AGREEMENT Translation
Exhibit
10.9
AGREEMENT
Translation
Party A:
Chongqing Foguang Tourism Development Co., Ltd. (“Party A”)
Party B:
Chongqing ChangShou District Rural Credit Association (“Party B”)
ChangShou
County Xxxx Xxxxxxx Co., Ltd. (“Fuli”), borrowed RMB 4.1 million from the
ChangShou County Rural Cooperative Foundation. In 1999, based on relevant
provisions issued by the State Council, the ChangShou County Rural Cooperative
Foundation transferred its rights and liabilities under the said debt to Party
B. On September 10, 2001, Fuli has applied and engaged with Party B to conduct a
“repayment of old debt by new loan.” Due to failure of management, Fuli has
closed and owed an accrued interest of RMB 1,165,537.64 to Party B as of
September 21, 2002. On April 11, 2003, through consultation between Fuli and
Party B, Fuli agreed to transfer its rights on the collateral of the said debt,
the park of ChangShou Land Administration and Bowling House with its bowling
equipment and eight fairways, to Party B to offset the principal and interest of
the debt.
Through
consultation between Party A and Party B, Party A agrees to lease the Bowling
House that Fuli transferred to Party B, which is located at San Xxxx Xxxx, Xxxx
Xxxxx Town, ChangShou District, and the parties enter into the following
agreement:
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1.
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Party
A understands the nature of ownership of the property (that is, the park
is a state-owned property currently used by the ChangShou Land
Administration; the Bowling House and its facilities are debt collaterals
and therefore there will be no property ownership certificate for the
Bowling House.) and agrees to undertake RMB 2.6 million out of Fuli’s debt
as the rent of the property.
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2.
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Payment:
upon the execution of this Agreement, Party A shall make a one-time
payment of RMB 2.6 million to Party B. On the same day of receiving the
payment, Party B shall grant Party A’s use of the Bowling House and
bowling facilities and deliver to Party A a copy of the Pledge
Agreement.
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3.
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Upon
the execution of this Agreement, Party A shall engage with relevant
authorities to complete the procedures of transferring the property
ownership and bear all costs and taxes generated. Party B shall only be
responsible to provide the relevant information and materials in its
current possession.
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4.
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Upon
the execution of this Agreement, Party A shall be responsible for all
economic disputes or liabilities related to the
properties.
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5.
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Any
unsettled matter shall be subject to further consultation between the
parties and both parties shall execute a supplement
agreement.
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1
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6.
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The
parties shall comply with this Agreement. Any party who breaches the
Agreement shall pay a penalty of 10% of the total rent of RMB 2.6 million
to the non-breaching party.
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7.
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This
Agreement is executed into four duplicates with equivalent effect. Each
party shall hold one duplicate. This Agreement shall become effective when
Party B receives the payment of RMB 2.6
million.
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Party A:
Chongqing Foguang Tourism Development Co., Ltd. (Stamp)
Party B:
Chongqing ChangShou District Rural Credit Association (Stamp)
February
3, 2005
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