Document:

Exhibit 10.17

 

Date: May 22, 2019

 

 To,

 

Kind Attn.: Mr. Alap Uttamchandani

Incubex Business Consulting Services Private Limited

No. 126, YOGA Building, 4th Floor,

KHB, 5th Block, Koramangala,

Bangalore – 560095, Karnataka, India

 

BINDING LETTER
OF INTENT TO LEASE

 

This Binding Letter of Intent to Lease (“LOI”)
shall serve to outline a proposal for the lease of the Demised Premises. The terms set out in this LOI will be relied upon to prepare
definitive documentation in relation to lease of the Demised Premises and associated services (“Services”) in relation
to the Demised Premises. The basic terms of the proposal are as follows:

 

	Particulars	Terms
	Intending Sub Lessor 	Incubex Business Consulting Services Private Limited (CIN:  U74900KA2016PTC085918)
	Intending Sub Lessee	Near India Private Limited (CIN: U72200KA2009PTC050999)
	Parties	The Intending Sub Lessor and the Intending Sub Lessee shall be collectively referred to as the “Parties”.
	Proposed Office Address	No. 1, Kathalipalya, 6th Block, Koramangala – 560095 (“Demised Premises”) 
	Chargeable Leasable Area of the Demised Premises 	20,098 Sq. Ft. (twenty thousand and ninety-eight square feet) covering the fully furnished entire building in the abovesaid address, shown in the approximate location identified on the building plan attached hereto as Annexure A (“Chargeable Leasable Area”).
	Office Floor Plan of the Demised Premises	Attached in Annexure A to this LOI
	Monthly Office Rent and Common Area Maintenance (CAM) Charges	
    INR 120 (Rupees One Hundred and Twenty
    Only) (excluding applicable taxes) per Sq. Ft. (“Lease Rental”) payable in advance for each month, on or before
    the 10th day of every month, subject to receipt of invoice for the same from the Intending Sub Lessor on the 1st
    day of that month.

     

    The Lease Rental for the first quarter (i.e. a
    period of 3 (three) months) of occupation from the Rent Commencement Date will be paid by the Intending Sub-Lessee to the Intending Sub-Lessor,
    in advance, at the end of 2 (two) months from start of project work at the Demised Premises by the Intending Sub-Lessor (hereinafter referred
    to as “Advance Lease Rental”). Notwithstanding anything to the contrary, the Advance Lease Rental shall be paid by
    the Intending Sub Lessee only after execution and registration of the Lease Deed.

     

    The date of start of project work at the Demised
    Premises shall be intimated by the Intending Sub Lessor to the Intending Sub Lessee in writing.

	Condition of handover on the Rent Commencement Date	
    Fully fitted-out office space as per agreed
layouts as specified in Annexure A, with BESCOM power, DG and UPS power back up.

 

    	Private & Confidential	Page 1 of 9

     

    

 

	 	
    PS: The fit-out specifications will be
    as per design specifications as agreed between the Parties and made part of this LOI by executing an amendment (“Design Specifications”).
    The Parties shall discuss and finalise the Design Specifications within 7 (seven) days from the date of execution of this LOI.

     

    The Intending Sub Lessee shall have the right
    to request minor modifications to the Design Specifications, and the Intending Sub Lessor shall make such modifications to the Demised
    Premises without any additional cost.

	Committed Handover Date	Earlier of (i) October 01, 2019 or (ii) actual handover of the fully furnished Demises Premises as per the Design Specifications
	Rent Commencement Date	Actual handover of the fully furnished Demises Premises as per the Design Specifications
	Liquidated Damages for delay in handover of the Demised Premises	
    If the Intending Sub Lessor fails to handover
    the possession of the fully furnished Demised Premises on or before the Committed Handover Date, the Intending Sub Lessee shall be entitled
    to levy liquidated damages at the rate of 25% (twenty five per cent) of the monthly Lease Rental payable per week of delay beyond the
    Committed Handover Date (“Liquidated Damages”).

     

    In case of any Liquidated Damages levied under
    this LOI, the Intending Sub Lessor shall make payment of the same to the Intending Sub Lessee within 10 (ten) days of the Rent Commencement
    Date. In case of any failure of the Intending Sub Lessor to make payment of the Liquidated Damages within the above mentioned time, the
    Intending Sub Lessee shall deduct such Liquidated Damages from the Lease Rental payable post completion of the period for which Advance
    Lease Rental has already been paid, and the Intending Sub Lessee shall charge interest at the rate of 1.5% per month for the period from
    the Rent Commencement Date upto the date when the amount is deducted from subsequent Lease Rental payments.

	Sub-Lease Term	84 (eighty four) months from Rent Commencement Date, with an option of the Intending Sub Lessee to renew it for a further period as agreed between the Parties.
	Lock-In Period	
    60 (sixty) months from Rent Commencement Date
    (“Lock-In Period”)

     

    Subject to the termination rights of either Party
    under this LOI, neither the Intending Sub Lessor nor the Intending Sub Lessee shall be permitted to terminate the lease mentioned under
    this LOI for the duration of the Lock-In Period.

	Notice Period for Exit / Termination of Lease	
    06 (six) months post completion of the Lock-In
    Period.

     

    The Parties have agreed that during the above
    notice period, the Intending Sub-Lessee shall not make any payment of the Lease Rental for the duration till when the amount of Lease
    Rental payable for the abovementioned notice period equals the amount of the Security Deposit paid as per this LOI.

	Interest
    Free Refundable Security Deposit (IFRSD)	INR
    1,75,00,000 (Rupees One Crore Seventy-five Lacs Only) as security deposit to the Intending Sub Lessor, payable in the following
    manner:

                                                                                                   

    ●     INR
1,00,00,000 (Rupees One Crore Only) upon execution of this LOI;

     

    ●     INR
75,00,000 (Rupees Seventy-five Lacs Only) after 1 (one) month from the start of the project work by the Intending Sub Lessor, or upon
completion of due diligence on the Demised Premises by the Intending Sub Lessor as per satisfaction of the Intending Sub Lessee, whichever
is later.

     

    (The
    above are collectively referred to as the “Security Deposit”.)

 

    	Private & Confidential	Page 2 of 9

     

    

 

	 	The Intending Sub Lessor shall hold the Security Deposit, without interest, for the Sub-Lease Term.
	Permitted Use	
    The Intending Sub Lessee shall use the Demised
    Premises for its business purpose that includes development of software-based technology products/platforms as well as rendering of services
    through deployment and use of such technological products/platforms. The Intending Sub Lessee will also be permitted to use the Demised
    Premises for all matters incidental to its ordinary business purpose, illustratively for storage, installation and operation of telecommunication
    and other similar communication and electronic devices as well as setting up of facilities for employees’ use in ordinary course.

     

    The Intending Sub Lessee shall have the right
    to install trade fixture and signage suitable to its use of the Demised Premises.

	Floor Layout	The floor layout of the Demised Premises including the number and placement of the work desks will be mutually agreed upon between the Parties and in line with the specifications mentioned in Annexure A. The floor layout will have adequate number of conference/meeting rooms, phone booths, kitchen/pantry space, lounge area, IT server room, janitor’s closet and such other specifically demarcated/designed space as mutually agreed between the Parties.
	Office Fit-outs and Design Specifications	
    The Demised Premises shall have customized fit-outs
    including without limitation, work-desks, chairs, storage cabinets, drawing boards, telephones, other audio-visual communication equipment,
    adequate electrical equipment for lighting, air-conditioning and other requirements that are required to be met in the ordinary course
    and in line with the Design Specifications. The space that are not dedicated to work-desks will have appropriate furniture such as adequate
    number of tables, couches and other applicable equipment such as coffee machine, microwave, gymnasium equipment etc. The make, model and
    type of all office fit-outs and equipment that are used in the Demised Premises will be mutually agreed upon between the Parties.

     

    The Intending Sub Lessee shall have the right
    to install furniture, fixtures, fittings and equipments in the Demised Premises sourced by it separately.

	Additional Services by Intending Sub Lessor	
    The Intending Sub Lessor shall be responsible
    for the following in relation to the common area (including the basement and terrace) of the Demised Premises:

     

    Cleaning of Demised Premises: Daily upkeep
    of the common area of the Demised Premises by way of cleaning, as well as cleaning on a need-based manner upon conclusion of specific
    events, pest extermination on a periodic basis, exterior window cleaning.

     

    Equipment Maintenance: Elevator maintenance,
    fire alarm testing and maintenance, base building system maintenance.

     

    Security Services: Provision of security
    guards and video surveillance.

	Car and Two-wheeler Parking Slots Allocated	
    10 Car Parking Slots on the basement of the Demised
    Premises, and space allocated for two-wheeler parking on the basement as well as the outside common area of the Demised Premises.

     

    PS: The Intending Sub Lessee may use these
    car parking slots as two-wheeler parking slots at their discretion.

 

    	Private & Confidential	Page 3 of 9

     

    

 

	Monthly Parking Fees (for parking slots allocated above)	Car Parking Slots – INR 5,000 (excluding applicable taxes) per slot i.e. INR 50,000 (excluding applicable taxes) for all 10 (ten) car parking slots allocated in the basement of the Demised Premises (“Parking Charges”).
	Annual Escalation %	There will be an escalation of 5% (five per cent) on the last applicable amounts of Rent payable for the previous one year duration within the Sub-Lease Term, once at each anniversary of the Rent Commencement Date. 
	Scope of housekeeping and maintenance of common areas of the Demised Premises	All these activities shall be under the scope of the Intending Sub Lessor, which will not be chargeable additionally. 
	Cafeteria Access Charges	
    These charges are included
    under the Rent payable as mentioned above.

     

    PS: The arrangement
    of food served by any vendor in this cafeteria will be at the cost of the Intending Sub Lessee.

     

    It is the responsibility
    of the Intending Sub Lessor to apply for and procure all the necessary consents, licenses and authorizations (as applicable) for the Intending
    Sub Lessee to cook and serve food at the cafeteria in the Demised Premises. All such consents, licenses and authorizations (as applicable)
    shall be obtained by the Intending Sub Lessor at its sole cost and expense.

	Power Allocated in the Demised Premises	Power 1 kVA for every 100 Sq. Ft. leased of the Chargeable Leasable Area.
	Power Charges payable to Intending Sub Lessor for the Chargeable Leasable Area, for period of lease	
    Following charges shall be payable by the Intending
    Sub Lessee to the Intending Sub Lessor, on or before the 10th day from receipt of undisputed invoice for the same from the
    Intending Sub Lessor:

     

    Electricity Charges from BESCOM: The Intending
    Sub-Lessor shall provide permanent power of 1 kVA per 100 Sq. Ft. of the Chargeable Leasable Area. For this purpose, the Intending Sub-Lessor
    will install a separate sub meter for the Chargeable Leasable Area for the exclusive use and at the disposal of Intending Sub-Lessee.
    This will be charged at the applicable rate per unit of the Chargeable Leasable Area including the Demand charges, from time to time.
    Further, a transmission loss shall also be chargeable as invoiced by Bangalore Electricity Supply Company (“BESCOM”).

     

    Charges for usage of Diesel Generator (DG):
    This will be charged at per actual usage of diesel as per prevailing diesel rates. This rate is linked with current prices of diesel.

     

    (The above charges are collectively referred to
    as “Power Charges”.)

	Electricity charges for common areas of the Demised Premises	
    These charges are included in the Rent payable
    as provided above.

     

    PS: Common areas for electricity usage
    shall include elevator lobbies on all floors, stairs, elevator car and basement.

	Monthly Water Charges	These charges are included in the Rent payable as provided above.  However, if there is any requirement to procure water tankers to meet shortfall (if any), that will be charged to the Intending Sub Lessee on actuals on an open book basis by the Intending Sub Lessor.

 

    	Private & Confidential	Page 4 of 9

     

    

 

	Monthly Charges for Managed Office Services opted for by Intending Sub Lessee	A separate discussion is required on which of these services the Intending Sub Lessee would like to avail from the Intending Sub Lessor. Whatever is agreed will be captured in the definitive sub-lease deed executed between the Parties in relation to the subject matter hereof (“Sub Lease Deed”).
	Taxes & Duties 	
    a)       Property
    Taxes: All present and future property and municipal taxes, cesses, levies, other outgoings relating to the land and building including
    but not limited to property tax, land tax, building tax, corporate tax, house tax, local government charges pertaining to the Demised
    Premises shall be borne exclusively by the Intending Sub Lessor.

     

    b)       GST:
    Good and Services Tax (GST) shall be borne by Intending Sub Lessee at the rate as applicable from time to time on the Rent, Parking Charges
    and Power Charges payable.

	Authority of Intending Sub Lessor	The Intending Sub Lessor represents, warrants and guarantees that it has all power, authority and approvals to Sub Lease the Demised Premises to the Intending Sub Lessee, including all the requisite approvals and authorisation from the owner of the Demised Premises and that Intending Sub Lessee will enjoy quiet possession of the Demised Premises during the Sub-Lease Term. 
	Registration charges for the Sub Lease Deed	The Intending Sub Lessee shall register the Sub Lease Deed at the appropriate sub registrar’s office and the Intending Sub Lessee shall bear the entire cost of the registration charges. 
	Sub Lease Rights	The Intending Sub Lessee is not entitled to further sub Lease/ sublet the Demised Premises.
	Representation and Warranties	
    The Intending Sub Lessor represents, warrants
    and covenants to the Intending Sub Lessee that:

     

    (a)  The
    Intending Sub Lessor has all the rights to sub-lease the Demised Premises and is in possession thereof and that the Intending Sub Lessee
    shall have unhindered right and access to the Demised Premises without any restriction as to time throughout the Sub Lease Period including
    the sole and exclusive right to the sole and exclusive use of the fittings and fixtures placed within the Demised Premises. 

     

    (b)  The
    Intending Sub Lessor is entitled to the common facilities and amenities provided with respect to the Demised Premises and passes on a
    right and license to use the common facilities and amenities to the Intending Sub Lessee.

     

    (c)  The
    Intending Sub Lessor is entitled to and possesses the full rights and unrestricted powers to grant the sub-lease of the Demised Premises,
    and all consents, concurrence or confirmation from the owner of the Demised Premises have been taken by the Intending Sub Lessor.

     

    (d)  The
    Demised Premises is free of all encumbrances including but not limited to mortgages, liens or any other charges of any nature whatsoever,
    and there are no restrictive covenants operating upon the Intending Sub Lessor and/or the Demised Premises, in leasing out the Demised
    Premises to the Intending Sub Lessee. Further, the Demised Premises are not subject matter of any judgment, decree or order of any court
    of law or any pending litigation whereby the Intending Sub Lessor may be prevented from granting the same on lease.

     

 

    	Private & Confidential	Page 5 of 9

     

    

 

	 	
    (e)  There
    is no impediment, legal or otherwise in giving the Demised Premises on lease.

     

    (f)   The
    concerned planning authority has sanctioned the Demised Premises for usage for commercial purposes and for usage as office premises. The
    same therefore, can be lawfully used for the sanctioned purpose as aforesaid.

	Indemnity	The Intending Sub Lessor agrees to indemnify and hold harmless the Intending Sub Lessee, its employees, officers and agents from and against any claim, loss, liability or cost of any person, firm or corporation, including, without limitation, legal fees, arising out of any breach of any terms and conditions in this LOI and/or any of the representations and assurances given under this LOI. In the event any notices and/or claims are received by the Intending Sub Lessee and/or the  Intending Sub Lessor in connection with the Demised Premises and/or any proceedings are initiated by the third party in connection with the Demised Premises, the  Intending Sub Lessor shall promptly adjust, settle, defend, or otherwise dispose of such notices and/or claim(s) at its sole cost and furnish certified copies thereof to the  Intending Sub Lessee. If the Intending Sub Lessor does not diligently and continuously pursue this matter, the  Intending Sub Lessee reserves the right to take such action on behalf of itself and/or as attorney for the  Intending Sub Lessor to adjust, settle, defend, or otherwise, dispose of such notices and/or claim(s) and/or proceedings at the costs of the Intending Sub Lessor. In such case, the Intending Sub Lessor shall reimburse the Intending Sub Lessee for any costs, charges, expenses and/or penalties incurred by the Intending Sub Lessee in respect thereof.
	Confidentiality	The Parties shall maintain in the strictest confidence all matters concerning (1) the terms of this LOI; (2) any information or documentation related to the negotiations pertaining to the Lease Deed; and (3) the transaction set forth in this LOI.  If asked about any of the above matters, each Party shall respond that it is not at liberty to discuss these matters because they are the subject of a confidentiality agreement.  Notwithstanding the foregoing, the Parties may disclose (i) information necessary to enforce their rights under this LOI, (ii) information which the Parties are required to disclose pursuant to due process of law, and (iii) such limited information concerning this LOI to such persons required to have knowledge of such information in order for the Parties to comply with the terms and conditions of this LOI. The  Parties agree not to issue any press release or make any public disclosure concerning the transaction contemplated herein without the prior written approval of the other Party, and agree not to disclose such matters except to such attorneys, accountants, lenders and others as are reasonably required in order to consummate the transaction contemplated in this LOI.  A breach of this covenant shall entitle the aggrieved Party to damages caused by such disclosure as well as injunctive relief. The term of this paragraph shall survive the expiration or termination of this LOI.
	Termination of the Lease	
    (a)   Save
    as provided hereinbelow, either Party shall have the option to terminate the lease only after completion of the Lock-in Period and on
    giving a prior written notice of six (6) months in writing.

     

    (b)   Notwithstanding
    the provision for the Lock-in Period, in case of any breach of any terms, conditions, obligations, representations and warranties contained
    in the Lease Deed by either Party, the defaulting Party shall be given a notice of thirty (30) days by the non-defaulting Party of such
    default. In the event that the defaulting Party fails to rectify the breach within thirty (30) days from the receipt of the said notice,
    the non-defaulting Party shall be entitled to treat the lease as terminated at the expiry of the said thirty (30) days period.

 

    	Private & Confidential	Page 6 of 9

     

    

 

	 	
    (c)   Irrespective
    of the Lock-In Period and notwithstanding anything contained elsewhere in this LOI, the Intending Sub Lessee shall be entitled to terminate
    the lease and/or this LOI immediately by giving a written notice to the Intending Sub Lessor, in the event the Intending Sub Lessor commits
    a breach of any of the terms and conditions of this LOI and/or the Intending Sub Lessor’s rights to the Demised Premises are unclear
    and/or receipt of an unsatisfactory due diligence report by the Intending Sub Lessor, and not as per satisfaction of the Intending Sub
    Lessee.

     

    (d)   In
    case of termination of this LOI, the Intending Sub Lessor shall return the entire amount of the Security Deposit paid by the Intending
    Sub Lessee without any deductions.

	Due Diligence	
    The Intending Sub Lessor undertakes to provide
    copies of all the original title deeds and/or documents pertaining to the Demised Premises including without limitation building permissions.
    The Intending Sub Lessor shall conduct a due diligence of the title documents and/or other documents relating to the Demised Premises
    and share the due diligence report with the Intending Sub Lessee on or before June 7, 2019.

     

    The Parties agree that in case there is any unsatisfactory
    due diligence report as a result of the due diligence conducted by the Intending Sub Lessor, and which are not as per satisfaction of
    the Intending Sub Lessee, which requires the Intending Sub Lessee to terminate this LOI, the Intending Sub Lessor shall return the entire
    amount of the Security Deposit paid by the Intending Sub Lessee without any deductions.

	Execution of the Lease Deed	Parties agree that the terms of this LOI supersede all the earlier understanding, written or oral, that may have been arrived between the Parties in connection to the Demised Premises. The Parties shall enter into a lease deed setting out the detailed understanding including the terms stated in this LOI (the “Lease Deed”). Notwithstanding the foregoing, this LOI shall remain binding on both the Parties till the Lease Deed is executed between the Parties. The Parties shall execute the Lease Deed within sixty (60) days from the execution of this LOI.
	Jurisdiction and Governing Law	The LOI shall be governed by and construed in accordance with the laws of India and the Parties agree that all disputes pertaining to this LOI shall be subject to sole and exclusive jurisdiction of courts of Bangalore only.

 

    	Private & Confidential	Page 7 of 9

     

    

 

	Accepted and agreed	Accepted and agreed
	 	 
	 	 
	Authorized Signatory	Authorized Signatory
	(For Incubex Business Consulting Services Limited)	(for Near India Private Limited)

 

    	Private & Confidential	Page 8 of 9

     

    

 

ANNEXURE A

OFFICE FLOOR PLAN

 

(as per the documents annexed on the following
pages)

 

 

 

	Private & Confidential	Page 
                                                                                                                                                                                                                                                                                                                        9 of 9Exhibit 10.18

 

 

	 	Renewal Agreement:

 

 

	Agreement Date :
    June 9, 2022	Confirmation
    No : R-2209942

 

	Business Center Details	Client Details	
	California, Campbell - Pruneyard	Company Name	Near PTE
	 	Phone	 
	 	Email	mikemac@near.com

 

Office Payment Details (exc. tax and exc. services)

 

	Office Number	 	Number of People	 	Price per Office
	738	 	6	 	$4,749.00

 

	Service Provision:	Start Date 	October 1, 2022	End Date 	December 31, 2022

 

All agreements end on the last calendar day of the month.

 

Terms and Conditions

 

We are Regus Management Group, LLC, please click the link
below for terms and conditions.

 

AGREEMENT TO ARBITRATE; CLASS ACTION WAIVER: Any dispute or
claim relating in any way to this agreement shall be resolved by binding arbitration administered by the American Arbitration
Association in accord with its Commercial Arbitration Rules (available at www.adr.org), except that You or We may assert claims in
small claims court and You and We may pursue court actions to remove You, or prevent Your removal, from the Center if You do not
leave when this agreement terminates. The arbitrator shall have exclusive authority to resolve any dispute relating to the
interpretation, applicability, enforceability, or formation of this agreement. The arbitrator shall not conduct arbitration as a
class or representative action. You and We acknowledge that this agreement is a transaction in interstate commerce governed by the
Federal Arbitration Act. You and We agree to waive any right to pursue any dispute relating to this agreement in any class, private
attorney general, or other representative action.

 

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These General Terms and Conditions apply to Office/Co-Working,
Virtual Office and Membership agreements for services We supply to You.

 

	1.	General Agreement

 

		1.1.	Nature of an agreement: At all times, each Center remains
in Our possession and control. YOU ACCEPT THAT AN AGREEMENT CREATES NO TENANCY INTEREST, LEASEHOLD ESTATE, OR OTHER REAL PROPERTY INTEREST
IN YOUR FAVOR WITH RESPECT TO THE ACCOMMODATION.

 

		1.2.	House Rules: The House Rules, which are incorporated into
these terms and conditions, are primarily in place and enforced to ensure that all clients have a professional environment to work in.

 

		1.3.	Company and Contact Information: It is Your responsibility
to keep the information and key contact information We use to communicate with You up to date via the App or Online Account (or other
customer portal as advised to you from time to time). This includes but is not limited to email addresses, phone numbers, and company
address.

 

		1.4.	Availability at the start of an agreement: If for any unfortunate
reason We cannot provide the services or accommodation in the Center stated in an agreement by the start date, We will have no liability
to You for any loss or damage but You may either move to one of Our other Centers (subject to availability), delay the start of the agreement
or cancel it.

 

		1.5.	AUTOMATIC RENEWAL: SO THAT WE CAN MANAGE YOUR SERVICES
EFFECTIVELY AND TO ENSURE SEAMLESS CONTINUITY OF THOSE SERVICES, ALL AGREEMENTS WILL RENEW AUTOMATICALLY FOR SUCCESSIVE PERIODS EQUAL
TO THE CURRENT TERM UNTIL BROUGHT TO AN END BY YOU OR US. ALL PERIODS SHALL RUN TO THE LAST DAY OF THE MONTH IN WHICH THEY WOULD OTHERWISE
EXPIRE. THE FEES ON ANY RENEWAL WILL BE AT THE THEN PREVAILING MARKET RATE (PRICES ARE SET ANNUALLY SO DEPENDING ON WHEN YOUR AGREEMENT
IS DUE TO RENEW, THERE MAY BE A CHANGE IN PRICE). IF YOU DO NOT WISH FOR AN AGREEMENT TO RENEW THEN YOU CAN CANCEL IT EASILY WITH
EFFECT FROM THE END DATE STATED IN THE AGREEMENT, OR AT THE END OF ANY EXTENSION OR RENEWAL PERIOD, BY GIVING US PRIOR NOTICE. NOTICE
MUST BE GIVEN THROUGH YOUR ONLINE ACCOUNT OR THROUGH THE APP. THE NOTICE PERIODS REQUIRED ARE AS FOLLOWS:

 

	Term	 	Notice Period
	Month-to-Month	 	no less than 1 month’s notice from the 1st day of any calendar month
	 	 	 
	3 months	 	no less than 2 months’ notice prior to the end of the term 
	 	 	 
	More than 3 months	 	no less than 3 months’ notice prior to the end of the term

 

		1.5.	We may elect not to renew an agreement. If so, We will inform
You by email, through the App or Your online account, according to the same notice periods specified above.

 

		1.6.	If the Center is no longer available: In the event that We
are permanently unable to provide the services and accommodation at the Center stated in an agreement, We will offer You accommodation
in one of Our other centers. In the unlikely event We are unable to find a nearby alternative accommodation, Your agreement will end
and You will only have to pay monthly fees up to that date and for any additional services You have used.

 

     

     

    

 

		1.7.	Ending an agreement immediately: We may terminate an agreement
immediately by giving You notice if (a) You become insolvent or bankrupt; or (b) You breach one of your obligations which cannot be put
right, or which We have given You notice to put right and which You have failed to put right within 14 days of that notice; or (c) Your
conduct, or that of someone at the Center with Your permission or invitation, is incompatible with ordinary office use and, (i) that
conduct continues despite You having been given notice, or (ii) that conduct is material enough (in Our reasonable opinion) to warrant
immediate termination; or (d) You are in breach of the “Compliance With Law” clause below. If We terminate an agreement for
any of the reasons referred to in this clause You must, within 30 days of the date of Our notice of termination, pay Us as a lump sum
payment all sums that would otherwise have fallen due and payable by you during the remainder of the period for which Your agreement
would have lasted if We had not terminated it. You agree that this payment reflects a reasonable estimate of the actual damages that
We will sustain in the event of an early termination.

 

		1.8.	When an Office agreement ends: When an agreement ends You
must vacate Your accommodation immediately, leaving it in the same state and condition as it was when You took it. If You leave any property
in the Center, We may dispose of it at Your cost in any way We choose without owing You any responsibility for it or any proceeds of
sale. If You continue to use the accommodation when an agreement has ended, You are responsible for any loss, claim or liability We may
incur as a result of Your failure to vacate on time.

 

Transferability: Subject to availability
(which shall be determined in Our sole discretion) You may transfer Your agreement to alternative accommodation in the IWG network of
Centers provided that Your financial commitment remains the same (or increases) and such transfer
is not used to extend or renew an existing agreement. Such a transfer may require entry into a new agreement.

 

	2.	Use of the Centers:

 

		2.1.	Business Operations: You may not carry on a business that
competes with Our business of providing serviced offices and flexible working. You may not use Our name (or that of Our affiliates) in
any way in connection with Your business. You are only permitted to use the address of a Center as Your registered office address if
it is permitted by both law and if We have given You prior written consent (given the administration there is an additional fee chargeable
for this service). You must only use the accommodation for office business purposes. If We decide that a request for any particular service
is excessive, We reserve the right to charge an additional fee. In order to ensure that the Center provides a great working environment
for all, We kindly ask you to limit any excessive visits by members of the public.

 

		2.2.	Accommodation

 

		2.2.1.	Alterations or Damage: You are liable for any damage caused
by You or those in the Center with Your permission, whether express or implied, including but not limited to all employees, contractors
and/or agents.

 

		2.2.2.	IT Installations: We take great pride in Our IT infrastructure
and its upkeep and, therefore, You must not install any cabling, IT or telecom connections without Our consent, which We may refuse at
our absolute discretion. As a condition to Our consent, You must permit Us to oversee any installations (for example, IT or electrical
systems) and to verify that such installations do not interfere with the use of the accommodation by other clients or Us or any landlord
of the building. Fees for installation and de-installation will be at Your cost.

 

     

     

    

 

		2.2.3.	Use of the Accommodation: An agreement will list the accommodation
We initially allocate for Your use. You will have a non-exclusive right to the rooms allocated to You. Where the accommodation is a Coworking
desk, this can only be used by one individual, it cannot be shared amongst multiple individuals. Occasionally to ensure the efficient
running of the Center, We may need to allocate different accommodation to You, but it will be of reasonably equivalent size and We will
notify You with respect to such different accommodation in advance.

 

		2.2.4.	Access to the Accommodation: To maintain a high level of service,
We may need to enter Your accommodation and may do so at any time, including and without limitation, in an emergency, for cleaning and
inspection or in order to resell the space if You have given notice to terminate. We will always endeavor to respect any of Your reasonable
security procedures to protect the confidentiality of Your business.

 

		2.3.	Membership:

 

		2.3.1.	If You have subscribed to a Membership Agreement, You will
have access to all participating centers worldwide during standard business working hours and subject to availability.

 

		2.3.2.	Membership Usage: Usage is measured in whole days and unused
days cannot be carried over to the following month. A membership is not intended to be a replacement for a full-time workspace and all
workspaces must be cleared at the end of each day. You are solely responsible for Your belongings at the center at all times. We are
not responsible for any property that is left unattended. Should You use more than Your membership entitlement, We will charge You an
additional usage fee. You may bring in 1 guest free of charge (subject to fair usage). Any additional guests will be required to purchase
a day pass.

 

		2.3.3.	As a Member, You may not use any Center as Your business address
without an accompanying office or virtual office agreement in place. Any use of the Center address in such a way will result in an automatic
enrollment in the Virtual Office product for the same term as Your membership and You will be invoiced accordingly.

 

		2.4.	Compliance with Law: You must comply with all relevant laws
and regulations in the conduct of Your business. You must not do anything that may interfere with the use of the Center by Us or by others
(including but not limited to political campaigning or immoral activity), cause any nuisance or annoyance, or cause loss or damage to
Us (including damage to reputation) or to the owner of any interest in the building. If We have been advised by any government authority
or other legislative body that it has reasonable suspicion that You are conducting criminal activities from the Center, or You are or
will become subject to any government sanctions, then We shall be entitled to terminate any and all of Your agreements with immediate
effect. You acknowledge that any breach by You of this clause shall constitute a material default, entitling Us to terminate Your agreement
without further notice.

 

     

     

    

 

		2.5.	Ethical Trading: Both We and You shall comply at all times
with all relevant anti-slavery, anti-bribery and anti- corruption laws.

 

		2.6.	Data Protection:

 

		2.6.1.	Each party shall comply with all applicable data protection
legislation. The basis on which we will process Your personal data is set out in our privacy policies (available on our website at www.iwgplc.com/clientprivacypolicy.)

 

		2.6.2.	You acknowledge and accept that we may collect and process
personal data concerning You and/or your personnel in the course of our agreement for services with you. Such personal data will be processed
in accordance with our privacy policy. Where you provide this data to us, you will ensure that you have the necessary consents and notices
in place to allow for this.

 

		2.7.	Employees: We will both have invested a great deal in training
Our staff, therefore, neither of us may knowingly solicit or offer employment to the other’s staff employed in the Center (or for
3 months after they have left their employment). To recompense the other for staff training and investment costs, if either of us breaches
this clause the breaching party will pay upon demand to the other the equivalent of 6 months’ salary of any employee concerned.

 

		2.8.	Confidentiality: The terms of an agreement are confidential.
Neither of us may disclose them without the other’s consent unless required to do so by law or an official authority. This obligation
continues for a period of 3 years after an agreement ends.

 

		2.9.	Assignment: An agreement is personal to You and cannot be
transferred to anyone else without prior consent from Us unless such transfer is required by law. However, We will not unreasonably withhold
our consent to assignment to an affiliate provided that You execute our standard form of assignment. We may transfer any agreement and
any and all amounts payable by You under an agreement to any other member of Our group.

 

		2.10.	Applicable law: An agreement is interpreted and enforced
in accordance with the law of the place where the Center is located other than in a few specific jurisdictions which are detailed in
the House Rules. We and You both accept the exclusive jurisdiction of the courts of that jurisdiction. If any provision of these terms
and conditions is held void or unenforceable under the applicable law, the other provisions shall remain in force.

 

     

     

    

 

	3.	Our liability to You and Insurance

 

		3.1.	The extent of Our liability: To the maximum extent permitted
by applicable law, We are not liable to You in respect of any loss or damage You suffer in connection with an agreement, including without
limitation any loss or damage arising as a result of our failure to provide a service as a result of mechanical breakdown, strike or
other event outside of Our reasonable control otherwise unless We have acted deliberately or have been negligent. In no event shall We
be liable for any loss or damage until You provide written notice and give Us a reasonable time to remedy it. If We are liable for failing
to provide You with any service under an agreement then, subject to the exclusions and limits set out immediately below, We will pay
any actual and the reasonable additional expense You have incurred in obtaining the same or similar service from elsewhere.

 

		3.2.	Your Insurance: It is Your responsibility to arrange insurance
for property which You bring in to the Center, for any mail You send or receive and for Your own liability to your employees and to third
parties. We strongly recommend that You put such insurance in place.

 

		3.3.	IT Services and Obligations: Whilst We have security internet
protocols in place and strive to provide seamless internet connectivity, WE DO NOT MAKE ANY REPRESENTATION AND CANNOT GUARANTEE ANY MAINTAINED
LEVEL OF CONNECTIVITY TO OUR NETWORK OR TO THE INTERNET, NOR THE LEVEL OF SECURITY OF IT INFORMATION AND DATA THAT YOU PLACE ON IT. You
should adopt whatever security measures (such as encryption) You believe are appropriate to Your business. Your sole and exclusive remedy
in relation to issues of reduced connectivity which are within Our reasonable control shall be for Us to rectify the issue within a reasonable
time following notice from You to Us.

 

		3.4.	EXCLUSION OF CONSEQUENTIAL LOSSES: WE WILL NOT IN ANY CIRCUMSTANCES
HAVE ANY LIABILITY TO YOU FOR LOSS OF BUSINESS, LOSS OF PROFITS, LOSS OF ANTICIPATED SAVINGS, LOSS OF OR DAMAGE TO DATA, THIRD PARTY
CLAIMS OR ANY CONSEQUENTIAL LOSS. WE STRONGLY RECOMMEND THAT YOU INSURE AGAINST ALL SUCH POTENTIAL LOSS, DAMAGE, EXPENSE OR LIABILITY.

 

		3.5.	Financial limits to our liability: In all cases, our liability
to You is subject to the following limits:

 

		3.5.1.	without limit for personal injury or death;

 

		3.5.2.	up to a maximum of GBP 1 million (or USD 1.5 million or EUR
1 million or other local equivalent) for any one event or series of connected events for damage to Your personal property; and

 

		3.5.3.	in respect of any other loss or damage, up to a maximum equal
to 125% of the total fees paid between the date services under an agreement commenced and the date on which the claim in question arises;
or if higher, for office agreements only, GBP 50,000 / USD 100,000 / EUR 66,000 (or local equivalent).

 

     

     

    

 

	4.	Fees

 

		4.1.	Service Retainer/Deposit: Your service retainer / deposit
will be held by Us without generating interest as security for performance of all Your obligations under an agreement. All requests for
the return must be made through Your online account or App after which the service retainer/deposit or any balance will be returned within
30 days to You once your agreement has ended and when You have settled Your account. We will deduct any outstanding fees and other costs
due to Us before returning the balance to You. We will require You to pay an increased retainer if the monthly office or virtual office
fee increases upon renewal, outstanding fees exceed the service retainer/deposit held, and/or You frequently fail to pay invoices when
due.

 

		4.2.	Taxes and duty charges: You agree to pay promptly (i) all
sales, use, excise, consumption and any other taxes and license fees which You are required to pay to any governmental authority (and,
at Our request, You will provide to Us evidence of such payment) and (ii) any taxes paid by Us to any governmental authority that are
attributable to Your accommodation, where applicable, including, without limitation, any gross receipts, rent and occupancy taxes, tangible
personal property taxes, duties or other documentary taxes and fees.

 

		4.3.	Payment: We are continually striving to reduce our environmental
impact and support You in doing the same. Therefore, We will send all invoices electronically and You will make payments via an automated
method such as Direct Debit or Credit Card, wherever local banking systems permit. Invoices are due and payable on the due date stated
in them.

 

		4.4.	Late payment: If You do not pay fees when due, a fee will
be charged on all overdue balances. This fee will differ by country and is listed in the House Rules. If You dispute any part of an invoice,
You must pay the amount not in dispute by the due date or be subject to late fees. We also reserve the right to withhold services (including
for the avoidance of doubt, denying You access to the Center where applicable) while there are any outstanding fees and/or interest,
or You are in breach of an agreement.

 

		4.5.	Insufficient Funds: Due to the additional administration
We incur, You will pay a fee for any returned or declined payments due to insufficient funds. This fee will differ by country and is
listed in the House Rules.

 

		4.6.	Activation: An activation fee is payable in respect of each
agreement You have with Us (including any new agreements entered into under clause 1.9 above). This fee covers the administrative cost
of the client onboarding process and account setup. This fee is set out in each Local Services Agreement and is charged on a per occupant
basis for Serviced Office and Coworking (dedicated desk), on a per location basis for Virtual Office and on a per person basis for Membership.
Further information is set out in the House Rules.

 

		4.7.	Indexation: If an agreement is for a term of more than 12
months, we will increase the monthly fee on each anniversary of the start date in line with the relevant inflation index detailed in
the House Rules. If a country experiences high levels of inflation, indexation could be applied more frequently and is detailed in the
House Rules.

 

		4.8.	Office Restoration: Upon Your departure or if You choose
to relocate to a different room within a Center, We will charge a fixed office restoration service fee to cover normal cleaning and any
costs incurred to return the accommodation to its original condition and state. This fee will differ by country and is listed in the
House Rules. We reserve the right to charge additional reasonable fees for any repairs needed above and beyond normal wear and tear.

 

		4.9.	Standard services: Monthly fees, plus applicable taxes, and
any recurring services requested by You are payable monthly in advance. Where a daily rate applies, the charge for any such month will
be 30 times the daily fee. For a period of less than one month, the fee will be applied on a daily basis.

 

		4.10.	Pay-as-you-use and Additional Variable Services: Fees for
pay-as-you-use services, plus applicable taxes, are payable monthly in arrears at our standard rates which may change from time to time
and are available on request.

 

		4.11.	Discounts, Promotions and Offers: If You benefited from a
special discount, promotion or offer, We will discontinue that discount, promotion or offer without notice if You materially breach Your
agreement.

 

Global Terms Mar 2022

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