RACECAR PURCHASE AGREEMENT
RACECAR PURCHASE AGREEMENT (the “Agreement”), dated as of February 10, 2014, between Ben L. Fernandez, an individual residing at 8787 Baypine Boulevard, Jacksonville, Florida 32256 (the “Buyer”), and Raceworks Inc., a Georgia corporation located at 8490 Fields Ford Road, Gainesville, GA 30506 (the “Seller”).
The Buyer is interested in selling his racecar and the Seller is interested in buying a racecar. The Buyer and Seller have agreed that Buyer will purchase the Seller’s racecar. The Buyer intends on using the Seller’s racecar to enter local races.
Accordingly, the parties agree as follows:
Article 1. Definitions
Terms defined in the preamble have their assigned meanings, and the following terms have the meanings assigned to them:
a. “Closing” means the consummation of the transactions at 8490 Fields Ford Road, Gainesville, GA 30506 on March 15, 2014.
b. “FM Class” means a specific Formula race class, the Formula Mazda race class, as described by Sport’s Club of America.
c. “Purchase Price” means the purchase price is $25,0000, consisting of a $2,000 deposit plus $23,000 paid at closing.
d. “Racecar” means the green 1996 Formula Mazda racecar that Seller is wishing to sell.
e. “SCCA” means the Sport’s Car Club of America.
Article 2. Purchase and Sale
On the Closing, the Seller shall sell the Racecar to the Buyer, and the Buyer shall purchase it from the Seller, for the Purchase Price. The Buyer will pay the Seller with a certified check or money order.
Article 3. Closing Deliveries
At the Closing, the Seller shall execute and deliver to Buyer the following:
a. Documents. Copies of all repair records, full SCCA logbooks, Racecar title and any other instruments necessary to vest the Buyer with good title in the Racecar.
b. Car, Keys, and Manuals. The Racecar, its keys, and all owner’s manuals.
c. Spare Parts. All spare parts, including but not limited to: one extra set...