Exhibit 10.55
International Humanitarian Development Ltd.
00/x Xxxxxxx Xxxxxx, 00 Xxxxxxxxx Xxxx
Xxxxxxx Xxxx Xxxx
Website: xxxx://xxx.xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx.xxx
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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 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 purchasor 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 76000square 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
$62,500,000 USD (500,000,000 RMB), inclusive of interest costs, design fees land
acquisition. The seller will submit final designs and budgets, as are in
accordance with the subcontracting agreements which shall be an exhibit of this
agreement.
Building sizes may vary in accordance with the budgetary requirements.
This project requires a deposit of $15,000,000 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 $2,5000,000 USD, and a scholarship fund is to be set aside in the
amount of $125,000 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.
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.
The seller may at the sellers option subcontract all or part of the services
provided within this agreement to China Huanqui Chemical Engineering Corp.,
Beijing.
Any agreements, terms, and requirements set forth by the seller to the
subcontractor(s) shall be part of a separate agreement.
The purchasor acknowledges that there have been special financing arrangements
placed, and that these financing terms set forth times and conditions of
payments, reports and compliance for the financing organization.
It is further acknowledged that China Haunqui Chemical Engineering Corp, may
further act as sponsor for the purchasor. As sponsor the purchasor may have
agreements, arrangements, and other conditions which are not within the
responsibility of this agreement.
We the owners, officers and directors of the International Humanitarian
Development Ltd. set forth to this agreement our signatures and stamps with all
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: April 16, 2001
/s/ Xxxxxxxx Xxxx /s/ Xxxx Xxxx you
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Xxxxxxxx Xxxx, Chairman Xxxx Xxxx you, Managing Director
Neurotech Shareholder CCS Shareholder
For and on behalf of:
Bei Jing Longenge Culture Promotion Co. Ltd. Date: April 16, 2001
/s/ Xxxx Xxx
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Xxxx Xxx, president
Agent: Grace Fame Industrial Co. Ltd. Authorized by:
/s/ Xxxxxx Xxx /s/ Jing Xx Xxx
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Xxxxxx Xxx Jing Xx Xxx, Director
