Land Development Agreement (English Translation)
Exhibit
10.23
Land
Development
Agreement
(English
Translation)
Note:
This is an English translation of an agreement originally drafted in Chinese,
and accordingly this translation is not legally effective or binding on the
parties. This translation is being furnished for disclosure purposes.
Party
A: Jiangsu
Ever-Glory International Group Corp.
Party
B: Nanjing
Goldenway Garment Co., Ltd.
RECITALS
In
view
of that Party A has obtained the land use rights in the Jiangning Economical
and
Technical Development Zone, in the spirit of impartiality, free-will, and
reciprocity, Party A and Party B are entering into this agreement regarding
the
construction of production facilities on the land in which Party A holds rights.
AGREEMENT
Article
One
To
cooperatively build workshops on the land using Party A’s land use rights, which
include 10 mu
of land
in the said Development Zone, Party A promises to provide the land use rights
to
Party B without impairment or holdback of such rights, and Party B will
construct production facilities on the land, and provide all funding for such
construction. The construction is to be carried out by Party B according to
applicable civil engineering codes, laws and regulations, with a comprehensive
blueprint including the building structure, standards, function and quality.
Party B shall apply for and obtain use rights for the newly constructed facility
for a 30 year period. Party A has the right to supervise the
construction.
Article
Two
The
facilities will consists of two floors, with a total floor area of 4,000 square
meters, which is subject to the ratification of relevant government
authorities.
Article
Three
Party
A
will complete the leveling of the land by end of May of 1996, and Party B
complete the construction work by end of December of 1996.
Article
Four
When
the
construction passes applicable inspections, Party B shall make application
to
obtain land use rights and a property ownership certificate from the applicable
government authorities, and shall pay the relevant fees and taxes.
Article
Five
The
two
parties confirm that after the construction is completed Party B, and Party
B
uses the building for 20 years free of any lease or other payments to Party
A,
Party B shall transfer its rights to the newly constructed facilities to Party
A
(who shall acquire the remainder of any use rights to the facility) without
condition upon the expiration of this period, and agrees to undertake all
formalities required in order to make the transfer of rights effective. Party
B
agrees that while using and occupying the building, Party B will ensure the
integrity of the building and prevent damage to the property, and will assume
responsibility for maintaining the facilities to prevent extraordinary wear
and
tear.
Article Six
During
the period the building is used, in case of a land requisition or building
relocation is requested by the government, if payment by the government is
made
to Party A, Party A agrees to pay Party B an amount equal to the cost of
construction. In such instance, Party A will be the recipient of all payment
from the government, and Party A will promptly pay Party B the amounts agreed
above.
Article
Seven
When
using the constructed building Party B agrees to abide by relevant laws,
regulations and social ethics of the People’s Republic of China, and act
consistently with the protection of community utilities and the public
interest.
Article
Eight
This
agreement is the entire agreement between the parties. The parties agree to
negotiate in good faith and agree on any issues not addressed in this agreement.
Article
Nine
This
agreement is made into two copies with one held by each party and takes effect
from the date it was signed.
|
Party
A: (seal)
/s/
Jiangsu Ever-Glory International Group Corp.
March
1, 1996
Party
B: (seal)
/s/
Nanjing Goldenway Garment Co., Ltd.
March
1, 1996
|
