LandTransfer Agreement [Unofficial Translation]
LandTransfer
Agreement
[Unofficial
Translation]
Transferor:
Wuxi Boiler Unit Ltd. (hereinafter referred to as Party A)
Transferee: Wuxi
City Huayang Ranzheng Equipment Ltd. (hereinafter referred to as Party
B)
This
Contract is made by and between the Parties on the matter of transfer of the
land from Party A to Party B in accordance with the Contract Law of the People’s
Republic of China and other relevant laws under the principles of equality,
mutual- benefit, and valuable consideration.
I Party
A’s Representations and Warrants Regarding the landTitle
Party A
is located in Tuotang Bang, Qianzhou Town, Wuxi City. Party A has obtained the
Certificate of Title Deed with land area of 47926.67 square
meters;
II Party
A’s Representations and Warrants Regarding the Rights to Sell
Party A
has gained the Report of Land Assets Assessment Statement issued by the
qualified appraisal institution. All the contents and amount shall be subject to
the Report.
III Party
B’s Representations and Warrants Regarding the Rights to Purchase
Assume
Party A has fulfilled his obligation under the Article 1 and Article 2, and only
under such situation that Party B is willing to sign this contract of purchasing
the entire title of the land.
IV the
Purchase Price of the Real Property
The
parties agree that the purchase price of the real property shall be 47.6285
million RMB.
V
Payment Terms
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1.
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Upon
the signing of the Land Purchase Contract, the Party B shall make the down
payment amount as two-thirds of the total purchase
price.
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2.
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The
balance shall be settled within one year before Party B proceeds with the
Land transfer procedure.
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VI Liability
for breach of the Contract
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1.
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Once
the contract has been signed, Party B shall deliver a written notice to
Party A if Party B wants to withdraw from the contract, in such case,
Party A shall return all the payment made by Party B without any interests
within 3 business days, however Party A is entitled to obtain the down
payment; Party A shall deliver a written notice to Party B if Party A
wants to withdraw from the contract, in such case, in addition to return
all the payment made by Party B, Party A also shall repay the down
payment in double within 3 business
days.
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2.
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In
the event that Party B fails to make the payment in accordance with the
time limit provided in Article V, Party A is entitled to claim the
interest with respect to the past due un-paid amount. The Party B shall be
liable for a late penalty fee equals to 0.04% of the past due un-paid
amount. In the event that the payment has not been made for
more than 15 days, then Party B is deemed to breach the contract and the
Party A is entitled to obtain the down
payment.
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3.
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Party
A shall clear the premises within 7 business days upon the receipt of
entire purchase payment. The Party A shall be liable for a late penalty
fee equals to 0.04% of the payment made by Party B. In the
event that Party fails to do so for more than 15 days, then Party A is
deemed to breach the contract.
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VII the
Agreement regarding the procedures of land transfer
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1.
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Upon
the signing of the contract, the Parties shall apply to the local
administrative authority of land transaction to go through the land
transfer procedures and obtain the Certificate of Title Deed in accordance
with the relevant regulations.
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VIII the
Terms Regarding the Issues not Covered by the Contract
Any
issues not covered hereunder shall be made into a Supplementary Agreement. The
Supplementary Agreement and annexes hereto shall be an integral part of this
Contract bearing the same legal effect. Any dispute arising from or
in connection with this Contract shall be settled by negotiation between the
Parties.
IX Effectiveness
The
Contract is made in four original copies held by each party with
two. This Contract shall be effective upon the signing and
stamping.
Party
A: [Stamp] Wuxi Boiler Unit
Ltd.
/s/ Xxxxx
Xxxx
Xxxxx
Xxxx
Date: March
12, 2007
Party
B: [Stamp] Wuxi City Huayang Ranzheng
Equipment Ltd.
/s/ Xxxxxxx
Xx
Xxxxxxx
Xx
Date: March
12, 2007
