Land Use Rights Clause Samples

Land Use Rights. 4.4.1 Vimicro Shenzhen has the land use right of a piece of land with the land number of T205-0098 located at ▇▇▇▇▇ ▇▇▇▇ Road, South District, Shenzhen (深圳市南山区沙河西路宗地号T205-0098) with the area of 3,947.24 square meters (the “Target Land”), free from any Encumbrance, and there is no agreement or commitment to give or create any such Encumbrance. 4.4.2 In the event that the land use right of the Target Land is taken back by the competent government authority prior to the Date of Payment due to the failure of compliance with the Land Use Right Transfer Contract by Vimicro Shenzhen, including the failure of the commencement of the construction of the Target Land on or prior to the construction date specified therein, the Transferee is entitled to terminate this Agreement unilaterally by a writing notice to the Transferor. Notwithstanding of the foregoing, the Transferor shall not be accountable for the confiscation of the Target Land by competent government authority after the Date of Payment. 4.4.3 If Vimicro Shenzhen shall pay any charges or penalties for idle land with respect to the Target Land prior to the Date of Payment pursuant to any applicable laws and regulations of the PRC, the Transferee shall be entitled to (i) require the Transferor to reimburse all such charges or penalties paid by Vimicro Shenzhen to the Transferee within ten (10) working days after the Transferee conveys relevant government notice to the Transferor, or (ii) deduct such charges and penalties from the Consideration that has not been paid to the Transferor (if any), provided that the Transferee issues to the Transferor relevant notice together with relevant documentary proof issued from competent government authorities against Vimicro Shenzhen. Before any payment or deduction of the charges or penalties to government under this Clause, the Transferee shall notify the Transferor in writing. Notwithstanding of the foregoing, the Transferor shall not be accountable for the above penalties or charges by competent government authority after the Date of Payment.

Land Use Rights. None of the Group Companies owns or has legal or equitable title or other right or interest in any real property other than the land use rights (the “Land Use Rights”) held by the Group Companies as set forth in Schedule 3.27 or as held pursuant to Lease. True and complete copies of the certificates evidencing the Land Use Rights have been delivered to Buyer or its agents or professional advisers and any land grant premium required under applicable Law in connection with securing such Land Use Rights has been fully paid. None of the land with respect to which the Land Use Rights relate constitutes arable land that has been converted to other uses. The particulars of the Land Use Rights as set out in Schedule 3.27 are true and complete.

Land Use Rights. The Company adopted the provisions of SFAS No. 142, Goodwill and Other Intangible Assets (SFAS 142), effective January 1, 2002. Under SFAS 142 goodwill and indefinite lived intangible assets are not amortized, but are reviewed annually for impairment, or more frequently, if indications of possible impairment exist. The Company has performed the requisite annual transitional impairment tests on intangible assets and made the impairment adjustments as necessary. REVENUE RECOGNITION

Land Use Rights. None of the Group Companies owns or has legal or equitable title in any real property.

Land Use Rights. The Company and each Subsidiary, where relevant, has acquired the Land Use Rights in accordance with the Requirements of Law and the relevant granted land use rights contracts or land use right transfer contracts. The Land Use Rights encompass all of the real property on which the facilities of the Company and any Subsidiary are located. The relevant granted land use right contracts or land use right transfer contracts and the relevant land registration certificate contain no material restrictions on Land Use Rights that adversely affect the Company’s or any Subsidiary’s use of the relevant real property.

Land Use Rights. (a) The Company has acquired the land use rights for the Site pursuant to the Land Use Rights Grant Contract and other relevant legal documents. The Company’s land use rights of the Site and its ownership of the buildings and structures on the Site are evidenced by several Land Use Rights Certificates and Real Estate Certificates or equivalent documents issued by the relevant Chinese government authorities in the name of the Company.

Land Use Rights. (1) where the land use rights can be applies for, both parties shall confirm the list of target assets of final handover by signing the Delivery Confirmation; the handover shall be deemed as completed when the transfer procedures of land use right certificate is completed and the certificate is handed over to the buyer. (2) for the land use rights that the sellers have disclosed the existence of defects or the sellers cannot apply for relevant ownership certificate or transfer procedures, both parties agree to hand over such rights as is, and the handover shall be deemed as completed when the Delivery Confirmation is signed. (3) land that any party temporarily cannot apply for land use right certificate or is applying for such certificate: the buyer shall subsequently apply for and improve legal relations and formalities of such land and bear related costs generated after the Delivery Date; the sellers shall give the buyer necessary assistance, including but not limited to providing necessary information for applying for related certificates. (4) lands/venues leased by the sellers: both parties shall complete the handover of contract in accordance with Article 10 of this Annex, and the handover of such lands/venues shall be deemed as completed when the Delivery Confirmation is signed. (5) processing fees for transfer and registration of land use rights shall be borne by the buyer.

Land Use Rights. Schedule 3.5.1 sets forth all of the land used in the Business for which Seller owns the land use rights together with copies of the land use rights certificates evidencing Seller’s ownership of the land use rights of such land. All of the land use rights relating to such land are granted land use rights and Seller has the right and power to transfer ownership of such land use rights to Buyer in the event Buyer and Seller enter into an agreement for the purchase and sale of such rights.

Land Use Rights. 2.1 The Committee shall arrange to have the local land authority in the Hi-tech Zone (hereinafter “Land Authority”) sign a state-owned land use rights purchase contract (hereinafter “Land Use Rights Purchase Contract”) with the Company pursuant to which: (1) A plot of land with an area of [*] (hereinafter “Land”) in the Hi-tech Zone, and at proximity to Intel’s project (the map of the Land attached hereto as Exhibit A) shall be provided for the Company’s use; (2) The Company will acquire the granted land use rights to the Land and will use [*] of the Land for its initial operation. If the Company decides not to use the remaining [*] of the Land within two (2) years after the commencement of the Company’s operation, the Company shall return the [*] of the Land to the Committee. The Committee shall fully refund or otherwise reimburse the Company the land use rights purchase fees paid by the Company for such [*] of the Land; (3) The term of the land use rights for the Land shall be fifty (50) years, from the execution date of the Land Use Rights Purchase Contract, subject to extension; (4) The land use rights granted to the Company shall have the legal status of “granted land use rights” under relevant PRC laws and regulations, and may be legally transferred, mortgaged, leased or otherwise disposed of by the Company, subject to any applicable legal requirements or restrictions; (5) The designated use for the Land shall be: industrial use land; (6) The land use rights purchase fee for the net area of the Land shall be [*] per mu, which includes the land grant fee but excludes the deed tax (hereinafter “Land Use Rights Purchase Fee”). The difference between this purchase fee and the standard land purchase fee will be compensation by the committee. (7) The Land Use Rights Purchase Contract shall become legally effective on the date on which all the following conditions are satisfied (hereinafter “Land Contract Effective Date”): (i) The Land Use Rights Purchase Contract has been pre-signed, signed and endorsed in accordance with the terms therein; (ii) This Contract has become legally effective in accordance with the relevant terms therein; (iii) The Land Use Rights Purchase Contract has been approved by MPS’ Board of Directors; (iv) The final area for the Land has been determined in accordance with the terms of the Land Use Rights Purchase Contract; (v) All of the conditions for the Establishment Date set out in Article 1.12 of this Contract have been fully sati...