Restaurant Acquisition Clause Samples
The Restaurant Acquisition clause outlines the terms and conditions under which one party acquires ownership or control of a restaurant from another party. Typically, this clause details the assets included in the sale, such as equipment, inventory, intellectual property, and lease agreements, as well as the purchase price and payment structure. By clearly defining the scope of the acquisition and the responsibilities of each party, this clause ensures a smooth transfer of ownership and helps prevent disputes over what is included in the transaction.
Restaurant Acquisition. Each of the conditions set forth in SECTION 4.3 with respect to the acquisition of the applicable Restaurant Land by Lessor in accordance with SECTION 2.3 shall have been satisfied and the transactions contemplated by said SECTION 2.3 shall have been completed. Each of the conditions set forth in SECTION 4.3 with respect to the applicable Restaurant Property shall continue to be satisfied as of the date of the Restaurant Advance Date.
Restaurant Acquisition. In November 1993, the Company entered into an agreement to acquire 100% of the outstanding common stock of Pen-Z Corp. (Pen-Z). This transaction was completed in February 1994. Pen-Z operated a leased restaurant facility in Yorktown Heights, New York. Terms of the acquisition included $100,000 in cash, a $300,000 note payable and 36,084 shares of common stock. Based upon the results of an independent appraisal, the stock was valued at $324,200 at the time of issuance. The acquisition has been accounted for as a purchase transaction. Pursuant to the terms of this transaction, the Company entered into a lease agreement with a trust of the former 100% shareholder of Pen-Z to lease the facility for a ten year period, with a five year renewal option and acquired certain restaurant equipment from the trust for a $100,000 note payable.