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Title: |
Asset Purchase Agreement |
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Entities: |
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Date: |
2001 |
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Size: |
Preview shows 11KB of 68KB total |
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Price: |
$50 |
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ID: |
#1398143 |
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<SEQUENCE>3
<FILENAME>paspur.txt
<DESCRIPTION>ASSET PURCHASE AGREEMENT
<TEXT>
ASSET PURCHASE AGREEMENT
AMONG
CNL RESTAURANTS IV, INC.
AND
PHOENIX RESTAURANT GROUP, INC.
Dated as of May 24, 2001
Section 1. Sale and Purchase...............................................1
1.1 Assets and Properties to be Sold and Purchased.......................1
(a) Leased Properties and Improvements...............................1
(b) Franchise Agreements.............................................1
(c) Personal Property................................................1
(d) Contracts........................................................2
(e) Inventory........................................................2
(f) Computer Software and Hardware...................................2
(g) Telephone Numbers................................................2
(h) Ancillary Assets.................................................2
(i) Documents........................................................2
(j) Books and Records................................................2
1.2 Assets and Properties Not to Be Purchased and Sold...................3
Section 2. Liabilities.....................................................3
2.1 Liabilities Remain with Seller.......................................3
2.2 Liabilities Assumed by Buyer.........................................3
Section 3. Purchase Price..................................................3
3.1 Amount and Deposit...................................................3
3.2 Allocation of Purchase Price.........................................4
Section 4. Seller's Representations and Warranties.........................4
4.1 Corporate Status and Authority.......................................4
4.2 Ownership of Assets and Properties...................................4
4.3 Condition of Assets and Properties...................................4
4.4 Leases, Contracts, Agreements and Other Commitments..................4
4.5 Compliance with Law and Other Regulations............................4
4.6 Liabilities..........................................................5
4.7 Statements and Other Documents Not Misleading........................5
Section 5. Buyer's Representations and Warranties..........................5
5.1 Corporate Status and Authority.......................................5
5.2 Knowledge Regarding the Business.....................................5
5.3 Condition of Assets..................................................5
5.4 Statements and Other Documents Not Misleading........................5
5.5 Facts and Circumstances with Respect to Seller.......................6
Section 6. Continuation and Survival of
Representations and Warranties..................................6
Section 7. Seller's Covenants..............................................6
Section 8. Buyer's Conditions Precedent to the Closing.....................6
8.1 Compliance With Agreements and Covenants.............................6
8.2 Accuracy of Representations and Warranties...........................6
8.3 Lease Assignments....................................................6
8.4 Corporate Approvals..................................................6
8.5 Consents and Approvals...............................................7
8.6 Litigation...........................................................7
8.7 Delivery of Documents................................................7
Section 9. Seller's Conditions Precedent to the Closing....................7
9.1 Compliance with Agreements and Covenants.............................7
9.2 Accuracy of Representations and Warranties...........................7
9.3 Corporate Approvals..................................................7
9.4 Waivers, Consents and Approvals......................................7
9.5 Litigation...........................................................8
9.6 Delivery of Documents................................................8
Section 10. The Closing....................................................8
10.1 Deliveries by Seller................................................8
10.2 Deliveries by Buyer.................................................8
Section 11. Employees......................................................9
Section 12. Post-Closing Covenants.........................................9
12.1 Bulk Transfer.......................................................9
12.2 Further Assurances..................................................9
Section 13. Indemnification................................................10
13.1 Indemnification by Seller...........................................10
13.2 Indemnification by Buyer............................................10
13.3 Certain Limitations.................................................10
Section 14. Brokers and Finders............................................11
Section 15. Post Closing Obligations of Buyer..............................11
Section 16. Termination....................................................11
16.1 Right to Terminate..................................................11
16.2 Material Breach.....................................................11
16.3 Remedies............................................................12
16.4 Right to Damages....................................................12
16.5 Return of Documents on Termination..................................12
Section 17. General Provisions.............................................12
17.1 Definition of Knowledge.............................................12
17.2 Notices.............................................................12
17.3 Confidentiality and Public Announcements............................13
17.4 Binding Nature of Agreement; Assignment.............................14
17.5 Exhibits and Schedules; Entire Agreement............................14
17.6 Controlling Law.....................................................14
17.7 Indulgences, Not Waivers............................................14
17.8 Attorneys' Fees.....................................................14
17.9 Costs and Expenses..................................................15
17.10 Titles Not to Affect Interpretation; Captitalized Terms............15
17.11 Execution in Counterparts..........................................15
17.12 Provisions Separable...............................................15
17.13 Number of Days.....................................................15
17.14 Waiver of Jury Trial...............................................15
17.15 Construction.......................................................15
17.16 Florida Radon Gas Notification.....................................15
ASSET PURCHASE AGREEMENT
This ASSET PURCHASE AGREEMENT (the "Agreement") is made and entered into
as of May 24, 2001, by and among CNL RESTAURANTS IV, INC., a Florida
corporation ("Buyer"), and PHOENIX RESTAURANT GROUP, INC., a Georgia
corporation ("Seller").
A. Seller conducts the business of the ownership and operation of
restaurants, including the three (3) restaurants operated under franchises
from Denny's, Inc. and/or DFO, Inc., which are more particularly described on
Schedule A hereto and made a part hereof (individually, a "Restaurant" and
collectively, the "Restaurants").
B. Seller desires to sell to Buyer, and Buyer desires to purchase
from Seller, the Restaurants and certain of the assets associated with the
Restaurants, on an "AS IS, WHERE IS" basis, and desires to assume certain
obligations associated with the Restaurants, all upon the terms and
conditions set forth in this Agreement.
NOW, THEREFORE, in consideration of the premises and of the mutual
covenants hereinafter set forth, the parties hereto agree as follows:
Section 1. Sale and Purchase.
1.1 ASSETS AND PROPERTIES TO BE SOLD AND PURCHASED. At the
Closing (as defined herein), Seller shall sell to Buyer and Buyer shall
purchase from Seller, subject to all the terms and conditions of this
Agreement, the following assets and properties of Seller with respect to the
Restaurants (the "Purchased Assets") free and clear of all liens, claims and
encumbrances, except as set forth in Schedule 4.2 hereto:
(a) LEASED PROPERTIES AND IMPROVEMENTS. All of the right,
title and interest of Seller in and to (i) the use of the real property
parcels and buildings constituting the Restaurants (individually, a "Leased
Property" and collectively, the "Leased Properties") and all other
improvements, fixtures and structures (collectively, the "Improvements")
located on, affixed to and/or appurtenant to the Restaurants or the Leased
Properties and that are subject to the real property leases (individually, a
"Lease" and collectively, the "Leases") set forth on Schedule 1.1(a) hereto,
and (ii) the Leases.
(b) FRANCHISE AGREEMENTS. All right, title and interest
of Seller in, to and under the franchise and/or license agreements with
respect to the Restaurants between Seller and Denny's, Inc. and/or DFO, Inc.,
as applicable (individually, a "Franchise Agreement" and collectively, the
"Franchise Agreements") as set forth on Schedule 1.1(b) hereto, provided,
however, that (i) Seller on the one hand, and Buyer, on the other hand, shall
each be responsible for and shall pay the costs and fees of their respective
counsel incurred in connection with the assignment of the Franchise
Agreements, and (ii) Seller shall be solely responsible for and shall pay any
and all transfer fees to be paid to Denny's, Inc. and/or DFO, Inc., in
connection with the assignment of the Franchise Agreements.
(c) PERSONAL PROPERTY. All of the right, title and
interest of Seller in and to any and all personal property utilized in
connection with the businesses conducted in the Restaurants, including, but
not limited to, (i) the mechanical systems, fixtures and equipment comprising
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