Draft of Sale of good agrrement

AGREEMENT FOR THE SALE OF MACHINERY OF FITNESS CLUB (FIGURE AND PHYSIQUE)

This agreement is made at Lahore on this ____ day of November, 2009 for the sale and transfer of Fitness Club machinery.

BY AND BETWEEN

Mrs. ___________________ W/o. _____________________________, R/o. ____________________________________________ (hereinafter referred to as the “SELLER”).

AND

Mr. Istikahar Ahmed, S/o .Rana Muhammad Illays, R/o House No. 117-C, Punjab Small Industry, Lahore. (Hereinafter referred to as the “BUYER”).

WHEREAS

1. The seller is Lessee in basement of plaza Bearing No.144, Situated at BlockCC-A Phase IV, D.H.A, Lahore (hereinafter referred as Leased premises) and running a business of fitness club with the name and style of “figure and physique”.

1. That the seller has taken the premises on lease from Mr.Nazir S/o Muhammad Ismail R/o 51-AA, Phase IV, D.H.A Lahore (hereinafter referred as Lessor) vide lease agreement dated _______ for 3 Years.

1. That the seller is not able to run a business due to illness and selling the all machinery to the buyer and transferring the business of fitness club to buyer before the expiry of the lease agreement dated _______________with the consent of the Lessor.

NOW THIS DEED WITNESSES AS FOLLOWS;

1. That the buyer paid Rs.900,000( nine lac Rupees only) to the seller for the following things which are as follows;

1. Rs. 500,000 (five lac rupees) for the fixture and fittings of the leased premises.
2. Rs. 295,000 (two lac and ninety five thousand rupees only) for the machinery of the fitness club.
3. Rs. 105,000 (One lac and five thousand rupees only) for the advance of the leased premises which seller have already paid to Lessor.

1. That after receiving the amount of Rs.900, 000 (nine lac rupees only) the seller shall transfer the business of the leased premises to buyer.

1. That after the transfer of possession the Lease agreement between the seller and the Lessor shall automatically terminated before the expiry period and the lessor will execute a new agreement to buyer.

1. That the buyer will be bound to pay the rent to the lessor after the execution of this agreement regularly as a new Lessee.

1. That the seller has already been taken the amount of Rs.105, 000 from the buyer which she had given to lessor as an advance of a lease premises and on the vacation of the premises the buyer shall have a right to receive the same amount of advance Rs.105, 000 from the Lessor.

1. That the buyer after the execution of this agreement shall be a lesseeof the leased premises and  under the legal obligation to pay the rent, telephone bills, electricity bill and etc.; whereas the seller is not bound to pay any future charges.

IN WITNESS HEREWITH BOTH THE PARTIES AGREED TO THE TERMS OF THIS AGREEMENT.

Mrs. ___________________                                 Mr. Istikhar Ahmed

CNIC # _____________                                       CNIC #_____________

Address______________________                        Address; ________________

(Seller)                                                                     Buyer