Fill and Sign the Business Sale Agreement Templatesole Proprietorship Form

Agreement for Sale of Business by Sole Proprietorship with Leased Premises Agreement made on the ______ day of _____________, 20______, between ________________________ (Name of Seller) of _____________________________ ______________________________ (street address, city, county, state, zip code) , referred to herein as Seller, doing business as _________________________________ (Name of Business) , and ______________________ (Name of Buyer) of __________ ________________________________________________________ (street address, city, county, state, zip code) , referred to herein as Buyer. I. In consideration of the mutual promises and covenants of the parties, Seller sells, assigns, transfers, and conveys to Buyer all the stock of goods, furniture and fixtures, accounts, and office supplies, including also the lease of the building occupied by Seller at ____________________________________________________________________ (street address, city, county, state, zip code) . II. The Purchase Price for these assets is $_____________, receipt of which is acknowledged by Seller. The proration of the consideration is as follows: A. Furniture and fixtures: $___________________. B. Stock of Goods: $________________________. C. Office supplies: $ ________________________. D. Accounts receivable: $ ____________________. E. Lease: $_________________________. Total: $__________________ III. Buyer, and its successors and assigns, shall have and hold the property forever. Seller covenants with purchaser that the property is free from all encumbrances; Seller has the legal right to transfer and sell the property; and Seller will defend the title to the property against all persons. It is further a part of the consideration of this transfer that the name of Seller or any part of it shall not be use by Buyer in the operation of the business subsequent to this transfer nor will the name be sold or transferred by Buyer to any other person or persons. This restriction shall not be construed to prohibit the designation by Buyer that it is the successor to Seller. IV. Payment of Purchase Price A.Said Purchase Price shall be paid by Buyer’s payment to Seller the sum of $______________ cash and a Promissory Note secure by a Deed of Trust covering Seller’s residence located at _______________________________________________ ___________________ (street address, city, county, state, zip code) . A copy of the form and terms of the Promissory Note is attached hereto as Exhibit A, and the form and terms of the Deed of Trust is attached hereto as Exhibit B. Both of said Exhibits are initialed on the first page by Buyer and Seller. The lease of the building occupied by Seller at ______________________________________________________________ (street address, city, county, state, zip code) , is being assigned by separate instrument. WITNESS our signatures as of the day and date first above stated. _________________________________ _________________________________ Printed Name & Signature of Buyer Printed Name & Signature of Seller