Agreement For Purchase And Sale Of Restaurant Including Its Bar Business, Liquor License And Real Estate (Page 2 of 3) in pdf

Agreement For Purchase And Sale Of Restaurant Including Its Bar Business, Liquor License And Real Estate Page 2

The sum of $___________ cash shall, upon the execution of this

Agreement, be deposited in the escrow as described below.

The balance of the purchase price shall be payable by certified check to

the order of Seller on the date of closing, subject to adjustments, which shall be

made at the time of closing, for insurance premiums, rents, accounts for public

utilities, taxes, payroll and payroll taxes.

III.

Bill of Sale.

The Seller agrees to simultaneously execute in conjunction with this Agreement a bill of

sale for the Restaurant Business (in the form attached hereto as Exhibit B) to be delivered to the

Purchaser at the settlement provided for in this Agreement.

IV.

Escrow.

The sums of money referred to above shall be deposited with (name and address of

escrow agent, such as closing attorney) who shall pay over the funds to Seller at closing. If this

Agreement is not consummated, the consideration deposited in escrow shall be paid out as

provided in Paragraph IX of this Agreement.

Settlement of Accounts and the Like.

At the time of the final settlement, the Seller agrees to close out promptly all accounts for

public utilities and to immediately file all statements and accounts required under any statute of

the State of ____________or ordinance of the City of ______________respecting wages and the

like.

VI.

Time of Settlement.

Settlement for the sale of the Restaurant Business, including the real property, building,

the stock-in trade, goodwill, equipment, fixtures, and the liquor license shall take place within

______hours of the receipt of the approval of the transfer of said liquor license to the Purchaser.

At the time of settlement, possession of the Restaurant Business, license, building fixtures, stock-

in-trade, equipment and goodwill shall be given to the Purchaser.

VII.

Purchaser's Warranty.

Purchaser expressly warrants to Seller that it is under no legal disability that would

prevent transfer to it of the liquor license under the laws of the State of ___________and the

requirements and regulations of (e.g., the Department of Alcoholic Beverage Control).

VIII. Liquor License.

This Agreement is made subject to the further condition that transfer of the liquor license

from Seller to Purchaser is approved by (e.g., the Department of Alcoholic Beverage Control).

On or before (date), Purchaser and Seller shall execute and file with (e.g., the Department of

Alcoholic Beverage Control) an application for the transfer of the license from Seller to

Purchaser. Purchaser shall pay all fees required by (e.g., the Department of Alcoholic Beverage

Control) for such transfer.

IX.

Disapproval of or Failure to Act on Application for Transfer of Liquor License.

Agreement For Purchase And Sale Of Restaurant Including Its Bar Business, Liquor License And Real Estate Page 2