Agreement for Sale of Property
Exhibit 10.11
Agreement for Sale of Property
Party A: Zibo Tongxinde Trade Co., Ltd.(Sellor)
Party B: Shandong the Fifth Season Commercial Investment Co., Ltd.(Purchaser)
- General Information
- Pursuant to the contract entered on December 21, 2009, Party B will buy the property from Party A, located in the business building, from the third floor to the fourth floor, of Xx. 0 Xxxxxxxxx Xxxxxxxxx Xxxxxx, Xxxxxx Xxxxxxxx, Xxxx Xxxx, Shandong Province and covered approximately 15,509.42 sq.m., with the use right tothe outside square of 3200 sq.m. and underground garage of 7748.39 sq.m..
- Fees of the Property and Payment Arrangement
The total fees of the property will be RMB 45,000,000 yuan.
1st payment: RMB 10,000,000 yuan within 15 days after the assignment of this agreement as xxxxxxx money
2 nd payment: RMB 15,000,000 yuan by February 1, 2010
3 rd payment: RMB 10,000,000 yuan by March 1, 2010
4 th payment: RMB 10,000,000 yuan by April 1, 2010
- Handover Arrangement and Transfer of Risk
- Party A and Party B will perform the handover procedure on December 25, 2009 (temporarily designated handover date and subject to actual handover date) and the risk of the property will transfer from Party A to Party B on the actual day of handover.
- Guarantee of Party A
- Party A guarantees to own the ownership right to the said property and totally entitled to sell the property. In addition, the property has no mortgage on it and Party A has paid off all of the necessary costs for the building of the property.
- Guarantee of Party B
- Party B guarantees to be fully authorized to purchase the property and will pay to Party A as scheduled.
- Breach of the Agreement
- When Party A breaches the contract and leads the performance of the contract unavailable, Party A shall bear the responsibility of breach of the contract, pay the indemnities to Party B and pay the liquidated damages to Party B according to either 1‰ of the total amount of the property payment per day, or double xxxxxxx money penalty provision.
- When Party B breaches the contract, Party B shall bear the responsibility of breach of the contract, pay the indemnities to Party A. If Party B fails to pay as scheduled, Party B shall pay the liquidated damages to Party A at the rate of 0.3‰ of the due payment per day.
- Headlines of the articles omitted
- Confidentiality
- Validity, Modification and Termination of Contract
- Force Majeure
- Dispute Settlement
- Miscellaneous
Signature Page
Party A: Zibo Tongxinde Trade Co., Ltd.
By: /seal/ Zibo Tongxinde Trade Co., Ltd.
Date: December 21, 2009
Party B: The Fifth Season Shandong Commercial Investment &
Management Co., Ltd.
By: /seal/ The Fifth Season Shandong Commercial Investment & Management Co.,
Ltd.
Date: December 21, 2009
