Common use of Land Use Right Clause in Contracts

Land Use Right. If Party B desires to continue to use the land upon expiration of the grant, it shall submit a renewal application to Party A two months before the expiration of grant term and, upon the approval thereof and the determination of the new term for the land use right grant, land use right grant fee and other conditions, sign a new land grant contract and handle the formalities for the registration of land use right.