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Title: |
Asset Purchase Agreement |
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Date: |
2001 |
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Preview shows 6KB of 41KB total |
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Price: |
$37 |
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ID: |
#867553 |
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ASSET PURCHASE AGREEMENT
BY AND BETWEEN
EVANS OIL OF LOUISIANA, INC.
2002 BROAD STREET
LAKE CHARLES, LOUISIANA 70602
("SELLER")
- AND -
PAK-PETRO, INC., A LOUISIANA CORPORATION,
HEREIN REPRESENTED BY ITS DULY AUTHORIZED
PRESIDENT, MOHAMMAD A. SWATI
8146 9TH AVE.
PORT ARTHUR, TEXAS 77642
OR ITS ASSIGNS
("PURCHASER")
APRIL 30, 2001
ASSET PURCHASE AGREEMENT
This ASSET PURCHASE AGREEMENT (the "Agreement") dated this 30th day of
April, 2001, is made and entered into by and between PAK-PETRO, INC., A
LOUISIANA CORPORATION, HEREIN REPRESENTED BY ITS DULY AUTHORIZED PRESIDENT,
MOHAMMAD A. SWATI, OR ITS ASSIGNS, hereinafter referred to as "PURCHASER", and
EVANS OIL OF LOUISIANA, INC., a Louisiana Corporation, hereinafter referred to
as "SELLER".
RECITALS
WHEREAS, SELLER is the owner of various parcels of real property, various
items of personal property, including equipment, furniture and fixtures and
holders of various leasehold interests in real and personal property, all of
which is occupied and or being used in the retail convenience store business
(hereinafter referred to as, "business assets");
Page 1 of 16 Pages
<PAGE>
WHEREAS, SELLER desires to sell and PURCHASER desires to purchase certain
business assets on the terms and subject to the conditions set forth in this
Asset Purchase Agreement;
AGREEMENT
NOW, THEREFORE, in consideration of the mutual covenants and agreements set
forth in this Agreement, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:
1. Agreement to Purchase. On the Closing Date, as hereinafter defined, and
subject to the terms and conditions of this Agreement, Seller shall sell,
convey, grant, assign, transfer and deliver to Purchaser, and Purchaser shall
buy, accept and receive from Seller, all of the Seller's right, title and
interest in and to the following:
A. Real Property. The real property described in Exhibit "A" attached
hereto, together with all buildings, fixtures and other improvements
located thereon and all rights, easements, hereditaments and
appurtenances related thereto (collectively the "Real Property").
B. Leasehold Interest. SELLER'S leasehold interest in the Leases,
together with all of SELLER'S right, title and interest in and
possession of all improvements, buildings and fixtures covered by the
Leases, a copy of which are attached hereto as Exhibit "B".
C. Machinery and Equipment. The machinery, equipment, furniture and
fixtures, and transportation equipment and other personal property
listed in Exhibit "C" attached hereto (the "Machinery and Equipment").
All machinery, equipment, tanks, pumps, furniture and fixtures and
other personal property at the Evans Bulk Plant facility which is
located at 2002 Broad St., Lake Charles, Louisiana.
D. Contract Rights. The contract rights identified in Exhibit "D"
attached hereto (the "Contract Rights").
E. Trade Name and Trademarks. Trade names and trademarks, attached hereto
as Exhibit "E".
F. Licenses and Permits. Licenses and permits to the extent transferable,
and relinquishment thereof to the extent non-transferable. Seller
agrees to enter into a Management Agreement
Page 2 of 16 Pages
<PAGE>
which shall allow Purchasers to sell beer on Seller's permits/licenses
until Purchasers obtain a permit/license for such purposes. Purchasers
agree to make application with proper agencies for all permits and
licenses and further agree to indemnify Seller for any and all claims,
damages, fines, penalties or causes of action which may arise as a
result of Purchasers operating under Seller's permits/licenses.
G. Retail Inventory. The term "Inventory" consists of (i) all salable
inventory owned by SELLERS which is to be identified prior to closing
and added to this Agreement prior to closing as Exhibit "F" (the
"Inventory"); (ii) all wholesale inventory, specifically the inventory
at the bulk plant facility which is located on the premises described
as 2002 Broad, St. Lake Charles, Louisiana 70601; and (iii) shall
include all merchandise including gasoline located at retail
facilities as described in Exhibits "A" and "B".
H. Manufacturer Warranties. To the extent transferable by SELLERS, all
warranties of any manufacturer, supplier or vendor with respect to any
of the property to be sold to PURCHASERS hereunder.
The Real Property Machinery and Equipment, Inventory and Contract Rights
are herein sometimes called the "Non-Inventory Business Assets."
Notwithstanding anything in this Agreement to the contrary, there shall be
excluded from the assets, properties, rights (contractual and otherwise) and
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