SALE OF BUSINESS AGREEMENT.

by | Jul 26, 2023 | Agreements

SALE OF BUSINESS AGREEMENT.

This Sale of Business Agreement (hereinafter referred to as the “Agreement”) is made and entered on this ____ day of _____ 2021 (the “Effective Date”), between _________________, Contact Info: __________ (hereinafter referred to as the “Seller”), and _______________, Contact Info: ____________ (herein referred to as the “Buyer”).

WHEREAS, the Seller does not own the real estate, the Buyer shall lease from _____________.

NOW THEREOF, in consideration of the mutual covenants and promises made by the Parties hereto, the Parties covenant and agree as follows:

  1. TERM

The initial term of this Agreement shall be for a period of 30 Days commencing on the Effective Date herein.

  • SCOPE.

The Buyer shall be buying the restaurant named ______, located at __________, California from the Seller. The Seller shall, upon the execution of this Agreement, transfer the lease, the business and all restaurant equipment to the Buyer.

  • PAYMENT.

The Buyer shall pay Thirty Five Thousand Dollars ($35,000) for the restaurant, and shall pay a Five Thousand Dollars ($5,000) deposit on the Effective Date herein. The balance shall be paid once the transaction has been completed and the business documents and the lease are in the Buyer’s name.

  • LEASE/ BUSINESS PERMITS/LICENSE/TAX
    • The Seller does not own the real estate, the Buyer shall lease from _________. The Seller shall provide last year’s tax returns and all sales transaction reports as proof that there is law suits on the equipment or the restaurant.
    • The Buyer shall be responsible for all the business permits/license for the business from the Effective Date herein. They shall be responsible to ensure that the business permits/licenses are in their name. The Buyer shall be responsible for all the business taxes for the business from the Effective Date herein.
  • TERMINATION/CANCELLATION.

The Buyer shall terminate/cancel this Agreement if within 5 days after the Effective Date herein, the Seller fails to furnish the Seller with last year’s tax returns and all sales reports and/or if the leasing company _________ refuses to grant the Seller lease to the property. Upon termination/cancellation of this Agreement, the Seller shall refund the Five Thousand Dollar down payment with 7 days.

  • GENERAL PROVISION, GOVERNING LAW AND JURISDICTION.
    • This Agreement contains the entire Agreement between the Parties relating to the subject matter hereof and supersedes any and all prior agreements or understandings, written or oral, between the parties related to the subject matter hereof.  No modification of this Agreement shall be valid unless made in writing and signed by both parties hereto.
    • In the unfortunate event that there are issues arising from the performance of this Agreement, the parties shall use mediation to resolve the matter. This Agreement shall be governed by and construed in accordance with the laws of the State of California, USA. Exclusive jurisdiction and venue shall be in California, USA.
    • This Agreement shall be binding upon and inure to the benefit of the Seller and the Buyer and their respective successors and assigns, provided that the Buyer may not assign any of their obligations under this Agreement without the Seller’s prior written consent. 
    • Each party represents and warrants to the other that such party has acted in good faith, and agrees to continue to so act, in the negotiation, execution, delivery, performance, and any termination of this Agreement.

IN WITNESS WHEREOF, this Agreement has been executed by the parties as of the Effective Date.

SELLER: _____________            ________________________                 ___________

                        (SIGNATURE)                  (NAME)                                                (DATE)

BUYER: _____________            ________________________                 ___________

                        (SIGNATURE)                  (NAME)                                                (DATE)

At Legal writing experts, we would be happy to assist in preparing any legal document you need. We are international lawyers and attorneys with significant experience in legal drafting, Commercial-Corporate practice and consulting. In the last few years, we have successfully undertaken similar assignments for clients from different jurisdictions. If given this opportunity, The LegalPen will be able to prepare the legal document within the shortest time possible. You can send us your quick enquiry ( here )