Prepare an Asset Purchase Agreement for a Franchise in Canada with this ready-made template. The current franchisee (the vendor) is selling the assets to a new franchisee (the purchaser) who is taking over the business. Provisions of the agreement include:

• The purchaser will purchase the assets of the business, including inventory, parts and any equity the vendor has in the leased equipment.
  
• The purchaser will assume the responsibilities of a franchisee under the main Franchise Agreement with the franchisor.
  
• The purchaser is not obligated to assume or perform any obligation of the vendor except for the equipment leases which the purchaser has accepted prior to closing.
  
• The purchaser will assume the premises lease from the vendor.
  
• Purchase price for inventory is cost less depreciation, and for parts is actual cost.

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