Common use of Specific Clause Clause in Contracts

Specific Clause. Both parties confirm that Party A plans to file an application for completing the procedures to extend the term of use of this property tentatively in October 2017 and comply with the government requirements, including site inspection, plotting, or partial site rectification and suspension. Party B undertakes that Party B will unconditionally suspend the operation of business and move all items out from the Leased Property within 60 days from the date on which Party A issue a written notice in the event that the application filed by Party A is not approved by the government within 60 days from the date on which Party A files the application documents. Party B shall pay liquidated damages of RMB50,000 per day for overdue period if Party B fails to not move out as scheduled. If Party B’s failure to move out result in Party A’s failure to extend the term of use of the property, Party B shall compensate all loss to Party A at twice of the then current transaction price of the property which is not less than RMB500 million.