Land Availability. Licensor and Shareholder each represents and covenants that at least 100 hectares of arable land in Guangdong province in the PRC will be available for grass farming by Target within 12 months after the First Closing Date. Any agreement regarding such land use rights shall grant the land use rights to Target, but shall be assignable to Acquirer at Acquirer’s option. The term of such agreement, including possible renewals, shall be at least 10 years.
Appears in 2 contracts
Sources: Securities Purchase Agreement (VIASPACE Green Energy Inc.), Securities Purchase Agreement (VIASPACE Inc.)