Document:

Exhibit 10.2

    Exhibit 10.2

    
 

    CONTRACT
      FOR THE PURCHASE AND SALE OF REAL ESTATE

    

    

    Subject
      to the terms and provisions contained herein, Steak
      n
      Shake Operations, Inc.,
      an
      Indiana corporation ("Seller"), hereby agrees to sell and convey to Reinwald
      Enterprises Wild Geese, LLC
      an
      Indiana limited liability company and/or its permitted assigns ("Purchaser"),
      and Purchaser hereby agrees to buy and pay for that certain real property
      situated in the City of Knoxville, Knox County, Tennessee, containing
      approximately 1.06 acres of land, more or less (the "Real Estate"), more
      particularly described on Exhibit
      "A"attached
      hereto and made a part hereof, along with all improvement located thereon (the
      "Real Estate").

    

    This
      Contract is executed upon the following terms and conditions:

    

    1. Purchase
      Price.
      The
      Purchase Price for the Real Estate shall be One Million One Hundred Eighty
      Thousand Dollars ($1,180,000.00). The Purchase Price shall be payable at Closing
      (as hereinafter defined), in cash, by cashier’s or certified check, or by wire
      transfer of immediately available funds, subject to prorations and adjustments
      as hereinafter set forth.

    

    2. Independent
      Contract Consideration.
      Upon
      complete execution of this Contract, Purchaser shall pay to the order of Seller
      Independent Contract Consideration (so called herein) in the amount of $100.00
      as consideration for Seller’s entering into this Contract. The Independent
      Contract Consideration is not refundable and shall be retained by Seller
      notwithstanding any other provisions of this Contract.

    

    3. Survey.
      Within
      five (5) days following the Effective Date, Seller, at Purchaser’s sole cost and
      expense, shall order an update of that ALTA survey prepared by Site Incorporated
      as Job No. 1396, last revised March 18, 2002 to show all improvements located
      on
      the Real Estate (the "Survey"). 

    

    The
      Survey shall contain a certification from the surveyor or engineer to Purchaser,
      the Title Company and any lender designated by Purchaser.

    

    4. Title
      Commitment.
      As of
      the date hereof, Purchaser, at Seller’s cost and expense, has ordered an update
      of Title Policy currently in effect (No L70822/ab) (the "Title Commitment")
      issued through Tennessee Valley Title Insurance Company, First Tennessee Plaza,
      8005 Gay Street, Suite 1500, Knoxville, Tennessee 37929-1500 (the "Title
      Company"), setting forth the status of title of the Real Estate and all
      exceptions, including rights-of-way, easements, restrictions, covenants,
      reservations and other conditions, if any, affecting the Real Estate with true,
      legible copies of all instruments referred to in the Title Commitment affecting
      title to the Real Estate, not already in Seller’s possession and delivered
      pursuant to Section 5 hereof.

    

    5. Additional
      Information.
      Within
      fifteen (15) days following the Effective Date, Seller, at Seller’s sole cost
      and expense, shall furnish to Purchaser, to the extent available, all
      engineering studies, surveys, soil tests, and environmental reports or studies.
      Purchaser acknowledges and agrees that foregoing documents will be delivered
      to
      Seller without any warranties as to their accuracy or completeness.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    6. Review
      of Title and Survey.
      Purchaser
      shall have a period (the "Review Period") ending thirty (30) days after the
      Effective Date but no later than September 25, 2005, in which to notify Seller
      of any objections Purchaser has to any matters shown or referred to in the
      Title
      Commitment or the Survey other than those Permitted Exceptions set forth on
      Exhibit
      "B"
      hereto
      failing which Purchaser waives its right to raise such objections and title
      shall be deemed satisfactory. In the event Purchaser notifies Seller of any
      unacceptable exceptions or conditions, Seller shall have five (5) days
      thereafter in which to notify Purchaser whether Seller will eliminate or modify
      such Unacceptable Condition(s) or conditions. In the event Seller does not
      respond within such 15-day period, Seller will be deemed to have declined to
      eliminate or modify such Unacceptable Condition(s). If Seller does not opt
      to
      eliminate or modify such condition, Purchaser may (i) waive such Unacceptable
      Condition(s) and proceed to Closing; (ii) terminate this Agreement (subject
      to
Section
      17);
      or
      attempt to resolve the Unacceptable Condition(s) at Purchaser’s sole cost and
      expense, with Seller’s cooperation provided Seller shall not be required to
      incur any costs. 

     

    7. Inspection.
      At
      all
      times prior to Closing, Purchaser, its agents, representatives and designees
      (including prospective tenants, occupants and users of the Real Estate and
      their
      agents and representatives) shall have the right to enter on the Real Estate
      to
      conduct any investigations, soil tests, environmental assessments and
      engineering and feasibility studies as may deemed necessary or advisable in
      connection with the purchase or use of the Real Estate; provided that
      Purchaser’s entry upon the Real Estate shall not, in Seller’s judgement,
      interfere with the use and operation of Seller’s restaurant. Any entry upon the
      Real Estate by or on behalf of Purchaser shall be subject to such reasonable
      rules, regulations, standards and conditions as Seller may impose and (without
      limitation) may be conditioned upon Purchaser’s delivery to Seller of proof of
      any insurance coverage that Seller may be reasonably require. Purchaser shall
      deliver to Seller, promptly upon receipt by Purchaser and in any event within
      five (5) days after the termination of this Contract, pursuant to this
      Section,
      a true
      and complete copy of each inspection report or summary, survey, engineering
      study, soil test report, environmental report, or written result of such
      inspection, investigation, study or test conducted by or on behalf of Purchaser
      in connection with a study or investigation made during the Inspection Period,
      without any representation or warranty from Purchaser as to the accuracy or
      completeness of such reports. Promptly after each entry onto the Real Estate,
      Purchaser shall restore the Real Estate to substantially the same condition
      as
      it was in prior to such entry. Purchaser’s obligation to deliver copies of
      report, summaries, surveys, and test results as provided in this Subsection
      and
      Purchaser’s obligation to restore the Real Estate as aforesaid shall survive the
      termination of this Agreement or the Closing hereunder (whichever is to
      occur).

    

    Purchaser
      shall indemnify and hold Seller harmless, and, at Seller’s option, defend Seller
      from and against any and all losses, costs, liens, damages, claims, suits,
      actions, liabilities, and expenses (including attorneys’ fees and court costs)
      incurred by Seller in connection with or arising in any way out of Purchaser’s
      entry upon the Real Estate pursuant to this Section. Purchaser’s obligations
      pursuant to this Section shall survive a period of one (1) year after the
      termination of this Contract or Closing hereunder (whichever is to occur).
      

     

    For
      the
      purpose hereof, the term Inspection Period shall mean that period commencing
      with the Effective Date and ending the earlier of Thirty (30) days thereafter
      or
      September 25, 2005. In the event that prior to the expiration of the Inspection
      Period as extended Purchaser fails to notify Seller of Purchaser’s election to
      proceed toward Closing under this Contract, the Earnest Money shall become
      non-refundable and the parties shall proceed to Closing.

    

    If
      it
      should be determined by Purchaser, on or before the end of the Inspection
      Period, in Purchaser’s sole discretion and judgment, that the Real Estate is not
      suitable for the purposes for which Purchaser intends to utilize the Real Estate
      or that Purchaser, for whatever reason or for no reason at all, does not desire
      to consummate the transaction contemplated by this Contract, then Purchaser
      shall be entitled to terminate this Contract by giving written notice thereof
      to
      Seller or the Title Company prior to the expiration of the Inspection Period
      (as
      hereinafter defined), subject to the provisions of Section 17. 

    

    8. [Intentionally
      Deleted].
      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    9. Closing
      Date and Place.
      The
      Closing (so called herein) hereunder shall take place at 10:00 a.m. at the
      offices of the Title Company or the earlier of three (3) days after the
      expiration of the Inspection Period, or September 28, 2005. 

    

    10. Seller’s
      Representations and Warranties.
      Seller
      represents and warrants to Purchaser to the best of Seller’s knowledge, which
      for purposes of this section shall refer to the actual knowledge of Michael
      T.
      Crowley, Associate Counsel - Director Real Estate Law, without the benefit
      of
      nor obligation to make an independent investigation, as follows:

    

    
      	a.  	
              Seller
                has and, at the time of Closing, will have good and indefeasible
                fee
                simple title to the Real Estate, free and clear of any and all
                encumbrances and title exceptions other than the Permitted
                Exceptions.

            

    

    

    
      	b.  	
              There
                are no adverse parties in possession of the Real Estate or any part
                thereof and no parties in possession of any portion of the Real Estate
                as
                lessees, tenants at sufferance or trespassers; and no party has been
                granted any license, lease or other right relating to the use or
                possession of the Real Estate.

            

    

    

    
      	c.  	
              There
                is no pending or threatened condemnation or similar proceeding affecting
                the Real Estate or any part thereof, nor is any such proceeding
                contemplated by any governmental
                authority.

            

    

    

    
      	d.  	
              There
                is no pending or threatened litigation, actions or proceedings against
                Seller arising out of Seller’s ownership of the Real Estate which could
                adversely affect or the ability of Seller to perform any of its
                obligations hereunder or the use of the Real Estate by
                Purchaser.

            

    

    

    
      	e.  	
              Seller
                has not received notice from any governmental, quasi-governmental
                agency
                or owner association requiring the correction of any condition with
                respect to the owner association requiring the correction of any
                condition
                with respect to the Real Estate, or any part thereof, by reason of
                a
                violation of any federal, state, county or city statute, ordinance,
                code,
                rule or regulation or stating that any investigation has been commenced
                or
                is contemplated regarding any of the
                foregoing.

            

    

    

    
      	f.  	
              Seller
                has full power and authority to enter into this Contract and to perform
                its obligations under this Contract. The execution, delivery and
                performance of this Contract and the transactions contemplated hereby
                have
                been duly authorized and approved and no other actions or proceedings
                on
                its part are necessary to authorize the execution, delivery or performance
                of this Contract. This Contract constitutes the legal, valid and
                binding
                obligations of Seller enforceable in accordance with its
                terms.

            

    

    

    
      	g.  	
              Seller
                is not a foreign person as defined in Section 1445 of the Internal
                Revenue
                Code of 1986, as the same may have been or may hereafter be amended,
                or
                the regulations promulgated
                thereunder.

            

    

    

    Purchaser’s
      obligation to close this Contract shall be contingent on the above
      representations and warranties also being true and correct on the Closing
      Date.

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    11. AS-IS;
      No Implied Representations.
      Except
      as
      provided in Section 11A,  Seller
      and Purchaser acknowledge and agree that except as otherwise may be specifically
      and expressly provided herein, or in the special warranty deed, neither party
      has made any representations or warranties or agreements to, or on behalf of
      the
      other party as to any other matter concerning this Contract, the Real Estate,
      the present use thereof, or the suitability of the Real Estate for Purchaser’s
      intended use. Purchaser hereby acknowledges that pursuant to Section 4 hereof,
      Purchaser is entitled to and shall make its own independent inspection and
      investigation of the Real Estate and, in entering into this Contract, Purchaser
      represents and warrants to Seller that it intends to rely solely on such
      inspection and investigation of the Real Estate. ACCORDINGLY, BUYER IS NOT
      RELYING AND SHALL NOT BE ENTITLED TO RELY UPON ANY REPRESENTATIONS OR WARRANTIES
      OF SELLER OR ANY PRINCIPAL, AGENT, PARTNER, OFFICER, DIRECTOR, ATTORNEY,
      EMPLOYEE, BROKER, OR OTHER REPRESENTATIVE OF SELLER, AND, AT THE CLOSING UNDER
      THIS AGREEMENT, BUYER SHALL ACCEPT CONVEYANCE OF THE REAL ESTATE IN ITS "AS-IS",
      "WHERE- IS" CONDITION AS OF THE CLOSING DATE WITH ALL FAULTS WITOUT ANY
      REPRESENTATION OR WARRANTY WHATSOEVER FROM SELLER, EXCEPT AS EXPRESSLY CONTAINED
      HEREIN, OR IN THE SPECIAL WARRANTY DEED. NO AGREEMENT, WARRANTY, COVENANT,
      OR
      REPRESENTATION, UNLESS EXPRESSLY SET FORTH HEREIN OR IN THE DEED SHALL BIND
      SELLER. 

    

    11.A. Seller’s
      Repair Covenant.
      Seller
      acknowledges that there is currently a fissure in the floor of Seller’s
      restaurant building, spanning its width, and located generally toward the front
      entrance (the "Fissure"). The Fissure which has created an uneven floor surface
      is believed to be caused by soil conditions that have caused the restaurant
      building’s foundation to settle after its initial construction. Seller covenants
      and agrees, that should the consummation of the transaction contemplated herein
      occur, Seller shall use all commercially reasonable efforts to repair the
      Fissure within thirty (30) days of its receipt of notice from the
      Purchaser.
      In
      addition, Seller covenants and agrees to make all reasonably necessary further
      repairs to the Fissure, upon thirty (30) days written notice. Such
      repair efforts will be conducted in a first-class,
      good and workmanlike manner and Seller shall take all reasonable efforts to
      cause such repairs to be performed at times, which will cause the least
      interruption to the Purchaser’s business. Purchaser grants to Seller a license
      to enter the Real Estate for the purpose of performing the repairs. Prior to
      such entry Seller
      shall provide to Purchaser a certificate of general liability insurance naming
      Purchaser as insured in the amount of $1,000,000.00 or more from a company
      licensed to do business in Tennessee and carrying a Best Rating of at least
      A-,
      covering all general liability caused by or resulting from entry of the Real
      Estate by Seller or its contractors, agents, invitees and employees. The
      covenants provided by this Section 11A shall survive closing for a period of
      five (5) years.

    

    12. Risk
      of Loss.
      Risk
      of
      all loss, destruction or damage to the Real Estate or any portion thereof,
      from
      any and all causes whatsoever until consummation of the Closing shall be borne
      by Seller. In the event of damage by fire or other casualty or a taking by
      condemnation or similar proceedings or actions of all of the Real Estate, or
      any
      portion of the Real Estate which, at Purchaser’s sole discretion, is material to
      the use of the remainder, Purchaser shall have the option to terminate this
      Contract upon written notice to Seller, in which event the Earnest Money and
      all
      earnings thereon shall be promptly refunded to Purchaser, and neither Purchaser
      nor Seller shall have any further right or obligation hereunder. Should
      Purchaser elect not to exercise its option as provided hereunder, then the
      Contract shall remain in full force and effect and Seller shall assign or pay
      to
      Purchaser at Closing Seller's interest in and to all insurance proceeds,
      condemnation awards or proceeds from any such proceedings or actions in lieu
      thereof.

    

    13. Seller’s
      Obligations at Closing.
      At
      the
      Closing, Seller shall deliver or cause to be delivered to Purchaser, at Seller’s
      sole cost and expense, each of the following items:

    

    
      	a.  	
              A
                special warranty deed duly executed and acknowledged by Seller, conveying
                to Purchaser good, marketable fee simple title in the Real Estate,
                subject
                only to the Permitted Exceptions in the form attached hereto as
                Exhibit
                C.

            

    

    

    
      	b.  	
              A
                non-foreign person affidavit sworn to by Seller as required by Section
                1445 of the Internal Revenue Code. In the event that (i) Seller fails
                to
                deliver the affidavit at Closing; or (ii) Seller delivers the affidavit
                but Purchaser has actual knowledge that the affidavit is false; or
                (iii)
                Purchaser receives notice that the affidavit is false from any agent
                of
                Purchaser or Seller, then Purchaser shall be entitled to withhold
                from the
                Purchase Price a sum equal to ten percent (10%) of the total amount
                which
                otherwise would have been realized by Seller from such sale, which
                sum
                will be paid by Purchaser to the United States Treasury pursuant
                to the
                requirements of Section 1445 of the Internal Revenue Code and the
                regulations promulgated thereunder.

            

    

    

    
      	c.  	
              An
                ALTA Owner’s Policies of Title Insurance based on the updated Title
                Commitment (the "Owner’s Policy") in the amount of the Purchase Price for
                the Real Estate issued by the Title Company, insuring good and marketable
                fee simple title to the Real Estate in Purchaser, subject only to
                the
                Permitted Exceptions and the standard printed
                exceptions.

            

    

    

    
      	d.  	
              Such
                evidence or documents as may be reasonably required by the Title
                Company
                evidencing the status and capacity of Seller and the authority of
                the
                person or persons who are executing the various documents on behalf
                of
                Seller in connection with the sale of the Real
                Estate.

            

    

    

    

    14. Purchaser’s
      Obligations at Closing.
      At
      the
      Closing, Purchaser shall deliver to Seller the following items:

    

    
      	a.  	
              The
                Purchase Price in full, subject to any prorations or other adjustments
                contained in this Contract by means of a wire transfer or immediately
                available funds at Closing or by a bank cashier’s check made payable to
                the Title Company; and

            

    

    

    
      	b.  	
              Such
                evidence or documents as may reasonably be required by the Title
                Company
                evidencing the status and capacity of Purchaser and the authority
                of the
                person or persons who are executing the various documents on behalf
                of
                Purchaser in connection with the purchase of the Real
                Estate.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    15. Prorations
      and Costs.
      Ad
      valorem taxes for the then current year shall be prorated at the Closing
      effective as of the Closing Date. If the Closing shall occur before the tax
      rate
      is fixed for the then current year, the proration of taxes shall be based upon
      taxes for the prior year and adjusted for the year of closing when they become
      finally determined with such settlement to be made within ten (10) days after
      the date taxes are finally determined. Seller shall be responsible for any
      and
      all taxes related to the Real Estate for years prior to Closing due to a change
      in land usage or ownership. Purchaser shall also be responsible for any and
      all
      transfer taxes and documentary stamps and/or recording fees payable on account
      of transfer of title to the Real Estate to Purchaser. Common Area Maintenance
      charges paid by Seller for the then current year, pursuant to that Declaration
      of Covenants, Conditions and Restrictions for Turkey Creek shall also be
      prorated at closing, effective as of the Closing Date. Purchaser shall receive
      a
      credit at Closing for the estimated cost of the reasonable repairs to the
      parking lot surface at the Seller’s restaurant at 500 East Emory Road, Powell,
      Tennessee, the amount of which will be provided to Seller in an itemized writing
      delivered before Closing.

    

    16. Brokerage
      Commission.
      Seller
      represents and warrants to Purchaser that Seller has not engaged nor utilized
      the services of any broker or other professional, who can make a claim for
      a
      fee, commission or other compensation as the result of the consummation of
      the
      transaction contemplated herein. Except as otherwise provided in this Section,
      Seller agrees to indemnify and hold harmless Purchaser against any claims or
      losses resulting from a breach of the proceeding representation and warranty.
      Purchaser represents and warrants to Seller that Purchaser has not engaged
      nor
      utilized the services of any broker or other professional who can make a claim
      for a fee, commission or other compensation as the result of the consummation
      of
      the transaction contemplated herein. Purchaser agrees to indemnify and hold
      harmless Seller against any claims or losses resulting from a breach of the
      proceeding representation and warranty.. The provision of this Section shall
      survive Closing for a period of one (1) year.
      

    

    17. Termination
      by Purchaser.
      If this
      Contract is terminated by Purchaser pursuant to Section
      6, Section 7, or Section 10A,
      or by
      mutual agreement of the parties, the Earnest Money shall be immediately returned
      to Purchaser by the Title Company, and the parties shall have no further
      obligations to one another except those provisions which survive closing or
      the
      termination of the Contract by their express terms.

    

    18. Seller’s
      Default.
      In
      the
      event of Seller’s default hereunder, Purchaser may, at Purchaser’s option, and
      as Purchaser’s sole and exclusive remedy, either: (i) terminate this Contract by
      giving written notice from Purchaser to Seller and the Earnest Money will be
      immediately returned to Purchaser by the Title Company; or (ii) enforce specific
      performance hereunder.

    

    19. Purchaser’s
      Default.
      In
      the
      event that Purchaser shall fail to consummate this Contract for any reason,
      except Seller’s default or the termination of this Contract pursuant to any
      right of termination given to Purchaser herein, Seller, shall have the right
      to
      terminate this Contract by notice to Purchaser and retain the Earnest Money
      as
      liquidated damages; or pursue any legal remedies. 

    

    20. Notice.
      All
      notices, demands, or other communications of any type (herein collectively
      referred to as "Notices") given by Seller to Purchaser or by Purchaser to
      Seller, whether required by this Contract or in any way related to the
      transaction contracted for herein, shall be in writing and shall be deemed
      delivered when actually received, or, if earlier and whether or not actually
      received, (i) if delivered by courier or in person, when left with any person
      at
      the address reflected below, if addressed as set forth below, (ii) if by
      overnight courier service (such as, by way of example but not limitation, U.S.
      Express Mail or Federal Express) with instructions for delivery on the next
      business day, one (1) business day after having been deposited with such
      courier, addressed as reflected below, and (iii) if delivered by mail, when
      deposited in a Post Office or other depository under the care or custody of
      the
      United States Postal Service, enclosed in a wrapper with proper postage affixed
      (as a certified or registered item, return receipt requested), addressed as
      follows:

    

    To
      Purchaser:                      
      Reinwald
      Enterprises Real Estate, LLC

    
      	 	 	 	 	
              9948
                Ridge Drive

            

    

    
      	 	 	 	 	
              Indianapolis,
                IN 46256

            

    

    Attention:
      Gary T. Reinwald

    Phone:
      (317) 223-1430

     

    To
      Seller:                               
      Steak
      n
      Shake Operations, Inc.

    500
      Century Building

    36
      South
      Pennsylvania Street

    Indianapolis,
      Indiana 46204-3648

    Attention:
      Michael T. Crowley, 

    Associate
      Counsel - Director Real Estate Law

    Phone:
      (317) 656-4498

                                                                   
      Fax:
      (317) 633-5455

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    21. Multiple
      Unit Franchise Agreement Contingency.
      Seller
      and Purchaser acknowledge that they have entered into this Contract to transfer
      title to the Real Estate so that Purchaser can operate the Restaurant located
      thereon as a franchisee of Seller pursuant to that Multiple Unit Franchise
      Agreement ("MUFA") of even date herewith. The parties further acknowledge that
      if the MUFA is terminated, for any reason, before the consummation of the
      transaction contemplated herein, this Contract shall terminate immediately
      and
      the Earnest Money shall be immediately returned to Purchaser, except if the
      MUFA
      is terminated before the consummation of the transaction contemplated herein
      because of Purchaser breach thereof, in which event the Seller shall be entitled
      to retain the Earnest Money as liquidated damages. 

    

    22. Governing
      Law and Venue.
      This
      Contract shall be construed in accordance with the laws of the State of Indiana
      and any court action arising out of this Contract shall be brought in Marion
      County, Indiana.

    

    23. Capacity.
      Except
      as
      hereinafter provided, each person executing this Contract hereby represents
      and
      warrants that he has the authority to do so and that his signature shall bind
      the entity for which he signed. Each party hereto shall provide the other party
      and the Title Company with such documentation as the Title Company or
      Purchaser’s or Seller’s attorney deems necessary to evidence the authority of
      that party to perform the actions contemplated herein.

    

    24. Timing.
      Time
      is
      of the essence of this Contract. For purposes hereof, the "Effective Date"
      of
      this Contract shall be the date Seller is in receipt of a fully-executed
      original of the Contract. If the date that the performance of any obligations
      arising hereunder, or the date upon which any notice shall be given, is a
      Saturday, Sunday or any legal holiday under the laws of the State of Texas,
      then
      such date shall be extended to the next business day immediately succeeding
      such
      Saturday, Sunday or legal holiday.

    

    25. Attorney’s
      Fees and Costs.
      In
      the
      event either party hereto files a suit to enforce this Contract or any
      provisions contained herein, the party prevailing in such action shall be
      entitled to recover, in addition to all other remedies or damages, its costs,
      including reasonable attorney’s fees, incurred in such suit.

    

    26. Assignability.
      This
      Contract may be assigned by Purchaser without the consent of Seller, and upon
      such assignment Purchaser shall be relieved of all duties and obligations
      hereunder and Seller shall thereafter look solely to Purchaser’s assignee for
      the performance of Purchaser’s obligations hereunder.

    

    27. Gender.
      Where
      required for proper interpretation, words in the singular shall include the
      plural and the masculine gender shall include the neuter and the feminine gender
      and vice versa.

    

    28. Headings.
      The
      descriptive headings of the several Sections contained in this Contract are
      inserted for convenience only and shall not control or affect the meaning or
      construction of any of the provisions hereof.

    

    29. Complete
      Agreement.
      This
      Contract embodies the complete agreement between the parties hereto and cannot
      be varied or terminated except by written agreement of the parties.

    

    30. Withdrawal
      of Offer.
      Purchaser
      must accept this Contract by signing and returning a fully executed copy of
      the
      same to Seller at the address provided in Section
      20
      within
      ten (10) days from the date of Purchaser’s execution hereof, or this offer may,
      at Purchaser’s option, be deemed to be withdrawn.

    

    31. CONFIDENTIALITY.
      SELLER,
      PURCHASER AND TITLE COMPANY AGREE NOT TO CAUSE ANY PUBLIC ANNOUNCEMENTS TO
      BE
      MADE OF THE EXECUTION OF THIS CONTRACT OR THE CLOSING OF THIS TRANSACTION,
      AND
      FURTHER AGREE NOT TO DISCLOSE TO ANY PARTY, THE PURCHASE PRICE PAYABLE HEREUNDER
      OR THE TERMS HEREOF. SELLER, PURCHASER AND TITLE COMPANY FURTHER AGREE NOT
      TO
      DISCLOSE THE EXECUTION AND DELIVERY OF THIS CONTRACT OR THE CONSUMMATION OF
      THE
      PURCHASE AND SALE CONTEMPLATED HEREBY. NOTWITHSTANDING ANYTHING TO THE CONTRARY
      CONTAINED HEREIN, (i) SELLER, PURCHASER AND/OR TITLE COMPANY MAY DISCLOSE ANY
      ASPECT OF THIS TRANSACTION TO ANY GOVERNMENTAL AGENCY, OR ANY OFFICER THEREOF,
      UPON PROPER REQUEST THEREFORE, WHERE REQUIRED, IN ACCORDANCE WITH APPLICABLE
      LAW, (ii) PURCHASER MAY DISCLOSE THIS CONTRACT AND THE TERMS THEREOF TO ITS
      ATTORNEYS, CONSULTANTS, AGENT, REPRESENTATIVES, ENGINEERS, INSPECTORS, AND
      PROSPECTIVE AND ACTUAL TENANTS, LENDERS AND INVESTORS IN CONNECTION WITH THE
      ACQUISITION OF THE REAL ESTATE, (iii) SELLER MAY DISCLOSE THE CONTRACT AND
      ITS
      TERMS TO ITS OFFICERS, DIRECTORS, EMPLOYEES, ATTORNEYS, AGENTS OR CONTRACTORS
      IF
      IN SELLER’S REASONABLE DISCRETION SUCH DISCLOSURE IS NECESSARY TO CONSUMMATE THE
      TRANSACTION CONTEMPLATED HEREIN AND (iv) THIS CONFIDENTIALITY PROVISION SHALL
      ONLY SURVIVE THE CLOSING OR TERMINATION OF THIS CONTRACT (WHICHEVER SHOULD
      FIRST
      OCCUR) FOR A PERIOD OF SIX (6) MONTHS AT WHICH TIME IT WILL NO LONGER BE
      EFFECTIVE OR ENFORCEABLE.

    

    32. Removal
      from Market.
      Upon the
      full execution of this Contract, Seller hereby agrees that it shall not solicit
      offers for the purchase, lease or development of the Real Estate from any
      parties other than Purchaser or its assigns, while the Contract is in
      effect.

    

    33. Counterparts.
      This
      Contract may be executed in any number of counterparts, each of which will
      be
      deemed to be an original and all of which will be identical and, when taken
      together, shall constitute on and the same instrument and the agreement of
      the
      parties hereto.

    

    34. Good
      Faith and Fair Dealing.
      The
      parties agree to deal with each other fairly and in good faith.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXECUTED
      on this, the 21st day of September, 2005, by Purchaser. 

    

    
      	 	 	 	 	
              Reinwald
                Enterprises Wild Geese, LLC
                an
                Indiana limited liability company

            

    

    

    

    By:
      _/s/ Gary T. Reinwald__________________________

    Title:__Member____________________________

    

    

    EXECUTED
      on this, the 21st day of September, 2005, by Seller.

    

    

    STEAK
      N
      SHAKE OPERATIONS, INC., an Indiana corporation

    

    

    By:
      _/s/ Steak n Shake Operations, Inc.____________________

                          
      Name:
      _David C. Milne___________________________________

    Title:
      _General Counsel, Corporate Secretary___________________

    

    RECEIPT
      BY TITLE COMPANY 

     

    This
      Contract has been received by the Title Company this, the _____ day of
      ____________________, 200__; and the undersigned agrees to abide by all
      provisions contained herein regarding the disposition of the Earnest
      Money.

     

    TENNESSEE
      VALLEY TITLE COMPANY

    

    By:_______________________________________________________________

    Name:

    Title:_____________________________________________________________

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    EXHIBIT
      A

    

    Real
      Estate (Omitted from filing)

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

    

    Permitted
      Exceptions (Omitted
      from filing)

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

    

    Special
      Warranty Deed (Omitted
      from filing)Exhibit 10.3

    Exhibit 10.3

    
 

    PERSONAL
      PROPERTY SALES AGREEMENT

    

    THIS
      AGREEMENT is made this 21st day of September, 2005, by and among Steak
      n
      Shake Operations, Inc., an Indiana corporation ("Seller") and Reinwald
      Enterprises Emory, LLC
      ,an
      Indiana limited liability company, and Reinwald
      Enterprises Wild Geese, LLC, an
      Indiana limited liability company, both having their principal offices at 9948
      Ridge Drive, Indianapolis, Indiana 46256 or its assigns (collectively the
      "Purchaser").

     

     

    RECITALS

     

    
      	A.  	
              Seller
                and Purchaser have entered into that Multiple Unit Franchise Agreement
                whereby Purchaser will become a franchisee of Seller and Seller will
                transfer its interest in certain real and personal property located
                in the
                Knoxville, Tennessee metropolitan area to
                Purchaser.

            

    

    
      	B.  	
              The
                Seller and Purchaser have entered into a separate agreement for the
                sale
                of the Real Estate located at 310 Wild Geese Road, Knoxville, Tennessee
                (the "Knoxville Real Estate"); and

            

    

    
      	C.  	
              Seller
                and Purchaser have entered into a separate Assignment and Assumption
                Agreement whereby Purchaser will assume Seller’s leasehold interest in the
                real property located at 550 E. Emory Road, Powell, Tennessee (the
                "Powell
                Real Estate") (collectively Knoxville Real Estate and Powell Real
                Estate
                referred to as the "Real Estate"). 

            

    

    
      	D.  	
              In
                addition to transferring the Real Estate, Purchaser is desirous of
                buying
                and Seller is willing to sell all of the good will, inventory, equipment,
                furniture and fixtures associated with the operation of its restaurants
                on
                the Real Estate under the terms and conditions set for
                herein;

            

    

     

    NOW,
      THEREFORE, in consideration of the foregoing and of the mutual covenants,
      promises and agreements herein set forth, receipt and sufficiency of which
      is
      hereby acknowledged, Seller and Purchaser mutually agree as
      follows:

     

    1. PURCHASE
      OF ALL PERSONAL PROPERTY ON PREMISES

    Purchaser
      agrees to purchase and Seller agrees to sell all good will, together with the
      inventory (including food and beverage inventory), equipment, furniture and
      fixtures listed on Schedule 1, attached hereto and incorporated by reference,
      located in and on the Real Estate (the "Personal Property"). The parties
      acknowledge that expressly excluded from the assets sold hereunder are the
      following items: cash, accounts receivable, Third-Party owned
      equipment.

     

    
      	2.  	
              CONTINGENCIES

            

    

    The
      Parties’ obligations to purchase the personal property sold hereunder is
      contingent upon the consummation of the sale of the Knoxville Real Estate and
      the assignment and assumption of the Lease for the Powell Real Estate by
      Purchaser and the commencement of the franchise contemplated by the Multiple
      Unit Franchise Agreement.

     

    
      	3.  	
              PURCHASE
                PRICE

            

    

    The
      purchase price for the Personal Property will be allocated as follows:

    Personal
      Property located at the Knoxville Real Estate:  $440,000

    Personal
      Property located at the Emory Real Estate: $140,000

    The
      purchase price shall be paid in cash to Seller at closing.

     

    
      	4.  	
              WARRANT
                TITLE

            

    

    Seller
      warrants that it is the owner of all of the personal property sold hereunder
      free and clear of any liens or encumbrances and that to the best of Seller’s
      actual knowledge, there are no restrictions that prevent or prohibit Seller
      from
      transferring title to all such personal property to Purchaser at
      closing.

     

    
      	5.  	
              USE
                PENDING CLOSING

            

    

    Seller
      shall not sell or transfer any of the Personal Property except for inventory
      in
      the normal course of business.

     

    
      	6.  	
              INSPECTION

            

    

    The
      parties shall conduct a walk-through inspection prior to closing to verify
      the
      conditions and status of all Personal Property on the Real Estate. If Personal
      Property is not at the Real Estate, Purchaser shall deduct the value of said
      items, as reasonably determined by the Purchaser, from the Purchase
      Price.

     

    
      	7.  	
              BILL
                OF SALE

            

    

    At
      closing, the Seller shall tender a Bill of Sale transferring all personal
      property on the premises to Purchaser, and assigning all
      warranties.

     

    
      	8.  	
              CLOSING

            

    

    Closing
      shall take place simultaneously with the transactions for the transfer of
      Seller’s interest in the Real Estate, at a mutually agreed upon location unless
      extended by mutual agreement of the parties. Seller shall surrender possession
      of the Personal Property at closing.

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXECUTED
      on this, the 21st day of September, 2005, by Purchaser. 

    

    
      	 	 	 	 	
              Reinwald
                Enterprises Emory, LLC
                an
                Indiana limited liability company

            

    

    

    

    By:
      __/s/ Gary T. Reinwald____________________________

    Title:_Member_______________________________

    

    
      	 	 	 	 	
              Reinwald
                Enterprises Wild Geese, LLC
                an
                Indiana limited liability company

            

    

    

    

    By:
      _/s/ Gary T. Reinwald__________________________

    Title:_Member_____________________________

    

    

    EXECUTED
      on this, the 21st day of September, 2005, by Seller.

    

    

    STEAK
      N
      SHAKE OPERATIONS, INC., an Indiana corporation

    

    

    By:
      _/s/ Steak n Shake Operations,
      Inc._________________________________

                          
      Name:
      _/s/
      David C. Milne___________________________________

    Title:
      _General Cousel, Corporate Secretary_____________________

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      1

    EQUIPMENT,
      FURNITURE AND FIXTURE LIST

    

    (To
      be
      compiled during the inspection period)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}]]