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Asset Purchase Agreement
ASSET PURCHASE AGREEMENT
THIS AGREEMENT made this [Date of Agreement] by and between [Name of Seller], and I [Name of Purchaser].
WITNESETH:
In consideration of the mutual covenants hereinafter contained, it is hereby agreed by and between the parties hereto as follows:
1. Seller shall sell and Purchaser shall purchase, free and clear of all liens, encumbrances and liabilities, those assets of Seller's business, commonly known as consisting of and equipment, all of which are more fully described and enumerated in Schedule A which is attached hereto and by this reference made a part hereof.
2. Purchaser shall pay the Seller as the purchase price for the foregoing the sum of DOLLARS. The total purchase price shall be payable in cash at closing.
For Purchaser, the closing of this Agreement is contingent upon Purchaser's obtaining a firm commitment for a loan of at least $ [Amount of Loan] payable with interest not to exceed and payable over a year period and otherwise on terms customarily required by the lender for commercial loans.
3. Seller shall sell, assign, transfer, and convey to Purchaser the assets, free of all liabilities.
4. All equipment included in the sale shall be in good working condition at the time of sale. Purchaser shall accept the assets "as is" without warranty as to their condition and operation.
5. The actions to be taken by the parties hereto to close the transaction as provided shall take place on or before [Date of Closing Date] at the office of Attorney at Law, [Address of Attorney] hereinafter referred to as the "Closing Date". At the closing, Seller shall deliver to Purchaser possession of the assets, and good and sufficient instruments of transfer, conveying and transferring the assets to Purchaser. Such delivery shall be made against payment and delivery to the Seller of the price as set forth hereinabove. The instruments of transfer shall contain covenants and warranties that Seller has good and marketable title in and to the assets.
6. Seller covenants, warrants and represents:
(a) He or She is not presently involved in any activity or outstanding dispute with any taxing authority as to the amount of any property taxes due, nor has he/she received any notice of any deficiency, credit or other indication of deficiency from any taxing authority.
(b) He or She is the owner of and has good and marketable title to all of the assets enumerated in the attached Exhibit A, free from all encumbrances, except
(c) Purchaser waives the benefit of the [Applicable statute]; provided, however, that Seller shall indemnify and hold harmless Purchaser from any and all claims of its creditors and such assets shall transfer to Purchaser, free and clear of all liens and encumbrances.
All representations and warranties made by Seller shall survive the Closing.
7. Seller hereby assumes all risk of loss, damage or destruction resulting from fire or other casualty to the time of transfer of assets and Closing.
8. This Agreement shall be binding upon the personal representatives, successors and assignees of the parties. This Agreement and any accompanying instruments and documents include the entire transaction between the parties and there are no representations, warranties, covenants or conditions, except those specified herein or in accompanying instruments and documents.
9. All covenants, warranties and representations herein shall survive this Agreement and the Closing Date.
10. This Agreement shall be governed in all respects by the laws of the State of [State of Jurisdiction].
IN WITNESS WHEREOF, the parties hereto have set their hands and seals, the date and place first above written.
(Seal)
Seller
(Seal)
Purchaser