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AGREEMENT TO
SELL BUSINESS
Agreement made this _________day of _________, 19__
by
and between ____________________ and
_____________________
(doing
business as _____________________.) of
________________________
____________________ (hereinafter referred to as
"Seller") and
_________________________________ (hereinafter
referred to
as the
"Buyer").
Whereas the Seller desires to sell and the Buyer
desires
to buy the business of a certain
_______________________
now
being operated at ____________________________ and
known as
______________________ and all assets thereof as
contained
in
Schedule "A" attached hereto, the parties hereto
agree and
covenant as follows:
1. The
total purchase price for all fixtures,
furnishings and equipment is $___________ Dollars
payable as follows:
(a) $____________ paid in cash; certified or bank
checks, as a deposit upon execution of this
Agreement, to
be held
by ________________________.
(b)
$___________ additional to be paid in cash,
certified or bank checks, at the time of passing
papers.
(c) $_________ to be paid by a note of the Buyer
to the Seller, bearing interest at the rate of _____
percent
per
annum with an
option of the Buyer to prepay the entire
outstanding obligation without penalty. Said note shall be
secured by a chattel mortgage and financing
statement
covering
the property to be sold hereunder, together with any
and
all
other property acquired during the term of said note
and
placed
in or within the premises known as
__________________________
____________________.
2. The property to be sold
hereunder shall be
conveyed
by a standard form Bill of Sale, duly executed by
the
Seller.
3. The
Seller promises and agrees to convey good, clear,
and marketable title to all the property to be sold
hereunder,
the same to be free and clear of all liens and
encumbrances.
Full possession of said property will be delivered
in the
same
condition that it is now, reasonable wear and tear
expected.
4. Consummation
of the sale, with payment by the Buyer
of the balance of the down payment and the delivery
by the
Seller of a Bill of Sale, will take place on or
before
______________,19__.
5. The
Seller may use the purchase money, or any portion
thereof, to clear any encumbrances on the property
transferred
and in the event that documents reflecting discharge
of
said
encumbrances are not available at the time of sale,
the
money
needed to effectuate such discharges shall be held
by the
attorneys of the Buyer and Seller in escrow pending
the
discharges.
6. Until
the delivery of the Bill of Sale, the Seller
shall maintain insurance on said property in the
amount
that is
presently insured.
7.
Operating expenses of _____________________ including
but not limited to rent, taxes, payroll and water
shall be
apportioned as of the date of the passing of papers
and the
net
amount thereof shall be added to or deducted from,
as the
case
may be, the proceeds due from the Buyer at the time
of
delivery
of the Bill of Sale.
8. If
the
Buyer fails to fulfill his obligations herein,
all deposits made hereunder by the Buyer shall be
retained
by the
Seller as liquidated damages.
9. The
Seller promises and agrees not to engage in the
same type of business as the one being sold
for_______
years
from the time of passing, within a __________ radius
of
___________________________.
10. A
Broker's fee for professional services in the
amount of _________________($________) Dollars is
due from
the Seller to_________, provided and on the
conditions that
papers pass.
11. The
Seller agrees that this Agreement is contingent
upon the following conditions:
(a) Buyer
obtaining a Lease on the said premises or that
the existing Lease be assigned in writing to the
Buyer.
(b) Buyer
obtaining the approval from the proper
authorities (Town and State) of the transfer of all
necessary
licenses to the Buyer.
(c) The
premises shall be in the same condition,
reasonable wear and tear expected, on the date of
passing
as they
are currently in.
12. All
of
the terms, representations and warranties
shall survive the closing.
This Agreement shall bind and inure
to the benefit of the Seller and Buyer and their
respective
heirs,
executors, administrators, successors and assigns.
13. If
this
Agreement shall contain any term or
provision which shall be invalid or against public
policy
or if
the application of same is invalid or against public
policy,
then, the remainder of this Agreement shall not be
affected
thereby and shall remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have caused
this
instrument to be executed in triplicate on the day
and year
first
above written.
___________________________
_____________________________
SELLER:
BUYER:
___________________________
_____________________________
SELLER:
BROKER: |