Common use of Property Right Registration Clause in Contracts

Property Right Registration. (I) Initial registration The Seller shall obtain the ownership certificate of the building the Commercial House belongs to no later than February 28, 2010. If the Seller fails to obtain such ownership certificate within the term as agreed in this Article due to its fault, both parties agree that Paragraph 2 below applies: 1. The Buyer is entitled to surrender the house. If the Buyer surrenders the house, the Seller shall refund all the payments already made by the Buyer within ´ days from receiving the notice of surrender and pay to the Buyer liquidated damages of ´% of all the payments already made by the Buyer. If the Buyer does not surrender the house, this Contract continues to be performed and the Seller shall pay to the Buyer liquidated damages of ´% of all the payments already made by the Buyer per day delayed, from the next day following expiry of the term when the Seller shall obtain the ownership certificate of the building of the Commercial House to the day when the ownership certificate is obtained, and such liquidated damages shall be paid to the Buyer within ´ days after the Seller obtains the ownership certificate. 2. The Seller shall undertake the following defaulting liability: (1) If the delay is within thirty days, the Seller shall pay to the Buyer liquidated damages of 0.02% of all the payments already made by the Buyer per day delayed, and such liquidated damages shall be paid to the Buyer within 7 days after the initial property right registration is completed. This Contract continues to be performed. (2) If the delay exceeds thirty days ((this day shall be the same as the day in Sub-paragraph (1) above), the Buyer is entitled to terminate this Contract. Upon such termination, the Seller shall pay to the Buyer liquidated damages of 5% of all the payments already made by the Buyer within 7 days from receiving the notice of termination and refund all the payments already made by the Buyer. If the Buyer intends to continue to perform this Contract, this Contract shall continue to be performed and the Seller shall pay to the Buyer liquidated damages of 0.03% of all the payments already made by the Buyer per day delayed, from the next day following expiry of the agreed property right registration term to the day of actual completion of property right registration and such liquidated damages shall be paid to the Buyer within 7 days after the day of actual completion of property right registration.