06/13/2025
AGREEMENT FOR THE SALE OF BUSINESS AND GOODWILL
This Agreement is entered into by and between Vasanth Raju (hereinafter referred to as "Party A/Seller") and Borra Monica / Flavours Indian cuisine LLC (hereinafter referred to as "Party B/Buyer") concerning the Royal Peacock multi-cuisine restaurant located at 600 Brevard Ave, Cocoa, Florida - 32922.
The purchase price for the aforementioned business is Seventy-Two Thousand Dollars ($72,000), which shall be paid by Party B to Party A on the date of signing this Agreement (July 01, 2025).
The purchase price of Seventy-Two Thousand Dollars ($72,000) includes the deposit paid by Party A to the landlord during the signing of the original lease.
Any liabilities, bills, or fees incurred before June 15th shall be the sole responsibility of Party A. From the date of signing (June 16, 2025), any bills, fees, etc., shall be the sole responsibility of Party B.
From the date of signing, all utilities shall be transferred to Party B (personal/LLC), including electricity, gas, phone, internet connection, linen services, water/trash, and other services.
As per the landlord's terms, Party B shall obtain liability insurance coverage of at least Two Million Dollars ($2,000,000).
From July 01, 2025, Party B shall replace all business licenses in their name. Until the process is complete, they are permitted to use the current licenses. Upon obtaining their licenses, they shall remove Party A's licenses from operations. (for 30 days) cannot use after August 01, 2025.
From the date signed, Party B shall be responsible for business tax and sales tax.
The monthly rent is Six Thousand Eight Hundred Dollars ($6,800), which shall be paid directly to the landlord through a business check or cashier's check on or before the 5th of every month. Failure to pay the rent shall result in a late fee of 3% of the rent amount. Alternatively, the rent may be paid to Party A.
From the date of commencement, all menus, prices, and restaurant timings, as well as the name of the business, shall be at the sole discretion of Party B.
The DBA name "Royal Peacock multi-cuisine" is owned by Party A, who retains all rights to this name. During the business name transition period, Party B shall maintain the standard of business, ensuring that the reputation of the name "Royal Peacock" is not compromised.
