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Bill of Sale of Business With Covenant Not to Compete
1. Description of Property Sold. KNOW ALL MEN BY THESE PRESENTS, that I, [name], doing business under the trade name of [name], and residing at [address] (Seller), in consideration of ..... dollars ($.....) paid to me by [name], with offices at [address] (Buyer), receipt of which is acknowledged, have bargained and sold and by these presents sell and convey to Buyer all of the assets of the business conducted by me under the above trade name, which assets are more fully described in Schedule A [omitted] attached to this instrument and made a part of it, subject to certain liabilities of the business, which are more fully described in Schedule B [omitted] attached to this instrument and made a part of it.
TO HAVE AND TO HOLD UNTO THE BUYER, his heirs, executors, administrators, and assigns forever.
2. Seller's Covenant to Defend Buyer's Title to Items Sold. And Seller for himself, his heirs, executors, administrators, and assigns covenants and agrees to warrant and defend the title to the business and the assets sold and conveyed by this instrument to Buyer against all adverse claims made by any person, firm, corporation, and association.
2. Covenant of Title and Covenant to Defend Title. Seller covenants with Buyer that seller is the lawful owner of the business and assets conveyed by this instrument, free from any encumbrance. Seller further covenants that Seller will warrant and defend the title to the business and assets against all adverse claims made by any person, firm, corporation, or association.
3. Seller's Covenant Not to Compete. Seller agrees that for a period of [number] years from the date of this instrument, Seller will not directly or indirectly, either as principal, partner, agent, manager, employee, stockholder, director, officer, or in any other capacity, engage or be interested in the conduct of the business of [nature of business] within a radius of [number] miles from [city].
4. Applicable Law. This Agreement shall be governed by the laws of the State of ________________________.
5. Date. IN WITNESS WHEREOF, Seller has signed this and sealed this Agreement on [date].
Signed, Sealed, and Delivered in the Presence of: [name]
*** If Required By State Law ***
This Section for Notary:
State of _________
County of ________ [COUNTY]
On [DATE] before me, [NAME OF NOTARY], notary, personally appeared [NAME OF PERSON(S) INVOLVED], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
Witness my hand and official seal.
My commission expires: _____