Sale of franchise business by BrittanyGibbons

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									Sale of franchise business. This agreement is made this _________[date] by and between _________ (Buyer), and (Seller). Seller desires to sell the business operated by h— under the name _________ in the City of _________, State of _________ and Buyer desires to purchase the business as a going concern, exclusive of cash and accounts receivable, and free from any obligations for accounts payable or other liabilities of Seller, it is agreed as follows: 1. Seller agrees to sell and Buyer agrees to buy, free from any liabilities and encumbrances, the goodwill of the business, the exclusive right to use the trade name _________, the right to the _________ franchise, and to the extent permitted under Seller's contract franchise agreement covering the franchise, an assignment of the contract subject to approval by the franchisor _________, together with all inventory pertaining to the business. 2. The building located at _________ Street where the business is now located and which is owned by Seller, shall be rented to Buyer at a monthly rental of $_____ per month for a period commencing _________[date] and ending _________[date]. 3. All records, customer lists, and correspondence along with all files and advertising materials and data relating to the franchise are included in this sale. 4. Purchase price, exclusive of rentals as set out in paragraph 3 above, is $_____ of which $_____ shall be allocated to physical goods, wares and merchandise, and $_____ to goodwill. Purchase price is payable in full upon the signing of this agreement and upon Buyer's assumption of the premises and business. 5. Seller covenants not to, for a period one year, sell _________[franchise item] within a radius of _________ miles from the premises described above. 6. Seller further covenants to lend every reasonable effort in securing assent from _________[franchisor] to the transfer of ownership of the business from Seller to Buyer, which approval is required in Seller's contract with franchisor dated _________. Notwithstanding any other provision of this agreement, the duties and obligations of both Buyer and Seller as set out in any other provision of this agreement are made contingent upon securing from _________[franchisor] written approval to the transfer of ownership of the business in accordance with the terms of this agreement, no later than _________[date] and in the event that such approval is not so secured, this agreement shall be of no force or effect. [Signatures]

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