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EXHIBIT 10(A)(I)
CHINA CONSTRUCTION BANK (LOAN)
MORTGAGE CONTRACT
SERIAL NUMBER OF CONTRACT:
MORTGAGOR (THE PARTY A): SHENYANG HAITONG HOUSE PROPERTIES DEVELOPMENT
CO. LTD (HEREAFTER REFERRED TO AS PARTY A)
ADDRESS: QINGNIAN STREET 386, HEPING DISTRICT
LEGAL REPRESENTATIVE: LEE SHOUZHENG
BANK ACCOUNT:
ACCOUNTS: 449-239003038
MORTGAGEE (HEREAFTER REFERRED TO AS PARTY B): CITY CONSTRUCTION SUBBRANCH OF
CHINA CONSTRUCTION BANK.
ADDRESS: 109, MINZHU ROAD, HEPING DISTRICT.
LEGAL REPRESENTATIVE:
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To assure the performance of loan contract No., the party A would like to take
its own property or the property of which the Party A has the right to dispose
legally as security. Through examination, the Party B accepted the Party A's
security property. According to relevant rules of law, both parties consult with
each other, and come to agreements in the following items:
ARTICLE 1: The Party A mortgages property that ix listed in security listing.
ARTICLE 2: The amount that the Party A mortgage is 40.8 millions yuan. The
term of loan is from 30 December 1999 to 29 December 2000.
ARTICLE 3: The Party A assures that it has the ownership or management right
of the security.
ARTICLE 4: When this contract goes into effect, the Party A should send the
ownership warrant of the security to the Party B. During the mortgage, the
ownership warrant of the security should be in safekeeping by the Party B.
ARTICLE 5: The range of mortgage and guarantee.
The sum of loan that is 40.8 millions yuan, interests, fine, compensation,
and the fees to realize creditor's rights and hypothec (which includes a
retaining fee and legal cost).
ARTICLE 6: Effectiveness of this contract is independent from the loan
contract guarantee, The invalidation of loan contract doesn't affect the
effectiveness of this contract.
ARTICLE 7: The Party A bears fees of relevant evaluation, insurance,
identification, registration and keeping.
ARTICLE 8: During the mortgage, the Party A is responsible for safekeeping of
the security, and to keep it in good condition. The Party B can examine them
at any moment.
ARTICLE 9: The Party A should insure the security in the course of mortgage
and appoint the Party B as the first beneficiary. The Party B holds the
insurance Policy.
ARTICLE 10: In the period of mortgage, if the security suffers loss that
exceeds the range of insurance, or the security is devalued due to the third
party's activity, the insurance compensation or damage compensation should be
transferred by Party A to the account pointed by the Party B. During the
mortgage, the Party A can't use this property.
ARTICLE 11: If the security is devalued, the Party A should provide the Party
B with guarantee that equals the value decreased in thirty days.
ARTICLE 12: In the period of mortgage, if the security incurs pollution to
environment or other damage, the Party A should bear the responsibility
itself.
ARTICLE 13: During the mortgage, without the 3 agreement of the Party Bin
written form, the Party A can't present, move, rent, transfer, re-mortgage,
or transact the security under this contract in any other improper manner.
ARTICLE 14: In period of the mortgage, with the agreement of the Party B in
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written form, the money obtained by the Party A from transferring the
security should be used preferentially to repay the Party B the creditor's
rights ahead.
ARTICLE 15: When the term of loan prescribed in the contract expires, if the
borrower can't repay the debt, the Party B is entitled to convert the
security into money, or auction, sell the security. The Party B can share
Preferentially the money obtained in the above-mentioned manner, and realize
hypothec.
ARTICLE 16: The Party B can dispose of the security ahead and realize hypothec,
or stop providing the loan under loan contact or recall the principal and
interest having been provided ahead, if any of the situations as follows
happen:
1. The Party A is announced to be dismissed or bankrupt;
2. The Party A seriously breached the duty prescribed in the fourth, eighth,
ninth, eleventh and thirteenth item of this contract, or other behavior
breaching this contract seriously take place.
3. In period of loan term, the borrower is announced to be bankrupt and
dismissed, or the company's systems modified. They induce that the Party
B's creditor's rights go by the board, the use of loan id changed, the
Party A is entangled with lawsuit, and other situation that influences
enough the Party A's compensation ability or behavior lacking of honest to
repay occur.
ARTICLE 17: If the Party A damages the Party B's economic benefit because of
concealing situation of co-ownership, controversy, being sealed up, being
corresponding compensation that is 30 percent of the sum of loan. If the
compensation is not enough to offset the damage to the Party B, the Party A
should compensate the insufficient part. The party B is entitled to use the
money in the Party A's account to balance the compensation and fine.
ARTICLE 18: The money obtained by the Party B from disposing of the security
could be allotted in the order as follows: 1. Pay the fees that are needed to
transact the security; 2. Repay the interest that the Party A owes the Party
B; 3. Repay the compensation, fine, and principal of loan that the Party A
owes the Party B, and so on. 4. Pay other fees.
ARTICLE 19: Other items promised.
ARTICLE 20: If the two parties don't come to an agreement on the controversy
about movable property caused by this contract, they should lodge a complaint
in the Party B's local court.
ARTICLE 21: When the security listed in the security listing is registered,
this contract goes into effect.
ARTICLE 22: Both parties' legal representatives (or authorization agents)
should sign and affix their common seal on the contract. It will also
efficacy after
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other relevant fees are repaid.
ARTICLE 23: This contract consists of two duplicates. The two parties hold
one of them respectively.
THE PARTY A:
Shenyang Haitong House Properties Development Co., Ltd.
Legal representative (Signature): Lee Shouzheng
(or authorization agent)
Date: 99-12-28
THE PARTY B:
Construction Bank of China Shenyang City Construction Subbranch.
Legal representative (Signature): Wang Zhicheng
(or authorization agent)
Date:
Appendix: Security list:
Podium parts of 2 floor
Tower A 23 floor Room No 2352, 2355-2360, 2363-2368
18 floor Room No 1862
