Real Property TransferAgreement [Unofficial Translation]
Real
Property TransferAgreement
[Unofficial
Translation]
Transferor:
Wuxi Boiler Unit Ltd. (hereinafter referred to as Party A)
Transferee: Wuxi
Huayang Electrical Equipment Ltd. (hereinafter referred to as Party
B)
This
Contract is made by and between the Parties on the matter of transfer of the
real property from Party A to Party B in accordance with the Contract Law of the
People’s Republic of China and other relevant laws under the principles of
equality, mutual- benefit, and valuable consideration.
I Party
A’s Representations and Warrants Regarding the Real Property Title
Party A
is located in Tuotang Bang, Qianzhou Town, Wuxi City. Party A has obtained the
Certificate of Title Deed and shall be responsible for the current conditions
for such real property;
II Party
A’s Representations and Warrants Regarding the Rights to Sell
Party A
has gained the Report of Property Assessment Statement issued by the qualified
appraisal institution. All the contents and amount shall be subject to the
Report.
III Party
B’s Representations and Warrants Regarding the Rights to Purchase
Assume
Party A has fulfilled his obligation under the Article 1 and Article 2, and only
under such situation that Party B is willing to sign this contract of purchasing
the entire title of the real property.
IV the
Purchase Price of the Real Property
The
parties agree that the purchase price of the real property shall be 42.558
million RMB.
V Payment
Terms
1. Upon
the signing of the Real Property Purchase Contract, the Party B shall make the
down payment amount as two-thirds of the total purchase price.
2. The
balance shall be settled within one year before Party B proceeds with the real
property transfer procedure.
VI Liability
for breach of the Contract
1. Once
the contract has been signed, Party B shall deliver a written notice to Party A
if Party B wants to withdraw from the contract, in such case, Party A shall
return all the payment made by Party B without any interests within 3 business
days, however Party A is entitled to obtain the down payment; Party A shall
deliver a written notice to Party B if Party A wants to withdraw from the
contract, in such case, in addition to return all the payment made by Party B,
Party A also shall repay the down payment in double within 3 business
days.
2. In
the event that Party B fails to make the payment in accordance with the time
limit provided in Article V, Party A is entitled to claim the interest with
respect to the past due un-paid amount. The Party B shall be liable
for a late penalty fee equals to 0.04% of the past due un-paid
amount. In the event that the payment has not been made for more than
15 days, then Party B is deemed to breach the contract and the Party A is
entitled to obtain the down payment.
3. Party
A shall clear the premises within 7 business days upon the receipt of entire
purchase payment. The Party A shall be liable for a late penalty fee equals to
0.04% of the payment made by Party B. In the event that Party fails
to do so for more than 15 days, then Party A is deemed to breach the
contract.
VII the
Terms the Parties Enter into an Agreement upon the Delivery of the Real
Property
1. There
is no any unpaid xxxx on the real property, such as the xxxx for telephone,
electricity, water etc.;
2. There
is no destruction of any fixture;
3. There
is no destruction of the real property that influences the usage and appearance
of the real property.
VIII the
Agreement regarding the procedures of real property transfer
1. Upon
the signing of the contract, the Parties shall apply to the local administrative
authority of real property transaction to go through the real property transfer
procedures and obtain the Certificate of Title Deed in accordance with the
relevant regulations.
2. During
the period that the real property has not been transferred, in case that Party B
indicates to transfer the real property in order to get a mortgage loan for the
demand of money of necessity, Party A shall provide active support and
assistance by going through the procedures required by the financial
institutions and signing the documents as requested by Party B.
3. During
the period that the real property has not been transferred, in case that the
real property is included into the scope of demolition to accommodate the needs
of urban construction, Party A shall provide active support and assistance by
going through the procedures required by the relevant administrative authority
and signing the documents as requested by Party B. The compensation and
resettlement for the demolition shall be obtained by Party B.
IX the
Terms Regarding the Issues not Covered by the Contract
Any
issues not covered hereunder shall be made into a Supplementary Agreement. The
Supplementary Agreement and annexes hereto shall be an integral part of this
Contract bearing the same legal effect. Any dispute arising from or
in connection with this Contract shall be settled by negotiation between the
Parties.
X Effectiveness
The
Contract is made in four original copies held by each party with
two. This Contract shall be effective upon the signing and
stamping.
Party
A: [Stamp]Wuxi Boiler Unit
Ltd.
/s/ Xxxxx
Xxxx
Xxxxx
Xxxx
Date: March
12, 2007
Party
B: [Stamp] Wuxi Huayang Electrical
Equipment Ltd.
/s/ Xxxxx
Xxxx
Xxxxx
Xxxx
Date: March
12, 2007
