Common use of Transfer Registration Clause in Contracts

Transfer Registration. 1. After the Commercial House is delivered for use, both parties agree that Paragraph 1 below applies: (1) The Seller handles the ownership transfer registration of the house with the ownership registration authority. The Buyer shall provide to the Seller the relevant documents according to the Seller’s registration requirements and notice. (2) The Buyer agrees to entrust the Seller to handle the ownership transfer registration of the house with the ownership registration authority and the entrustment fee is RMB zero (in words). 2. Where, due to the Seller’s fault, the Buyer does not obtain the housing ownership certificate before June 30, 2010 (the Buyer shall pay the expenses relating to the handling of property right at one time), both parties agree that Paragraph 2 below applies: (1) The Buyer is entitled to surrender the house. If the Buyer surrenders the house, the Seller shall refund all the payments already made by the Buyer, along with the interest accrued thereupon at the ´ interest rate, within ´ days of receiving the notice of surrender. If the Buyer does not surrender the house, the Seller shall pay to the Buyer liquidated damages of ´% of all the payments already made by the Buyer per day delayed, from the next day following expiry of the term when the Buyer shall obtain the housing ownership certificate to the day when the Buyer obtains the housing ownership certificate, and such liquidated damages shall be paid to the Buyer within ´ days after the Buyer obtains the housing ownership certificate. (2) The Seller shall undertake the following defaulting liability: 1) If the delay is within thirty days, the Seller shall pay to the Buyer liquidated damages of 0.03% of all the payments already made by the Buyer per day delayed, and such liquidated damages shall be paid to the Buyer within 7 days after the initial property right registration is completed. This Contract continues to be performed. 2) If the delay exceeds thirty days ((this day shall be the same as the day in Sub-paragraph (1) above), the Buyer is entitled to terminate this Contract. Upon such termination, the Seller shall pay to the Buyer liquidated damages of 8% of all the payments already made by the Buyer within 7 days from receiving the notice of termination and refund all the payments already made by the Buyer. If the Buyer intends to continue to perform this Contract, this Contract shall continue to be performed and the Seller shall pay to the Buyer liquidated damages of 0.04% of all the payments already made by the Buyer per day delayed, from the next day following expiry of the agreed property right registration term to the day of actual completion of property right registration and such liquidated damages shall be paid to the Buyer within 7 days after the day of actual completion of property right registration.