Contract
No.: (2003) Hao He Zi
No.1
The three
parties in this contract are:
Party A: Haoran
Industrial Company, Huicheng District, Huizhou City
Legal
Representative: Zhong Guanbin Title: Chairman of
the board
Address:
Xinjian Road No. 52, Huizhou City
Party B:
HuiZhou NIVS AUDIO & VIDEO TECH CO.,LTD
Legal
Representative: Li
Tianfu
Title: General Manager
Address: NIVS
Hi-tech Park, Wushi Industrial area, Huizhou City
Party C:
Shuikou County Real Estate Development Corporation
Legal
Representative: Xu
Zhaofa
Title: General Manager
Address:
Shuikou County, Huizhou City
In accordance with the stipulations in the
relevant national laws and regulations, on the principles of
equality, voluntary willingness, compensation as well as honest and
credit, the three parties concluded this contract through
negotiations.
Article 1. Party A transfers the use right of
the land that is located in Wei Village, Lianhe Ridge, Shuikou
County (the part near to the fourth ring) with an area of 184,810
square meters to Party B.
The ownership of the land has been identified by
Municipal Land and Resources Bureau and the certificate has been
issued. The original “State-Owned Land Use Certificate”
No. is Hui Fu Guo Yong (2003) No. 1321161017. The land No. is
16-02-3255. The land’s map No. is F-50-25-148. Regarding to
its detailed location and the coordination of the boundary points,
please refer to the map in the appendix. The transfer term for this
land is 40 years. The term will expire on July 18 th ,
2042. The land use nature is for industrial use. Upon the
completion of the transfer, two state-owned land use certificates
will be transferred to the name of Party B, with the areas of
124,810 square meters and 60,000 square meters
respectively.
The use right of the building, auxiliaries as
well as the land use right within the mentioned land scope are
transferred to Party B together. Party B has no any objection on
the current status of the land.
Upon the signature of this contract as well as
Party B’s payment of the deposit, it will indicate that Party
A has handed over the land to Party B. No other land transfer
procedure shall be gone through separately. The state-owned land
use certificate shall be handed over to Party B on the same day as
the guarantee procedures are done in accordance with the
stipulations in Article 6 hereof.
Article 2. The concluded price for the land use
transfer is eighteen million, seven hundred and ninety-nine
thousand, nine hundred and eight-two RMB (amount in figures:
18,799,982 RMB). The unit price is 101.726 RMB/square
meter.
Article 3. Payment terms. Through the mutual
negotiations between Party A and Party B, they agree that the
concluded price will be paid by the following
installments.
(1)
On the date of concluding this
contract, Party B will pay Party A 4,000,000 RMB whole as the
deposit.
(2)
The remaining part will be paid by
installments. The way of payment by installment is: the payment
will be started as of February 2004 (the month of February
included) until all the transfer price is paid off. At least 1
million RMB (amount in figures: 1,000,000 RMB) shall be paid each
month. The payment date shall be prior to the 15 th day
of each month.
In case that Party B does not pay the transfer
fee as stipulated here, Party B shall be liable for the breach
penalty equivalent to 0.021% of the amount of overdue payment per
overdue day. In case that Party B’s overdue payment
accumulatively reaches or goes beyond 1,500,000 RMB, the total
transfer fee will be due. Party A is entitled to demand for all the
unpaid transfer fee, to withdraw the land use right as well as to
ask Party B to undertake liabilities for all the economic
losses.
Article 4. Party A is liable for all the taxes
related to the t
