Loan Agreement
Exhibit 10.13
Main contents:
- Contract No.: nil
- Loan Amount (RMB): 4.25 million USD
- Purpose of the Loan: purchase of property of Boshan, Shandong
- Contract Term: from March 1, 2011 to March 1, 2013
- Interest Rate:
- The annual interest rate is 12%;
- Penalty interest for embezzlement: 20% of the loan per day.
- Rights and Obligations of the Lender:
- Lender shall disburse the loan in a timely manner pursuant to the agreement.
- Lender shall execute the mortgage or security right in case of breach of contract of the Company.
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Rights and obligations of the Borrower:
- Borrower is entitled to obtain and use the loan pursuant to the agreement.
- Borrower shall return the principal and interests timely. Borrower can extend the term of the loan when getting the consent of Lender pursuant to the agreement.
- Consent of Lender should be obtained when any of the Borrower’s major assets for a third party is possible to be detrimental to Borrower’s capability of repayment under the agreement.
- Borrower guarantee all of its statement is true and accurate
- Borrower bears the relevant fees under the agreement.
- Prepayment of the Loan:
Lender’s consent should be obtained if Borrower is willing to prepay the loan in advance. The interest rate of prepayment shall accord with the agreement.
- Liabilities of Breach of Contract:
Penalty interest for embezzlement of 20% of the loan per day shall be imposed on the Company in case of the Company ’s breach of contract etc.
Headlines of the articles omitted
- Dispute settlement
- Effectiveness
- Attention
- Miscellaneous
Signature Page
Party A (Lender): Xxxxxxxx Xx
By: /s/ Xxxxxxxx Xx
Date: March 31, 2011
Party B (Borrower): Hong Kong the Fifth Season International Limited
By: /seal/ Hong Kong the Fifth Season International Limited
Date: March 31, 2011
Party C (Guarantor): Lianmo Wu
By: /s/ Lianmo Wu
Date: March 31, 2011
Party C (Guarantor): Zhucheng Zhang
By: /s/Zhucheng Zhang
Date: March 31, 2011
