Loan Agreement between Shaoping Lu, Hong Kong the Fifth Season International Limited, and Guarantors Lianmo Wu and Zhucheng Zhang

Contract Categories: Business Finance › Loan Agreements
Summary

This agreement is between Shaoping Lu (lender), Hong Kong the Fifth Season International Limited (borrower), and guarantors Lianmo Wu and Zhucheng Zhang. The lender will provide a loan of 4.25 million USD for the borrower to purchase property in Boshan, Shandong, from March 1, 2011, to March 1, 2013, at a 12% annual interest rate. The borrower must repay the loan and interest on time, and may request an extension with the lender's consent. If the borrower breaches the contract, a penalty interest of 20% per day applies. The agreement also includes provisions for prepayment and asset management.

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EX-10.13 14 exhibit10-13.htm EXHIBIT 10.13 Fifth Season International Inc.: Exhibit 10.13 - Filed by newsfilecorp.com

Exhibit 10.13 

Loan Agreement

Main contents:

  • Contract No.: nil
  • Loan Amount (RMB): 4.25 million USD
  • Purpose of the Loan: purchase of property of Boshan, Shandong
  • Contract Term: from March 1, 2011 to March 1, 2013
  • Interest Rate:
  • The annual interest rate is 12%;
  • Penalty interest for embezzlement: 20% of the loan per day.
  • Rights and Obligations of the Lender:
  • Lender shall disburse the loan in a timely manner pursuant to the agreement.
  • Lender shall execute the mortgage or security right in case of breach of contract of the Company.

  • Rights and obligations of the Borrower:

  • Borrower is entitled to obtain and use the loan pursuant to the agreement.
  • Borrower shall return the principal and interests timely. Borrower can extend the term of the loan when getting the consent of Lender pursuant to the agreement.
  • Consent of Lender should be obtained when any of the Borrower’s major assets for a third party is possible to be detrimental to Borrower’s capability of repayment under the agreement.
  • Borrower guarantee all of its statement is true and accurate
  • Borrower bears the relevant fees under the agreement.
  • Prepayment of the Loan:

Lender’s consent should be obtained if Borrower is willing to prepay the loan in advance. The interest rate of prepayment shall accord with the agreement.

  • Liabilities of Breach of Contract:

Penalty interest for embezzlement of 20% of the loan per day shall be imposed on the Company in case of the Company ’s breach of contract etc.

Headlines of the articles omitted

  • Dispute settlement
  • Effectiveness
  • Attention
  • Miscellaneous

Signature Page

Party A (Lender): Shaoping Lu
By: /s/ Shaoping Lu
Date: March 31, 2011

Party B (Borrower): Hong Kong the Fifth Season International Limited
By: /seal/ Hong Kong the Fifth Season International Limited
Date: March 31, 2011

Party C (Guarantor): Lianmo Wu
By: /s/ Lianmo Wu
Date: March 31, 2011

Party C (Guarantor): Zhucheng Zhang
By: /s/Zhucheng Zhang
Date: March 31, 2011