LAND USE CONTRACT
This Land Use Contract (the “Contract”) is entered into on November 28, 2019, by and between Party A, an overseas investor, and Party B, the City of Hebei, for the purpose of entering into an agreement to use Party A’s land.
WHEREAS, Party A is the legal owner of the real estate registered in the Land Administration Department of Hebei Province, China (the “Land”); and
WHEREAS, Party B wishes to use the Land for proposed construction and development projects in Hebei;
NOW, THEREFORE, in consideration of the mutual covenants and promises hereinafter set forth, the parties agree as follows:
1. Transfer of Rights
1.1 Party A hereby transfers and assigns all of its rights, title and interest in and to the Land to Party B, including but not limited to rights as set forth in the applicable laws and regulations.
1.2 Party A agrees to execute all documents and take all actions necessary and required to perfect, complete and fully implement the transfer of rights, title and interest in the Land to Party B, in accordance with applicable law.
2. Term
The term of this Contract shall be from the date hereof until December 31, 2029, renewable at the discretion of both parties (the “Term”).
3. Use of the Land
3.1 Party B will use the Land for the purpose of constructing and developing real estate projects on the Land.
3.2 Party B agrees not to use the Land for any purpose other than what is stated in this Contract, without the written consent of Party A.
4. Rent and Other Fees
4.1 Party B shall pay the rent to Party A in an amount of RMB 1,000,000 per annum during the Term.
4.2 In addition, Party B shall pay to Party A all taxes and additional fees related to the use of the Land.
5. Termination
5.1 This Contract may be terminated by either party upon written notice to the other party, in the event of breach and/or violation of any term of this Contract by either party.
5.2 Upon termination of this Contract, Party A shall have the right to repossess the Land and the rights, title and interest of Party B pertaining thereto.
6. Representations and Warranties
Each party hereby represents and warrants to the other that it is duly authorized to enter into this Contract and has taken all necessary action to make this Contract valid, binding and enforceable under applicable laws.
7. Dispute Resolution
Any dispute that cannot be resolved by the parties shall be submitted to and be finally settled by arbitration in accordance with the Rules of Arbitration of the International Chamber of Commerce by an arbitral tribunal of three arbitrators appointed in accordance with the said rules.
IN WITNESS WHEREOF, the parties have hereto set their hands and seals the day and year first above written, of the corresponding legal documents.
Party A
[Name]
Party B
[Name]
