Exhibit 10.8
PURCHASE CONTRACT- MODERN TOWN UNITS
Parties of the Contract:
Party A:
Seller: Changzhou Broadway Business Development Co., Ltd.
Party B:
Buyer:
The two parties agree as follows:
1.00 Description of residential property (if applicable)
The Buyer agrees to purchase from the Seller Unit # ______situated
at___________________.
The Land Number is _________________________________________.
The Land Property Right Number is __________________.
The Unit area is _________________________M
The planned use of the unit is for ______________________,
The Period of Use is September 4, 2000 to September 4, 2070.
Project Planning License Number is_________________
Construction License Number is_______________________________.
2.00 Description of the commercial property (if applicable)
The Buyer agrees to purchase from the Seller Unit # ______situated
at___________________.
The Land Number is __________________________________.
The Land Property Right Number is _________________.
The Unit area is _________________________M
The planned use of the unit is for _______________,
The Period of Use is 2000-9-4 to 2070-9-4.
Project Planning License Number is_________________
Construction License Number is________________________.
3.00 Consideration
The purchase price for Unit # _____is__________.
4.00 Payment
The full purchase price is due to the Seller 7 days from the date of this
contract. If full payment is not made within 15 days, the contract is deemed
null and void.
5.00 Delivery
Delivery of the Unit to the Buyer is on or before October 30, 2004. On the
Delivery Date, the Seller will transfer title to the Buyer and will present the
validation certification from the Local Project Bureau.
If Delivery is delayed;
- Less than 60 days, 0.005% of the Purchase Price shall be paid to the buyer
- Over 60 days, 0.005% of the Purchase Price shall be paid to the Buyer, and
in addition the Buyer has the option to terminate the contract and claim a
full refund of the Purchase Price.
Article 6 Force Majeure
Should either of the parties to the contract be prevented from executing the
contract by force majeure and their occurrence and consequences are
unpreventable and unavoidable, the prevented party shall notify the other party
by telegram without any delay, and provide detailed information of the events
and a valid document for evidence issued by the relevant public notary
organization explaining the reason of its inability in 30 days.
Article 8 Withdrawals
The Buyer has 30 days from receipt of the Deposit to receive a full refund of
the purchase price. The purchase price will be returned to the Buyer with
interest calculated at the current bank rate.
Article 9 Warranty on Appliance Provided
Appliances provided should be in accordance with certain appointed standards. If
the Seller fails to provide appropriate equipment in accordance with these
standards, the Buyer holds the right to receive a refund of funds paid for such
equipment. This clause shall remain 1 year in effect from the date title is
transferred to the Buyer.
Article 10 Regulation of property right registration
The Seller shall register and file the transfer of title of the property to the
register bureau when construction is completed. Such transfer of title will
allow the Buyer to be allocated its share of the license effective until
September 4, 2070.
Article 11 Validity
The contract shall come into force as of ___________________
Party A: Party B:
Date: Date:
