Exhibit 10.22
Purchase and Sale Agreement executed by and between Golden Flake Snack Foods,
Inc., as Seller, And Airmasters, Inc., as Purchasers, with an effective date of
April 22, 2010, for the sale of a Cessna 551 aircraft, s/n 551-0556.
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OFFER TO PURCHASE
Date: Xxxxx 0, 0000
XXXXX: Airmasters, Inc.
000 Xxxxx Xxxx
Xxxxxxxxxxx, XX 00000
Dear Xx. XxXxxxxxxx,
Airmasters, Inc. offers to purchase your aircraft
Model: Cessna Citation II, Registration Number N200GF, Serial Number 551-556 for
$1,150,000********** (USD) under the following conditions:
- Pending an Aircraft Evaluation inspection to be performed by Aviation
Support in Oneonta, AL
- Aircraft is to be as represented and have no major damage
- All AD's and mandatory SB's will be in compliance.
- Aircraft to be delivered with clear title and clear of all liens.
- Complete aircraft, engine & logbooks.
- All Aircraft Systems & Avionics working properly at delivery
including the GPS database updates being current and in compliance.
- The seller agrees to pay for and correct any airworthy discrepancies
discovered during the Aircraft Evaluation.
- Upon completion for the Aircraft Evaluation, the buyer shall review
all discrepancies found and request that some or all of them be
corrected prior to completing the purchase. If both parties cannot
agree as to which items are to be corrected and where such corrective
action is to be preformed, the buyer reserves the right to cancel this
offer. Additionally, if the offer is cancelled due to such a
disagreement, the seller will refund the costs of the Aircraft
Evaluation to the buyer - up to $10,800.00.
- Upon completion of the Aircraft Evaluation and any related deficiency
corrections, the seller will provide the buyer a test flight, up to
one hour in length, to verify that all systems, components and
avionics are operating normally and that the engines make rated power.
- Upon Seller's acceptance of this purchase offer, Purchaser shall wire
a Fully Refundable deposit of $25,000.00********** (USD) to be held in
escrow by Insured Aircraft Title Services, Inc., X.X. Xxx 00000
Xxxxxxxx Xxxx, XX 00000 Telephone (000) 000-0000, FAX (000) 000-0000
- Upon the completion of the Aircraft Evaluation, if the aircraft is
accepted, the deposit becomes non-refundable and will be deducted from
the Purchase Price.
- If the aircraft is rejected during or after the Aircraft Evaluation
inspection the deposit will be returned to the buyer.
- Seller will pay all escrow fees at closing.
This offer is good through April 12, 2010 @ 5:00p.m. CST.
------------------------------
Purchaser: Seller:
-------------------- -----------------------------
Airmasters, Inc. Golden Flake Snack Foods, Inc
Xxx Xxxx Xxxx XxXxxxxxxx
Date: Date:
--------------- ------------------------
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