Where Tenant breaches the agreement, and whilst the total
                  compensation has not been determined, Landlord has the right
                  to seek compensation and legal responsibilities from Tenant,
                  other than other rights of Landlord.

         (ix)     Four months before the expiry date of the contract and with
                  the prior appointment of Tenant, Landlord or its authorised
                  agent would be able to bring interested parties (to rent the
                  space) to the office lot for purpose of inspection. Where
                  Landlord has intention to sell the property, Landlord would be
                  able to bring interested parties (to purchase the property) to
                  the office lot for purpose of inspection.

         (x)      Landlord shall incur no liability to and shall not be liable
                  in damages or otherwise to Tenant for any damage, injury or
                  loss which may, at any time during the term of the tenancy, be
                  caused or suffered by Tenant, its servants, agents, licensees
                  and invites or any of them or to any property of goods of
                  Tenant or of such persons as or aforesaid in or about the
                  premises occasioned by or arising from taifoon, earthquake,
                  storm, fire, water leaks, electricity leaks, gas or other
                  force majeure, or theft of the illegal acts of others.

         (xi)     During the term of the tenancy, Landlord has right to sell or
                  transfer the property to third parties. Landlord must inform
                  Tenant after the sale or transfer. After the right to the
                  property has been transferred to the third party, this third
                  party shall resume the role of Landlord as defined under this
                  agreement, enjoying the rights and resuming the
                  responsibilities under this agreement. After the sale or
                  transfer, Landlord has the right to transfer the deposits
                  (after deducting such expenses as provided under this
                  agreement) to the buyer or transferee. Tenant agrees to enter
                  into a new agreement upon the request of Landlord whereby the
                  terms and conditions of the existing agreement would remain.
                  Tenant may request for

<PAGE>   7
                  refund of deposit from buyer or transferee upon expiry or
                  termination of the agreement.

         (xii)    Landlord guarantees that it has legal ownership of office
                  block/property and has legal rights to rent the property to
                  other parties. Tenant has the right to seek compensation from
                  Landlord for losses suffered as a result of Landlord not being
                  able to fullfill the above obligation.

         (xiii)   Landlord guarantees that in the event the property is sold or
                  transferred, Tenant would be able to continue to rent the
                  property at the terms as set out in this agreement. Otherwise,
                  Landlord will bear the losses or additional expenses incurred
                  by Tenant.

         (xiv)    The agreement is temporarily entered into by "My Web Inc.com"
                  for its subsidiary company to be incorporated in Beijing.
                  Tenant will transfer its rights and responsibilities under
                  this agreement to the subsidiary company in Beijing. Landlord
                  hereby acknowledges this transfer of rights and
                  responsibilities.

11. Right and Responsibility of Tenant.

         (i)      Tenant has the right to occupy the office block rented, so
                  long as Tenant has paid the rental and other applicable
                  charges according to the provisions of this agreement, as well
                  as fulfilled the responsibilities under this agreement.

         (ii)     Tenant has the right to utilise common area and all the
                  facilities provided by the management company, so long as
                  Tenant has paid the relevant charges. The management company
                  may set reasonable rules for the use of the above and Tenant
                  must abide with the rules. Tenant is also responsible to pay
                  all taxes and duties relating to occupying the rented office
                  space levied by the relevant legislation of the PRC and the
                  City of Beijing.

         (iii)    Tenant must pay monthly rental fee, electricity charges,
                  telephone, fax charges, etc. on time. The management company
                  may set reasonable rules for the use of the above and Tenant
                  must abide with the rules. Tenant is also responsible to pay
                  all taxes and duties relating to occupying the rented office
                  space levied by the relevant legislation of the PRC and the
                  City of Beijing.

         (iv)     Tenant is responsible for the cleanliness and maintenance of
                  the interior of the office space. Tenant shall carry out
                  regular repairing and upkeeping, cleaning, including floor,
                  wall, ceiling and the various fittings such as windows,
                  electrical wiring and electrical equipment, hygiene facilities
                  (if any), etc. Tenant must maintain the drainage/sewage
                  systems of common area and washrooms in good working
                  condition. If the pipes/drains are damaged or blocked due to
                  the negligence or misuse by Tenant, its employees, visitors or
                  customers, Tenant shall be responsible to pay for the repair
                  work.

         (v)      Tenant must report to Landlord and management company of any
                  damage or defect of the office space rented in a timely
                  manner. Tenant must take any necessary step to prevent any
                  damage to the property.
<PAGE>   8
         (vi)     If damage to the property is caused by Tenant, Tenant is
                  responsible to carry out the repair work, according to the
                  requirements of Landlord or management company, within 14 days
                  after receiving the written advice for repair from Landlord or
                  management company. If Tenant fails to carry out the necessary
                  repair work on time, Landlord or the management company has
                  the right to enter the rented area to carry out the repair
                  work, whereby Tenant would then be responsible to pay for
                  losses and expenses.

         (vii)    At the end of the contract term or when the contract is
                  terminated before the expiry date, Tenant must return the
                  office block to Landlord in its original condition (subject
                  to reasonable wear and tear) when Landlord first handed the
                  property over to Tenant. Tenant shall remove all of Tenant's
                  furniture, fitting and other types of installations and
                  decorations, and repair damages that occur in the course of
                  such removal and moving-out. If Tenant fail to do so,
                  Landlord has the right to deduct a certain amount from the
                  deposits and use the net deposits to carry out repair and
                  removal without giving notice to Tenant. Where the net
                  deposits are insufficient to cover the expenditure incurred
                  by the Landlord, Tenant shall bear the excess.

         (viii)   If the management company arranges for centralised pest
                  control works, Tenant shall bear part of the expenses
                  according to the floor space occupied. Tenant should take the
                  necessary procedures to ensure that the office space rented
                  if free of pest.

         (ix)     Tenant must ensure that the property rented is sufficiently
                  covered by insurance to ensure that in the event the interior
                  facilities are damaged or destroyed, insurance claims can be
                  obtained. If Tenant fails to purchase the insurance, Landlord
                  has right to purchase the insurance on behalf of Tenant and
                  subsequently recover the expenses from Tenant.

         (x)      Tenant shall strictly obey overall rules and regulations set
                  by the management company. The business activities carried
                  out at the rented property must be in accordance with the law
                  and regulation of PRC and the City of Beijing.

         (xi)     Tenant is not allowed to used the premises rented to store
                  weapon, ammo, satpetre, gunpowder, kerosene or other products
                  which are flammable, conbustible, illegal or dangerous.

         (xii)    Tenant is not allowed to produce or store goods or
                  merchandise in the premises rented, other that those limited
                  quantity used as samples or for display.

         (xiii)   Tenant is not allowed to rear animal or keep any pets in the
                  premises rented.

         (xiv)    Tenant must ensure that the rented premises is used only as
                  an office and not for other purpose.

         (xv)     Tenant shall not allow any person to occupy the rented
                  premises for residential purposes.
<PAGE>   9
         (xvi)    Tenant shall not carry out any activities that would cause
                  harm to Landlord or other Tenants or activities that are
                  despised by other within the premises rented. Tenant shall
                  not carry out illegal or immoral activities within the
                  premises rented.

         (xvii)   Tenant is not permitted to hold or allow any other person to
                  hold any sale by auction within the premises.

         (xviii)  Tenant must obey all rules and directives of fire prevention
                  set by the fire department and management company. Tenant
                  must bear the costs of equipping the premises with fire
                  prevention facilities according to the requirement of the fire
                  department and the management company.

         (xix)    Tenant shall not carry out or allow any other person to carry
                  out any activities that would result in the loss of the
                  rights to insurance claim (of the property) or cause the
                  increase in insurance premium. Where Tenant breaches this
                  provision, resulting in Landlord and/or the management company
                  having to purchase new insurance or to pay additional
                  premium, Tenant would have to compensate Landlord and/or
                  management company of all expenses.

         (xx)     Tenant is not allow to deposit any boxes, furniture, garbage
                  or any other object outside of the premises rented, including
                  the common hall, stairway, corridor and other public area.
                  However, the management company or Landlord has the right to
                  do as it wishes in respect of the objects deposited at public
                  area without having to compensate any party for losses
                  incurred.

         (xxi)    Tenant shall not block, destroy, damage, alter, disrupt any
                  public utilities such as water, electricity or gas, etc. or
                  any facilities such as drainage, pipe, electricity cables.

         (xxii)   Without the prior written permission of Landlord or management
                  company, Tenant are not allowed to alter, move or increase
                  the power of electricity, water or the centralised air
                  conditioning.

         (xxiii)  From the commencement of the rent, Tenant has right to
                  renovation period that is rent-free in accordance with the
                  provisions of Appendix 3. In order to avoid any confusion, the
                  renovation rent-free period would be considered as part of the
                  rental term but Tenant need not pay rental during this period.
                  However, Tenant would still need to pay management fees and
                  other expenditure.

         (xxiv)   After the agreement has come into force, Tenant agrees to
                  submit all renovations plans to management office for
                  approval; whereby Tenant agrees to hire the contractor
                  appointed by the management company. Tenant agrees to pay the
                  necessary management charges and other expenses and deposits
                  according to the provisions of the "Renovation Guide". Tenant
                  agrees to reimburse for any damages or alteration to the
                  common facilities in the course of the renovation. The
                  renovation works must in accordance with the plans approved by
                  the management company and the "Renovation Guide". Tenant
                  shall not alter the renovation plans approved by the
                  management company, unless with the prior written approval of
                  the management company.
<PAGE>   10
         (xxv)    Without the prior permission from Landlord or management
                  company, Tenant is not allowed to place any words, logo or
                  advertisement board outside of the premises rented. The
                  placement of Tenant's signboard should be in accordance with
                  the instruction given by the management company. Tenant may
                  not modify any part of the building, nor can it alter the
                  external appearance of the building or block any windows or
                  doors.

         (xxvi)   Without the prior permission of Landlord, Tenant may not
                  transfer, sub-rent part of the premises rented to third party
                  or share the rented space with third party.

         (xxvii)  Where the following circumstances arise, Tenant should seek
                  the prior approval of Landlord. Otherwise, Tenant is deemed to
                  have rented or transferred the property without the prior
                  permission of Landlord:
                  a)       where Tenant's business is conducted as a
                           partnership, there is new partner or partners in
                           the partnership in the event that the original
                           partner dies or retire or other reasons.
                  b)       Tenant's company or enterprise is being taken-over,
                           restructured, merged, acquired, voluntary liquidated
                           or when there is a change in the holding company,
                           controlling shareholders or any other party with
                           effective controls over the company.
                  c)       Tenant issue authority letter that allow other party
                           to take over the premises
                  d)       Tenant changes the name of the company.

         (xxviii) During the tenancy period, Tenant is not allowed to request
                  for a decrease in any fees or charges payable by Tenant
                  (regardless of the reason).

         (xxix)   Tenant is not allowed to use the word "new world", "new world
                  centre" or "Beijing new world centre" as part of the name of
                  the company, unless with the written approval from the
                  developer.

         (xxx)    Tenant is fully responsible for the action, negligence or
                  irresponsibleness of its employees, visitors, customers,
                  workers, and shall bear the compensation and legal
                  responsibility for damages to Landlord and/or third party
                  caused by the aforesaid persons.

12.      Termination of Agreement
         (i)      Where the circumstances of clause 10(vii) arise, Landlord may
                  terminate the agreement without the consent of any other party
                  and Landlord need not pay any compensation.

         (ii)     If Tenant breaches the terms and conditions of this agreement
                  and does not rectify the situation within 30 days from the
                  date of receiving written notice from Landlord or management
                  company, Landlord has authority to terminate this agreement
                  without informing Tenant. Tenant must move from the premises
                  rented immediately and Landlord has the right to demand for
                  damages for the losses, expenses and legal obligation.

         (iii)    Landlord may terminate the agreement (without the consent of
                  Tenant) due to the inability to execute this agreement as a
                  result of the force majeure as mentioned in clause 13 below.
                  Tenant would still need to pay rental and other charges up to
                  the termination date.

<PAGE>   11
13.      Force Majeure
         If at any time during the tenancy period, Landlord is unable to fulfill
         its obligations under the agreement due to unavoidable and
         unpreventable (in terms of the occurrence and the resulting effects)
         earthquake, storm, fire and other unforeseen circumstances, Landlord
         shall inform Tenant immediately via telegramme or facsimile. In
         addition, Landlord shall furnish detail information of the force
         majeure and documentary proof of its inability to fulfill in full or in
         part its obligations under the agreement, or the necessity to delay the
         fulfilment of the terms of agreement, within 21 days. Landlord need not
         be responsible to compensate Tenant for any losses suffered.

         Under such circumstances, subject to the agreement between both
         parties, the execution of the agreement may be delayed or the agreement
         terminated before its expiry, unless Landlord has not terminated the
         agreement based on provision of 12.03 above.

14.      Breach of responsibility
         (i)      If either party breaches the conditions in the agreement
                  causing losses (including legal fees), that party would need
                  to pay compensation. However, where both parties are at fault,
                  both parties will bear its own responsibility for breach of
                  agreement.

         (ii)     If Tenant breaches the agreement, Landlord has the right to
                  deduct from the deposits amount outstanding, losses and
                  expenses, in addition to having the right to terminate the
                  agreement without the consent of Tenant. If the amount of
                  outstanding charges, losses and expenses exceed the deposits,
                  Landlord has the right to demand the excess from Tenant. If
                  Tenant refuses to pay the excess, Landlord has the right to
                  forfeit the assets in the rented office and sell the assets by
                  auction. Nevertheless, this does not prevent Landlord to
                  further demand for reasonable compensation and legal
                  responsibility from Tenant.

         (iii)    Electricity Bills

                  If Tenant do not settle the electricity bill 7 days after the
                  due date, Landlord has the right to terminate the agreement
                  based on the provisions of clause 10(vii) above. In addition,
                  Landlord may request the management company to terminate
                  supply of electricity without further notice to Tenant. Supply
                  of electricity would be reconnected after Tenant has paid all
                  charges. All reconnection charges are to be boned by Tenant.

         (iv)     Late payments
                  Landlord may collect from Tenant a 2% (on rental and other
                  expenses outstanding) late payment penalty if the rent or
                  other expenses are not paid or have been paid late, regardless
                  of the reason for the delay or non payment.

         (v)      If at any time during the tenancy period, Tenant terminates
                  the rental arrangement without the consent of Landlord,
                  tenancy is deemed to have breached the agreement. Landlord may
                  demand for losses incurred as a result of this (including but
                  does not limit to loss in future rental).

         (vi)     Tenant shall remit the deductions made from the deposits
                  within 7 days from receiving the written request from
                  Landlord, provided that the deductions has been made in
                  accordance with the provisions of this agreement. If Tenant
                  fails to
<PAGE>   12
                  remit the amount on time, Tenant is deemed to have breached
                  the agreement whereby Landlord has the right to terminate the
                  agreement and forfeit the rental and deposit paid by Tenant.

         15.      Waiver of Rights

                  Where Tenant has breached any provisions of the agreement but
                  Landlord still received rent from Tenant, Landlord shall not
                  be deemed to have given up the rights to demand for
                  compensation for the breach in agreement. Where Tenant has
                  made insufficient payments for rental or other charges,
                  Landlord shall not be deemed to agree to a reduction in rental
                  or other charges if Landlord accept the reduced payments from
                  Tenant, and Landlord shall retains the rights to demand for
                  the balance of payments and the rights to take legal action on
                  Tenant according to the provisions of the agreement.

         16.      Arbitration

                  (i)      The laws of the PRC govern this agreement, including
                           the effectiveness, explanation, execution and
                           arbitration.

                  (ii)     Both parties shall settle any disputes through
                           friendly negotiations, failing which, any party may
                           make an application to the China International
                           Economic and Trade Development Authority, Beijing
                           for arbitration. The decisions of the arbitrator
                           shall be final and binding on both parties.

         17.      Legal Expenses

                  (i)      All costs and expenses for the preparation of this
                           Agreement including the attestation, registration,
                           stamp duty and other charges imposed by the laws of
                           China and the City of Beijing (excluding but not
                           limiting to taxes) shall be borne and paid by Tenant,
                           unless the Government has specifically given
                           direction for both parties to bear their own
                           expenses.

                  (ii)     In the process of getting this agreement done, all
                           processing fees shall be borne by respective parties.

         18.      Others

                  (i)      Where any clause in the agreement is found to be
                           illegal, ineffective or not executable under any
                           law, the other clauses of the agreement shall remain
                           to be effective, valid and executable. Both parties
                           would need to fulfill the respective obligations of
                           the other clauses.

                  (ii)     Where either party is required to issue written
                           notice to the other party under the obligations of
                           the agreement, where the name and business/registered
                           address of the other party have been indicated on
                           the notice and sufficient postage (for registered
                           post) has been purchased, such notice is deemed to
                           have been served and received by the other party.

                  (iii)    Where Tenant's employees, visitors, customers,
                           workers, renovation workers, agent enter the rented
                           property with the approval of Tenants, the actions,
                           negligence shall be that of Tenant.

<PAGE>   13
         (iv)     There are 3 copies to this agreement: 2 copies for Landlord
                  and 1 copy for Tenant. All 3 copies are valid.

         (v)      The agreement shall come into effect after being signed by
                  both parties.

         Landlord

         Beijing Chongwen New World Property      China New World Electronic
         Pte Ltd

                                     (stamp)                             (stamp)
         ----------------------------             -----------------------

         Authorised signatory                     Authorised signatory

         Tenant
         Myweb Inc.Com

                                     (stamp)
         ----------------------------

         Authorised signatory

<PAGE>   14
                                   APPENDIX 1

1.       Office rented
         Beijing New World Centre, Office Block, Block South, Level 9, Unit 5,
         Chongwen Street 3A, Chongwen District, Beijing, China.

2.       The total built up area of the office rented is 273.57 square ft.

<PAGE>   15
                                   APPENDIX 2

Map

<PAGE>   16

                                   APPENDIX 3

1.       This agreement is effective from 5th June 1999 to 4th June 2001, for a
         period of 2 years. (Tenant may, after the 18th month, elect to give
         written notice to Landlord not less than 6 months from the end of the
         rental period, with regard to the rental of the remaining 6 months.
         Otherwise, it is deemed that both parties agree to terminate the
         agreement on 4th June 2001).

2.       Tenant shall pay the monthly rental and management fees of US$3,419.60,
         including the following

         (i)      Monthly rental fees (excluding other charges): US$2,462.10
         (ii)     Monthly management fees (which include air conditioning on
                  working days, 8:00 am -- 6:00 pm, excluding public holidays):
                  US$959.50

3.       Deposits
         Deposits for rental and management fees      US$6,839.20
         Deposits for electricity                     US$  395.50
                                                      -----------
         Total                                        US$7,234.70
                                                      -----------

4.       In the period of 61 days (5th June 1999 to 4th August 1999), there is a
         waiver of rental for renovation purposes. But Tenant shall bear other
         charges (excluding rental) and expenses incurred.

5.       At the time of hand over of the office rented, Landlord has provided
         the following fittings in the office rented:

         -  ceiling lights (material only; Tenant shall fix the lights himself)
         -  central ventilation system (vent hose, exhaust fan, heating system
            and speed control dial shall be provided by Landlord; to be fixed
            by Tenant);
         -  fire alarm system and sprinkler;
         -  independent electricity metre;
         -  concrete flooring and wall;
         -  wooden main door
<PAGE>   17

                                   APPENDIX 4

Telephone line & bills

1.       Tenant should take/purchase 6 lines from Landlord with RMB1,260 each
         line. (lump sum payment at the time of signing of the agreement),
         totalling RMB7,560

3.       Besides the expenditure above, Tenant shall pay his monthly bills.

3.       Tenant shall bear the cost of laying telephone cables.

<PAGE>   18
                                   APPENDIX 5

LANDLORD:
-        should collect his rental at Beijing New World Electronic Pte Ltd
-        at the bank account (name of the bank)
-        A/C no: [***]

MANAGEMENT OFFICE:
-        should be paid at Beijing office
-        account no: [***]
-        Bank:

--------------
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