Common use of Handover Procedure Clause in Contracts

Handover Procedure. (I). If and when the Commodity Real Property conforms to the delivery conditions agreed in Article 11, the Seller shall, seven (7) days prior to the delivery date, notify the Buyer in writing of the time and place of delivery, as well as certificates to be present in order to complete the handover procedure. At the time of acceptance and handover of the Commodity Real Property, the Seller shall produce the certification documents set out in Article 11 and satisfy such other conditions as stipulated in Article 11. In the case that the Seller fails to produce any or all of such documentation, or the Seller fails to satisfy such other conditions as agreed in Article 11, the Buyer shall have the right to refuse to accept the Commodity Real Property, in which case, the Seller shall be liable for overdue delivery of the Commodity Real Property and the provisions of Article 13 shall apply. (II). After the Commodity Real Property is accepted and handed over, the Parties hereto shall sign a Commodity Real Property Handover List. The Parties hereto agree that, if the handover procedure fails to be completed on schedule due to reasons attributable to the Buyer, the provisions stated below shall apply: 1. The Commodity Real Property shall be deemed to have met the delivery conditions and delivered to the Buyer. 2. The Seller shall take custody of the Commodity Real Property for and on behalf of the Buyer until the Buyer takes over the Commodity Real Property. 3. The Buyer shall be liable for costs incurred during the period of custody (including, without limitation, property management fees), and shall first settle the said costs before taking over the Commodity Real Property. 4. If the Buyer fails to take over the Commodity Real Property within one year of the delivery date, the Seller shall have the right to unilaterally terminate this Contract. Upon termination, the ownership of the Commodity Real Property shall belong to the Seller and the purchase price paid by the Buyer shall be refunded (without interest) after deduction therefrom of, without limitation, custody costs, property management fees, heating expenses and a default penalty equal to 3% of the total purchase price, etc. (III). The Parties agree that taxes and charges will be paid in accordance with the method stipulated in paragraph 2 below: 1. The Seller shall not require that payment of taxes and charges by the Buyer be a prerequisite condition for delivery of the Commodity Real Property. 2. The Buyer agrees to entrust the Seller or the agencies appointed by the Seller to pay on its behalf taxes and charges listed in paragraphs 2, 5, 6, x, x, x below, and shall pay such taxes and charges to the Seller or the agencies appointed by the Seller at the time of taking over the Commodity Real Property. (1) Special maintenance fund; (2) Deed tax; (3) Property management fees agreed in Article 22; (4) Heating expenses; (5) Fees to agencies engaged to complete formalities for the ownership of the Commodity Real Property. (6) Other costs and expenses incurred in obtaining the ownership of the Commodity Real Property. 3. The Buyer agrees to pay taxes and charges listed in paragraphs x, x, x, x, x, x below to the competent authorities by itself and to produce relevant payment certificates to the Seller at the time of acceptance of the Commodity Real Property. (1) Special maintenance fund; (2) Deed tax; (3) Property management fees agreed in Article 22; (4) Heating expenses; (5) x. (6) x.