N
nowayjose
Guest
A local Bar owner is attempting to monopolize all of the available Liquor Licenses in a particular Small Town. He agreed to sale one of his establishments but only on the condition that no liquor license be used at that location for a specified number of years (even if the establishment were to be sold to another party within that time frame). Obviously he's selling the establishment without an accompanying liquor license.
The contract was written by his Lawyer under those terms specifying that the condition survives closing and is to be in place for the specified term.
Is this a valid condition which would be honored in a court of law if the purchaser places a liquor licese in the establishment within the described time? Can the owner get away with that kind of condition in the Contract? And once the Transaction settles, is the contract condition still valid if no liens, etc. are placed on the property?
Any advice would be greatly appreciated.
Thanks
The contract was written by his Lawyer under those terms specifying that the condition survives closing and is to be in place for the specified term.
Is this a valid condition which would be honored in a court of law if the purchaser places a liquor licese in the establishment within the described time? Can the owner get away with that kind of condition in the Contract? And once the Transaction settles, is the contract condition still valid if no liens, etc. are placed on the property?
Any advice would be greatly appreciated.
Thanks