94-111 Ordinance - Laserfiche WebLink

Home Browse Search

' l __ .,~.. ..~~._ ~. ,, ~ .. AGREEMENT ,,, THIS AGREEMENT, made and concluded at North Olmsted, Ohio, this day of October, 1994, by and between Biddulph, Inc., an Ohio Corporation, who shall hereinafter be referred to as "Biddulph" and City of North Olmsted, an Ohio Municipal Corporation, who shall hereinafter be referred to as "City." WITNESSETH, THAT: WHEREAS, prior to the date hereof, Biddulph has been the owner of Springvale Ballroom and Country Club located at 5871 Canterbury Road, North Olmsted, Ohio, together with the fixtures and equipment contained therein and also is the owner of a certain liquor permit issued by the Ohio Department of Liquor Control, (all fixtures, equipment and liquor licenses listed on the attached Exhibit A); and WHEREAS, simultaneous with the execution hereof, Biddulph and the City have executed a Sale and Purchase Agreement (the "Purchase Agreement") pursuant to which, among other things, Biddulph has sold to the City the real estate and personal property used in connection with the operation of Springvale Ballroom and Country Club; WHEREAS, pursuant to the Purchase Agreement, Biddulph has agreed to transfer and assign to the City all of its rights in and to the liquor permit referenced in Exhibit A; WHEREAS, the parties desire to provide for the continued operation of Springvale Ballroom and Country Club during the period during which transfer and assignment of such liquor permit to the City is being accomplished; NOW THEREFORE, in consideration of the premises above and the covenants and agreements set forth herein and in the Purchase Agreement, the parties hereto agree as follows: (1.) This Agreement shall take effect as of the date hereof and the City shall employ persons who will devote themselves to the successful operation of the ballroom and country club and will purchase all commodities sold at the premises for cash and incur no debts in the name of the Biddulph; City agrees not to sign any notes, bonds, mortgages, or any other documents that would obligate Biddulph as a debtor, and the City is cognizant that the sale of alcoholic beverages are governed by the laws of the State of Ohio and the City will operate said ballroom and country club business according to the laws governing the sale of said alcoholic beverages. (2.) City shall be authorized to hire and discharge any employee and City will deduct from the employees' salary any taxes required by any governmental agency. (3.) This Agreement shall continue in full force and effect for an indefinite period of time until City which has purchased the ballroom and country club from Biddulph, pursuant to the Purchase Agreement, obtains a transfer of Biddulph's liquor license into City's name. City and Biddulph are additionally bound by all the terms of the Purchase Agreement.