Assets Repay Debt Agreement
EXHIBIT
10.1
The
Debtor: Yangling Daiying Biotech & Pharmaceutical Group Co.,
Ltd.
|
The Creditor: Xi`an Jinhao Sci-tech Investment Management Co., Ltd.
(originally named Xi`an Jinyou Sci-tech Investment Management Co.,
Ltd.)
|
Whereas:
The
Creditor, Xi`an Jinhao Sci-tech Investment Management Co., Ltd. (originally
named Xi`an Jinyou Sci-tech Investment Management Co., Ltd.) is a company
registered in Xi`an, China, and is one of the stockholders of the Debtor,
Yangling Daiying Biotech & Pharmaceutical Group Co., Ltd. The Creditor has
loaned money to the Debtor as liquid capital many times over the years to
support the development of the Debtor. The debt size is Nineteen Million Seven
Hundred Ten Thousand Two Hundred Thirty Four Point Nineteen Chinese Yuans,
19,710,234.19 (including interests) by Sep 30, 2007.
In order
to reduce the Debtor’s debt and the interest burden, both parties have reached
an agreement that the Debtor uses two house properties to pay part of the debt
owed to the Creditor. One property is Room 1-2-2901 of Granghuayuan, Dongli`er,
Xibahe, Chaoyang District, Beijing City and the other is Room A10-11301 of
Jiezuo Mansion, Maple New City, Hi-tech Industrial Development Zone, Xi`an City.
The two parties have agreed on following items in consideration of the
repayment:
|
1.
|
Details
of the two house properties:
|
|
Location
|
Original
Value
|
Depreciation
|
Net
Value
|
Mortgage
Loan
|
Loan
Amortized (principal + interest)
|
Loan
Balance
|
|
Room
A10-11301, Jiezuo Mansion, Maple New City, Hi-tech Industrial Development
Zone, Xi`an City
|
1,782,663
|
259,305.45
|
1,523,357.55
|
1,060,000
|
696,420
|
363,580
|
|
Xxxx
0-0-0000, Xxxxxxxxxxxx, Xxxxxxxxx, Xxxxxx, Xxxxxxxx Xxxxxxxx, Xxxxxxx
Xxxx
|
1,248,044
|
187,726.63
|
1,060,317.37
|
990,000
|
266,330
|
723,670
|
|
Total
|
3,030,707
|
447,032.08
|
2,583,674.92
|
2,050,000
|
962,750
|
1,087,250
|
|
2.
|
Debt
repayment amount:
|
After
friendly discussion, both parties have agreed that the debt repayment amount is
the original value of the two house properties 3,030,707 minus loan balance
1,087,250, that is, One Million Nine Hundred Forty Three Thousand Four Hundred
Fifty Seven Chinese Yuans (1,943,457).
|
3.
|
The
ownership and income of the above mentioned two house properties shall
belong to the Creditor since Oct 1, 2007. The Creditor shall be
responsible for the unpaid bank mortgage loan of the two house properties,
and the Debtor shall no longer be liable for that loan
repayment.
|
|
4.
|
The
Creditor must cooperate with the Debtor to do the property transfer and
the bank mortgage loan transfer. The Creditor shall be responsible for the
fees incurred in the course of these
transfers.
|
|
5.
|
Other:
|
|
(1)
|
Any
issue that is not covered in this agreement shall be discussed by both
parties and then sign an addendum to this
agreement.
|
|
(2)
|
Any
argument incurred from the execution of this agreement shall be discussed
and solved by both parties.
|
|
(3)
|
This
agreement is in triplicate, each party holds one copy and the third copy
is for procedural documentation.
|
Signatures:
The
Debtor: Yangling Daiying Biotech & Pharmaceutical Group Co.,
Ltd.
Authorized
person signs here:
/s/
Xxxxxx XXX
|
The
Creditor: Xi`an Jinhao Sci-tech Investment Management Co., Ltd.
(originally named Xi`an Jinyou Sci-tech Investment Management Co.,
Ltd.)
|
Authorized
person signs here:
/s/ Xxxxx
XX
Date: Sep
30, 2007
