Summary of Mortgage Contract of Maximum Amount between Changzhou Wujin Best Cable Co., Ltd. and Jiangsu Wujin Rural Commercial Bank
Changzhou Wujin Best Cable Co., Ltd. (the Mortgager) has agreed to mortgage its assets, valued at RMB 2,610,300, to Jiangsu Wujin Rural Commercial Bank (the Creditor) as security for a loan of up to RMB 1.4 million. This agreement guarantees repayment of the loan, including interest, penalties, and related costs, for obligations under a separate loan contract. The guarantee covers a period of two years after the statute of limitations for the creditor’s rights expires, and applies to all costs incurred by the bank in recovering the debt.
Exhibit 10.13
Summary of Mortgage Contract of Maximum Amount
Summary of Mortgage Contract of Maximum Amount ( the “Contract”) Entered into by and between Changzhou Wujin Best Cable Co., Ltd. (the “Mortgager”) and Jiangsu Wujin Rural Commercial Bank (the “Creditor”) on August 14, 2009
Main contents:
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Contract number: 3218852009930017;
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In order to guarantee the indebtedness of Changzhou Best Cable Co., Ltd. (the “Obligor”) towards the Creditor under the Loan Contract of Maximum Amount (reference no.: 3218852009130017) the Mortgager agrees to mortgage its property to the Creditor.
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Maximum amount of the loan principle under the mortgage: RMB 1.4 million from August 14, 2009 to August 13, 2012.
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Scope of Guaranty: The guaranty shall cover all of the loan principal, interest, penalty interest, breach of contract compensation, damages, and other fees which is incurred to the Creditor in realizing its creditor’s right, including but not limited to litigation cost, lawyer’s fees, etc..
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Collaterals: The Mortgager agrees to mortgage its assets with a certified value of RMB 2,610,300 to the Creditor.
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Term of guarantee: 2 years since the expiration of statute of limitation for the secured creditor’s right.
