Document:

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                          FRONT STREET OFFICE BUILDING
                            SAN FRANCISCO, CALIFORNIA

                           PURCHASE AND SALE AGREEMENT

                                     Between

                         MONTGOMERY REALTY GROUP, INC.,
                              a Nevada corporation,
                                    AS SELLER

                                       and

                                MR. DINESH MANIAR
                                  AS PURCHASER

                               As of June 29, 2005

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                                    PURCHASE
                                       AND
                                 SALE AGREEMENT

         THIS PURCHASE AND SALE AGREEMENT (hereinafter the "Agreement") is
entered into effective June 29, 2005 (hereinafter the "Effective Date"), by and
between MR. DINESH MANIAR, A MARRIED MAN AS HIS SOLE AND SEPARATE PROPERTY
(hereinafter the "Buyer") and (hereinafter the "Equitable Beneficiary") and
MONTGOMERY REALTY GROUP, INC., A NEVADA CORPORATION (hereinafter the "Seller")
and is based upon the following facts and representations:

                                 R E C I T A L S

                  A.       Seller owns that certain real property consisting of
                           approximately 0.14 acres of land and is commonly
                           known as 234-236 Front Street, San Francisco, County
                           of San Francisco, State of California, 94111, and
                           more particularly described on Exhibit "A" attached
                           hereto (hereinafter the "Property").

                  B.       The Property consists of restaurant and office space.
                           The ground floor and basement is leased to
                           Schroeder's Restaurant and the office space on the
                           upper floors is vacant, awaiting renovation of the
                           building so that the space can be leased, together
                           with all appurtenances, improvements, buildings,
                           fixtures, and personal property associated therewith.

                  C.       Buyer wishes to purchase the Property and Seller
                           wishes to sell the Property on the price and terms
                           set forth herein.

         NOW, THEREFORE, in consideration of the mutual promises contained
herein, Seller and Buyer agree as follows:

                                    AGREEMENT

         1. Assets Included in Sale. Seller hereby agrees to sell and convey to
Buyer, and Buyer hereby agrees to purchase from Seller, the following:

                  (a) Real Property. That certain parcel of real property
commonly known as 234-236 Front Street, San Francisco, County of San Francisco,
State of California, 94111 and situated on approximately 0.14 acres of land and
more particularly described in Exhibit "A" attached hereto.

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                  (b) Appurtenances. Any and all rights, privileges, and
easements appurtenant to the Property, including, without limitation, all
minerals on and under the Property, all oil, gas or hydrocarbon drilling rights,
as well as all development rights and credits, air rights, solar rights, water,
water rights, whether within or without the Property, and any easements,
rights-of-way, or other appurtenances used in connection with the beneficial use
and enjoyment of the Property, including, but not limited to, all existing
licenses, authorizations, approvals, zoning permits, together with any
development permits, subdivision map applications, surveys, or similar rights
which may accrue to the benefit of the Property from the date this Agreement is
entered into until the closing date, as the same may be incidental to or
appurtenant to the Property (hereinafter, collectively, the "Appurtenances");

                  (c) Improvements. Any and all buildings and improvements
together with fixtures and articles of attached or appurtenant to or used in
connection with the Property, including, but not limited to, all apparatus,
equipment and appliances used in connection with the operation and occupancy
thereof and facilities used to provide any utility services, ventilation, or
other services thereto, together with all plumbing, lighting, electrical, and
related fixtures, to the extent that they are located in or on the premises
herein described (all of which hereinafter, collectively, the "Improvements").

                  (d) Personal Property. Any and all personal property of Seller
located on or in or used in connection with the operation of the Property. The
personal property that will be transferred by Bill of Sale at the closing is
more fully set forth on a completed inventory list attached hereto as Exhibit
"C" (hereinafter the "Personal Property").

                  (e) Intangibles. Seller shall assign to Buyer any and all
interest of Seller in any and all leases and/or rights of first refusal as the
same may be connected with the Property, together with any and all development
applications, permits, maps, surveys, studies, or other rights that may
currently exist or which may arise between the date this contract is executed
and the closing date (hereinafter, collectively, the "Intangibles"). Seller
shall convey all Intangibles that it has in and to all development rights and
other intangibles, including, but not limited to, certificates of occupancy,
licenses, authorizations, approvals, permits, and signage rights relating to or
affecting the Property to the extent the same may be owned controlled by Seller
and are assignable to Buyer which intangibles are listed in Exhibit "D".

                  (f) Leases and Security Deposits. Seller shall assign and
Buyer shall assume all tenant leases in effect at the Closing date pursuant to
the Assignment and Assumption of Lease Agreement set forth on Exhibit "E"
attached hereto.

                  (g) Other Contracts. Seller shall assign such maintenance
contracts, service contracts, and similar matters as Buyer may chose to assume.
Buyer and Seller shall determine which contracts Buyer wishes to assume and
Buyer and Seller shall execute an Assignment and Assumption Agreement as to said
contracts in the form substantially similar to that set forth on Exhibit "F"
attached hereto. As to all maintenance, service, and similar contracts which
Buyer does not wish to assume, Seller shall use reasonable commercial efforts to

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terminate said contracts effective as of the Closing date. The tenant leases,
together with the maintenance, service, and related contract rights that Buyer
elects to assume are hereinafter, collectively, the "Contract Rights."

                  All of the items described in subsections (a), (b), (c), (d),
(e), (f), and (g) above are intended to be consistent with each other and in
furtherance of the parties objective that Buyer is purchasing all of Seller's
interests in the Property itself so as to own and control such interests to the
same extent that Seller owns and controls them except as to those rights are
non-assignable, related to adjacent properties, or specifically excepted by
other provisions of this Agreement.

         2. Purchase Price. The Purchase Price of the Property is Four Million
Seven Hundred Thousand Dollars ($4,700,000) (hereinafter the "Purchase Price").
The Purchase Price shall be paid all cash at the Closing.

         3. Buyer's Deposit.

                  (a) Concurrently with the opening of the Escrow Buyer shall
deliver a check into Escrow in the amount of Ten Thousand Dollars ($10,000)
(hereinafter the "Deposit"). If Buyer does not remove its title contingencies as
set forth in Section 5 below, or its property due diligence conditions as set
forth in Section 6 below, within the time limits set forth therein, then Escrow
Agent shall return to Buyer the Deposit, together with interest thereon, if any.

                  (b) In the event of Buyer's material breach of this Agreement,
then Seller shall be entitled to the Deposit as liquidated damages.

                  THE PARTIES HAVE AGREED THAT SELLER'S ACTUAL DAMAGES, IN THE
                  EVENT OF A DEFAULT BY BUYER, WOULD BE EXTREMELY DIFFICULT OR
                  IMPRACTICABLE TO DETERMINE. THEREFORE, BY PLACING THEIR
                  INITIALS BELOW, THE PARTIES ACKNOWLEDGE THAT THE DEPOSIT
                  AMOUNT HAS BEEN AGREED UPON, AFTER NEGOTIATION, AS THE
                  PARTIES' REASONABLE ESTIMATE OF SELLER'S DAMAGES AND AS
                  SELLER'S EXCLUSIVE REMEDY AGAINST BUYER, AT LAW OR IN EQUITY,
                  IN THE EVENT OF A DEFAULT UNDER THIS AGREEMENT SOLELY ON THE
                  PART OF BUYER.

                                                   Seller: _______ Buyer: ______

                  (c) Notwithstanding any provision of this Agreement to the
contrary, in the event this Agreement terminates for any reason within the first
twenty (20) days from the Effective Date of this Agreement, all deposits,
including interest which are held in escrow, shall be refunded to Buyer
(together with interest thereon, if any) and neither Buyer nor Seller shall have
any further obligation under this Agreement.

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         4. Transfer of the Property.

                  (a) Real Property. At the Closing, Seller shall convey to
Buyer (or assignee) marketable and insurable fee simple title to the Real
Property by duly executed and acknowledged grant deed in a form acceptable to
Buyer. Evidence of delivery of marketable and insurable fee simple title shall
be the issuance by: First American Title Insurance Company, 1850 Mt. Diablo
Boulevard, Suite 300, Walnut Creek, California 94596, Escrow Number 170529;
attention: Ms. Pam Nicolini (hereinafter the "Escrow Agent" and/or "Title
Company"), in the full amount of the Purchase Price insuring fee simple title to
the Real Property in Buyer, subject only to those exceptions as Buyer approves
pursuant to Section 5 below. Said policy shall provide full coverage against
mechanics' or materialmen's liens and shall contain such special endorsements as
Buyer may reasonably require. The Title Company shall obtain, if requested by
Buyer, such endorsements and/or reinsurance agreements from such companies and
in such amounts as Buyer may request.

                  (b) Personal Property. At the Closing, Seller shall transfer
title to the personal property by a bill of sale in the form attached hereto as
Exhibit "C", such title to be free of any liens and encumbrances.

                  (c) Permits, Licenses and Intangibles. At the Closing, Seller
shall transfer all Intangibles together with other development rights by means
of Transfer and Assignment of Rights to Intangible Property attached hereto as
Exhibit "D".

                  (d) Assignment & Assumption of Leases. At the Closing, Seller
shall transfer to Buyer and Buyer shall assume all liability under all tenant
leases currently in effect at the Property. The Assignment and Assumption of
leases shall be done by written instrument substantially in the form attached
hereto as Exhibit "E".

                  (e) Assignment & Assumption of Service Contracts. At the
Closing, Seller shall transfer to Buyer and Buyer shall assume all liability
under those service contracts affecting the Property which Buyer elects to
assume. The Assignment and Assumption of Service Contracts shall be done by
written instrument substantially in the form attached hereto as Exhibit "F".

         5. Title Inspection and Contingency Removal.

                  (a) Title. During the time periods set forth below, Buyer
shall review and approve title to the Real Property. Within five (5) days from
the execution date of this Agreement, at Seller's sole cost and expense, Seller
or Seller's agent shall deliver to Buyer:

                           (i)      a current preliminary title report on the
                                    Real Property issued by Title Company;

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                           (ii)     at Buyer's request, and (except for
                                    documents already in Seller's actual
                                    possession) at Buyer's sole cost and
                                    expense, Buyer may order copies of all
                                    existing and proposed easements, covenants,
                                    restrictions, agreements or other documents
                                    as the same may relate to the Property from
                                    the Title Company. However, to the extent
                                    any of such documents are in Seller's actual
                                    possession, Seller shall make copies of said
                                    documents available to Buyer at Seller's
                                    sole cost and expense. If Seller have no
                                    such documents exist, Seller shall provide
                                    to Buyer a certification of Seller to that
                                    effect;

                           (iii)    copies of the two (2) most recent property
                                    tax bills for the property; and

                           (iv)     at Buyer's request Seller shall cause Title
                                    Company to issue, at Buyer's sole cost and
                                    expense a chain of title report for the Real
                                    Property.

                  Any exception to title is deemed rejected by Buyer unless
Buyer notifies Seller otherwise in writing. In any event, Seller hereby agrees
to remove all monetary liens, encumbrances, and judgments of any nature
whatsoever encumbering title to the Real Property on or before closing of
escrow.

                  (b) Buyer's Contingency Removal Period. Buyer shall have
twenty (20) business days from the receipt of the preliminary title report set
forth in Subsection 4(a) above to determine if, other than monetary liens which
will be paid off at the close of escrow; there are any exceptions to title to
which Buyer objects. Unless written acceptance of said objections is received
within twenty (20) days of delivery of said preliminary title report, Buyer
shall be deemed to have rejected all title matters. From the date of Buyer's
approval of title, Seller shall not permit any adverse change to arise to the
title (other than monetary encumbrances removable at the Closing) nor shall
Seller permit any cloud upon title not disclosed in the Preliminary Title Report
to arise so as to affect title at Closing. If Buyer objects to any title matter,
then Seller shall have five (5) days to advise Buyer that Seller can remove the
title matter prior to the close of escrow, or whether the title matter is not
curable by the Closing. Buyer shall have three (3) days from Seller's reply to
determine if Buyer will accept title as Seller has indicated. If Buyer elects
not to accept title as Seller has indicated this Agreement shall terminate and
neither party shall have any obligation to the other party and the Deposit shall
be returned to Buyer.

         6. Property Due Diligence Conditions. Except for title matters as set
forth in Section 5 hereof, Buyer shall conduct its due diligence and either
terminate this Agreement or remove Buyer's due diligence contingencies and
proceed with this Agreement within twenty (20) business days after the Effective
Date of this Agreement (hereinafter "Buyer's due diligence period"). All of
Buyer's due diligence contingencies are set forth in this Section 6. To
facilitate Buyer's due diligence Seller shall allow Buyer reasonable access to
the Property and, to the extent reasonably available to Seller, Seller shall
provide Buyer with the documents as more fully set forth below.

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                  (a) Property Documents. Within two (2) days of the Effective
Date of this Agreement, Seller shall deliver to Buyer to the extent the same are
available to Seller and in Seller's actual possession, the documents set forth
in Subsection (c) below. Said documents shall be supplied at a single time
(except as otherwise agreed upon between Buyer and Seller) and shall be
delivered with a cover letter setting forth all documents delivered pursuant to
this Section 6. To the extent that Seller do not have any of the following
documents in their actual possession, Seller shall indicate in their cover
letter that it does not have any such documents.

                           (i)      The documents to be provided by Seller to
                                    Buyer shall include such other contracts or
                                    documents of significance to the Property as
                                    Buyer and Seller may agree upon.

                           (ii)     Review and approval or disapproval of
                                    reports generated is at the Buyer's sole
                                    discretion.

                  (b) Survey. If Seller has a survey of the Property in his
actual possession it shall be delivered to Buyer together with the other
property due diligence documents. However, if Seller do not have a survey, or if
the survey is no sufficient to obtain an ALTA Title Policy or equivalent, then
Buyer may obtain an ALTA survey or equivalent of the Property. The ALTA Property
or equivalent survey shall be used for purposes of inducing Title Company to
issue to Buyer at the Closing an ALTA Owner's Policy of Title Insurance or
equivalent. Within Buyer's due diligence period, Buyer shall review and approve
all surveys and related issues relating to the Property.

                  (c) Documents to Be Provided. The documents to be provided by
Seller to Buyer shall be limited to those in Seller's actual possession (or
readily attainable by Seller's agents, brokers, property managers and title
company) and shall include the following:

                           (i)      Access to all tenant lease files and
                                    amendments thereto, as well as any other
                                    agreement incident or related thereto which
                                    affects the obligations of Seller and the
                                    affected tenant with respect to such leases;

                           (ii)     Copies of all outstanding third-party
                                    service contracts and other agreements
                                    affecting the operation and maintenance of
                                    the Property, including any assignable
                                    warrants;

                           (iii)    At Seller's option, either copies of or
                                    access to any engineering information and
                                    property inspection reports;

                           (iv)     All environmental information effecting the
                                    Property, including a Phase I environmental
                                    report if available;

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                           (v)      Access to all plats, zoning ordinances and
                                    compliance, business licenses; availability
                                    of utilities and related matters;

                           (vi)     Copies of any and all municipal, state or
                                    federal Certificates of Occupancy, or
                                    equivalent, issued to date for the Property;

                           (vii)    Copies of operating statements for the
                                    Property for the years 2003 through 2004,
                                    inclusive, together with a year to date
                                    statement for 2005;

                           (viii)   A current rent roll for the Property in the
                                    format currently used by Seller;

                           (ix)     A list of pending evictions and related
                                    legal matters effect tenant occupancy;

                           (x)      A list of all tenant security and rent
                                    deposits, together with any rent concessions
                                    and other matters that may affect the
                                    collection of rent;

                           (xi)     Copies of any termite inspections, notices
                                    of violation, including, but not limited to,
                                    those effecting fire codes or health codes;

                           (xii)    Disclosure of any pending legal matters
                                    (other than evictions) affecting the
                                    Property or collection of rents or deposits;

                           (xiii)   Any plans and specifications regarding
                                    Property;

                           (xiv)    All real estate tax bills (or impound
                                    reports) and personal property tax
                                    statements, valuation notices, and related
                                    matters;

                           (xv)     All certificates of insurance and copies of
                                    all insurance policies affecting the
                                    Property (i.e., property, liability, and
                                    umbrella policies);

                           (xvi)    All building permits;

                           (xvii)   All business licenses and permits;

                           (xviii)  All liens, CC&R's, or other encumbrances of
                                    record;

                           (xix)    Access to all general ledger, cash receipts,
                                    and disbursements journals and similar books
                                    of original entry;

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                           (xx)     Insurance loss runs for the period 2003 to
                                    2005;

                           (xxi)    Rental rate history from 2003 to 2005;

                           (xxii)   Accounts receivable and aging;

                           (xxiii)  Inventory of Personal Property to be
                                    transferred pursuant to this Agreement;

                           (xxiv)   Such other due diligence documents as Buyer
                                    may request.

                  (d) Other Matters. Buyer shall review and approve within the
due diligence period all other matters relating to or effecting the Property.

                  (e) Cooperation of Seller. Seller shall cooperate with Buyer,
at no cost to Seller, to assist Buyer in Buyer's efforts to access to the
Property to conduct Buyer's due diligence investigation.

                  (f) Due Diligence Conditions. The foregoing conditions in this
Section 6 are all of Buyer's due diligence conditions precedent, and these
conditions precedent are intended solely for the benefit of Buyer. If within
Buyer's due diligence period, Buyer does not give Seller written notice of
approval of the due diligence contingencies, Buyer shall be deemed to have
elected to terminate this Agreement and the Deposit shall be returned to Buyer
(together with interest thereon, if any). In the event Buyer gives written
notice of Buyer's acceptance and/or waiver of all said due diligence
contingencies, then this Agreement shall continue in full force and effect and
Buyer shall increase its deposit as set forth in Section 3 above. Once Buyer has
approved and/or waived its due diligence contingencies, Buyer may not cancel
this Agreement.

         7. Buyer's Investigations of Property Condition.

                  (a) Reasonable Access. Seller shall afford authorized
representatives of Buyer reasonable access to the Property for the purposes of
satisfying Buyer with respect to Buyer's due diligence inspections and the
representations and warranties of Seller herein, and with respect to
satisfaction of any conditions precedent to the Closing herein. Buyer shall also
have access to the Property for the purpose of conducting environmental surveys,
property condition investigations, market studies, other investigations, surveys
or other physical inspections or studies, including, but not limited to, the
roof, plumbing, heating, and air conditioning systems, structural integrity of
the improvements and any environmental or geologic conditions, or other matters
that Buyer may wish to include in its due diligence inquiry of the Property.
Seller shall cooperate with Buyer in providing access to the Property and
satisfying the conditions contained herein.

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                  (b) Cost of Inspection. Buyer shall bear the cost of any
inspections or studies undertaken. Buyer shall indemnify and hold Seller free
and harmless from all claims and liability with respect to such physical
inspection or study or any costs arising in connection with respect to such
physical inspection or study or any costs arising in connection with the same
prior to the Closing herein except to the extent any claim or liability arises
from the willful misconduct or gross negligence of Seller, or their agents,
contractors, or employees. Buyer shall repair any damages to the Property caused
by such inspection or study, and shall otherwise restore the Property to
substantially the condition which existed prior to conduct of the same.

         8. Financing Contingency. Buyer shall have twenty (20) business days
from the effective date of this Agreement to advise Seller that Buyer has, at
Buyer's sole cost and expense, arranged for either: (a) to acquire the Property
subject to the existing loans, with Buyer to assume said loans; or (b) to
arrange for new acquisition financing for the purchase contemplated herein. If
Buyer fails to give such notice or to waive this contingency, this Agreement
shall terminate and neither party hereto shall have any further obligation
hereunder.

         9. Conditions Precedent to Closing.

                  (a) Buyer's Contingencies. This Agreement is expressly
contingent upon satisfaction of the following conditions (hereinafter "Buyer's
Contingencies") and Buyer shall have no obligation to close under this Agreement
unless all the following conditions have been satisfied or have been waived by
Buyer.

                  (b) Buyer's Title Contingencies. Approval by Buyer of all
title contingencies set forth in Section 5 of this Agreement within the time
periods set forth therein.

                  (c) Buyer's Property Due Diligence. Approval by Buyer of all
contingencies set forth in Section 6 above, during Buyer's due diligence period
as set forth herein.

                  (d) Buyer's Financing Contingency. Approval by Buyer of its
financing contingency as set forth in Section 8 hereof, during Buyer's
contingency period as set forth herein.

                  (e) Commitment to Issue Buyer's Title Insurance. Escrow Agent
shall have agreed to issue to Buyer, Buyer's Title Insurance Policy, which
policy may not actually be received until after the Close of Escrow.

                  After the satisfaction or waiver of Buyer's contingencies,
failure by either Seller or Buyer to conclude this Agreement shall constitute a
material breach by said party of this Agreement.

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         10. Closing and Escrow.

                  (a) Closing Date. The closing date (hereinafter the "Closing
Date") hereunder shall be on such date that is selected by Buyer, which date
shall not later than July 29, 2005. Close of escrow shall constitute transfer of
possession.

                  (b) Escrow Funds. If, after the waiver of Buyer's
contingencies as set forth in Sections 5, 6, and 8 above or the Closing does not
occur on or before the Closing Date without fault by the Seller, then the Title
Company as escrow holder shall within two (2) business days after the scheduled
Closing Date, pay the Buyer's Deposit over to the Seller as liquidated damages.

                  (c) Escrow Instructions. Buyer and Seller shall each submit to
the Title Company, not less than three (3) days prior to the Closing Date,
additional escrow instructions consistent with the provisions of this Agreement.

                  (d) Seller's Documents. At least two (2) business days prior
to the Closing, Seller shall deliver to Title Company as escrow, the following:

                           (i)      a duly executed and acknowledged grant deed
                                    conveying to the Buyer the Real Property and
                                    all rights, privileges and easements
                                    appurtenant thereto;

                           (ii)     a duly executed bill of sale covering the
                                    Personal Property, in the form attached
                                    hereto as Exhibit "C";

                           (iii)    a Certificate from the California Secretary
                                    of State (or a commercial reporting service
                                    satisfactory to Buyer) that indicates that
                                    as of the Certificate Date there are no
                                    filings against Seller in the office of the
                                    Secretary of State under California
                                    Commercial Code (or similar statute) that
                                    would be a lien on any of the items
                                    specified in said Bill of Sale above (other
                                    than such filings, if any, as are being
                                    released at the time of the Closing);

                           (iv)     an assignment and assumption of all rights
                                    to the various tenant leases affecting the
                                    Property, in the form attached hereto as
                                    Exhibit "E";

                           (v)      an assignment and assumption of service
                                    contracts affecting the Property, in the
                                    form attached hereto as Exhibit "F";

                           (vi)     originals of all, plans, specifications,
                                    reports and similar documents of
                                    significance as the same relate to the
                                    Property, if any;

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                           (vii)    originals or copies of all service
                                    contracts, maintenance contracts, and
                                    management contracts, if any, affecting the
                                    Property (hereinafter, collectively,
                                    "Service Contracts") to be continued by
                                    Buyer, as determined by Buyer in its sole
                                    discretion, after the Closing, and any
                                    warranties or guaranties received by Seller
                                    from any contractors, subcontractors,
                                    suppliers, materialmen, consultants,
                                    architects, engineers, and others who have
                                    performed work on the Property;

                           (viii)   to the extent available to Seller originals
                                    of all architectural plans, designs,
                                    permits, studies, reports, or similar
                                    documents of significance relating to the
                                    Property;

                           (ix)     an affidavit of Seller that Seller are not a
                                    "foreign person" within the meaning of 26
                                    U.S.C. ss. 1445 duly executed by Seller in
                                    the form attached hereto as Exhibit "F";

                           (x)      closing statement in form and content
                                    satisfactory to Buyer and Seller;

                           (xi)     a certified statement that the signatures on
                                    all transfer documents, Deed, Bill of Sale,
                                    Assignment & Assumption agreements, and
                                    related documents are duly authorized
                                    signatures; and

                           (xii)    any other documents, instruments or
                                    agreements called for hereunder which have
                                    not previously been delivered.

                  Buyer may waive compliance on Seller's part under any of the
foregoing items by an instrument in writing.

                  (e) Buyer's Documents and Funds. At least one (1) business day
prior to the Closing, Buyer shall deliver to Title Company as escrow, the
following:

                           (i)      the Purchase Price in immediately available
                                    funds;

                           (ii)     immediately available funds sufficient to
                                    pay all title insurance and other Closing
                                    costs allocable to Buyer as provided for
                                    herein;

                           (iii)    execution of the Assignment and Assumption
                                    of Lease form attached hereto as Exhibit
                                    "E";

                           (v)      execution of the Assignment and Assumption
                                    of Service Contracts in form attached hereto
                                    as Exhibit "F";

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                           (vi)     Buyer's acceptance of Buyer's assumptions
                                    and obligation; and

                           (vii)    any other documents, instruments or
                                    agreements called for hereunder which have
                                    not previously been delivered.

                  Seller may waive compliance on Buyer's part under any of the
foregoing items by an instrument in writing.

                  (f) Other Documents. Seller and Buyer shall each deposit such
other instruments as are reasonably required by the Title Company as escrow
holder or otherwise required to close the escrow and consummate the purchase of
the Property in accordance with the terms hereof.

                  (g) Prorations. The Title Company shall prorate all rents,
non-delinquent real property taxes, water, sewer, and utility charges, amounts
payable under the Service Contracts, annual permits and/or inspection fees
(calculated on the basis of the period covered), insurance premiums (as to those
policies, if any, that Buyer determines will be continued after the Closing),
and other expenses normal to the operation and maintenance of the Property on
the basis of a 365-day year as of 12:01 a.m. on the date the grant deed is
recorded. Seller shall endeavor to have all meters for serving utilities,
including, but not limited to, water, sewer, gas, and electricity read on the
day before the Closing Date for proration purposes.

                  Seller shall transfer to Buyer at the Closing all security
deposits and other sums held for tenants and shall supply Buyer with an updated
list of all tenants, security deposit amounts and the originals of all tenant
leases together with the tenant files. At Closing, Seller shall transfer
possession of the Property so that Buyer or its assignee may immediately
continue with ongoing leasing operations and Seller shall cooperate with Buyer
in providing all information that pertains to: delinquent rents, late fees,
evictions, damages to retail units, and all similar matters.

                  Seller and Buyer hereby agree that if any of the aforesaid
prorations cannot be calculated accurately on the Closing Date, then the same
shall be calculated within thirty (30) days after the Closing Date and either
party owing the other party a sum of money based on such subsequent proration(s)
shall promptly pay said sum to the other party, together with interest thereon
at the rate of ten percent (10%) per annum from the Closing Date to the date of
payment if payment is not made within ten (10) days after delivery of a bill
therefore.

                  (h) Closing Expenses. Buyer shall pay the fee for the policy
of title insurance. Buyer shall pay the cost of all transfer taxes, if any,
applicable to the sale as well as the full amount of any assessments or bonds on
the Real Property. Buyer shall pay all escrow charges, document processing fees
and other charges (other than attorneys fees) as the same may relate to the
closing of this transaction.

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<PAGE>

                  (i) Closing. Upon satisfaction and completion of all other
matters set forth in this Section 10, escrow shall close and Seller's grant deed
shall be delivered to Buyer and recorded and all of Seller's other documents as
set forth above shall be delivered by Title Company to Buyer. At the Closing
Buyer's funds shall be paid to Seller, as Seller may so designate, and Buyer's
documents as set forth above shall be delivered to Seller.

         11. Warranties and Representations by Seller.

                  (a) Seller hereby makes the following representations,
covenants and warranties and acknowledges that the execution of this Agreement
by Buyer has been made and the acquisition by Buyer of the Property will have
been made in material reliance by Buyer on such covenants, representations and
warranties:

                           (i)      Warranties True. Each and every undertaking
                                    and obligation of the Seller under this
                                    Agreement shall be performed by the Seller
                                    timely when due; and that all
                                    representations and warranties of the Seller
                                    under this Agreement and its exhibits shall
                                    be true at the Closing as though they were
                                    made at the time of Closing.

                           (ii)     Title. Seller is now and at all times
                                    between the date hereof and Closing,
                                    inclusive, will be the owner (either of
                                    record or beneficially) of (and Buyer will
                                    acquire hereunder) the entire right, title
                                    and interest in and to the Property to
                                    effectively vest in the Buyer good and
                                    marketable fee simple title to the Property.
                                    Except for the Existing Agreement of Sale,
                                    there are no conditional sales contracts,
                                    options, rights of first refusal or similar
                                    agreements affecting the Property.

                           (iii)    No Infringement. To the best of Seller's
                                    actual knowledge, the use by Buyer of any
                                    name, trademark, trade style or trade name
                                    assigned to Buyer hereunder will not
                                    infringe upon any copyright or any United
                                    States or State trademark existing on the
                                    Closing Date, or constitute unfair
                                    competition or actionable appropriation of
                                    rights with respect to any other person,
                                    business or entity.

                           (iv)     Zoning and Use. Seller has not received
                                    written notice from any governmental
                                    authority that the Property is not in
                                    compliance with or violates applicable
                                    environmental building and zoning laws,
                                    rules or regulations or governmental rules
                                    or regulations. Seller has not requested,
                                    applied for, given its consent to nor has
                                    knowledge of any pending zoning variances or
                                    change with respect to the Property. To the
                                    best of Seller's knowledge, there is no

                                       13
<PAGE>

                                    plan, study, or effort by any governmental
                                    authority or agency or any nongovernmental
                                    person or entity which in any way affects or
                                    would affect, the use of the Real Property
                                    or the Property. To the best of Seller's
                                    knowledge, there is no existing, proposed,
                                    or contemplated plan to widen, modify or
                                    realign any street or highway adjoining the
                                    Property which would affect access thereto,
                                    or any existing proposed or contemplated
                                    eminent domain proceeding that would affect
                                    the Real Property in any way whatsoever.

                           (v)      Governmental Inspection. To the best of
                                    Seller's knowledge, there is no ruling,
                                    ordinance, regulation, or statute that
                                    requires any governmental agency to inspect
                                    the Property and/or issue any documents
                                    affecting the continued occupancy and
                                    specifications of the apartment project as a
                                    result of the sale of the Property to Buyer.

                           (vi)     No Litigation. Except as specifically
                                    disclosed to Buyer on Exhibit "I", there are
                                    no pending or, to the best of Seller's
                                    knowledge, threatened claims, allegations or
                                    lawsuits of any kind, whether for personal
                                    injury, property damage, landlord-tenant
                                    disputes, property taxes or otherwise, that
                                    could materially and adversely affect the
                                    operation or value of the Property or
                                    prohibit the sale thereof, nor to the best
                                    of Seller's knowledge, is there any
                                    governmental investigation of any type or
                                    nature pending or threatened against or
                                    relating to the Property or the transactions
                                    contemplated hereby; and Seller will hold
                                    Buyer harmless from all liability, loss,
                                    cost and expense resulting from claims
                                    arising or becoming applicable during or as
                                    a result of Seller's ownership of the
                                    Property.

                           (vii)    Insurance Indemnifications. Seller has not
                                    received notices by any insurance company
                                    which has issued a policy with respect to
                                    any portion of the Property, or by any board
                                    of fire underwriters, or from any
                                    governmental authority, of zoning, building,
                                    fire, or health code violations in respect
                                    to the Property.

                           (viii)   Enforceability of Agreement. The person
                                    executing any instruments for or on behalf
                                    of the Seller was fully authorized to act on
                                    behalf of Seller and that the Agreement is
                                    valid and enforceable against Seller in
                                    accordance with its terms and each
                                    instrument to be executed by Seller pursuant

                                       14
<PAGE>

                                    hereto or in connection therewith will, when
                                    executed, be valid and enforceable against
                                    Seller in accordance with its terms. No
                                    approval, consent, order or authorization
                                    of, or designation, registration or
                                    declaration with, any governmental
                                    authority, including, but not limited to,
                                    subdivision approval, is required in
                                    connection with the valid execution and
                                    delivery of and compliance with this
                                    Agreement by Seller.

                           (ix)     Rent Roll. The Rent Roll and Certified Rent
                                    Roll delivered to Buyer contain a complete
                                    and correct list of all Leases. Except as
                                    set forth in the Rent Roll, each Lease is on
                                    the Form Lease and is valid and subsisting
                                    and in full force and effect, has not been
                                    amended, modified or supplemented, and the
                                    tenant, licensee or occupant thereunder is
                                    in actual possession.

                           (x)      Rental Concessions. Except as set forth on
                                    the Rent Roll and the Certified Rent Roll,
                                    no tenant, under any of the Lease is, or as
                                    of the Closing will be, entitled to any free
                                    rent, concessions, allowances, rebates or
                                    refunds and no tenant under any of the
                                    Leases has, or as of the Closing will have,
                                    prepaid any rent or other charges for more
                                    than one (1) month in advance.

                           (xi)     Leasing Commissions. As of the Closing, no
                                    brokerage or leasing commissions or other
                                    compensation will be due or payable to
                                    anyone with respect to or on account of any
                                    of the Leases.

                           (xii)    Service Contracts. Except as set forth on
                                    the list of Contracts attached hereto as
                                    Exhibit "F", there is no agreement, in
                                    writing or otherwise, between the Seller and
                                    any other person or persons for service,
                                    supply, maintenance, management or the
                                    operation of the Property or any portion of
                                    the business conducted thereon or thereat,
                                    which is not cancelable upon thirty (30)
                                    days notice, without payment of any penalty
                                    or premium.

                           (xiii)   Hazardous Waste. To the best of Seller's
                                    actual knowledge, the Property has not at
                                    any time been used for the purposes of
                                    storing, manufacturing, releasing or dumping
                                    Hazardous Materials or Substances, except
                                    for normal quantities of Hazardous Materials
                                    or Substances utilized in connection with
                                    the normal maintenance and operation of the
                                    Property in compliance with all
                                    Environmental Laws (as hereinafter defined)
                                    and so-called household Hazardous Materials
                                    utilized by tenants of the Property. No
                                    underground storage tanks, pipelines or
                                    clarifiers have been or are located on the
                                    Property. "Hazardous Materials" or
                                    "Substances" shall mean (1) hazardous
                                    wastes, hazardous materials, hazardous
                                    substances, hazardous constituents, toxic

                                       15
<PAGE>

                                    substances or related materials, whether
                                    solids, liquids or gases, including, but not
                                    limited to, substances deemed as "hazardous
                                    wastes," "hazardous materials," "hazardous
                                    substances," "toxic substances,"
                                    "pollutants," "contaminants," "radioactive
                                    materials," or other similar designations
                                    in, or otherwise subject to regulation
                                    under, the Comprehensive Environmental
                                    Response, Compensation and Liability Act of
                                    1980, as amended ("CERCLA"), 42 U.S.C. ss.
                                    9601 et seq.; the Toxic Substance Control
                                    Act ("TSCA"), 15 U.S.C. ss. 2601 et seq.;
                                    the Hazardous Materials Transportation Act,
                                    49 U.S.C. ss. 1802; the Resource
                                    Conservation and Recovery Act ("RCRA"), 42
                                    U.S.C. ss. 9601, et seq.; the Clean Water
                                    Act ("CWA"), 33 U.S.C. ss. 1251 et seq.; the
                                    Safe Drinking Water Act, 42 U.S.C. ss. 300
                                    et seq.; the Clean Air Act ("CAA"), 42
                                    U.S.C. ss. 7401 et seq.; the Hazardous Waste
                                    Control Law, California Health and Safety
                                    Code ss. 25025 et seq., the
                                    Carpenter-Presley-Tanner Hazardous Substance
                                    Account Act, California Health and Safety
                                    Code, Division 20, Chapter 6.8, the
                                    Hazardous Materials Release Response Plans
                                    and Inventory Act, California Health and
                                    Safety Code, Division 20, Chapter 6.95, The
                                    Underground Storage of Hazardous Substances
                                    Act, California Health and Safety Code,
                                    Division 20, Chapter 6.7, the Porter-Cologne
                                    Act, California Water Code ss. 13050 et
                                    seq., and in any permits, licenses,
                                    approvals, plans, rules, regulations or
                                    ordinances adopted, or other criteria and
                                    guidelines promulgated pursuant to the
                                    preceding laws or other similar federal,
                                    state or local laws, regulations, rules or
                                    ordinances now or hereafter in effect
                                    relating to environmental matters
                                    (collectively, the "Environmental Laws");
                                    and (ii) any other substances, constituents
                                    or wastes subject to any applicable federal,
                                    state or local law, regulation, ordinance or
                                    common law doctrine, including any
                                    Environmental Law, now or hereafter in
                                    effect, including, but not limited to, (A)
                                    petroleum, (B) refined petroleum products,
                                    (C) waste oil, (D) waste aviation or motor
                                    vehicle fuel, (E) asbestos, (F) lead in
                                    water, paint or elsewhere, (G) radon, (H)
                                    polychlorinated biphenyls (PCB's) and (I)
                                    urea formaldehyde.

                           (xiv)    Financial Statements. The financial
                                    statements delivered to Buyer present fairly
                                    the financial condition of the Property at
                                    such date and the result of its operations
                                    for the period then ended.

                           (xv)     Structural Defects. The Seller has no actual
                                    knowledge of any structural defects in any
                                    of the Improvements.

                           (xvi)    Property Fully Taxed. The Property and all
                                    parts thereof were fully assessed for
                                    general tax purposes and there has not been,
                                    at any time, a tax break, concession or

                                       16
<PAGE>

                                    adjustment (in the condition factor,
                                    assessed valuation or otherwise) given or
                                    applied, and that no portion of the Property
                                    is, or as of the Closing will be subject to
                                    or affected by special assessments, whether
                                    or not a lien thereon. Seller has not
                                    received any notice or information of any
                                    contemplated increase of the assessments
                                    affecting the Property.

                           (xvii)   Adequacy of Utilities. As of the Closing
                                    Date, the water supply and water purity, the
                                    sewer, the sewage and waste disposal systems
                                    and all of the utility services now
                                    servicing the Property are to the best of
                                    Seller's knowledge sufficient for the
                                    operation of the Property.

                           (xviii)  Compliance with Laws. Seller has not
                                    received any notices from any governmental
                                    authority of zoning, building, environmental
                                    protection, clean air, pollution, fire, or
                                    health code violations with respect to the
                                    Property, or violations pertaining to the
                                    use and occupancy of the Property,
                                    including, without limitation,
                                    discrimination on any prohibited basis.

                           (xix)    Employees. With reference to the Property,
                                    no employees of Seller are under contracts
                                    which are not terminable as of the Closing
                                    Date. There are no employee benefit plans in
                                    effect and there are no unfunded liabilities
                                    with respect to employee fringe benefits.

                           (xx)     Special Studies Zone. To the best of
                                    Seller's actual knowledge, the Property is
                                    not located within either a designated
                                    earthquake fault zone or a designated area
                                    that is particularly susceptible to ground
                                    shaking, liquefaction, landslides or other
                                    ground failure during an earthquake.

                  If Seller becomes aware of any act or circumstance which would
change or render incorrect, in whole or in part, any representation or warranty
made by Seller under this Agreement, whether as of the date given or any time
thereafter through the Closing Date and whether or not such representation or
warranty was based upon Seller's knowledge and/or belief as of a certain date,
Seller will give immediate written notice of such changed fact or circumstance
to Buyer, but such notice shall not release Seller of its liabilities or
obligations with respect thereto. Seller shall issue the Certificate regarding
Representations and Warranties at the Closing Date stating that all the
representations and warranties contained in this Section 10 are true and correct
as of said date, or setting forth in detail which of such matters are not true
and correct.

                                       17
<PAGE>

         12. "AS IS" Sale. Notwithstanding any other provision of this Agreement
to the contrary, Buyer agrees to buy the Property "AS IS" and not have recourse
to Seller as to the condition of the Property, its suitability for as a retail
and office center, its financial suitability or any other matter. Seller's
representations and warranties will be true as of the Closing, but shall sunset
thereafter.

         13. Covenants of Seller. During the pendency of Escrow, Seller
covenants and agrees as follows:

                  (a) Insurance. Seller will keep all Property conveyed
hereunder fully insured against all usual risks and will maintain in effect all
insurance policies now maintained on the same, up to and including the Closing
Date.

                  (b) Performance Under the Leases. From and after receipt of
the Rent Roll by Buyer until the Closing Date, Seller agrees that it will
continue to perform all of its obligations as landlord under all of such Leases
and shall, immediately upon obtaining knowledge of a change in facts or
circumstances which renders any information contained on the Rent Roll
inaccurate, promptly notify Buyer of said facts or circumstances.

                  (c) Further Tenancies. Between the date of the execution of
this Agreement and the Closing Date, without the prior written consent of the
Buyer, none of the Leases will be amended to reduce the rents or other charges
thereunder or will be renewed for rents or other charges which are less than
those payable prior to such renewal; and no new Lease or extension to an
existing Lease will be made unless it is approved by Buyer in writing.

                  (d) Operation and Condition Pending Closing. Between the date
of this Agreement and the Closing Date, Seller will continue to manage, operate
and maintain the Property in the same manner as existed prior to the execution
of this Agreement.

                  (e) Condition of Property. On the Closing Date, Seller shall
deliver the Property clean, in good condition and repair, and in the same or
better condition than that which existed during the due diligence period,
ordinary wear and tear excepted.

                  (f) Required Repairs. Subject to Buyer's approval of the due
diligence provisions of Section 6 above and Buyer's acceptance of the physical
condition of the Property as a "renovation project" (which may require
substantial renovation costs) Seller will, prior to the Close of Escrow, perform
such repairs as to maintain the Property in its current condition until the
Close of Escrow.

                  (g) Transfer of Property. Seller will not transfer any
interest in the Property to any other person or entity.

                  (h) Property Management Agreements and Employees. Except as
provided herein, Seller shall terminate as of the Closing any property
management agreement affecting the Property and Seller shall terminate any

                                       18
<PAGE>

existing lease (whether written, oral or otherwise) on the Property between
Seller and any employee of the existing property management firm or Seller under
which rent is waived or is discounted and assure that the subject apartment is
vacated effective as of the Closing Date. Seller shall be solely responsible for
the payment of any and all wages, salaries, vacation and/or sick leave
compensation, pension or profit sharing benefits and other benefits or
compensation inuring to the benefit of any and all employees of Seller, any
affiliate or agent, employed at the Property through the Closing Date, and all
such employees shall, at Seller's cost and expense, be terminated or otherwise
employed by Seller effective as of the Closing Date.

         14. Tenant Income Certifications. After the expiration of the Due
Diligence Period, Buyer may contact tenants under the leases to complete income
certifications for qualification of the Property for Buyer's new loan. Buyer
shall promptly notify Seller at prior to contacting any tenant of the Property
to obtain an income certification. Seller agrees to reasonably cooperate with
Buyer in obtaining the income certifications.

         15. Representations by Seller. All documents executed by Seller which
are to be delivered to Buyer at the Closing are to be or at the time of Closing
will be duly executed and delivered by Seller (or assignee), and are or at the
Closing will be legal, valid and binding obligations of Seller, and do not and
at the time of Closing will not violate any provisions of any agreement,
mortgage, deed, note or other document or instrument to which Seller is a party
or to any court order to which Seller is subject.

         16. Representations and Warranties of Buyer. All documents executed by
Buyer which are to be delivered to Seller at the Closing are to be or at the
time of Closing will be duly executed and delivered by Buyer (or assignee), and
are or at the Closing will be legal, valid and binding obligations of Buyer, and
do not and at the time of Closing will not violate any provisions of any
agreement, mortgage, deed, note or other document or instrument to which Buyer
is a party or to any court order to which Buyer is subject.

         17. Loss by Casualty; Condemnation. Until the date of Closing
hereunder, the risk of loss of, or damage to, the Property by fire or other
casualty, and the risk of its being taken in whole or in part by eminent domain,
shall be on Seller. If the Property or any part thereof is damaged by fire or
other casualty, one of the following shall apply:

                  (a) Repairable. If the damage can be repaired, Seller shall
have the option of restoring the damaged property to its condition immediately
prior to the occurrence causing the damage, in which event Buyer shall complete
the transaction as originally planned; provided that Seller shall be required to
exercise this option if the damage amounts to Two Hundred Thousand Dollars
($200,000) or less, the amount of the damage to be determined by independent
appraisal if the parties cannot agree.

                  (b) Non-Repairable. If the damage cannot reasonably be
repaired, or if Seller elect not to repair damage as provided above, or if the
Property is entirely or substantially destroyed, Buyer shall have the option of

                                       19
<PAGE>

taking the Property as is, together with the proceeds of all insurance payable
with respect to the damage or destruction, and paying the Purchase Price
therefore. Alternatively, Buyer may elect to rescind this Agreement, in which
event all amounts theretofore paid by Buyer to or for the account of Seller
shall be returned to Buyer.

                  (c) Condemnation. If the Property or any material part thereof
is taken or threatened by eminent domain, Buyer shall have the option of taking
what is left of the Property, together with the proceeds of any award made to
Seller on account of the taking, and paying the Purchase Price therefore.
Alternatively, Buyer may elect to rescind this Agreement, in which event all
amounts theretofore paid by Buyer to or for the account of Seller shall be
returned to Buyer. For purposes of this paragraph, a "material part of the
property" means Two Hundred Thousand Dollars ($200,000); if less than a material
part of the Property is taken; Buyer shall complete the transaction under its
original terms and shall be credited with the amount of the award made to Seller
for such taking.

         18. Possession. Possession of the Property shall transfer to the Buyer
at the Closing.

         19. Maintenance of the Property. Between the date of mutual execution
of this Agreement and the Closing, Seller shall maintain the Property in good
order, condition and repair, reasonable wear and tear excepted and Seller shall
otherwise operate the Property in the same manner as before the making of this
Agreement, the same as though Seller were retaining the Property.

         20. Buyer's Consent to New Contracts Affecting the Property. Seller
shall not, after the date of Seller's execution of this Agreement, enter into
any lease, amendment of lease, contract or agreement or permit any tenant of the
Property to enter into any sublease, assignment of lease, contract or agreement
pertaining to the Property without obtaining Buyer's prior written consent
thereto, which consent shall not unreasonably be refused.

         21. Permitted Assignee. Buyer may assign this Agreement to Montgomery
Realty Group, Inc. or such other assignee as Buyer may select.

         22. Miscellaneous.

                  (a) Notices. Any notice, consent, approval, waiver, or other
communication required or permitted to be given under this Agreement shall be in
writing and shall be deemed to have been duly given when delivered personally or
five (5) days after deposited in the United States mail, certified mail, postage
prepaid, return receipt required, and addressed as follows:

                  If to Seller:      Montgomery Realty Group, Inc.
                                     A NEVADA CORPORATION
                                     400 OYSTER POINT BLVD. STE. 415
                                     SO. SAN FRANCISCO, CA  94080
                                     Telephone:  (650) 266-8080
                                     Facsimile:  (650) 266-8089

                                       20
<PAGE>

                  With a copy to:    James M. Hanavan, Esq.
                                     CRAIGIE, MCCARTHY & CLOW
                                     540 Pacific Avenue
                                     San Francisco, CA  94111
                                     Telephone:  (415) 732-7788
                                     Facsimile:  (415) 732-7883

                  If to Buyer:       Mr. Dinesh Maniar
                                     400 Oyster Point Boulevard, Suite 415
                                     So. San Francisco, CA 94080
                                     Telephone: (650) 266-8080
                                     Facsimile: (650) 266-8089

                  With a copy to:    James T. Graeb, Esq.
                                     400 Oyster Point Boulevard, Suite 415
                                     So. San Francisco, CA 94080
                                     Telephone: (650) 266-8080
                                     Facsimile: (650) 266-8089

or such other address as either party may from time to time specify by notice
hereunder to the other.

                  (b) Brokers and Finders. Seller shall be responsible for the
payment of brokerage fees and/or commissions relating to this transaction in
such an amount as are set forth in a separate agreement. Said commissions shall
be paid from escrow at the closing. If any other broker or finder perfects a
claim for a commission or finder's fee based on any contact, dealings or
communication with any party hereto, the party through whom the broker or finder
makes such claim shall be responsible for said commission or fee and all costs
and expenses (including reasonable attorneys' fees) incurred by the other party
in defending against the same. Nothing in this Section or Agreement shall create
any third party beneficiary rights in favor of any broker. The provisions of
this paragraph shall survive the Closing.

                  (c) Successors and Assigns. This Agreement shall bind and
inure to the benefit of the parties hereto and their respective successors,
heirs, administrators and assigns. Without being relieved of any liability under
this Agreement, Buyer reserves the right to take title to the Property in a name
or assignee other than Buyer.

                  (d) Assignment. Except as provided in this Section, neither
party to this Agreement may assign this Agreement to another party, except that
Seller may assign this Agreement to an IRC ss. 1031 exchange accommodator.

                                       21
<PAGE>

                  (e) Amendments. Except as otherwise provided herein, this
Agreement may be amended or modified by, and only by, a written instrument
executed by Seller and Buyer.

                  (f) Governing Law. This Agreement shall be governed by and
construed and interpreted in accordance with the laws of the State of
California.

                  (g) Merger of Prior Agreements. This Agreement contains the
entire agreement of the parties and supersedes all prior negotiations,
correspondence, understandings and agreements between the parties, relating to
the subject matter hereof.

                  (h) Enforcement. If either party fails to perform any of its
obligations under this Agreement or if a dispute arises concerning the meaning
or interpretation of any provision of this Agreement, the defaulting party or
the party not prevailing in such dispute, as the case may be, shall pay any and
all costs and expenses incurred by the other party in enforcing or establishing
its rights hereunder, including, without limitation, court costs and reasonable
attorneys' fees. Both Seller and Buyer mutually agree that the venue shall be in
the State of California, County of San Francisco.

                  (i) Venue. Except for a lawsuit for specific performance,
Seller and Buyer mutually agree that in the event any lawsuit is commenced
regarding this Agreement or the Property's condition, use management, or related
matters, then the venue shall be in the State of California, County of San Mateo
and both Seller and Buyer waive their rights to trial of such action in the
State and County where the Property is situated.

                  (j) Time of the Essence. Time is of the essence of this
Agreement.

                  (k) Exchange Transaction. In the event that Seller elect to
consummate the transaction contemplated herein by virtue of an exchange
transaction under Section 1031 of the Code, Buyer shall cooperate with Seller in
so effecting Seller's consummation of such transaction subject to the following
conditions:

                           (i)      The period for the Closing shall not be
                                    extended by such exchange transaction;

                           (ii)     Buyer shall not take title to any property
                                    as part of any such exchange transaction;
                                    and/or

                           (iii)    Buyer shall not be required to advance any
                                    funds whatsoever or incur any obligation or
                                    liability whatsoever in connection with any
                                    such exchange transaction.

                  (l) Breach by Seller. In the event that Seller breaches its
obligations under this Agreement Buyer may either (i) terminate this Agreement,

                                       22
<PAGE>

and the Deposit shall be immediately returned to Buyer or (ii) Buyer may bring
an action for specific performance of this Agreement, provided that if specific
performance is not available due to the actions of Seller, then Buyer may bring
an action for damages. Seller and Buyer hereby acknowledge and agree that the
Property, given its location, entitlements, density, size, condition, access,
proximity to other amenities and other factors, is unique to Buyer and,
therefore, Buyer shall be entitled to the remedy of specific performance in the
event of a breach by Seller. Further, Seller hereby agrees that in the event of
a breach or alleged breach by Seller of this Agreement, Seller hereby covenants
and agrees that Buyer may record a lis pendens against the Property

                  (m) Attorneys' Fees. Seller and Buyer shall each bear their
own attorneys' fees in the performance of this Agreement; provided, however,
that in the event of a dispute between Buyer and Seller regarding enforcement or
interpretation of this Agreement, the prevailing party in such dispute shall be
entitled to recover from the other party all reasonable attorneys' fees costs
and expenses generated by reason of said dispute.

                  (n) Headings. The headings of the various sections of this
Agreement are for the convenience of the parties and shall not be used in the
interpretation of this Agreement.

                  (o) Interpretation. This Agreement shall be construed
according to the normal meaning of words and phrases, and shall not be read
against either party to this Agreement. In any dispute regarding interpretation
of this Agreement, the Court shall seek to base its interpretation on the normal
meaning of such words and phrases.

                  (p) Days and Business Days. As used in this Agreement, the
term "day" shall refer to a calendar day and the term "business day" shall refer
to any calendar day other than a federal holiday, Saturday or Sunday.

                  (q) Other Construction. As used herein the term "may" is
permissive and the term "shall" is mandatory. The term "will" means the
statement of an intention and not an obligation. The singular shall include the
plural and the neuter, the masculine and feminine.

                  (r) Further Assurances. Each party agrees to cooperate with
the other party and to execute such additional instruments and documents as may
be reasonably necessary or proper in order to carry out the provisions of this
Agreement.

                  (s) No Waiver. The waiver by either party of the performance
of any covenant, condition or promise shall not invalidate this Agreement and
shall not be considered a waiver of any other covenant, condition or promise.
The waiver shall not constitute a waiver of time for performing any other act or
any identical act required to be performed at a later time. The exercise of any
remedy provided in this Agreement shall not be a waiver of any remedy provided
by law, and the provisions in this Agreement for any remedy shall not exclude
any other remedy unless such remedy is expressly excluded.

                                       23
<PAGE>

                  (t) Invalid Provisions. If any one or more of the provisions
of this Agreement shall for any reason be held to be invalid, unenforceable or
illegal in any respect, such invalidity, illegality or unenforceability shall
not affect any other provisions of this Agreement, and this Agreement shall be
construed as if such invalid, illegal or unenforceable provisions had never been
set forth.

                  (u) Exhibits. All exhibits attached are incorporated into this
Agreement.

                  (v) Confidentiality. Buyer and Seller shall keep the terms and
conditions of the transaction contemplated by this Agreement confidential and
shall not disclose any information regarding the same prior to the Closing;
provided, however, that both Buyer and Seller shall have the right to disclose
the terms of this Agreement and other information to their respective directors,
officers, employees, attorneys, consultants and such other persons or entities
from whom consent to transfer is required. Buyer shall have the right to make
inquiries regarding the Property of governmental officials and current and
former service providers, contractors, tenants and other persons having
knowledge of the Property and shall have the right to state as the basis for any
such inquiries that Buyer has entered into this Agreement with Seller for the
purchase and sale of the Property. This confidentiality provision applies to any
and all environmental studies, which studies shall become the sole property of
Seller if Seller terminates this Agreement.

                             SIGNATURE PAGE FOLLOWS

                                       24
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first above written.

                                     SELLER:
                                              MONTGOMERY REALTY GROUP, INC.,
                                              A NEVADA CORPORATION

                                              By: /s/ James M. Hanavan
                                                 -------------------------------
                                                 James M. Hanavan
                                                 Corporate Secretary
                                                 Montgomery Realty Group, Inc.,
                                                 a Nevada corporation

                                     BUYER:

                                              By: /s/ Dinesh Maniar
                                                 -------------------------------
                                                 MR. DINESH MANIAR a
                                                 married man, as his
                                                 sole and separate
                                                 property

                                       25
<PAGE>

                                   EXHIBIT "A"

                          DESCRIPTION OF REAL PROPERTY

                                       26
<PAGE>

                                   EXHIBIT "B"

                            LIST OF PERSONAL PROPERTY
                         TO BE DELIVERED AT THE CLOSING

         To be determined during the twenty (20) day period following the
Effective Date of this Agreement.

                                       27
<PAGE>

                                   EXHIBIT "C"

                              WARRANTY BILL OF SALE

         For and in consideration of the sum of Ten Dollars ($10.00) and other
good and valuable consideration, the receipt of which is hereby acknowledged,
MONTGOMERY REALTY GROUP, INC., A NEVADA CORPORATION (hereinafter the "Seller")
do hereby sell, transfer, and convey to MR. DINESH MANIAR, A MARRIED MAN, AS HIS
SOLE AND SEPARATE PROPERTY (hereinafter the "Buyer") (or assignee), the
following personal property which Seller warrant to be free and clear of all
encumbrances, to wit, the personal property is itemized on the Schedule of
Personal Property attached hereto and incorporated herein by this reference.

         Seller do hereby covenant with Buyer that the undersigned is the lawful
owner of such personal property, and that the undersigned has good right to sell
the same as aforesaid and will warrant and defend the title thereto unto Buyer,
its successors and assigns, against the claims and demands of all persons
whomsoever. All such personal property is sold in its "as is" condition.

                                     SELLER:
                                               MONTGOMERY REALTY GROUP, INC.,
                                               A NEVADA CORPORATION

                                               By:____________________________
                                                  James M. Hanavan
                                                  Corporate Secretary
                                                  Montgomery Realty Group, Inc.,
                                                  a Nevada corporation

                                     BUYER:

                                               By:____________________________
                                                  Mr. Dinesh Maniar
                                                  a married man, as his sole and
                                                  separate property

                                       28
<PAGE>

                                   EXHIBIT "D"

                     LIST OF INTANGIBLES, PERMITS AND RIGHTS

         To be determined during the twenty (20) day period following the
Effective Date of this Agreement.

                                       29
<PAGE>

                                   EXHIBIT "E"

                             TRANSFER AND ASSIGNMENT
                        OF RIGHTS TO INTANGIBLE PROPERTY

         MONTGOMERY REALTY GROUP, INC., A NEVADA CORPORATION ("Transferor"), as
owners of the rights, permits, authorizations, and other intangibles, as set
forth on Exhibit "D", do hereby assign, convey, transfer, and deliver without
reservation all of its rights in said items to DINESH MANIAR, A MARRIED MAN, AS
HIS SOLE AND SEPARATE PROPERTY or assignee ("Transferee").

         Transferor warrant that said rights, permits and authorization were
lawfully obtained and represents the rights and authorizations are as set forth
in the documents.

         The parties recognize that some of the "intangibles" listed on Exhibit
"D" of the Purchase and Sale Agreement may not be assignable, either by their
terms or by operation of law. Accordingly, Seller makes no warranty to Buyer as
to Buyer's ability to operate under such intangibles.

                                  TRANSFEROR:
                                               MONTGOMERY REALTY GROUP, INC.,
                                               A NEVADA CORPORATION

                                               By:____________________________
                                                  James M. Hanavan
                                                  Corporate Secretary
                                                  Montgomery Realty Group, Inc.,
                                                  a Nevada corporation

                                       30
<PAGE>

                                   EXHIBIT "F"

                              NON-FOREIGN AFFIDAVIT

         Section 1445 of the Internal Revenue Code provides that a transferee of
a U.S. real property interest must withhold tax if the transferor is a foreign
person. To inform the transferee that withholding of tax is not required upon
disposition of a U.S. real property interest by THE MONTGOMERY REALTY GROUP,
INC., A NEVADA CORPORATION ("Seller"); the undersigned hereby certifies the
following on behalf of itself:

         Seller is not a foreign corporation, a foreign partnership, a foreign
trust, or a foreign estate (as those terms are defined in the Internal Revenue
Code and Income Tax Regulations); and

         Seller understand that this certification may be disclosed to the
Internal Revenue Service by transferee and that any false statement contained
herein could be punished by fine, imprisonment, or both.

         Under penalty of perjury, the undersigned declare that they have
examined this certification and to the best of their knowledge and belief it is
true, correct and complete, and they further declares that they have authority
to sign this document on behalf of themselves.

         IN WITNESS WHEREOF, Mr. James M. Hanavan has executed this certificate.

                                             MONTGOMERY REALTY GROUP, INC.,
                                             A NEVADA CORPORATION

                                             By:____________________________
                                                James M. Hanavan
                                                Corporate Secretary
                                                Montgomery Realty Group, Inc.,
                                                a Nevada corporation

                                       31
<PAGE>

                                   EXHIBIT "G"

                              ASSIGNMENT OF LEASES

         THIS ASSIGNMENT OF LEASES ("Assignment"), dated June _____, 2005, is
entered into by and between MONTGOMERY REALTY GROUP, INC., A NEVADA CORPORATION
("Assignor") and DINESH MANIAR, A MARRIED MAN, AS HIS SOLE AND SEPARATE PROPERTY
("Assignee").

                              W I T N E S S E T H:

         WHEREAS, Assignor is the lessor under certain leases executed with
respect to that certain real property commonly known as 234-236 Front Street,
San Francisco, County of San Francisco, State of California, APN
_____________________ which leases are described in Schedule "I" attached hereto
(the "Leases");

         WHEREAS, Assignor desire to assign its interest as lessors in the
Leases to Assignee, and Assignee desires to accept the assignment thereof;

         NOW, THEREFORE, in consideration of the promises and conditions
contained herein, the parties hereby agree as follows:

         1. Assignor hereby assigns to Assignee all of their rights, title, and
interest in and to the Leases herein described together with all security
deposit amounts held for tenants.

         2. Assignor warrant and represent that as of the date hereof:

                  (a) The attached list includes all of the Leases affecting the
property being acquired by Assignee from Assignor. As of the date hereof, there
are no assignments or agreements to assign the Leases to any other party.

                  (b) The Leases are in full force and effect and there exists
no default on the part of Assignor thereunder, nor does Assignor have any actual
knowledge of any defaults or any acts or events which with the passage of time
or the giving of notice could become defaults thereunder on the part of any
tenant thereunder.

         3. Assignor hereby agree to indemnify Assignee against and hold
Assignee harmless from any and all cost, liability, loss, damage or expense,
including, without limitation, reasonable attorneys' fees, originating prior to
the date hereof and arising out of the lessor's obligations under the Leases
described in Schedule I.

         4. Assignee hereby assumes all of the Property's or lessor's
obligations under the Leases described in Schedule 1 and agrees to indemnify
Assignor against and hold Assignor harmless from any and all cost, liability,
loss, damage, or expense, including, without limitation, reasonable attorney's

                                       32
<PAGE>

fees, originating subsequent to the date hereof and arising out of the lessor's
obligations under the Leases.

         5. In the event of any litigation between Assignor and Assignee arising
out of the obligations of the parties under this Assignment or concerning the
meaning or interpretation of any provision contained herein, the losing party
shall pay the prevailing party's costs and expenses or such litigation,
including, without limitation, reasonable attorney's fees.

         6. This Assignment shall be binding on and inure to the benefit of the
parties hereto, their heirs, executors, administrators, successors in interest
and assigns.

         IN WITNESS WHEREOF, the Assignor and Assignee have executed this
Assignment the day and year first above written.

                                  ASSIGNOR:
                                             MONTGOMERY REALTY GROUP, INC.,
                                             A NEVADA CORPORATION

                                             By:_____________________________
                                                 James M. Hanavan
                                                 Corporate Secretary
                                                 Montgomery Realty Group, Inc.,
                                                 a Nevada corporation

                                                   ASSIGNEE:

                                             By:_____________________________
                                                 MR. DINESH MANIAR a
                                                 married man, as his
                                                 sole and separate
                                                 property

                                       33
<PAGE>

                                   EXHIBIT "H"

                   Assignment of Service Contracts Warranties
                                       and
                    Guaranties and Other Intangible Property

         THIS ASSIGNMENT OF SERVICE CONTRACTS WARRANTIES AND GUARANTIES AND
OTHER INTANGIBLE PROPERTY is made and entered into this _______ day of June
2005, by MONTGOMERY REALTY GROUP, INC., A NEVADA CORPORATION ("Assignor"), in
favor of DINESH MANIAR, A MARRIED MAN, AS HIS SOLE AND SEPARATE PROPERTY
("Assignee").

         For Good and Valuable Consideration, the receipt of which is hereby
acknowledged, Assignor hereby assigns and transfers unto Assignee all of its
right, title, claim, and interest in and under:

         (A) all warranties and guaranties set forth in "Schedule 1" attached
hereto, made by or received from any third party with respect to any building,
building component, structure, fixture, machinery, equipment, or material
situated on, contained in any building or other improvement situated, or
comprising a part of any building or other improvement situated on, any part of
that certain real property described in Exhibit "A" to the Purchase and Sale
Agreement;

         (B) all of the Service Contracts listed in "Schedule 2" attached
hereto; and

         (C) any intangible property now or hereafter owned by Assignor in
connection with the real property described in Exhibit "A" to the Purchase and
Sale Agreement or any improvements or personal property located thereon,
including, without limitation, the right to use any trade name now used in
connection with said real property and any governmental permits or licenses,
agreements, utility contracts, or other rights relating to the ownership, use or
operation of said real property.

         ASSIGNOR AND ASSIGNEE FURTHER HEREBY AGREE AND COVENANT AS FOLLOWS:

         1. Assignor covenant that the Warranties and Guaranties described in
Schedule 1 and the Service Contracts described in Schedule 2 are in full force
and effect and there exist no defaults thereunder, nor any acts or events which
with the passage of time or the giving of notice could become defaults
thereunder, on the part of any party thereto.

         2. In the event of any litigation between Assignor and Assignee arising
out of the obligations of Assignor under this Assignment or concerning the
meaning or interpretation of any provision contained herein, the losing party
shall pay the prevailing, without limitation, reasonable attorney's fees.

                                       34
<PAGE>

         3. This Assignment shall be binding on and inure to the benefit of the
parties hereto, their heirs, executors, administrators, successors in interest,
and assigns.

         IN WITNESS WHEREOF, Assignor and Assignee have executed this Assignment
the day and year first above written.

                                    ASSIGNOR:
                                              MONTGOMERY REALTY GROUP, INC.,
                                              A NEVADA CORPORATION

                                              By:____________________________
                                                 James M. Hanavan
                                                 Corporate Secretary
                                                 Montgomery Realty Group, Inc.,
                                                 a Nevada corporation

                                    ASSIGNEE:

                                              By:____________________________
                                                 MR. DINESH MANIAR a
                                                 married man, as his
                                                 sole and separate
                                                 property

                                       35
<PAGE>

                                   EXHIBIT "I"

                PENDING OR THREATENED LITIGATION AND/OR LAWSUITS

                                       36
<PAGE>

                                TABLE OF CONTENTS

1.       Assets Included in Sale..............................................1

         (a)      Real Property...............................................1
         (b)      Appurtenances...............................................2
         (c)      Improvements................................................2
         (d)      Personal Property...........................................2
         (e)      Intangibles.................................................2
         (f)      Leases and Security Deposits................................2
         (g)      Other Contracts.............................................2

2.       Purchase Price.......................................................3

3.       Buyer's Deposit......................................................3

4.       Transfer of the Property.............................................4

         (a)      Real Property...............................................4
         (b)      Personal Property...........................................4
         (c)      Permits, Licenses and Intangibles...........................4
         (d)      Assignment & Assumption of Leases...........................4
         (e)      Assignment & Assumption of Service Contracts................4

5.       Title Inspection and Contingency Removal.............................4

         (a)      Title.......................................................4
         (b)      Buyer's Contingency Removal Period..........................5

6.       Property Due Diligence Conditions....................................5

         (a)      Property Documents..........................................6
         (b)      Survey......................................................6
         (c)      Documents to Be Provided....................................6
         (d)      Other Matters...............................................8
         (e)      Cooperation of Seller.......................................8
         (f)      Due Diligence Conditions....................................8

7.       Buyer's Investigations of Property Condition.........................9

         (a)      Reasonable Access...........................................8
         (b)      Cost of Inspection..........................................8

8.       Financing Contingency................................................9

                                      -i-

<PAGE>

9.       Conditions Precedent to Closing......................................9

         (a)      Buyer's Contingencies.......................................9
         (b)      Buyer's Title Contingencies.................................9
         (c)      Buyer's Property Due Diligence..............................9
         (d)      Buyer's Financing Contingency...............................9
         (e)      Commitment to Issue Buyer's Title Insurance.................9

10.      Closing and Escrow..................................................10

         (a)      Closing Date................................................9
         (b)      Escrow Funds...............................................10
         (c)      Escrow Instructions........................................10
         (d)      Seller's Documents.........................................10
         (e)      Buyer's Documents and Funds................................11
         (f)      Other Documents............................................12
         (g)      Prorations.................................................12
         (h)      Closing Expenses...........................................12
         (i)      Closing....................................................13

11.      Warranties and Representations by Seller............................13

         (a)      Representations, Covenants, and Warranties.................13

12.      "AS IS" Sale........................................................17

13.      Covenants of Seller.................................................18

         (a)      Insurance..................................................18
         (b)      Performance Under the Leases...............................18
         (c)      Further Tenancies..........................................18
         (d)      Operation and Condition Pending Closing....................18
         (e)      Condition of Property......................................18
         (f)      Required Repairs...........................................18
         (g)      Transfer of Property.......................................18
         (h)      Property Management Agreements and Employees...............18

14.      Tenant Income Certifications........................................19

15.      Representations by Seller...........................................19

16.      Representations and Warranties of Buyer.............................19

                                      -ii-
<PAGE>

17.      Loss by Casualty; Condemnation......................................19

         (a)      Repairable.................................................19
         (b)      Non-Repairable.............................................19
         (c)      Condemnation...............................................20

18.      Possession..........................................................20

19.      Maintenance of the Property.........................................20

20.      Buyer's Consent to New Contracts Affecting the Property.............20

21.      Permitted Assignee..................................................20

22.      Miscellaneous.......................................................20

         (a)      Notices....................................................20
         (b)      Brokers and Finders........................................21
         (c)      Successors and Assigns.....................................21
         (d)      Assignment.................................................21
         (e)      Amendments.................................................21
         (f)      Governing Law..............................................22
         (g)      Merger of Prior Agreements.................................22
         (h)      Enforcement................................................22
         (i)      Venue......................................................22
         (j)      Time of the Essence........................................22
         (k)      Exchange Transaction.......................................22
         (l)      Breach by Seller...........................................22
         (m)      Attorneys' Fees............................................22
         (n)      Headings...................................................23
         (o)      Interpretation.............................................23
         (p)      Days and Business Days.....................................23
         (q)      Other Construction.........................................23
         (r)      Further Assurances.........................................23
         (s)      No Waiver..................................................23
         (t)      Invalid Provisions.........................................23
         (u)      Exhibits...................................................24
         (v)      Confidentiality............................................24

                                     -iii-
<PAGE>

Exhibits List:

Exhibit "A":      DESCRIPTION OF REAL PROPERTY
Exhibit "B":      LIST OF PERSONAL PROPERTY TO BE DELIVERED AT THE CLOSING
Exhibit "C":      WARRANTY BILL OF SALE
Exhibit "D":      LIST OF INTANGIBLES, PERMITS AND RIGHTS
Exhibit "E":      TRANSFER AND ASSIGNMENT OF RIGHTS TO INTANGIBLE PROPERTY
Exhibit "F":      NON-FOREIGN AFFIDAVIT
Exhibit "G":      ASSIGNMENT OF LEASES
Exhibit "H":      Assignment of Service Contracts Warranties and
                  Guaranties and Other Intangible Property
Exhibit "I":      PENDING OR THREATENED LITIGATION AND/OR LAWSUITS

                                      -iv-Exhibit 10.7

 

	
   

  	
   

  	
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Time
  Charter

  	
   

  	
  [SEAL]

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GOVERNMENT
  FORM

  	
   

  	
   

  
	
  Approved
  by the New York Produce Exchange

  
	
  November 6th,
  1913 - Amended October 20th,
  1921; August 6th, 1931; October 3rd, 1946

  

 

This Charter Party, made
and concluded in LONDON:                                    24th day of February                              19 2005 Between GENCO KNIGHT LIMITED, MARSHALL ISLANDS
                                                                                                  
Owners of the good Hong Kong
      Steamship/Motorship “GENCO KNIGHT” (See Clause 29 for vessel’s
full description) of          
of             tons
gross register, and               
tons net register, having engines of                                                     
indicated horse power and with hull, machinery and equipment in a thoroughly
efficient state, and classes                                                                                    
at                  of
about                          
cubic feet bale capacity, and about                                  
tons of 2240 lbs. deadweight capacity (cargo and bunkers, including fresh
water and stores not exceeding one and one half percent of ship’s deadweight
capacity, allowing a minimum of fifty tons) on a draft of               
feet               
inches on               
Summer freeboard, inclusive of permanent bunkers, which are of the capacity
of about                                           
tons of fuel, and capable of steaming, fully laden, under good weather
conditions about                             
knots on a consumption of about                             
tons of best Welsh coal best grade fuel oil best grade Diesel oil, now trading                                                                                                                                                            
                            
and BHP - BILLITON MARKETING AG
                            
Charterers of the City of BAAR,
SWITZERLAND 

Witnesseth, That the
said Owners agree to let, and the said Charterers agree to hire the said
vessel, from the time of delivery, for about Minimum 23 months to about
27 months Time Charter (‘about’ to mean +/- 15 days), trading always via safe
port(s), safe                                                                                                                                                  berth(s), safe anchorage(s), always
afloat except NAABSA as per Clause 6, always within Institute Warranty Limits within
below mentioned trading limits.

 

Charterers to have liberty to sublet the vessel for all or any part of
the time covered by this Charter, but Charterers remaining responsible for the
fulfillment of this Charter Party.  Acceptance of delivery by Charterers shall not
constitute any waiver of Owners’ obligations hereunder.

Vessel to be placed at the disposal of the Charterers, at
on dropping outward Pilot safe
port PEOPLE’S REPUBLIC OF CHINA, port in             
Owners’ option (intention XINGANG), any time day or night, Sundays and Holidays
included                       
in such dock or at such wharf or place (where she may safely lie, always
afloat, at all times of tide, except as otherwise provided in clause No. 6),
as the Charterers may direct.  If such
dock, wharf or place be not available time to count as provided for in clause No. 5.  Vessel on her delivery to be ready to receive
cargo with clean-swept holds washed
down and dry, fit and safe for the reception, carriage and preservation of any
permissible cargo and tight, staunch, strong and in every way
fitted for the service and so
maintained by the Owners throughout the currency of
this Charter Party, having water ballast, and with sufficient power to operate all
hatches and winches simultaneously and donkey boiler with sufficient steam power, or if not
equipped with donkey boiler, then other power sufficient to run all the winches
at one and the same time (and with full complement of officers and crew, seamen,
engineers and firemen  for a vessel
of her tonnage), to be employed, in carrying lawful merchandise, including
petroleum or its products, in proper containers; excluding See Clause 30                                                    
(vessel is not to be employed in the carriage of Live Stock, but Charterers
are to have the privilege of shipping a small number of deck at their risk, all
necessary fittings and other requirements to be for account of Charterers),
in such lawful trades, between safe port and/or ports in British North
America, and/or United States of America and/or West Indies, and/or Central
America, and/or Caribbean Sea, and/or Gulf of Mexico, and/or Mexico, and/or
South America  and
places within British Institute Warranty Limits (see Clause 31) and/or
Europe and/or Africa, and/or Asia, and/or Australia, and/or Tasmania, and/or
New Zealand, but excluding Magdalena River, River St. Lawrence between October 31st
and May 15th, Hudson Bay and all unsafe ports; also excluding, when out of
season, White Sea, Black Sea and Baltic,                                                                                                                                                                                                                       
as the Charterers of their Agents shall direct, on the following conditions:

 

1.             That the Owners shall provide and
pay for all provisions, wages charges
for port services pertaining to the crew and the Owners’ business, and
consular shipping and discharging fees of the Crew; shall pay for the insurance
of the vessel, also for all the cabin, deck, engine-room and other necessary
stores, lubricating oil and fresh water
(excluding additional fresh water for hold cleaning when vessel’s own stock
insufficient) including boiler water and maintain her class and
keep the vessel in a thoroughly efficient state in hull, cargo spaces, machinery and
equipment for and during the service.

 

2.             That the Charterers, whilst the vessel is on hire,  shall
provide and pay for all the fuel except as otherwise agreed, Port Charges, Compulsory/Customary Pilotages
(but
Owners/Master are, always with due consideration to safety, to minimise use of
pilots) Agencies, Commissions, Consular Charges (except those
pertaining to individual crew members or
flag of the vessel  the Crew), and all other usual
expenses except those before stated, but when the vessel puts into a port for
causes for which vessel is responsible, then all such charges incurred shall be
paid by the Owners.  Fumigations ordered
because of illness of the crew to be for Owners account and time. Fumigations ordered because of cargoes carried
or ports visited while vessel is employed under this charter to be for
Charterers account and time.  The Master shall have
right to refuse fumigation to be done during steaming in case sufficient
explanation and instruction to his satisfaction are not given by the
Charterers/Shippers.  All
other fumigations to be for Charterers account after vessel has
been on charter for a continuous period of six months or more.

 

 

Charterers are to provide necessary dunnage and shifting boards, also
any extra fittings requisite for a special trade or unusual cargo, but Owners
to allow them the use of any dunnage and shifting boards already aboard vessel.
Charterers to have the privilege of using shifting boards for dunnage, they
making good any damage thereto.

 

3.             That the Charterers,
at the point port of
delivery, and the Owners, at the point port of re-delivery, shall take over and
pay for all fuel and
diesel oil remaining on board
the vessel according to prices and
quantities as per Clause 33.  at
the current prices in the respective ports, the vessel to be delivered with not
less than                                                                   tons
and not more than                              tons
and to be re-delivered with not less than                           tons
and not more than                                    tons.

 

4.             That the Charterers
shall pay for the use and hire of the said Vessel at the rate of U.S.$ 29,000.00 (Twenty Nine Thousand
Dollars) per day/pro rata including overtime in United States
Currency per ton on vessel’s total deadweight carrying capacity, including
bunkers and stores, on                                           summer
freeboard, per Calendar Month, commencing on and from the time of the day of her delivery, as aforesaid, and at and after the
same rate for any part of a day
month; hire to continue until the hour of the day of her re-delivery in
like good order and condition, ordinary wear and tear excepted, to the Owners
(unless lost) at  on
dropping outward Pilot safe port SKAW/PASSERO RANGE or passing SKAW/PASSERO
RANGE WESTBOUND in Charterers’ option, or in Characters’ option on dropping
last outward Sea Pilot one safe port SINGAPORE/JAPAN RANGE including PHILIPPINE
ISLANDS, TAIWAN, SOUTH KOREA, PEOPLE’S REPUBLIC OF CHINA, INDONESIA or in
Charterers’ option ADEN-PMO RANGE, always port in Charterers’ option, any time
day or night, Sundays and Holidays included unless otherwise
mutually agreed. Charterers are to give Owners not less than 30/25/15/10 days notice of vessels expected date and probably port or place of re-delivery, and 5/3/1
day(s)  definite date and port or place of
redelivery. probable port.

 

5.             Payment of said
hire to be made in New York in cash in United States Currency, semi-monthly in
advance, and for the last half month or part of same the approximate amount of
hire, and should same not cover the actual time, hire is to be paid for the
balance day by day, as it becomes due, if so required by Owners, unless
bank guarantee or deposit is made by the Charterers, otherwise failing the
punctual and regular payment of the hire, or bank guarantee, or on any breach
of this Charter Party, the Owners shall be at liberty to withdraw the vessel
from the service of the Charterers, without prejudice to any claim they (the
Owners) may otherwise have on the Charterers but subject to the notification procedure as per Clause 32.Time to count from 7 a.m. on the working day  following
that on which written notice of readiness has been given to Charterers or their
Agents before 4 p.m., but if required by Charterers, they to have the
privilege of using vessel at once, such time used to count as hire.

 

Cash for vessel’s ordinary disbursements at any port may be advanced as
required by the Captain, by the Charterers or their Agents, subject to 2 1/2%
commission and such advances shall be deducted from the hire. The Charterers,
however, shall in no way be responsible for the application of such advances.

 

6.             That the cargo or
cargoes be laden and/or discharged in any dock or at any wharf or anchorage or place that Charterers or their Agents may direct,
provided the vessel can safely lie always afloat at any time of tide, except at
such places where it is customary for similar size vessels to safely lie
aground, as per Clause 31.

 

7.             That the whole
reach of the Vessel’s Hold, Decks, and usual places of loading (not more
than she can reasonably and
safely stow and
carry), also accommodations for Supercargo, if carried, shall be at the
Charterers’ disposal, reserving only proper and sufficient space for Ship’s
officers, crew, tackle, apparel, furniture, provisions, stores and fuel. Charterers
have the privilege of passengers as far as accommodations allow, Charterers
paying Owners                                    
per day per passenger for accommodations and meals. However,
it is agreed that in case any fines or extra expenses are incurred in the
consequences of the carriage of passengers, Charterers are to bear such risk
and expense  No cargo
on deck.

 

8.             That the Captain
shall prosecute his voyages with the utmost despatch, and shall render all
customary assistance with ship’s crew and boats. The Captain (although
appointed by the Owners), shall be under the orders and directions of the
Charterers as regards employment and agency; and Charterers are to load, stow, and
trim and discharge the cargo at their expense under the supervision of the
Captain, who is to sign Bills of Lading for cargo as presented, in conformity
with Mate’s or Tally Clerk’s receipts.

 

9.             That if the
Charterers shall have reason to be dissatisfied with the conduct of the
Captain, Officers, or Engineers, the Owners shall on receiving particulars of
the complaint, investigate the same, and, if necessary, make a change in the
appointments.

 

10.           That the Charterers
shall have permission to appoint a Supercargo, who shall accompany the vessel
and see that voyages are prosecuted with the utmost despatch. He is to be
furnished with free accommodation, and same fare as provided for Captain’s
table, Charterers paying at the rate of U.S.$15.00 per day. Owners to victual
Pilots and Customs Officers, and also, when authorized by Charterers or their
Agents, to victual Tally Clerks, Stevedore’s Foreman, etc., Charterers paying at
the current rate per mea, as per
Clause 60 for all such
victualling.

 

11.           That the Charterers
shall furnish the Captain from time to time all requisite instructions and
sailing directions, in writing, and the Captain shall keep a full and correct Deck and Engine Log of the voyage or voyages, which are to be patent to the
Charterers or their Agents, and furnish the Charterers, their Agents or
Supercargo, when required, with a true copy, in English, of such daily Deck and Engine Logs, showing
the course of the vessel and distance run and the consumption of fuel etc. as per  Charters’
form.

 

12.           That the Captain
shall use diligence in caring for the ventilation of the cargo.

 

13.           That the Charterers
shall have the option of continuing this charter for a further period of See Lines 14/15                                                                                                                                                                                                                     
on giving written notice thereof to the Owners or their Agents         
days prior previous
to the expiration of the first-named term, or any declared option.

 

14.           That if required by
the Charterers, time not to commence before 25th March 2005 and should
vessel not have given written notice of readiness on or before 15th April 2005
but not later than 4 p.m. Charterers or their Agents to have the option of
cancelling this Charter at any time not later than the day of vessel’s
readiness.

 

15.           That in the event of
the loss of time from deficiency and/or
default of men including strikes of Officers and crew whether due to labour disputes
or otherwise or deficiency of  or stores, fire, breakdown or damages
to hull, machinery or equipment, grounding, detention by average accidents to
ship or cargo, drydocking for the purpose of examination or painting bottom, or
by any other cause whatsoever preventing the
full working of the vessel, the payment of hire and overtime, if any, shall cease
for the time thereby lost; and if upon the voyage the speed be reduced by

 

 

defect in our breakdown of any part of her hull, machinery or
equipment, the time so lost, and the cost of any extra fuel consumed in
consequence thereof, and all extra expenses shall be deducted from the hire.

 

16.           That should the Vessel be lost, money
paid in advance and not earned (reckoning from the date of loss or being last
heard of) shall be returned to the Charterers at once. The act of God, enemies,
fire, restraint of Princes, Rulers and People, and all dangers and accidents of
the Seas, Rivers, Machinery, Boilers and Steam Navigation, and errors of
Navigation throughout this Charter Party, always mutually excepted.

 

The vessel
shall have the liberty to sail with or without pilots, to tow and to be towed,
to assist vessels in distress, and to deviate for the purpose of saving life
and property.

 

17.           That should any dispute arise between
Owners and the Charterers, the matter in dispute shall be referred to Arbitration at London three
persons at New York, one to be appointed by each of the parties hereto, and the
third by the two so chosen; their decision or that of any two of them, shall be
final, and for the purpose of enforcing any award, this agreement may be made a
rule of the Court. The Arbitrators shall be commercial men. See Clause 62

 

18.           That the Owners
shall have a lien upon all cargoes, and all sub-freights for any amounts due
under this Charter, including General Average contributions, and the Charterers
to have a lien on the Ship for all monies paid in advance and not earned, and
any overpaid hire or excess deposit to be returned at once. Charterers will not
suffer, nor permit to be continued, any lien or encumbrance incurred by them or
their agents, which might have priority over the title and interest of the owners
in the vessel.

 

19.           That all derelicts and salvage shall
be for Owners’ and Charterers’ equal benefit after deducting Owners’ and
Charterers’ expenses and Crew’s proportion. General Average shall be adjusted, stated
and settled, according to Rules 1 to 15, inclusive, 17 to 22,
inclusive, and Rule F of York-Antwerp Rules 1974 as amended 1990  1924,
at London, but Owners respecting
Charterers sub-contract stipulation as long as confined to a recognised place
of adjustment.  such port or place in the United States as may be
selected by the carrier, and as to matters not provided for by these Rules,
according to the laws and usages at the port of New York. In such adjustment disbursements in
foreign currencies shall be exchanged into United States money at the rate
prevailing on the dates made and allowances for damage to cargo claimed in
foreign currency shall be converted at the rate prevailing on the last day of
discharge at the port or place of final discharge of such damaged cargo from
the ship. Average agreement or bond and such additional
security, as may be required by the carrier, must be furnished before delivery
of the goods. Such cash deposit as the carrier or his agents may deem
sufficient as additional security for the contribution of the goods and for any
salvage and special charges thereon, shall, if required, be made by the goods,
shippers, consignees or owners of the goods to the carrier before delivery.
Such deposit shall, at the option of the carrier, be payable in United States
money and be remitted to the adjuster. When so remitted the deposit shall be
held in a special account at the place of adjustment in the name of the
adjuster pending settlement of the General Average and refunds or credit
balances, if any, shall be paid in United States money. The word “Carrier” in this Charter
Party refers to the Owners of the vessel. Time Charter hire shall not
contribute to General Average.

 

In the event of accident, danger, damage, or
disaster, before or after commencement of the voyage resulting from any cause
whatsoever, whether due to negligence or not, for which, or for the consequence
of which, the carrier is not responsible, by statute, contract, or otherwise,
the goods, the shipper and the consignee, jointly and severally, shall
contribute with the carrier in general average to the payment of any
sacrifices, losses, or expenses of a general average nature that may be made or
incurred, and shall pay salvage and special charges incurred in respect of the
goods. If a salving ship is owned or operated by the carrier, salvage shall be
paid for as fully and in the same manner as if such salving ship or ships
belonged to strangers.

 

Provisions as to General Average in accordance with the above as well as the New Jason Clause
attached are to be included in all bills of lading issued
hereunder.

 

20.           Fuel used by the
vessel while off hire, also for cooking, condensing water, or for grates and
stoves to be agreed to as to quantity, and the cost of replacing same, to
be for allowed by Owners’ account.

 

21.           That as the
vessel may be from time to time employed in tropical waters during the term of
this Charter, Vessel is to be docked at a convenient place, bottom cleaned and
painted whenever Charterers and Captain think necessary, at least once in every
six months, reckoning from time of last painting, and payment of the hire to be
suspended until she is again in proper state for the service  See Clause 38

                                                                                                                                                                                                                        

                                                                                                                                                                                                                        

22.           Owners shall maintain the gear of
the ship as fitted, providing gear (for all derricks) capable of handling lifts
up to three tons, also providing ropes, falls, slings and blocks. If vessel is
fitted with derricks capable of handling heavier lifts, Owners are to provide
necessary gear for same, otherwise equipment and gear for heavier lifts shall
be for Charterers’ account. Owners also to provide on the vessel lights lanterns
and oil for night work, and vessel to give use of electric light
when so fitted, but any additional lights over those on board to be at
Charterers’ expense. The Charterers to have the use of any gear on board the
vessel.

 

23.           Vessel to work night and day, and on  Sundays and Holidays if required by
Charterers, and all winches to be at Charterers’ disposal during loading and
discharging; steamer to provide one winchman per hatch to work winches day and
night, as required, Charterers agreeing to pay officers, engineers, winchmen,
deck hands and donkeymen for overtime work done in accordance with the working
hours and rates stated in the ship’s articles. If the rules of the port,
or labor unions, prevent crew from driving winches, shore Winchmen to be paid
by Charterers. In the event of a disabled winch or winches, or insufficient
power to operate winches, Owners to pay for shore engine, or engines, in lieu
thereof, if required, and pay any loss of time occasioned thereby.

 

24.           It is also mutually agreed that this
Charter is subject to all the terms and provisions of and all
the exemptions from liability contained in the Act of Congress of the United
States approved on the 13th
day of February, 1893, and entitled “An Act relating to Navigation of
Vessels; etc.,” in respect of all cargo shipped under this charter to or from
the United States of America. It is further subject to the following clauses, both of
which are to be included in all bills of lading issued hereunder:

 

U.S.A. Clause Paramount (See also Clause 72)

 

This bill of
lading shall have effect subject to the provisions of the Carriage of Goods by
Sea Act of the United States, approved April 16, 1936, which shall be
deemed to be incorporated herein, and nothing herein contained shall be deemed a
surrender by the carrier of any of its rights or immunities or an increase of
any of its responsibilities or liabilities under said Act. If any term of this
bill of lading be repugnant to said Act to any extent, such term shall be void
to that extent, but no further.

 

New
Both-to-Blame Collision Clause as attached

 

If the ship
comes into collision with another ship as a result of the negligence of the
other ship and any act, neglect or default of the Master, mariner, pilot or the
servants of the Carrier in the navigation or in the management of the ship, the
owners of the goods carried hereunder will indemnify the Carrier against all
loss or liability to the other or non carrying ship or her owners in so far as
such loss or liability represents loss of, or damage to, or any claim whatsoever
of the owners of said goods, paid or payable by the other or non carrying ship
or her owners to the owners of said goods and set off, recouped or recovered by
the other or non carrying ship or her

 

 

owners as part of their claim against the
carrying ship or carrier.

 

25.           The vessel shall not be required to
enter any ice-bound port, or any port where lights or light-ships have been or
are about to be withdrawn by reason of ice, or where there is risk that in the
ordinary course of things the vessel will not be able on account of ice to
safely enter the port or to get out after having completed loading or
discharging. Vessel not to force ice, nor follow ice breakers.

 

26.           Nothing herein stated is to be
construed as a demise of the vessel to the Time Charterers. The owners to
remain responsible for the navigation of the vessel, acts of pilots and tugboats,
insurance, crew, and all other similar matters, same as when trading for their own
account.

 

27.           A commission of 2 1/2  1.25 per cent is payable
by the Vessel and Owners to H. CLARKSON & CO. LIMITED, LONDON                                                                                                                                                                                                       
on hire earned and paid under this Charter, and also upon any continuation or
extension of this Charter.

 

28.           An address commission of 2 1/2 3.75 per cent
payable to Charterers                        on
the hire earned and paid under this Charter.

 

Clauses 29 to 88, inclusive, as attached, to
be deemed part of and incorporated in this Charter Party.

 

	
  Signed for and on
  behalf of Charterers:

  	
   

  	
   

  
	
  BHP-BILLITON
  MARKETING AG.,

  	
   

  	
   

  
	
  BAAR, SWITZERLAND

  	
   

  	
   

  
	
  By E-Mail
  authority dated 18th March 2005

  	
   

  	
  Genco Ship Management LLC

  
	
  Received from:

  	
   

  	
  As Agent for Owner

  
	
  BHP-BILLITON
  Marketing B.V.,

  	
   

  	
   

  
	
  The Netherlands

  	
   

  	
  By

  	
  /s/ Peter C. Georgiopoulos

  	
   

  
	
  For and on behalf
  of:

  	
   

  	
   

  	
  Peter C. Georgiopoulos

  	
   

  
	
  H.
  CLARKSON & CO. LTD., LONDON

  	
   

  	
   

  	
  President

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  /s/ M. G. Grimwade

  	
   

  	
   

  	
   

  
	
  M. G. GRIMWADE -
  Director

  	
   

  	
   

  
	
  As Agents Only

  	
   

  	
   

  
						

 

This Charter Party is a computer generated copy of the NYPE (Revised
3rd October, 1946) form printed under licence from the Association of Ship
Brokers & Agents (U.S.A), Inc., using software which is the
copyright of Strategic Software Limited.

 

It is a precise copy of the original document which can be modified,
amended or added to only by the striking out of original characters, or the
insertion of new characters, such characters being clearly highlighted by
underlining or use of colour or use of a larger font and marked as having been
made by the licensee or end user as appropriate and not by the author.

 

 

 

RIDER CLAUSES TO THE M.V. “GENCO KNIGHT”

CHARTER PARTY DATED LONDON: 24TH FEBRUARY 2005

 

Clause 29:

 

Vessel’s Description

 

M.V. “GENCO KNIGHT”

 

	
  DWT

  	
  :

  	
   

  	
  73,941 on
  13.928 metres Summer Salt Water

  (TPC about 65.66)

  
	
   

  	
   

  	
   

  	
   

  
	
  Flag

  	
  :

  	
   

  	
  Liberian

  
	
  Built

  	
  :

  	
   

  	
  1999

  
	
  Type

  	
  :

  	
   

  	
  Single deck,
  bulk carrier with double hull structure

  
	
  Class

  	
  :

  	
   

  	
  American
  Bureau of Shipping

  
	
  LOA/Beam

  	
  :

  	
   

  	
  225 / 32.26
  metres

  
	
  GRT / NRT

  	
  :

  	
   

  	
  38,646 /
  24,612

  
	
  Grain / Bale

  	
  :

  	
   

  	
  85,927 /
  85,620 cubic metres

  
	
  Holds /
  Hatches

  	
  :

  	
   

  	
  6/6

  
	
   

  	
   

  	
   

  	
   

  
	
  Gearless

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Speed /
  Consumption

  	
  :

  	
   

  	
  About 14 knots
  (Laden) / 14.5 knots (Ballast) on about 33.5 metric tons IFO (180 CST) plus
  1.8 metric tons IFO (180 CST) in calm sea and fair weather with wind speed up
  to and including Beaufort Scale 4.

  
	
   

  	
   

  	
   

  	
   

  
	
  In port

  	
  :

  	
   

  	
  2.0 metric
  tons IFO / day (Working) / 1.5 metric tons IFO / day (Idle).

  
	
   

  	
   

  	
   

  	
   

  
	
  Bunker
  Specifications

  	
  :

  	
   

  	
  IFO – ISO 8217
  RME25 (1996E) / MDO – ISO 8217 

  No Diesel Oil at sea but vessel has liberty to consume MDO while manoeuvring
  in / out of ports, starting of auxiliary engine, navigating in shallow /
  restricted / busy waters, canals, rivers.

  

 

Holdwise (Holds + Hatches) capacity breakdown (all in cubic
metres)

 

	
   

  	
   

  	
  Grain:

  	
   

  	
  Bale:

  	
   

  	
  Tanktop Strength (T/M2):

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  H1

  	
   

  	
  12073

  	
   

  	
  12026

  	
   

  	
  23

  
	
  H2

  	
   

  	
  16730

  	
   

  	
  16683

  	
   

  	
  23

  
	
  H3

  	
   

  	
  14085

  	
   

  	
  14031

  	
   

  	
  23

  
	
  H4

  	
   

  	
  13587

  	
   

  	
  13532

  	
   

  	
  23

  
	
  H5

  	
   

  	
  16534

  	
   

  	
  16486

  	
   

  	
  23

  
	
  H6

  	
   

  	
  12918

  	
   

  	
  12862

  	
   

  	
  23

  

 

1

 

Hatch sizes (length x breadth - all in metres):

 

	
  H1

  	
   

  	
  :

  	
   

  	
  16.74 x 12.00
  (F) / 15.88 (A)

  
	
  H2

  	
   

  	
  :

  	
   

  	
  22.32x15.88

  
	
  H3

  	
   

  	
  :

  	
   

  	
  16.74x15.88

  
	
  H4

  	
   

  	
  :

  	
   

  	
  16.74x15.88

  
	
  H5

  	
   

  	
  :

  	
   

  	
  22.32x15.88

  
	
  H6

  	
   

  	
  :

  	
   

  	
  16.74x15.88 

  

 

AHL / ITF / Grain fitted

 

Strengthened for heavy cargo(es) (1, 2 and 4 can be empty)

 

All details ‘about’

 

See attached Questionnaire.

 

Clause 30:

 

Cargo Exclusions

 

All dangerous, hazardous, injurious, inflammable
cargoes/goods/commodities as listed in the latest IMO DG Code and/or any
subsequent modifications/amendments thereof, nuclear and radio active
cargo/waste/material or its products, nuclear isotopes, war material, arms and
ammunitions, explosive materials, livestock/animals, logs, mahogany logs,
shavings, cotton, waste paper, expellers, copra, pyrites, resin, asbestos,
fishmeal, lumber, meat/bone meal, bones, hides of any kind, direct reduced iron
ore, hot briquetted iron, sponge iron, iron briquettes, borax, saltpetre,
dangerous chemicals, zinc ashes, naptha, petroleum or its products, asphalt,
pitch (in bulk/drums), tar/bitumen or any of its products, ammonium nitrate,
ammonium sulphate, creosoted goods, acids, calcium carbide/chloride,
ferrosilicon, hydrochloride, caustic soda, Indian coal, pond coal, oilcakes,
(soybean meal and soybean meal pellets always allowed), expellers, sunflower
seed expellers, charcoal, motor spirit, turpentine, fuel, scrap, turnings,
motorblocks, concentrates (however iron ore concentrates allowed).

 

Charterers are allowed to carry one cargo of bulk cement and two
cargoes of cement clinker per annum (Hold Block Clause as below to apply).

 

Pig Iron

 

Pig iron loaded from Ponta De Madeira is always excluded.

 

If a pig iron cargo is loaded then the following clause to apply:

 

Charterers to endeavour to minimise the impact of pig iron
on to the tank tops by furnishing, as per custom of the port, wooden pallets to
receive the initial first load of cargo.

 

2

 

Charterers will supply for their own account 4 wooden
pallets each 2 metres x 2 metres and place these on the centre of the holds and
additionally place a 5th pallet on top to soften the impact of the
first load of cargo.  Charterers to
remove the pallets from vessel’s holds after discharge.  Should Master request tarpaulin/plastic sheets
to protect the hatch covers/deck/deck equipment/superstructure, in order to
minimise the effects of dust, Charterers to supply at their cost the
tarpaulin/plastic sheets to vessel prior loading, quantity as per Master’s
request.

 

Steels Loading

 

It is agreed that the vessel will not be called upon to stow by
use of “Block California Stow Method”.

 

Charterers have the liberty to carry three (3) shipments in total
of green delayed and/or calcined petcoke (whether it be full or part cargo) per
annum, under the following conditions (see also Clause 45):

 

a)             Such cargo to be
loaded/stowed/trimmed/discharged strictly according to latest IMO
Regulations/Rules applicable to such cargo.

 

b)             Should any additional/special
wash down of holds be required prior to loading such cargo, as
recommended/required by Master, same to be at Charterers’ time and expense.

 

(See Clause 36 – “Between Voyages”)

 

The Charterers may load iron concentrates but in any event such
cargo is loaded, the Charterers are to arrange at their risk, expense and in
their time the following conditions and steps:

 

Cargo to be loaded, stowed, trimmed, transported and
discharged strictly in accordance with IMO and Local Regulations.

 

Holds to be fresh water washed and dried before loading at
the Charterers’ time and expense.

 

Before loading certificate of cargo issued by authorised
Surveyor as per IMO and Local Regulations, same to be submitted to the Master
of the vessel.

 

Cargo not to be loaded during rain.

 

Charterers to be allowed two (2) cargoes of bulk formed sulphur
and two (2) cargoes of bulk salt per annum, but same not to be last cargo
loaded under this Charter Party.

 

3

 

Preparation and cleaning for bulk formed sulphur and for bulk
salt:

 

(To be clear, when the words “Hold Block” and “Hold Clean”
is used in the following paragraphs, it refers to the name of the actual
product which can be obtained from RBM Hold Solutions, see the website www.holdsolutions.com).

 

a)             Charterers to arrange at their
time and expense to spray “Hold Block” (please see website www.holdsolutions.com)
on the vessel’s holds, in Owners’ option.  The vessel always remaining on hire during
hold preparation and procedure and cleaning after discharge.

 

b)             If possible and if proper
equipment and supplies are on board the vessel and weather permitting, crew
maybe requested to affect the spraying of holds with “Hold Block”.

 

c)             After discharging, Charterers to
arrange removal of “Hold Block” from all the holds at their expense and in
their time by sweeping and washing down vessel’s holds or other methods
according to the usual procedure which chemicals or by the use of “Hold Clean”
in Owners’ option.  Vessel’s crew may be
requested to endeavour to remove the “Hold Block” at Charterers’ expense and
time, materials are to be provided by Charterers as per Master’s request.  Charterers paying an additional lumpsum of
U.S.$ 6,000.00 to Owners for the additional preparation and/or cleaning work
done by the crew.  Vessel always
remaining on hire.

 

d)             Charterers always to supply any
necessary material requested by the Master for preparation and cleaning of
vessel’s holds prior loading and for cleaning after discharging.

 

e)             As per Intermediate Hold Cleaning
Clause, Charterers’ remain responsible for the disposal of dirty water from the
vessel in accordance with local regulations.

 

Clause 31:

 

Trade

 

Always afloat, always via safe ports, safe places, worldwide
trading within Institute Warranty Limits, excluding:

 

Russian Pacific ports (as long as the present regulations in the
trading countries, including but not limited to Canada and USA apply
restricting vessel trading thereafter calling Russian Pacific ports), Amazon
above Trombetas, Bangladesh, Cambodia, Turkish occupied Cyprus,

 

4

 

Iran, Iraq, Somalia, Yemen, Ethiopia, Lebanon, Syria, Libya
(including Gulf of Sidra/Sirte), Congo, Democratic Republic of formerly Zaire,
Liberia, Sri Lanka, Sierra Leone, Eritrea, Angola, Cabinda, Tanzania, Namibia,
Nicaragua, Nigeria, Haiti, Cuba, Burma (Myanmar), North Korea, Kampuchea,
Sudan, Guatemala, Albania, former Yugoslavia unless allowed by United Nations
and approved by Owners’ P. & I. Club (but Slovenia and Croatia allowed),
all war, warlike and war risk zones declared from time to time by the London
War Committee on war risk trading warranties.

 

The vessel is not allowed at any time to trade to the port/areas
which are prohibited from trading by the UN and/or international organisation
of the UN and/or the authorities of the country under which the flag the vessel
is flying.

 

No direct sailing between mainland China and Taiwan.

 

In the event of factors, which case the Owners to exclude any of
the aforementioned countries from the vessel’s permitted trading area, ceasing
to exist, Owners will consider favourably a request from Charterers to trade to
one or more of these countries, but final decision is at Owners’ sole
discretion.

 

Israel and Vietnam to be allowed, provided present positive condition
continues to persist and that no war or warlike condition exists in the
countries, decision of which is to be made solely by Owners, however, same not
to be unreasonably withheld by Owners.

 

It is understood that Charterers are allowed to trade Gulf of
Aqaba as long as the situation permits, however final judgement of situation is
made solely by Owners, which, however is not to be unreasonably withheld.

 

NAABSA to be allowed in South Brazil, Argentina and Uruguay where
it is customary for vessels of similar size, dimensions and draft to safely lie
aground.

 

Trading always within Institute Warranty Limits, but Charterers
have the option to trade beyond Institute Warranty Limits subject to Owner’s
and their Underwriter’s prior consent, against paying to Owners additional
insurance premium (if any) on hull and machinery as per vouchers from vessel’s
Underwriters, but such additional premium not to exceed the amount charged if
vessel had been insured by Lloyd’s of London.

 

Clause 32:

 

Hire Payments

 

Hire to be paid to Owners’ London bank account.

 

Nordea Bank Finland Plc – New York Branch

437 Madison Avenue

New York, N.Y. 10022

 

5

 

	
  Swift

  	
  :

  	
   

  	
  NDEAUS3N

  
	
   

  	
   

  	
   

  	
   

  
	
  ABA Routing No.

  	
  :

  	
   

  	
  026010786

  
	
   

  	
   

  	
   

  	
   

  
	
  Beneficiary Acct No.

  	
   

  	
   

  	
  :

  	
  7434842001

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Beneficiary

  	
   

  	
   

  	
  :

  	
  Genco Vigour Limited

  
	
   

  	
   

  	
   

  	
   

  	
  Trust Company Complex

  
	
   

  	
   

  	
   

  	
   

  	
  Ajeltake Road

  
	
   

  	
   

  	
   

  	
   

  	
  Ajeltake Island

  
	
   

  	
   

  	
   

  	
   

  	
  Majuro

  
	
   

  	
   

  	
   

  	
   

  	
  Marshall Islands MH96960

  

 

Referring to lines 60 and 62: In default of prompt payment of the
hire, or bank guarantee or deposit, or on any breach of this charter, the
Owners shall notify the Charterers, whereupon Charterers shall rectify matters
within 3 (three) banking days of receipt of notification from Owners, failing
which Owners shall have the right to withdraw the vessel from the service of
Charterers, without prejudice to any claim Owners may otherwise have on
Charterers under this Charter.

 

Deductions from hire:

 

Charterers have the option to deduct an address commission from
the hire.  Charterers have the right to
withhold from charter hire during the period of this charter such amounts due
to them for off-hire and Owners’ disbursements.  Deductions to be properly supported by
relevant documents.  Charterers further
have the right to withhold from last sufficient hire payment(s) estimated
Owners’ advances and disbursements, including any fines and other amounts which
are for Owners’ account, and also the value of redelivery bunkers.  Final settlement to be made soonest possible
after redelivery.

 

Clause 33:

 

Bunkers on Delivery/Redelivery

 

Referring to Clause No. 3, vessel to be delivered with about 1,400
metric tons Intermediate Fuel Oil and about 45 metric tons Marine Diesel Oil.

 

Bunkers on redelivery about same quantities as on delivery.

 

Prices both ends :                U.S.$ 195.00 per metric ton for Intermediate Fuel Oil

U.S.$ 300.00 per metric ton for Marine Diesel Oil

 

Charterers have the option to deduct estimated value of redelivery
bunkers from last hire payment(s).

 

6

 

The Charterers shall supply bunkers of a quality suitable for
burning in the vessel’s engines and auxiliaries and which conform to the
specification ISO 8217 RME25 (1996E) of IFO or better quality for engines and
auxiliaries and ISO 8217 or better quality for engines and auxiliaries.

 

Charterers have option to take bunkers prior to delivery for their
account provided same does not interfere with Owners own business, and Owners
have the right to bunker prior to redelivery, provided same does not interfere
with Charterers’ business.

 

Clause 34:

 

Owners are obliged to deliver and keep the vessel, her crew and
anything pertaining hereto supplied with up-to-date and complete certificates
and approvals enabling the vessel and her crew to carry the cargoes and trade
within the trading limits allowed under this Charter Party.

 

Owners warrant that at the date of delivery and throughout the
currency of this charter vessel shall be of the description set out in lines 3
through 10 and Clause 29 and undertake that whenever her hull, machinery,
and/or equipment is not thoroughly efficient, they will immediately take all
necessary steps to put her condition right again.

 

Clause 35:

 

On/Off-hire Survey

 

Joint bunkers and condition on-hire survey to be held on delivery
or at first loading port in Owners’ time by an independent sworn surveyor for
both parties to be mutually agreed.  Joint
bunkers and condition off-hire survey to be held on redelivery in Charterers’
time by an independent sworn surveyor for both parties to be mutually agreed.  The expenses for both parties to be equally
shared.

 

Clause 36: Off-hire:

 

Duration of Charter Party

 

Charterers have the option of adding any time the vessel is
off-hire for longer than 24 hours per occasion for any reasons valid under
present Charter Party to the maximum duration as indicated in line 14.

 

Within 7 days after completion of each 6 month period under this
Charter Party, Charterers to declare in writing their option to add off-hire
time incurred during said period.

 

Should vessel be off-hire for a continuous period of more than 45
days, Charterers have the option of cancelling the charter.

 

7

 

Clause 37:

 

Lay-up Clause

 

Charterers to have the privilege of ordering the vessel to be laid
up at any time during the period of this Charter Parry at a safe berth or place
and in such a manner as mutually agreed upon and acceptable to the vessel’s
Hull Underwriters.  At the request of
Charterers and on their indicating likely lay up position and duration, Owners
shall at any time provide an estimate of the economies which may be possible in
the event of the laying up of the vessel.  Such estimate shall not however be binding
upon Owners.  In the event of such laying
up, Owners shall take steps to effect all reasonable economies in operating
costs including signing off of crew, reduction in the scope of insurance cover
(but not on insured values) etc. and to give prompt credit to Charterers in
respect of all such economies in the form of a reduction in the hire payable,
but only to the extent of the financial savings to Owners (which shall be
substantiated to Charterers by a written statement by Owners) as may be
actually achieved.  Hire shall continue
to be paid throughout the period of lay up.  All costs and extra costs for putting the
vessel in a lay up position and condition, during lay up and on reactivation to
be in Charterers’ time and at their expense, such extra costs to include, but
not limited to cost of crew repatriation, indemnities payable to the crew, cost
of crew re­joining, drydocking and repainting the vessel’s underwater parts
etc.  Charterers to give sufficient
notice (i.e. not less than 30 days) of their intention to lay up the vessel and
sufficient notice (i.e. not less than 30 days) of their intention to reactivate
her.

 

Owners shall try, but without any responsibility on their part, to
make necessary arrangements for decommissioning and recommissioning within the
30 days period.  In the event that the
vessel is in laid up condition 45 days before the expiration of this charter,
Owners have the option in Charterers’ time and at Charterers’ expense to
reactivate / re-commission the vessel or debit Charterers with the estimated
cost and time involved.

 

Clause 38:

 

Duration of Drydocking and Repairs

 

No drydocking during this Charter, except for cases of emergency
except for scheduled drydock earliest about 24 months and latest about 36
months after delivery from the yard. (Delivered from yard October, 2001).

 

Owners shall give Charterers sufficient notice for drydock
arrangement, together with the estimated duration.  Owners must respect Charterers’ scheduling and
Owners are not to make firm drydocking arrangement without Charterers’ prior
consent.  Vessel to be off-hire and hire
to be suspended from the time vessel deviates from Charterers’ business until
vessel is in a proper state for the service and has again been placed at
Charterers’ disposal at an equivalent distance position to the point where hire
was suspended but such point not to be less favourable to Charterers.

 

8

 

During such drydocking / emergency repairs Owners are to keep
Charterers closely informed about exact nature and accurate position of repair
work for completion of repairs and re-entry into the Charter.  Owners to give Charterers not less than 5 days
definite notice for re-entering into the Charter.

 

Clause 39:

 

Interclub Clause:

 

Any liability to third parties for cargo claims shall be borne by
Owners/Charterers in accordance with the Interclub NYPE Agreement dated
February 20th, 1970, and reprints of May 1984, or any subsequent modification
or replacement thereof.

 

The party having paid the claim shall submit same to the other
party with supporting documents as  soon as possible.  Neither party shall between themselves refer
to the one year time limit as a defence.

 

Clause 40:

 

House Flag Clause

 

Deleted.

 

Clause 41:

 

Double Banking Clause

 

Charterers have the privilege to double bank the vessel, i.e. may
order the vessel alongside other vessels (or vice versa) for loading and/or
discharging and/or bunkering, double banking always to be solely at Master’s
discretion as regards safety of the crew, vessel and cargo and Master/crew to
give every facility/co-operation in line with normal shipping practice.  Master also has the right at any time to order
vessel to sail if he considers it unsafe for vessel to remain double-banked.

 

In case additional fenders are required for double-banking, same
to be provided and paid for by Charterers.  If the Master decides to suspend or cease
operation due to safety as above vessel is not to be placed off-hire.

 

Clause 42:

 

Stevedore Damage

 

Vessel is guaranteed suitable for grab discharge.  Deeptanks, tunnels and all other provisions
within vessel’s holds are to be adequately protected against damage by
stevedores’ grabs.  The Master to obtain
repairs from stevedores themselves and will settle matter directly with them,
but Charterers are liable to the extent should Master fail to obtain repairs
from stevedores.  Master to report
immediately to Charterers and their agents when damage caused.

 

9

 

Furthermore, Master will take care that the party causing damage
acknowledges same in writing, failing which Master with Charterers’ agents have
to arrange, survey to value estimated amount of damages and time lost,
otherwise Charterers cannot be held responsible for damages.

 

All damages, which are to be repaired by Charterers and which do not
refer to fair wear and tear or which are recoverable from third parties and do
not affect the ship’s seaworthiness or working capacity, to remain for
occasional repairs or when the ship is to dock for Owners’ account so that the
Charterers pay the actual cost of repairs but not for the time used, provided
time occupied in repairing stevedores’ damages does not exceed time necessary
for Owners to carry out their own works/repairs.

 

Clause 43:

 

War Risk Insurance and Crew War Bonus

 

Present war risk insurance and crew war bonus to be for Owners’
account.  In the event Charterers employ
the vessel in a trade for which there is an additional war risk insurance
premium, Charterers to reimburse the Owners such additional premium based on
vessel’s insured hull and machinery value at that time, but increase not to
exceed what would have been quoted if vessel was covered with Lloyd’s of
London.  Charterers to pay for such
additional premium on receipt of Owners’ invoice accompanied by original
vouchers from Underwriters.  Any increase
in crew war bonus after delivery caused by the trade in which vessel is engaged
to be for Charterers’ account.

 

Clause 44:

 

Holds Condition

 

Hold conditions on arrival first loading port after delivery of
the vessel, to be ready to receive any permissible cargo under this Charter
Party.  If vessel fails inspection at
first loading port after delivery of the vessel, vessel to be off-hire from the
time of rejection until vessel passes such inspection and all extra expenses
incurred to be for Owners’ account.

 

Charterers have the option to redeliver the vessel without
cleaning the holds, they paying a lumpsum of U.S. $5,000 (Five Thousand
Dollars) in lieu of such cleaning (including dunnage removal, if applicable),
and Owners to instruct Master to accept redelivery of the vessel without holds
being cleaned.

 

Clause 45:

 

Cleaning En Route

 

Intermediate cleaning of holds to be done by crew as far as shore
regulations permit, if required by Charterers.  Charterers paying U.S.$ 650.00 (Six Hundred
and Fifty Dollars) per hold for sweeping / washing or U.S.$ 400.00 (Four
Hundred Dollars) per hold for sweeping

 

10

 

only except in the case of petcoke, in which case U.S.$ 1,000.00
(One Thousand Dollars). Crew will render their utmost assistance to clean the
holds always provided time between discharging port and next loading port is
sufficient for crew to perform adequate cleaning and weather permitting,
however, vessel/Owners are not responsible for the result.  If shore regulations do not permit crew to
carry out hold cleaning, cost of shore labour to be for Charterers’ account.

 

When, however, after the customary cleaning of remaining cargo by
vessel’s crew and/or shore labour in application of this Clause, the vessel is
refused by competent authorities to load grain, alumina or similar clean bulk
cargo owing to loose rust scale and paint chips in cargo compartments, all
expenses incurred in preparing her for the intended cargo service to be for
Owners’ account and for the time lost she will be considered off-hire.

 

Clause 46:

 

War Cancellation Clause

 

If war or actual hostilities break out between any of the
following countries: U.S.A., C.I.S., U.K., France, Germany, Denmark, Japan,
China, both Charterers and Owners have the option to cancel this Charter.

 

It is understood that war or actual hostilities means direct war
or hostilities between these nations and does not include local hostilities or
civil war where any of the above countries support opposing sides.  Charterers and Owners shall not unreasonably
take advantage of this Clause in case of a limited local conflict.

 

Clause 47:

 

Stability and Trimming

 

It is understood that no cargo need to be carried in deeptanks in
order to ensure vessel’s stability, trim or seaworthiness.  Owners guarantee vessel has sufficient
stability and safe trim when trading homogeneously loaded to full capacity and
deadweight capacity.

 

Vessel is a selftrimming bulk carrier.  No additional trimming is required to fill all
holds up with coal, ore, grain, phosphate or similar bulk cargoes.

 

Clause 48:

 

Bunker Quality

 

Charterers to supply fuel and diesel oil which must comply with
ISO Standard 8217 RME25 (1996E), or better quantity for the vessel’s engines
and ‘ISO 8217 DMB (1996E)’ or better quality for the vessel’s engines, or any
amendments thereof.  All values estimated
in the ISO 8217 Specification to be considered as maximum allowable values.  Charterers shall only supply suitable fuels as
per Specifications.

 

11

 

Charterers to supply fuels to be mineral based products of stable
and homogenous nature, and shall not contain waste lubricants, tar oil,
inorganic acids, nuclear waste, chemicals or any other harmful substances.  Sludge removal, to be effected during loading
and/or discharging operations in Charterers’ time but Owners’ account, provided
bunkers delivered by Charterers are found to be in compliance with bunker
specification in line with vessel’s description.

 

If bunkers supplied does not conform with the mutually agreed
specification(s) or otherwise prove unsuitable for burning in the vessel’s
engines or auxiliaries, the Owners shall not be held responsible for any
reduction in the vessel’s speed performance and/or increased bunker
consumption, nor for any time lost and any other consequences.

 

Clause 49:

 

Notice of Delivery

 

Owners to give Charterers 7 days
approximate and 5 / 3 / 1 day(s) definite notice of delivery.

 

Clause 50:

 

Deviation

 

A)           Should the vessel be put into any port other
than those instructed by the Charterers by reason of accident or breakdown or,
for the purpose of landing any injured or sick officer, the Master or members
of the crew, the port charges, pilotages, bunker consumption and other expenses,
including loss of time, shall be borne by Owners, also should the vessel be put
back whilst on voyage by any of the above mentioned reasons, the hire shall be
suspended from the time of her putting back until she is again in the same or
equidistant position and the voyage resumed therefrom.

 

B)            Vessel has liberty to deviate for the purpose
of saving life and/or property and to tow and assist vessels in distress. Such
operation not to be deemed to be a diversion under this Charter Party, but all
salvage contribution thus payable to vessel to be equally divided with
Charterers after proper deduction of expenses, if any (including Captain and
crew’s share), incurred in this respect.

 

Clause 51:

 

Boycott and Arrest of Vessel.

 

Should the vessel be arrested during the currency of this Charter
Parry at the suit of any person having or purporting to have claim against or
any interest in the vessel, hire under this Charter Party shall not be payable
in respect of any period whilst the vessel is under arrest, provided under the
terms of this Charter Party such claims are not Charterers’ liability.  In the event of the vessel being subjected to
boycott, being delayed or rendered inoperative by strikes, blacklisting, labour
stoppages or any other difficulties arising from vessel’s flag, ownership, crew
or terms of employment of crew of chartered vessel or any other vessel under
the same ownership, operation or control, such time lost is to be considered as
off-hire and all expenses

 

12

 

incurred thereby, including fuel/diesel consumed during such
periods, to be for Owners’ account.

 

Clause 52:

 

I.T.F.

 

Officers and crew to be employed under an agreement recognised by
the I.T.F. and all time lost/expenses incurred as a result of an action taken
by the I.T.F. or any of it’s affiliated unions against the vessel or Owners to
be for Owners’ account and vessel to be considered off-hire.

 

Clause 53:

 

Quarantine

 

The vessel to be in possession of necessary certificates to comply
with safety and health regulations and all current requirements at all ports of
call under this Charter Party.  Normal
quarantine time and expenses to enter ports to be for Charterers’ account, but
any time of detention and expenses for quarantine due to pestilence, illness
etc. of the vessel’s Master, officers and crew to be for Owners’ account, as
long as the vessel remains within her trading limits under the present Charter
Party.

 

Clause 54:

 

Smuggling

 

Charterers to be responsible for any fines whatsoever imposed in
the event of smuggling by Charterers’ employees, but Owners to be responsible
for any such acts of their own officers and/or crew.  Charterers to remain responsible for detention
of the vessel due to smuggling committed by Charterers employees only.

 

Clause 55:

 

Crew Onboard.

 

At loading and discharging port(s) any time lost by the vessel for
the reason of not all the crew being onboard when the vessel is ready to sail
to be for Owners’ account, as well as expenses deriving therefrom.

 

Clause 56:

 

Overtime.

 

Officers’ and crew’s overtime, as included in vessel’s hire, to
include amongst operations usually performed by the crew the following services
unless prohibited by shore regulations whether occurring during straight time
or overtime:

 

13

 

A)           Opening and/or closing of hatches in preparation of loading
and/or discharging operations.

 

B)            Assistance during docking and undocking, shifting and
bunkering operations.

 

C)            Shaping up hatches as much as possible, weather permitting,
prior to arrival at loading and/or discharging port and/or docks and/or places
so that loading and/or discharging operations can commence immediately.

 

D)            Supervising during loading and discharging.

 

E)            Watchmen in holds during loading and discharging.  

 

Vessel to work day and night without
Charterers’ special request.

 

Clause 57:

 

Watchmen

 

Watchmen for gangway ordered by vessel to be for Owners’ account,
but if same compulsory by port regulations same to be for Charterers account.  Watchmen for cargo always to be for Charterers’
account.

 

Clause 58:

 

Deleted.

 

Clause 59:

 

Deleted.

 

Clause 60:

 

Representation and Communication Expenses

 

Further to Clause 10, Charterers will remit Owners a lumpsum of
U.S. $1,250.00 (One Thousand Two Hundred and Fifty Dollars) monthly or pro rata
for all victualling as per lines 84/85. This lumpsum also covers the cost of
cigarettes, drinks, petty expenses etc. incurred by Master, as well as the cost
of radio telegrams, telex and fax communication and phone calls made by Master
on behalf of Charterers or their agents in direct performance of this Charter
Party.

 

14

 

Clause 61:

 

U.S. Regulations

 

If the vessel calls at any U.S. port for purposes of loading or
discharging cargo, vessel’s equipment shall comply with regulations established
by U.S. Public Law 85-742 Part 9 (Safety and Health Regulations for
Longshoring). If longshoremen are not permitted to work due to failure of the
Master and/or Owners’ agents to comply with the aforementioned regulations, any
delay resulting therefrom, and any stevedore standby time and other expenses
involved, shall be for Owners’ account.

 

Clause 62:

 

Arbitration

 

All disputes arising out of this contract shall be arbitrated at
London and, unless the parties agree forthwith on a single Arbitrator, be
referred to the final arbitrament of two Arbitrators carrying on business in
London who shall be members of the Baltic Mercantile & Shipping Exchange
and engaged in shipping, one to be appointed by each of the parties, with power
to such Arbitrators to appoint an Umpire.  No award shall be questioned or invalidated on
the ground that any of the Arbitrators is not qualified as above unless
objection to his action be taken before the award is made.  Any dispute arising hereunder shall be
governed by English law.

 

For disputes where the total amount claimed by either party does
not exceed U.S. $50,000 (Fifty Thousand Dollars) the arbitration shall be
conducted in accordance with the Small Claims Procedure of the London Maritime
Arbitrator’s Association.

 

If either of the appointed Arbitrators refuse to act, or is
incapable of acting, or dies, the party who appointed him may appoint a new
Arbitrator in his place.  If one party fails
to appoint an Arbitrator, either originally or by way of substitution as
aforesaid, for thirty clear days after the other party having appointed his
Arbitrator has served the party making default with notice to make the
appointment, the party who has appointed an Arbitrator may appoint that
Arbitrator to act as sole Arbitrator in the reference, and his award shall be
binding upon both parties as if he has been appointed by consent.

 

Clause 63:

 

Insurance

 

A)           Owners guarantee that vessel is entered and shall remain
for the duration of this Charter Party in a Protection and Indemnity
Association, which is a member of the International Group of P. & I. Clubs.

 

Owners’ P. & I. Club is: SKULD

 

15

 

B)            Any additional insurance on vessel and/or cargo levied by
reason of the vessel’s flag, ownership, class or condition to be borne by
Owners.

 

Clause 64:

 

Classification

 

Owners engage themselves to maintain vessel classed 100 AI Lloyd’s
Register or equivalent during the currency of this charter. Owners guarantee
that the vessel will be insured on a basis, which in respect of collision
liability gives protection that is considered to embrace at least as much as
the Running Down Clause with 3/4 with Hull and Machinery Underwriter and 1/4
with P. & I. Club.

 

Clause 65:

 

Bill(s) of Lading

 

Charterers or their agents are authorised to issue and sign
Bill(s) of Lading on Charterers’ usual form on Owners’ and Master’s behalf for
cargo as presented.  Charterers shall
indemnify Owners from all consequences of non-conformity of Bill(s) of Lading
signed with Mate’s receipts.

 

In the event that the original Bill(s) of Lading are not available
at the destination when the vessel is ready to discharge, Owners, at the
request of Charterers, agree to release the cargo without presentation of the
original Bill(s) of Lading provided that, prior to delivery of the cargo,
Charterers have arranged to have submitted to the Owners a Letter of Indemnity
as per Owners’ P. and I. Club’s form, as attached herewith or any amendments
thereto made by Owners’ P. and I. Club, signed by Charterers, first on fax
prior to commencement of discharging together with a legible copy of relevant
Bill(s) of Lading and the original Letter to be couriered to Owners immediately,
agreeing to fully indemnify and hold Owners and/or the vessel and/or the Master
and/or agents harmless against any consequences resulting from the vessel
releasing the cargo without presentation of the original Bill(s) of Lading and
also to remain fully responsible for all damages and/or consequences that may
arise out of the release of the cargo as above stated.

 

Clause 66:

 

Grain Regulations

 

A)           The Owners guarantee that the vessel is a selftrimming bulk
carrier allowed to load grain or grain products without shifting boards or
other fittings for grain.  Any expenses
resulting from breach of this warranty to be for Owners’ account.

 

B)            For the carriage of grain in bulk vessel to have onboard at
any time of this charter period valid documents and certificates issued by a
recognised Classification Society and certified by National Cargo Bureau.

 

16

 

Clause 67:

 

Panama and Suez

 

Vessel is fitted for and has necessary equipment and certificates
onboard to transit Panama Canal (and not restricted due to her loadline or
bilge radius), and Suez Canal.

 

Clause 68:

 

Pollution

 

FINANCIAL RESPONSIBILITY IN RESPECT OF POLLUTION
(ALL SHIPS OTHER THAN SELF-PROPELLED TANK VESSELS AND NON-SELF PROPELLED TANK VESSELS CARRYING MORE THAN 2,000 TONS OF PERSISTENT OIL IN BULK AS CARGO)

 

(1)           Owners warrant that throughout the currency of this charter
they will provide the vessel with the following certificates:

 

Certificates issued pursuant to Section 1016 (a) of the Oil
Pollution Act 1990, and Section 108 (a) of the Comprehensive Environmental
Response, Compensation and Liability Act 1980, as amended in accordance with
Part 138 of Coast Guard

 

Regulations 33 CFR, so long as these can be obtained by the
Owners from or by SIGCO.

 

(2)           Notwithstanding anything whether printed or typed herein to
the contrary:

 

A)           save as required for compliance with paragraph (1) hereof,
Owners shall not be required to establish or maintain financial, security or
responsibility in respect of oil or other pollution damage to enable the vessel
lawfully to enter, remain in or leave any port, place, territorial or
contiguous waters of any country, state or territory in performance of this
charter.

 

B)            Charterers shall indemnify Owners and hold them harmless in
respect of any loss, damage, liability or expense (including but not limited to
the cost of any delay incurred by the vessel as a result of any failure by the
Charterers promptly to give alternative voyage orders) whatsoever and howsoever
arising which Owners may sustain by reason of any requirement to establish or
maintain financial security or responsibility in order to enter, remain in or leave
any port, place or waters, other than to the extent provided in paragraph (1)
hereof.

 

17

 

C)            Owners shall not be liable for any loss, damage, liability
or expense, whatsoever and howsoever arising which Charterers and/or the
holders of any Bill of Lading issued pursuant to this Charter may sustain by
reason of any requirement to establish or maintain financial security or
responsibility in order to enter, remain in or leave any port, place or waters,
other than to the extent provided in paragraph (1) hereof.

 

(3)           Charterers to exercise best efforts to ensure that the
terms of this Clause will be incorporated effectively into any Bill of Lading
issued pursuant to this Charter.

 

Clause 69:

 

Drug and Alcohol Policy

 

Owners warrant that they have a policy on drug and alcohol abuse (“Policy”)
applicable to the vessel which meets or exceeds the standards in the Oil
Companies International Marine Forum Guidelines for the Control of Drugs and
Alcohol Onboard Ship.  Under the Policy,
alcohol impairment shall be confined as a blood alcohol content of 40 mg/100 ml
or greater.

 

The appropriate seafarers to be tested shall be all vessel
officers and the drug/alcohol testing and screening shall include unannounced
testing in addition to routine medical examinations.  An objective of the Policy should be that the
frequency of the unannounced testing be adequate to act as an effective abuse
deterrent, and that all officers be tested at least once a year through a
combined program of unannounced testing and routine medical examinations.  Owners further warrant that the Policy will
remain in effect during the currency of this charter and that Owners shall
exercise due diligence to ensure that the Policy is complied with.  It is understood that an actual impairment or
any test finding of impairment shall not in and of itself mean that the Owners
have failed to exercise due diligence.

 

Clause 70:

 

Stowaways

 

	
  A.

  	
  1.

  	
  The Charterers
  warrant to exercise due care and diligence in preventing stowaways in gaining
  access to the vessel by means of secreting away in the goods and/or containers
  shipped by the Charterers.

  
	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  If, despite
  the exercise of due care and diligence by the Charterers, stowaways have
  gained access to the vessel by means of secreting away in the goods and/or
  containers shipped by the Charterers, this shall amount to breach of charter
  for the consequences of which the Charterers shall be liable and shall hold
  the Owners harmless and shall keep them indemnified against all claims
  whatsoever which may arise and be made against them. Furthermore, all time
  lost and all expenses whatsoever and howsoever incurred, including fines,
  shall be for the Charterers’ account and the vessel shall remain on hire.

  

 

18

 

	
   

  	
  3.

  	
  Should the
  vessel be arrested as a result of the Charterers’ breach of charter according
  to sub-clause (a) 1. above, the Charterers shall take all reasonable steps to
  secure that, within a reasonable time, the vessel is released and at their
  expense put up bail to secure release the vessel.

  
	
   

  	
   

  	
   

  
	
  B.

  	
  1.

  	
  If, despite
  the exercise of due care and diligence by the Owners, stowaways have gained
  access to the vessel by means other than secreting away in the goods and/or
  containers shipped by the Charterers, all time lost and all expenses
  whatsoever and howsoever incurred, including fines, shall be for the Owners’
  account and the vessel shall be off-hire.

  
	
   

  	
   

  	
   

  
	
   

  	
  2.

  	
  Should the
  vessel be arrested as a result of stowaways having gained access to the
  vessel by means other than secreting away in the goods and/or containers
  shipped by the Charterers, the Owners shall take all reasonable steps to
  secure that, within a reasonable time, the vessel is released and at their
  expense put up bail to secure release of the vessel.

  

 

Clause 71:

 

Weather Routing

 

Charterers have the right to appoint Ocean routes or a similar
weather routing service to monitor vessel’s performance during sea passages.  Owners will request Master to co-operate with
the appointed weather routing service and follow their recommendations as, far
as practical.  Weather reports to be
taken from vessel’s deck log and/or Ocean Routes or similar weather routing
service if so elected by Charterers.  In
the event of consistent discrepancies between the two sources the above weather
service to be taken as final.

 

Clause 72:

 

New Both-to-Blame Collision Clause, New Jason Clause and Chamber
of Shipping War Risk Clauses 1 and 2 as attached, to be included in this
Charter Party, and all Bill(s) of Lading shall be subject to said clauses.

 

The U.S.A/Canadian Clauses Paramount as applicable, or the Hague
Rules as enacted in countries other than the U.S.A. and Canada, as applicable,
to be incorporated in all Bill(s) of Lading.

 

Clause 73:

 

This Charter Party to be governed by and construed in accordance
with English law.

 

Clause 74:

 

Delivery and redelivery times are understood to be GMT
Laydays/cancelling to be local time.

 

19

 

Clause 75:

 

Deleted.

 

Clause 76:

 

Deleted.

 

Clause 77:

 

Deleted.

 

Clause 78:

 

Mobile Crane Clause applicable only for discharge
grain in Taiwan

 

Charterers have the liberty to place mobile cranes on deck
provided all costs, time and risk to be for Charterers’ account, and provided
sufficient dunnage (as may be required by the Master) is placed underneath the
cranes to spread both the static weight and dynamic weight and in any case the
static weight and dynamic weight are not to exceed permissible weight per
square meter on deck,

 

Should any cutting or welding or reinforcement be necessary on
vessel’s hatches to accommodate the placement of such cranes, then Owners’
prior approval shall be required and all expenses, time and risk of such work
to be for Charterers’ account, and such work always to be carried out subject
to vessel’s classification society surveyor’s approval and also subject to port
authorities’ regulations.  Charterers
will be fully responsible for any and all damage, time, expenses and costs
including but not limited to all burn areas of paint on deck and underneath
which are to be reconditioned to the original state and that all operations to
be under the Master’s / Officer’s supervision and the Master’s and
classification society’s satisfaction.

 

It is understood that before the Owners and/or the Master will
give any required approval, each will be furnished by Charterers, sufficiently
in advance of the time their approval is required, with all information they
may request from Charterers in order to make a decision.

 

Clause 79:

 

Artificial Separation :

 

Charterers may use artificial plastic
separations or similar in holds to facilitate the loading of different grades
of cargo, however, Owners or Master shall not be responsible for any
commingling of different grades of cargo notwithstanding any cause of
commingling of grades. Also Owners shall not be responsible for shortage of
individual grades on discharge. Charterers shall indemnify Owners and hold
Owners harmless in respect of any liability grades of cargo in one hold.

 

20

 

Clause 80

 

BIMCO Standard ISM Clause – For Voyage and Time
Charter Parties

 

From the date of coming into force of the International Safety
Management (I.S.M.) Code in relation to the vessel and thereafter during the
currency of this Charter Party, the Owners shall procure that both the vessel
and “the Company” (as defined by the I.S.M. Code) shall comply with the
requirements of the I.S.M. Code.

 

Upon request the Owners shall provide a copy of the relevant
Document of Compliance (D.O.C.) and Safety Management Certificate (S.M.C.) to
the Charterers.

 

Except as otherwise provided in this Charter Party, loss, damage,
expense or delay caused by failure on the part of the Owners or “the Company”
to comply with the I.S.M. Code shall be for the Owners’ account.

 

Clause 81:

 

Deleted.

 

Clause 82:

 

Owners Matters in Port:

 

Charterers’ Agents are available to perform the following services
to Owners – Cash advances to Master by Owners, crew mail, arranging fresh water
supplies, minor medical attendance.  These
services to be provided at actual cost and no agency fee applicable but Owners
to settle with Agents and to be ultimately responsible for settling same.

 

For sake of clarity, this Clause will remove the necessity for
Charterers to make deductions for estimated Owner’s expenses in port as Owners
will settle same directly.

 

Clause 83:

 

Owners confirm vessel has Dual Deadweight Certificate of maximum
69,999 long tons which is available to Charterers without cost.

 

Clause 84:

 

Split Bill(s) of Lading:

 

Charterers and/or agents may allow to split the original Bill(s)
of Lading quantity into smaller parcels by the way of delivery orders provided
that Charterers must conform with following provisions and obtain Owners’ prior
written permission at each occasion.

 

21

 

1.             Charterers shall collect the full set of the issued
original Bill(s) of Lading i.e. 3 (three) of each original Bill(s) of Lading
(if issued in 3 (three) Originals) and only after they have collected the full
set, they then split the original Bill(s) of Lading quantity into smaller
parcels by the way of delivery orders.

 

2.             The delivery orders must provide for the exact same terms
and conditions as the original Bill(s) of Lading and the total quantity of The
delivery orders must match the quantity of the original Bill(s) of Lading.  The delivery orders shall not prejudice the
shipowner’s rights under The Bill(s) of Lading.  Charterers to hold Owners fully harmless for
and against any consequences, liabilities and/or costs arising out of the Issue
ship delivery orders.

 

3.             Prior to commencement of discharge of the cargo, the full
set of the original Bill(s) of Lading shall be handed to the Master or Owners.  The original delivery orders must be presented
to the Master enabling him to check the quantity, the terms and conditions
thereof.

 

4.             Discharging cargoes must commence after the Master has
confirmed that the original delivery orders are in order and have been issued
in compliance with the terms and conditions under this clause.  On presentation of one original delivery order
all other originals to stand “void”.

 

5.             Charterers shall keep both Owners and Master fully informed
of any development in order to avoid any trouble from.

 

6.             All delivery orders issued pursuant to this clause shall,
without prejudice to the generally of the above, include the following Clauses
:

 

A)           The Chamber of Shipping Voyage Charter Clause Paramount
1958 amended to include the words “and/or delivery order” after the words “Bill
of Lading” appearing in lines 12 and 16 thereof.

 

B)            This shipment was loaded on board the vessel as part of one
original lot of            (enter
description of cargo) of which            (enter
quantity) was loaded at            
(enter name of load port) and            (enter
quantity) was loaded at            (enter
second load port) with no segregation as to parcels.  The vessel undertakes to delivery only that
proportion of cargo actually loaded which is represented by the percentage that
the total amount specified in the delivery orders bears to the total of
undivided bulk delivered at destination.  Neither the vessel nor the Owner assumes any
responsibility for the separation of the undivided bulk at the port of
delivery.

 

Clause 85:

 

Deleted

 

22

 

Clause 86:

 

For the duration of this Charter Party, Owners guarantee to have a
valid dual DWT Certificate of maximum 70,000 LTDWT which to be available for
use by Charterers free of expense.

 

Clause 87

 

BHPBilliton Set-Off Clause

 

Following a default by either party hereunder (the “Defaulting
Party”) the other party (the “Non-Defaulting Party”) shall be entitled, at its
option, to set-off any amounts believed in good faith and on reasonable grounds
by the Non-Defaulting Party to be payable (whether at such time or in the
future or upon the occurrence of a contingency) by the Defaulting Party to the
Non-Defaulting Party (whether under this Charter Party or otherwise), against
any amounts believed in good faith and on reasonable grounds by the Non-Defaulting
Party to be payable (whether at such time or in the future or upon the
occurrence of a contingency) by the Non-Defaulting Party to the Defaulting
Party (whether under this Charter Party or otherwise), irrespective of the
currency, place of payment or booking office of either party’s obligations and
the parties respective obligations shall be discharged promptly and in all
respects to the extent they are so set-off.  The Non-Defaulting Party will give 3 (three)
days prior notice to the Defaulting Party of any intended set-off to be
effected under this provision.  For this
purpose, any such amount payable by one party to the other (or the relevant
portion of such amount) may be converted by the Non-Defaulting Party, acting in
good faith and in a commercially reasonable manner, into such currency as may
reasonably be required in order to effect such set-off at an exchange rate
determined by the Non-Defaulting Party acting in good faith and in a
commercially reasonable manner.  If an
obligation is unascertained, the Non-Defaulting Party may in good faith
estimate that obligation and set-off in respect of the estimate, subject to the
relevant party accounting to the other when the obligation is ascertained.  The right of the Non-Defaulting Party under
this provision shall apply without prejudice to Clause 71 or any other right of
set-off which it may have whether by agreement, operation of law or otherwise.  Nothing in this provision shall be effective
to create a charge or other security interest.

 

Clause 88

 

Charterers or their appointed representatives
have the right to inspect the vessel at any time during this Charter. Owners/Master/crew to co-operate fully with any such inspection.

 

23

 

 

NEW BOTH TO BLAME COLLISION CLAUSE

 

If the liability for any collision in which the vessel is involved
while performing this Charter Party fails to be determined in accordance with
the laws of the United States of America, the following Clause shall apply:-

 

BOTH TO BLAME COLLISION
CLAUSE

 

“If the ship comes into collision with another ship as a
result of the negligence of the other ship and any act, neglect or default of
the Master, Mariner, Pilot or the servants of the Carrier in the navigation or
in the management of the ship, the Owners of the goods carried hereunder will
indemnify the Carrier against all loss or liability to the other or
non-carrying ship or her owners in so far as such loss or liability represents
loss of, or damage to, or any claim whatsoever of the owners of the said goods,
paid or payable by the other or non-carrying ship or her Owners to the Owners
of said goods and set off, recouped or recovered by the other or non-carrying
ship or her Owners as part of their claim against the carrying vessel or Carrier.

 

The foregoing provisions shall also apply where the Owners,
Operators or those in charge of any ship or ships or objects other than, or in
addition to, the colliding ships or objects are at fault in respect to a
collision or contact.”

 

The Charterers shall procure that all Bills of Lading issued under
this Charter Party shall contain the same clause.

 

NEW JASON CLAUSE

 

In the event of accident, danger, damage or disaster before or
after the commencement of the voyage, resulting from any cause whatsoever,
whether due to negligence or not for which, or for the consequence of which,
the carrier is not responsible, by statute, contract, or otherwise, the goods,
shippers, consignees or Owners of the goods shall contribute with the carrier
in general average to the payment of any sacrifices, losses, or expenses of a
general average nature that may be made or incurred, and shall pay salvage and
special charges incurred in respect of the goods.

 

If a salving ship is owned or operated by the carrier, salvage
shall be paid for as fully as if the said salving ship or ships belonged to
strangers.  Such deposit as the carrier
or his agents may deem sufficient to cover the estimated contribution of the
goods and any salvage and special charges thereon shall, if required, be made
by the goods, shippers, consignees or owners of the goods to the carrier before
delivery.

 

The Charterers shall procure that all Bills of Lading issued under
this Charter Party shall contain the same clause.

 

24

 

WAR RISK CLAUSES

 

“(1) No Bills of Lading to be signed for any blockaded port and if
the port of discharge be declared blockaded after Bills of Lading have been
signed, or if the port to which the ship has been ordered to discharge either
on signing Bills of Lading or thereafter be one to which the ship is or shall
be prohibited from going by the Government of the Nation under whose flag the
ship sails or by any other Government, the owners shall discharge the cargo at
any other port covered by this Charter Party as ordered by the Charterers
(provided such other port is not a blockaded or prohibited port as above
mentioned) and shall be entitled to freight as if the ship had discharged at
the port or ports of discharge to which she was originally ordered”.

 

“(2) The Ship shall have liberty to comply with any orders or
directions, as to departure, arrival, routes, ports of call, stoppages,
destinations, delivery or otherwise howsoever given by the Government of the
Nation under whose flag the vessel sails or any department thereof, or by any
other Government or any department thereof, or any person acting or purporting
to act with the authority of such Government or of any department thereof, or
by any committee or person having, under the terms of the War Risks Insurance
on the ship, the right to give such orders or directions and if by reason of
and in compliance with any such orders or directions anything is doe or is not
done, the same shall not be deemed a deviation, and delivery in accordance with
such orders or directions shall be a fulfilment of the contract voyage and the
freight shall be payable accordingly”.

 

The Charterers shall procure that all Bill(s) of Lading issued
under this Charter Party shall contain the same Clause.

 

25

 

INT. GROUP A

 

STANDARD FROM LETTER OF INDEMNITY TO BE GIVEN IN RETURN FOR
DELIVERING CARGO WITHOUT PRODUCTION OF THE ORIGINAL BILL OF LADING

 

	
  TO:

  	
  (insert name of Owners)

  	
  (insert date)

  
	
   

  	
  To the Owners
  of the (insert name of ship)

  	
   

  

 

DEAR SIRS,

 

	
  SHIP

  	
  :

  	
  (insert name of ship)

  
	
   

  	
   

  	
   

  
	
  VOYAGE

  	
  :

  	
  (insert load/discharge port as stated in Bills of Lading)

  
	
   

  
	
  CARGO

  	
  :

  	
  (insert description of cargo)

  
	
   

  
	
  BILL(S) OF
  LADING

  	
  :

  	
  (insert identification number, date, place of issue)

  
						

 

The above cargo was shipped on the above ship by [insert name of shipper] and consigned to [insert name of consignee or to whose order the Bill
of Lading is made out, as appropriate] for delivery at the port of
[insert name of discharge port stated in the Bill of Lading] but
the Bills of Lading have not arrived and we, [insert name of party requesting
delivery], hereby request you to give delivery of the said cargo to [insert name of party to whom delivery is to be made]
without production of the original Bill(s) of Lading.

 

In consideration of your complying with our above request, we
hereby agree as follows :

 

1.                                       To indemnify
you, your servants and agents and to hold all of you harmless in respect of any
liability, loss, damage or expenses of whatsoever nature which you may sustain by
reason of delivering the cargo in accordance with our request.

 

2.                                       In the event of
any proceedings being commenced against you or any of your servants or agents
in connection with the delivery of the cargo as aforesaid to provide you or them
on demand with sufficient funds to defend the same.

 

3.                                       If, in
connection with the delivery of the cargo as aforesaid, the ship or any other
ship or property in the same or associated Ownership, Management or control,
should be arrested or detained or should the arrest or detention thereof be
threatened, or should there be any interference in the use or trading of the
vessel (whether by virtue of a caveat being entered on the ship’s registry or
otherwise howsoever), to provide on demand such bail or other security as may
be required to prevent such arrest or detention or to secure the release of
such ship or property or to remove such interference and to indemnify you in
respect of any liability, loss, damage or expense caused by such arrest or detention
or threatened arrest or detention or such

 

26

 

interference, whether or not such arrest or detention or
threatened arrest or detention or such Interference may be justified.

 

4.                                       If the place at
which we have asked you to make delivery is a bulk liquid or gas terminal or
facility, or another ship, lighter or barge, then delivery to such terminal, facility,
ship, lighter or barge shall be deemed to be delivery to the party to whom we have
requested you to make such delivery.

 

5.                                       As soon as all
original Bills of Lading for the above cargo shall have come into our possession
to deliver the same to you, or otherwise to cause all original Bill(s) of Lading
to be delivered to you, whereupon our liability hereunder shall cease.

 

6.                                       The liability
of each and every person under this indemnity shall be joint and several and
shall not be conditional upon your proceeding first against any person, whether
or not such person is party to or liable under this indemnity.

 

7.                                       This indemnity
shall be governed by and construed in accordance with English Law and each and
every person liable under this indemnity shall at your request submit to the
jurisdiction of the High Court of Justice of England.

 

Yours faithfully

For and on behalf of

[insert name of requestor]

 

	
   

  	
   

  	
   

  
	
  Signature

  

 

27

 

 

	
  

  	
  [SEAL]

  

 

VETTING-QUESTIONNAIRE
CAPE & PANAMAX

 

Time Period
- Charter

 

This questionnaire comprises 5 pages. It is to be completed and signed
by a ‘responsible’ person familiar with the vessel, usually a representative of
vessels Technical Manager as indicated in Q2 of this questionnaire. Submission of completed and signed questionnaire and copies of
requested documents in essential prior to a formal decision on the vessel.

 

	
  1:

  	
  Current Vessel Name 

  	
  :

  	
  GENCO KNIGHT

  	
  Ex Name: 

  	
   

  	
  TOP KNIGHT

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  IMO Number

  	
  :

  	
  463674070

  	
  Flag: 

  	
   

  	
  HONG KONG

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2:

  	
  Technical Manager Name and Head office
  address:

  
	
   

  	
  TOP GLORY
  SHIPPING & CO., LTD

  
	
   

  	
  27 FLOOR,
  TOP GLORY TOWER,

  
	
   

  	
  262,
  GLOUCESTER ROAD,

  
	
   

  	
  CAUSEWAY
  BAY,

  
	
   

  	
  HONG KONG

  
	
   

  	
   

  
	
  3:

  	
  Please STATE DATES
  (dd/mmm/yyyy) for the following :

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  1.

  	
   

  	
  Date of last dry dock

  	
  16 Apr 04

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  2.

  	
   

  	
  Date of last special survey

  	
  16 Apr 04

  
	
   

  	
   

  	
   

  
	
  4:

  	
  Please ANSWER YES OR NO
  to the following questions

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  1.

  	
   

  	
  Does the vessel currently have any
  Condition[s] of Class? If “Yes” please attach
  details of conditions

  	
  NO

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  2.

  	
   

  	
  Has the vessel been detained by Port State
  Control Authority in last 12 months? If “Yes” please attach
  Detention Report copy and details of deficiencies rectified

  	
  NO

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5:

  	
  Please ATTACH COPIES for the following
  documents:

  	
   

  
									

 

	
   

  	
   

  	
  CERTIFICATE

  EXPIRY DATE

  	
   

  	
  PAGES

  ATTACHED

  	
   

  	
  v

  Box

  	
   

  
	
  1.

  	
   

  	
  ISS Certificate 

  	
   

  	
  28 APR 09

  	
   

  	
  ONE

  	
   

  	
  ý

  	
   

  
	
  2.

  	
   

  	
  Certificate of Class

  	
   

  	
  30 APR 09

  	
   

  	
  ONE

  	
   

  	
  ý

  	
   

  
	
  3.

  	
   

  	
  Document of Compliance

  	
   

  	
  24 SEPT 07

  	
   

  	
  ONE

  	
   

  	
  ý

  	
   

  
	
  4.

  	
   

  	
  Safety Management Certificate

  	
   

  	
  14 APR 09

  	
   

  	
  ONE

  	
   

  	
  ý

  	
   

  
	
  5.

  	
   

  	
  Latest Port State Control Inspection Report

  	
   

  	
  XXXXXXXX

  	
   

  	
  ONE

  	
   

  	
  ý

  	
   

  

 

	
  6:

  	
  Please answer the following questions in
  relation to the Vessel Security Plan:

  	
   

  

 

1

 

The Security Level at which the ship is

currently operating

 

1:                Vessel Particulars

 

	
  1.1

  	
   

  	
  Call Sign:

  	
   

  	
  ELUQ5

  	
   

  	
  Telex/Fax:

  	
   

  	
  TLX:
  347778740

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  FAX: 347778720

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.2

  	
   

  	
  Inmarsat
  Numbers:

  	
   

  	
   

  	
   

  	
  Email:
  gkg@tgship.amosconnect.com

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.3

  	
   

  	
  TPC

  	
   

  	
  ABOUT 65.66

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.4

  	
   

  	
  Hatch
  Dimensions in main deck [m]:

  	
   

  	
  (1) 15.88
  (A)

  L 16.74

  	
  W12.0(F)

  	
   

  	
  (2)

  L 23.32

  	
  W 15.88

  	
   

  	
  (3)

  L 16.74

  	
  W 15.88

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (4)

  L 16.74 

  	
  W 15.88 

  	
   

  	
  (5)

  L 22.32

  	
  W 15.88

  	
   

  	
  (6)

  L 16.74

  	
  W 15.88

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (7)

  L

  	
  W

  	
   

  	
  (8)

  L

  	
  W

  	
   

  	
  (9)

  L

  	
  W

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.5

  	
   

  	
  Vessel
  Ballast Hold [s]:

  	
   

  	
  Sea:
  No. 4

  	
   

  	
  Port:
  No. 4

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.6

  	
   

  	
  Total Grain
  capacity [m3]:

  	
   

  	
  85,927 M3

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.7

  	
   

  	
  Grain
  Capacity [m3] for each hold including hatch coamings:

  	
   

  	
  (1) 12,073

  	
   

  	
  (2) 16,730

  	
   

  	
  (3) 14,085

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (4) 13,587

  	
   

  	
  (5) 16,534

  	
   

  	
  (6) 12,918

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (7)

  	
   

  	
  (8)

  	
   

  	
  (9)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.8

  	
   

  	
  Total DWT
  Capacity [mt]:

  	
   

  	
  SUMMER
  73,941

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.9

  	
   

  	
  Capacity
  [mt] for each hold.

  	
   

  	
  (1)

  	
   

  	
   

  	
  (2)

  	
   

  	
   

  	
  (3)

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (4)

  	
   

  	
   

  	
  (5)

  	
   

  	
   

  	
  (6)

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (7)

  	
   

  	
   

  	
  (8)

  	
   

  	
   

  	
  (9)

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.10

  	
   

  	
  Type of
  Hatch covers:

  	
   

  	
  SIDE ROLLING

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.11

  	
   

  	
  Airdraft [m]
  - waterline to top of hatch coaming:

  	
   

  	
  Light Ballast: ABT 16.0

  	
   

  	
  Full Ballast: ABOUT 13.5 M

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.12

  	
   

  	
  Ballast Rate
  (mt/hour)

  	
   

  	
  Load: ABT 700/HR

  	
   

  	
  Discharge: ABOUT 700/HR

  
														

 

2

 

2:                General

 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Yes

  	
   

  	
  No

  	
   

  	
  N/A

  
	
  2.1

  	
   

  	
  Can vessel
  exchange ballast water at sea?

  	
   

  	
  ý

  	
   

  	
  o

  	
   

  	
  o

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.2

  	
   

  	
  Is the
  vessel on T/C to you? If YES, indicate since when and from whom.

  
	
   

  	
   

  	
  NO

  
	
   

  	
   

  	
   

  
	
  2.3

  	
   

  	
  Has the
  vessel traded to Australia in last 6 months? If YES, list name(s) of
  Australian port(s) last called and date

  
	
   

  	
   

  	
  NO

  
	
   

  	
   

  	
   

  
	
  2.4

  	
   

  	
  Has the vessel traded CIS Pacific Ports? If
  YES, list when and where.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  NO

  
	
   

  	
   

  	
   

  
	
  2.5

  	
   

  	
  Please provide the full itinerary up to
  expected time of delivery/arrival load port:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  REVERTING

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Yes

  	
   

  	
  No

  	
   

  	
  N/A

  
	
  2.6

  	
   

  	
  Is the vessel suitable for Sollac - Dunkirk
  East Terminal?

  	
   

  	
  o

  	
   

  	
  o

  	
   

  	
  o

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.7

  	
   

  	
  Is the vessel suitable for British Steel -
  Redcar Terminal?

  	
   

  	
  o

  	
   

  	
  o

  	
   

  	
  o

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.8

  	
   

  	
  Can vessel be described as self trimming?

  	
   

  	
  ý

  	
   

  	
  o

  	
   

  	
  o

  

 

3:                For Time Charter Vessels only:

 

	
  3.1

  	
   

  	
  Bunker
  capacity: @ 100%:

  	
   

  	
  HFO [tonnes]:
  2190.5 M3

  	
   

  	
  MDO [tonnes]:
  111.8 M3

  
	
   

  	
   

  	
   

  
	
  3.2

  	
   

  	
  Freshwater
  capacity: 387.9 M3

  	
   

  	
  Constant:
  ABOUT 300 MT

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.3

  	
   

  	
  Speed
  [Knots]

  	
   

  	
  Laden: 

  	
  AS PER C/P

  	
   

  	
  Ballast:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.4

  	
   

  	
  Consumption
  at sea [mt/day]

  	
   

  	
  Laden:

  	
  HFO:

  	
  AS PER C/P

  	
   

  	
  Ballast:

  	
  HFO:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  MDO:

  	
   

  	
  MDO:

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.5

  	
   

  	
  Consumption
  in port [mt/day]

  	
   

  	
  Idle:

  	
  HFO:

  	
  AS PER C/P

  	
   

  	
  Working:

  	
  HFO:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  MDO:

  	
   

  	
  MDO:

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.6

  	
   

  	
  Bunker
  specification [cst] and state standard of fuel specification

  	
   

  	
  HFO:

  	
  AS PER C/P

  	
   

  	
  MDO:

  	
   

  
																		

 

3

 

4:                Banking Details

 

	
  4.1

  	
   

  	
  Beneficiary (Account
  Name)

  	
   

  	
  TO BE ADVISED BY BROKERS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.2

  	
   

  	
  Account
  Numbers:

  	
   

  	
  Beneficiary Bank:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.3

  	
   

  	
  Chips UID
  (USD Payments only):

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.4

  	
   

  	
  Address:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.5

  	
   

  	
  Fedwire No:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Following [6.6, 6.7, 6.8 below] is required if Beneficiary Bank is located outside of
  country of currency :

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.6

  	
   

  	
  Correspondent
  Bank in the USA of the Beneficiary Bank:

  
	
   

  	
   

  	
   

  
	
  4.7

  	
   

  	
  Account
  Number:

  

 

5:                Insurance Details

 

	
  5.1

  	
   

  	
  P &
  I Club

  [Full style address and contact numbers] :

  	
   

  	
  SKULD

  www.skuld.com

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5.2

  	
   

  	
  Hull
  Insurance Company

  [Full style address and contact numbers] :

  	
   

  	
  GERLING -
  KONZERN ALLEGEMEINE OSLO THROUGH LEEDS & LEEDS CO., INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5.3

  	
   

  	
  Hull Insured
  value [USD]:

  	
   

  	
  USD 37
  MILLION

  

 

6:                Please provide contact details in case of emergencies for Owners/Ship
Manager Representative[s] (for Time Charter vessels only)

 

	
   

  	
   

  	
  Contact person [s]

  	
   

  	
  Phone No [all

  	
   

  	
  Facsimile No [all

  
	
  Company Type:

  	
   

  	
  Name & Title

  	
   

  	
  hours]:

  	
   

  	
  hours]:

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Head Owner:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ship Operator/Manager

  	
   

  	
  EDDIE LAU

  OPERATIONS MANAGER

  	
   

  	
  852-91910232

  	
   

  	
  852-28330683

  

 

4

 

7.                Please list details of the last 6
voyages

 

	
  Ports of Call

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  From:

  	
   

  	
  To:

  	
   

  	
  Cargo

  	
   

  	
  Charterer

  	
   

  	
  Voyage Dates

  	
   

  
	
  VIZAG

  	
   

  	
  XINGANG

  	
   

  	
  IRON ORE

  	
   

  	
  NOBLE

  	
   

  	
  17-2-05 TO

  	
   

  
	
  TAHOMA

  	
   

  	
  XIAMEN

  	
   

  	
  CORN

  	
   

  	
  NORTH CHINA

  	
   

  	
  17-12-04 TO

  17-2-05

  	
   

  
	
  NEW ORLEANS

  	
   

  	
  INCHON,
  KUNSAN

  	
   

  	
  MAIZE

  	
   

  	
  NORTH CHINA

  	
   

  	
  10-10-04 TO

  17-12-04

  	
   

  
	
  YUZHNY

  	
   

  	
  BRINDSI

  	
   

  	
  COAL

  	
   

  	
  NORTH CHINA

  	
   

  	
  21-09-04 TO

  10-10-04

  	
   

  
	
  PORTLAND

  	
   

  	
  EL DIKHEILA

  	
   

  	
  WHEAT

  	
   

  	
  NORTH CHINA

  	
   

  	
  30-07-04 TO

  21-09-04

  	
   

  
	
  PRAIA MOLE

  	
   

  	
  PORTLAND

  	
   

  	
  S / SLABS

  	
   

  	
  NORTH CHINA

  	
   

  	
  21-06-04 TO

  30-07-04

  	
   

  

 

8:                Trading Certificates

 

Please attach a list detailing the expiry dates of the vessel’s current
trading certificates.

 

 

	
  Name: 

  	
  EDDIE LAU

  	
   

  	
  Designation: 

  	
  OPERATIONS MANAGER

  	
   

  
	
   

  	
   

  
	
  Company:

  	
  TOP GLORY SHIPPING CO., LTD.

  	
   

  
	
   

  	
   

  
	
  Signature:

  	
  /s/ Eddie Lau

  	
   

  	
  Date: 

  	
  3 MAR 05

  	
   

  
												

 

5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}]]