Restaurant Conditional Sale Agreement
Restaurant Conditional Sale Agreement
This Restaurant Conditional Sale Agreement (the "Agreement") is entered into as of [Date], by and between:
[Your Company Name], a restaurant business with its principal office located at [Your Company Address] (hereinafter referred to as the "Seller"),
AND
[Buyer's Name], an individual/organization with its principal office located at [Buyer's Address] (hereinafter referred to as the "Buyer").
WHEREAS, the Seller desires to sell certain assets to the Buyer, and the Buyer desires to purchase such assets subject to the conditions set forth herein;
NOW, THEREFORE, in consideration of the mutual covenants and promises herein contained, the parties hereto agree as follows:
1. Sale of Assets
1.1 Assets: The Seller agrees to sell and the Buyer agrees to purchase the following assets (the "Assets"):
Kitchen Equipment:
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Commercial oven
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Refrigerator
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Freezer
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Food preparation tables
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Shelving units
Furniture:
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Tables and chairs
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Bar stools
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Booth seating
Other Equipment:
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POS system
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Utensils and cookware
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Serving trays and plates
1.2 Purchase Price: The purchase price for the Assets shall be $[Amount].
1.3 Payment Terms: The Buyer shall pay the purchase price as follows:
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Down Payment: A down payment of $[Amount] shall be paid upon signing this Agreement.
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Installments: The remaining balance shall be paid in equal monthly installments of $[Amount] over a period of [Number of Months] months, starting from [Start Date].
2. Conditions of Sale
2.1 Inspection: The Buyer shall have the right to inspect the Assets within [Number] days of the signing of this Agreement. Any defects or discrepancies discovered during the inspection shall be noted in writing and provided to the Seller.
2.2 Title: Title to the Assets shall remain with the Seller until the purchase price has been paid in full. Upon full payment, the title shall transfer to the Buyer.
2.3 Default: In the event of default by the Buyer, the Seller shall have the right to retain all payments made as liquidated damages, and the Buyer shall forfeit all rights to the Assets.
3. Representations and Warranties
3.1 Seller's Representations: The Seller represents and warrants that:
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The Seller is the lawful owner of the Assets and has the right to sell them.
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The Assets are free and clear of any liens or encumbrances.
3.2 Buyer's Representations: The Buyer represents and warrants that:
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The Buyer has the financial capacity to fulfill the terms of this Agreement.
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The Buyer has conducted its own due diligence regarding the Assets and is satisfied with their condition.
4. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of [State].
5. Entire Agreement
This Agreement represents the complete and sole agreement between the parties involved, replacing and superseding all previous agreements, understandings, and negotiations that might have occurred prior to this agreement.
6. Amendments
This Agreement can only be altered or changed through a written agreement that must be duly signed by both parties involved.
7. Counterparts
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.
[Your Company Name]
[Your Name]
[Job Title]
[Date]
[Buyer's Name]
[Buyer's Name]
[Job Title]
[Date]
