Final Sale And Transfer Agreement

  • June 2020
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SALE AND TRANSFER AGREEMENT

Parties and Description This agreement is between Mr. Ghamdan Al Shawesh referred to as first party (Transferor) and Mr. Neal Hamad referred to as second party (Transferee) The first party agreed to transfer and sell the 100% of the shares of Super G&T Inc. and other goods and valuable consideration paid to Seller by the Buyer. Receipt and sufficiency of which is herby acknowledge, delivers, grand, sell and transfers forever to Buyer. Seller covenants to Buyer that he is the lawful owner of 100% shares of Super G&T Inc., goods, inventory, equipments, fixtures and chattels; that they are free from all and any encumbrances; that Seller has the right to sell that property, and Seller will warrant, guarantee and defend the sale of said property, goods, inventory and chattels unto the Buyer against the lawful claim and demands of all person whomsoever, at said property being known as Raceway /c-store, located at 1101 East Atlantic Street, South Hill, VA 23970 to the second Party Neal Hamad of 200 Devault Street, Umatilla, Fl 32784. Purchase Price: $30,000.00 payable by Buyer in U.S. Currency as follows: 15 equal payments of $2,000.00 Two thousand Dollars Per month First Payment Due January 15, 2010 Last Payment Due March 31, 2011 In the event of defaulting the payment on time as it is agreed upon here in this agreement the second party has no choice but to pay the whole amount at one time. Whatever amount left unpaid for the entire note period. It will be no compromise or concessions from the first party as to say accept any excuses from the second party regarding the default. The second party is responsible for any legal fees, expenses resulting from the default of the payment. Any expenses the first party will suffer included and not limited to transportation, phone calls, negotiations or any expense thereof it will be added to the amount that is remains and must be paid at once as one payment. The price will include the entire inventory in the store, stocks in trade, equipments, fixtures, account receivable, rebate funds, contract’s rights, leases, goodwill, licenses, and rights under any contracts for services or other rental, maintenance, or use of equipments, machinery and fixtures at the said premises. It also will include voting power and whatever power was invested in Mr. Ghamdan Al Shawesh, it will be transferred to Mr. Neal Hamad and upon the signing of this agreement Mr. Ghamdan Al Shawesh will be stripped of his rights to vote, direct or; manage and will be no longer involved in any

capacity of the above said Incorporated or in Raceway/c. store. Mr., Neal Hamad will replace Mr. Shawesh as the President of Super G&T Inc. It was agreed by the Seller that should be no lien, debts, mortgages, or any other encumbrances on the above total sale of G & T Inc. total assets. Mr. Hamad is buying free and clear and guaranteed. The first party has an obligation to deliver, transfer, and assist on any requirement to deliver this sale to the second party. This agreement is subject to obtaining new lease and agreement acceptable to Buyer. This agreement will be enforced legally in the court of law if any of the party failed to deliver as agreed and as mentioned above.

_______________________ Gamdan Al Shawesh (Seller)

____________________ Neal Hamad (Buyer)

_______________________ Witness Signature

_____________________ Witness Signature

_______________________ Print

_____________________ Print

Commonwealth of Virginia Court of Mecklenburg I herby certify that on this day, before me as officer dully authorized to administer on this and take acknowledgement, personally appeared before me and provided a driver license for identification. Witness my hand and official seal in the County and State last. Aforesaid.

______________________ Notary Public (Signature)

_______________________ Stamp of Notary My Commission Expires:

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