EXHIBIT 10.1
CONTRACT FOR SALE AND PURCHASE OF BUSINESS
THIS CONTRACT FOR SALE AND PURCHASE OF BUSINESS, hereinafter referred to
as "Contract" or "Agreement," is executed this 1st day of September, 1998, by
and between Redbank Petroleum, Inc., a Texas corporation, (as "Seller"), and
Lyric International, Inc., a Colorado corporation, doing business in Texas as
Lyric Energy, Inc. (as "Buyer").
W I T N E S S E T H:
WHEREAS, Seller is the owner of the real property, including but not
limited to, the equipment, furniture, fixtures and other tangible assets, any
and all stock issued or outstanding, and any and all intellectual property of
Woodman Enterprises, Inc., a Texas corporation, hereinafter referred to as the
"Property" or "Seller's Property," located in Dallas County, State of Texas;
and
WHEREAS, Buyer desires to purchase Seller's Property and Seller desires
to sell said Property to Buyer;
NOW, THEREFORE, for and in consideration of the mutual covenants and
promises hereinafter contained, the Seller agrees to sell and the Buyer agrees
to buy the Property upon the following terms and conditions,
1. PURCHASE PRICE AND METHOD OF PAYMENT. The Purchase Price of the
Property is Five Hundred Thousand and No/100 Dollars ($500,000.00). Buyer
shall pay and Seller shall accept the purchase price for the Property in the
manner of five thousand (5,000) shares of Lyric International, Inc.'s
Preferred Stock B, at One Hundred and No/100 Dollars ($100.00) par value per
share.
2. CLOSING. The closing of the transactions contemplated by this
Agreement, hereinafter referred to as the "Closing," shall be held at the
corporate offices of Lyric International, Inc., located in Dallas, Texas, on
the 1st day of September, 1998, at 3:30 p.m. (such date to be referred to in
this Agreement as the "Closing Date").
3. REPRESENTATIONS AND WARRANTIES OF SELLER. Seller represents and
warrants to Buyer the correctness, truthfulness and accuracy of the matters
above-written, all of which shall survive the Closing. In addition, Seller
represents and warrants to Buyer that Seller is the true and rightful owner of
all of the real property, intellectual property, and stock of Woodman
Enterprises, Inc. and it has the legal right to sell such real property,
intellectual property, and stock.
4. REPRESENTATIONS AND WARRANTIES. Buyer and Seller hereby represent
and warrant the following: There has been no act or omission by Buyer or
Seller which would give rise to any valid claim against any of the parties
hereto for a brokerage commission, finder's fee, or other like payment in
connection with the transactions contemplated hereby.
5. TRANSACTIONS PRIOR TO CLOSING. Seller hereby covenants the
following:
a. Conduct of Seller's Business Until Closing. Except as Buyer
may otherwise consent in writing prior to the Closing Date, Seller will not
enter into any transaction, take any action or fail to take any action which
would result in, or could reasonably be expected to result in or cause any of
the representations and warranties of Seller contained in this Agreement to be
void, invalid or false on the Closing Date.
b. Resignations. Seller shall deliver to Buyer prior to the
Closing Date, such resignations of officers or employees of the business
(including Xxxxx Xxxxxx its Chairman of the Board and President), as Buyer
shall indicate, each such resignation to be effective on the Closing Date.
c. Documents. Seller shall deliver to Buyer at closing such
documents which are, in Buyer's sole discretion, necessary to fully satisfy
the objectives of this Agreement in content and form reasonably intended to do
so.
6. EXPENSES. Each of the parties hereto shall pay its own expenses in
connection with this Agreement and the transactions contemplated hereby,
including the fees and expenses of its counsel and its certified public
accountants.
7. GENERAL.
a. Survival of Representations and Warranties. Each of the
parties to this Agreement covenants and agrees that their respective
representations, warranties, covenants, statements, and agreements contained
in this Agreement shall survive the Closing Date and terminate on the second
anniversary of such date. Except as set forth in this Agreement, or in the
documents and papers delivered by Seller to Buyer in connection herewith,
there are no other agreements, representations, warranties, or covenants by or
among the parties hereto with respect to the subject matter hereof.
b. Waivers. No action taken pursuant to this Agreement, including
any investigation by or on behalf of any party shall be deemed to constitute a
waiver by the party taking such action of compliance with any representation,
warranty, covenant or agreement contained herein or therein and in any
documents delivered in connection herewith or therewith. The waiver by any
party hereto of a breach of any provision of this Agreement shall not operate
or be construed as a waiver of any subsequent breach.
c. Notices. All notices, requests, demands and other
communications which are required or may be given under this Agreement shall
be in writing and shall be deemed to have been duly given if delivered or
mailed, first class mail, postage prepaid,
To Seller: Redbank Petroleum, Inc.
00000 Xxxxxx Xxxxxxx, Xxxxx 000
Xxxxxx, Xxxxx 00000
To Buyer: Lyric International, Inc.
00000 Xxxxxxx Xxxx, Xxxxx 000
Xxxxxx, Xxxxx 00000
or to such other address as such party shall have specified by
notice in writing to the other party.
d. Sections and Other Headings. The section and other headings
contained in this Agreement are for reference purposes only and shall not
affect the meaning or interpretations of this Agreement,
e. Governing Law. This Agreement, and all transactions
contemplated hereby, shall be governed by, construed and enforced in
accordance with the laws of the State of Texas. The parties herein waive
trial by jury and agree to submit to the personal jurisdiction and venue of a
court of subject matter jurisdiction located in Dallas County, State of Texas.
In the event that litigation results from or arises out of this Agreement or
the performance thereof, the parties agree to reimburse the prevailing party's
reasonable attorney's fees, court costs, and all other expenses, whether or
not taxable by the court as costs, in addition to any other relief to which
the prevailing party may be entitled. In such event, no action shall be
entertained by said court or any court of competent jurisdiction if filed more
than one year subsequent to the date the cause(s) of action actually accrued
regardless of whether damages were otherwise as of said time calculable.
f. Captions. The Captions of this contract are for convenience
and reference only and in no way define, describe, extend, or limit the scope
or intent of this contract, or the intent of any provisions hereof.
g. Time of the Essence. Time and timely performance are of the
essence of this contract and of the covenants and provisions hereunder.
h. Successors and Assigns. Rights and obligations created by this
Agreement shall be binding upon and inure to the benefit of the parties
hereto, their successors and assigns. Whenever used, the singular number
shall include the plural, the plural the singular, and the use of any gender
shall include all genders.
i. Contractual Procedures. Unless specifically disallowed by law,
should litigation arise hereunder, service of process therefore may be
obtained through certified mail, return receipt requested; the parties hereto
waiving any and all rights they may have to object to the method by which
service was perfected.
8. AMENDMENTS OR ADDENDA. As of the date above-written, there are no
amendments, addenda, modifications, or changes to this Agreement.
9. SIGNATURES. This Agreement shall not be valid and enforceable
unless it is property executed by Buyer and Seller and their signatures
affixed below.
IN WITNESS WHEREOF, this Agreement has been executed by each of the
individual parties hereto and signed by an officer thereunto duly authorized,
on the date and year first above-written.
Signed and delivered in the presence of:
SELLER:
REDBANK PETROLEUM, INC.
a Texas corporation
/s/ Xxxxx X. Xxxxxx
By: _______________________
Xxxxx X. Xxxxxx
President
BUYER
LYRIC INTERNATIONAL, INC.
a Colorado corporation
/s/ Xxxxxxx X. Xxxxxxx
By: _______________________
Xxxxxxx X. Xxxxxxx
President
