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 Shannah Wilcox, Address __________ (hereinafter referred to as the “Seller”), and Eddie and Deborah McConnell, Address ____________ (herein referred to as the “Buyer”).
WHEREAS, the Seller does not own the real estate, the Buyer shall lease from Mathias Properties.
NOW THEREOF, in consideration of the mutual covenants and promises made by the Parties hereto, the Parties covenant and agree as follows:
The initial term of this Agreement shall be for a period of FOUR Years commencing on the Effective Date herein.
The Seller is selling the Daylight Donuts 2576 W. Sunset Suite A. Springdale Arkansas 72764, to the Buyer.
The Buyer shall pay the Seller Twenty Five Thousand Dollars ($25,000), financed for 4 years at 3% interest.
- LEASE/EQUIPMENT/BUSINESS PERMITS/LICENSE/TAX
- The Seller does not own the real estate, the Buyer shall lease from Mathias Properties. In the event that the Seller shall co-sign for the reminder of the lease for this Agreement, and should the Buyer default over 30 Days, the Seller shall not be held legally responsible for the lease. The Buyer shall be solely responsible for the lease and any defaults thereof. The Seller shall not be sued for any issues arising from the lease.
- The Seller shall first lien to the equipment at the business until the Sale Price has been paid in full. The equipment include; 1 front counter, 1 coffee bar, 1 display case, 1 microwave w/metal stand, 1 small oven w/stainless steel stand, 1 prep table w/gravy station, 4 stainless steel tables, 1 butcher block cutting table, 1 proof box, 1 hand wash sink, 1 three bay sink with sprayer, 1 left to right daylight fryer w/screens, cradle, glazer and submerging screen, 35 yellow trays, 3 baker racks, 1 30 quart mixer w/attachments, 1 20 quart mixer w/attachments, 1 side by side stainless steel refrigerator, 1 rolling donut cutter, 1 long John cutter, 2 iPad square registers with 2 printers and 2 cash boxes, 1 phone w/answering machine, 1 flat screen TV, 1 metal shelf, 1 office desk, 1 mop and mop bucket, 1 ladder, 6 stainless steel trays with screens, 3 type k donut guns, 1 maple rolling pin, 10 miscellaneous icing tubs, 3 sets double gravy pots, and 1 two burner hot plate.
- BUSINESS PERMITS/LICENSES/TAXES.
- 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.
- COUNSEL/ATTORNEY FEES.
- The Parties acknowledge and agree that they have had the opportunity to have this Agreement reviewed by legal counsel and either they have done so or waived that right. The Parties agree that they are entering in this Agreement voluntarily and with full understanding of the Terms stated herein.
- In the event that the Buyer fails to execute their obligations under this Agreement, or defaults on lease payment, and the matter is taken to court, the Buyer shall be responsible to pay the Seller’s attorney fees.
- 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.
- This Agreement shall be governed by and construed in accordance with the laws of the ____ [State/Country]. Exclusive jurisdiction and venue shall be in ____ [State/Country].
- 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)
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