[WSBARP] Covenant Not to Compete (?) and Sale of Building

[Paul Neumiller]

Opps, should have written that "buyer will NOT allow a toy business"

 

 

From: wsbarp-bounces at lists.wsbarppt.com
[mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Paul Neumiller
Sent: Thursday, June 25, 2015 2:49 PM
To: wsbarp at lists.wsbarppt.com
Subject: [WSBARP] Covenant Not to Compete (?) and Sale of Building

 

Listmates:  A issue has come up that I don't have time to research (parties
want to close escrow next week, of course) and I was hoping someone might be
able to give me guidance.  Client owns two adjacent commercial buildings and
is selling one.  Client has a toy business in the building that Client is
retaining.  Parties have agreed that for as long as there is a continuous
operating toy business in the retained building that buyer will allow a toy
business in the building that buyer is purchasing.  Is this legally
enforceable?  Maybe this shouldn't be called a covenant not to compete but
rather a private parties' use restriction?  Sample provisions to insert?
Thanks

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