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EXHIBIT 10.01
INTERNATIONAL HUMANITARIAN DEVELOPMENT LTD.
"SERVING HUMANITY"
00/X XXXXXXX XXXXXX, 00 XXXXXXXXX XXXX
XXXXXXX, XXXX XXXX
WEBSITE: XXXX://XXX.XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX.XXX
PURCHASE AGREEMENT
This agreement between Beijing Longenge Culture Promotion Co., Ltd., located at
Xx. 0 Xxxx Xxx Xxxx, Xxxxxxx Xxxx Xxxxxxxx, Xxxxxxx, which operates the Beijing
Shenji Dansing School, hereinafter, referred to as the "Purhasor", and
International Humanitarian Development Ltd. a joint venture corporation
organized under the laws of Hong Kong, and located at 00 Xxxxxxxxx Xx., Xxxxxxx
Xxxx Xxxx, hereinafter referred to as the "Seller" defines the terms of sale for
the reconstruction of the Beijing Shenji Dansing School.
Whereas the purchaser has created a plan for the construction and rehabilitation
of a new facility. These facilities will cover a 30000 sq. meter parcel of land
with 14400 square meters of buildings inclusive of:
a central education building
an experimental education building
an apartment building
a theatre
an art gym
a dining building
a supporting building
The facilities budgets have been submitted by the purchasor.
The facilities design, and construction are the responsibility of the seller.
Both the buyer and the seller agree that the budget shall be an aggregate of
$25,000,000 USD (200,000,000 RMB), inclusive of interest costs. The seller will
submit final designs and budgets. Building sizes may vary in accordance with the
budgetary requirements.
This project requires a deposit of $5,000,000 USD.
Upon receipt of the deposit the seller shall begin the design and budgetary
process. This process shall take approximately 90 days. The completion of the
facilities is expected to take approximately 2 years.
The building standards for the theatre and school buildings is to be
International Building Code, while the dormitories and support facilities shall
be built in accordance with the Chinese construction standards and codes as
applicable.
The purchasors plans are an exhibit to this agreement. In addition to the
primary prices defined by the purchasor additional reserves for interest are
estimated at $1,000,000 USD, and a scholarship fund is to be set aside in the
amount of $1,750,000 USD.
This agreement may be terminated by either party for failure to perform in
accordance with the final approved budgets and plans. The effect of such
termination shall be return of the deposit less any documentable disbursements.
Disputes shall be settled by arbitration in Hong Kong. The international rules
of arbitration shall apply.
The seller warrants that the buildings shall be delivered in accordance with the
standards prescribed in this contract as well as the final budgetary proposal.
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The seller shall submit, file, present, all documentary requirements for these
buildings as prescribed by law.
The seller shall maintain proper public liability insurance during the
construction period.
The seller shall warrant the building be free of structural defects, and shall
effect repair to any structural defect for a period of one year.
The purchasor warrants that the specifications provided are adequate for the
proposed facilities.
The purchasor is responsible for all applicable academic, vocational, and
technical standards.
The purchasor is responsible for all licenses, permits, taxes, duties, transfer
fees, and regulatory approvals.
The governing law for this agreement shall be Hong Kong, SAR, Peoples Republic
of China.
We the owners, officers and directors of International Humanitarian Development
Ltd. set forth to this agreement our signatures and stamps with full corporate
authority and in agreement with the purchasor who sets forth his signature and
stamps with full corporate authority.
For and on behalf of: International Humanitarian Development Ltd.
Date: Feb 13, 2001
/s/ Xxxxxxxx Xxxx, Chairman, Neurotech Shareholder
/s/ Zhao Ly, Managing Director, CCS Shareholder
For and on behalf of: Bei Jing Longenge Culture Promotion Co. Ltd.
Date: Feb 13, 2001
/s/ Jing, Agent
Authorized by:
/s/ Jing Xx Xxx, director
