Document:

Exhibit 10.23 (Real Estate Sale and Purchase Agreement)

    
      

    

    EXHIBIT
      10.23

    

    

    REAL
      ESTATE SALE AND PURCHASE AGREEMENT

    

    

        THIS
      REAL
      ESTATE SALE AND PURCHASE AGREEMENT (this "Agreement")
      is
      dated as of September 19, 2006 (the "Effective
      Date"),
      by
      and between CENTRAL FREIGHT LINES, INC., a Texas corporation ("Seller"),
      and
      JERRY AND VICKIE MOYES ("Buyer").

    

        IN
      CONSIDERATION of the respective agreements of the parties made herein, and
      other
      good and valuable consideration, the receipt and sufficiency of which hereby
      are
      acknowledged, Seller and Buyer agree as follows: 

    

        1.    Property
      Included in Sale.
      Seller
      hereby agrees to sell and convey to Buyer, and Buyer hereby agrees to purchase
      from Seller, subject to the terms and conditions set forth herein, the
      following: 

    

            (a)    that
      certain real property located at 2401 East 5th St., Reno, NV 89502, being more
      particularly described in Exhibit A
      attached
      hereto (each such parcel of real property being referred to herein as a
      "Parcel"
      and
      collectively being referred to as the "Real
      Property");

    

            (b)    except
      as
      may otherwise be noted on any one or more of the Parcel descriptions on
Exhibit
      A,
      all
      rights, privileges, and easements appurtenant to the Real Property, including,
      without limitation, all minerals, oil, gas, and other hydrocarbon and other
      substances on and under the Real Property, as well as all development rights,
      air rights, water, water rights, riparian rights, and water stock relating
      to
      the Real Property, and any rights-of-way or other appurtenances used in
      connection with the beneficial use and enjoyment of the Real Property
      (collectively, the "Appurtenances");
      and

    

            (c)    all
      of
      Seller's right, title, and interest in and to all improvements and fixtures
      located on the Real Property, including, without limitation, buildings and
      structures presently located on the Real Property, all apparatus, equipment
      and
      appliances used in connection with the operation or occupancy of the Real
      Property, such as heating and air conditioning systems and facilities used
      to
      provide any utility, refrigeration, ventilation, garbage disposal, or other
      services on the Real Property (collectively, the "Improvements").
      

    

    All
      of
      the items referred to in subparagraphs (a), (b), and (c) above are
      collectively referred to as the "Property."
      

     

        2.    Purchase
      Price.
      

    

            (a)    Subject
      to Section 2(c) below, the purchase price for the Property shall be Two Million
      and No/100 Dollars ($2,000,000.00) (the "Purchase
      Price").
      

    

            (b)    The
      Purchase Price shall be paid to Seller in cash by wire transfer of immediately
      available funds on the date of the closing of this Agreement (the "Closing").
      

    

            (c)    Within
      thirty (30) days after the Closing, Seller shall retain a duly qualified and
      independent appraiser reasonably acceptable to Buyer in order to prepare an
      

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    appraisal
      of the fair market value of the Property. The costs of such appraisal shall
      be
      paid by Seller. If the fair market value of the Property as determined by such
      appraisal is more than five percent (5.0%) greater than the Purchase Price,
      then
      Buyer shall pay to Seller promptly following receipt of the appraisal an amount
      equal to the difference between the appraised fair market value and the Purchase
      Price. If the fair market value of the Property as determined by such appraisal
      is more than five percent (5.0%) less than the Purchase Price, then Seller
      shall
      pay to Buyer promptly following receipt of the appraisal an amount equal to
      the
      difference between the Purchase Price and the appraised fair market value.
      Any
      payment pursuant to this Section 2(c) shall be made in cash by wire transfer
      of
      immediately available funds.

    

        3.    Title
      to the Property; Lease Agreement.
      

    

            (a)    At
      the
      Closing, Seller shall convey to Buyer fee simple title to the Real Property,
      the
      Appurtenances, and the Improvements, by a duly executed and acknowledged
      warranty deed in a form reasonably acceptable to Buyer (the "Deed").

    

            (b)    At
      the
      Closing, Buyer and Seller shall enter into a Lease Agreement with respect to
      the
      Real Property substantially in the form attached hereto as Exhibit B
      (the
      "Lease
      Agreement").]

     

        4.    Closing.
      

     

            (a)    The
      Closing shall occur on or before September 19, 2006 (the
      "Closing
      Date"),
      or
      such other date as is agreed upon in writing by Buyer and Seller.

    

            (b)    At
      or
      before the Closing, Seller shall deliver to Buyer the following: 

     

                    (i)    the
      duly
      executed and acknowledged Deed; 

    
       

                      (ii)    a
        duly
        executed counterpart to the Lease Agreement; and

    

     

    (iii)   
such
      other documents and information as Buyer may reasonably request as necessary
      to
      consummate the purchase and sale contemplated by this Agreement. 

    

            (c)    At
      or
      before the Closing, Buyer shall deliver to Seller the following: 

     

                    (i)    the
      Purchase
      Price;

     

                    (ii)    a
      duly executed
      counterpart to the Lease Agreement; and

     

    
      (iii)    such
        other documents and information as Seller may reasonably request as necessary
        to
        consummate the purchase and sale contemplated by this Agreement.

    

    

     

    
      
         

        

        

        
        

      

      
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            (d)     The
      following are to be apportioned as of the Closing Date, as follows:

     

             (i)     Real
      Estate Taxes and Special Assessments.
      General
      real estate taxes payable for the tax year prior to the tax year in which the
      Closing occurs and all prior years shall be paid by Seller. General real estate
      taxes payable for the tax year in which the Closing occurs and for subsequent
      years shall be paid in accordance with the terms of the Lease
      Agreement.

    

    (ii)     Closing
      Costs.
      Seller
      shall pay for any fees or penalties associated with the release of any lien
      or
      encumbrance created or suffered by Seller with respect to the Property and
      the
      cost of any transfer taxes and documentary stamp taxes applicable to the sale
      of
      the Property. Buyer shall pay for the cost of obtaining or updating a prior
      survey, the premium for any title insurance requested by Buyer, endorsements,
      title examination charges, the cost of recording the Deed and all other
      recording fees. 

    

    (iii)     Survival.
      The
      provisions of this Section 4(d) shall survive the Closing. 

    

        5.    Representations,
      Warranties and Covenants of Seller.
      

    

             (a)     Seller
      hereby represents and warrants to and covenants with Buyer as follows:

    

    (i)     Seller
      has the good and valid right to convey the Property to Buyer without the joinder
      or approval of any other person or entity whatsoever.

    

    (ii)     To
      Seller's actual knowledge, there is no litigation pending against Seller that
      arises out of the ownership of the Property or any Parcel. Seller shall notify
      Buyer promptly of any such litigation of which Seller becomes
      aware.

    

    (iii)     Seller
      has never filed or been the subject of any filing of a petition under the
      federal bankruptcy law or any federal or state insolvency laws or laws for
      composition of indebtedness or for the reorganization of debtors.

    

    (iv)     There
      is
      no pending condemnation or similar proceeding or action affecting the Property
      or any part thereof, and Seller has received no notice nor has any knowledge
      that any such proceeding is pending or contemplated. 

    

    (v)     Except
      for that certain mortgage and deed of trust in favor of Bank of America, N.A.,
      as agent, which will be released as soon as practicable following
      Closing, no leases, liens, mortgages, deeds of trust, security agreements,
      or
      other encumbrances have been created by, through, or under Seller with respect
      to the Property or any Parcel.

    
      
         

        

        

        
        

      

      
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    (vi)     Seller
      has not heretofore and shall not devise, transfer, assign, or otherwise convey
      the Property or any portion thereof to any other person prior to the Closing
      Date. 

    

    (vii)     Neither
      the entering into this Agreement nor the consummation of the transactions
      contemplated herein will cause a violation or breach by Seller of any contracts,
      agreements, or instruments to which Seller is a party or by which Seller or
      any
      of the Property is bound

    

            (b)     Buyer
      shall acquire the Property "AS IS, WHERE IS" without any obligation of Seller,
      except as expressly set forth herein to the contrary, to perform any repairs,
      improvements, maintenance, or other work to the Property or any part thereof,
      and without, except as expressly set forth herein to the contrary, any
      warranties, express or implied, of any kind from Seller, including, but not
      limited to, warranties of fitness, merchantability, fitness for a particular
      purpose, habitability, tenantability, or environmental condition. Seller
      expressly disclaims any representations and warranties with respect to the
      Property, except as specifically set forth in this Agreement, and Buyer does
      hereby acknowledge that, in purchasing the Property, Buyer is relying only
      upon
      those representations of Seller concerning the Property expressly set forth
      as
      such in this Agreement and in the Deed. 

    

            (c)     Seller
      will refrain from taking any action which could cause any of the foregoing
      representations or warranties or covenants and agreements of Seller to become
      incorrect or untrue at any time from the Effective Date through the Closing.
      Seller shall be deemed to have reaffirmed the representations and warranties
      contained in this Section 5 at Closing. In the event that Seller or Buyer learns
      that any of said representations or warranties becomes inaccurate between the
      Effective Date and the Closing Date, Seller or Buyer shall immediately notify
      the other party of such change. Seller shall then use its good faith efforts
      to
      cure such change within thirty (30) days after giving or receiving notice
      thereof as required herein. The Closing Date shall be automatically extended
      in
      order to allow the running of said thirty (30) day period. In the event Seller
      so cures such change within said thirty (30) day period, this Agreement shall
      remain in full force and effect. If Seller is unable to cure such change, Buyer
      may either (a) terminate this Agreement with respect to the Parcel affected
      such
      the failure by giving written notice to Seller and the parties shall have no
      further rights or obligations hereunder with respect to such Parcel, except
      for
      those rights or obligations which expressly survive such termination, or (b)
      waive such right to terminate and proceed with the transaction pursuant to
      the
      remaining terms and conditions of this Agreement. In the event Buyer elects
      option (b) in the preceding sentence or in the event Buyer elects to close
      with
      the actual knowledge that a representation or warranty of Seller herein is
      untrue or incorrect, the representations and warranties shall be deemed to
      be
      automatically amended to reflect said change. If Buyer receives notice prior
      to
      Closing that any of Seller's representations and warranties are untrue, and
      (i)
      Seller has not cured said breach as provided for herein; and (ii) Buyer
      elects to waive said breach and proceed with the purchase and sale of the
      Property or Parcel, then, unless Seller shall have otherwise agreed in writing,
      Buyer shall be deemed to have waived any claim for breach of such untrue
      representation or warranty. The representations and warranties contained in
      this
      Section 5 shall not survive Closing. 

    
      
         

        

        

        
        

      

      
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        6.     Risk
      of Loss.
      If any
      of the Property or a Parcel is damaged or destroyed prior to the Closing Date,
      and such damage or destruction (a) is fully covered by Seller's insurance,
      except for the deductible amounts thereunder, and the insurer agrees to timely
      pay for the entire cost of such repair, and (b) would cost less than Five
      Thousand Dollars ($5,000.00) to repair or restore, then this Agreement shall
      remain in full force and effect and Buyer shall acquire the Property or Parcel
      upon the terms and conditions set forth herein. In such event, Buyer shall
      receive a credit against the Purchase Price equal to such deductible amount,
      and
      Seller shall assign to Buyer all of Seller's right, title, and interest in
      and
      to all proceeds of insurance on account of such damage or destruction. If any
      of
      the Property or a Parcel is damaged or destroyed prior to the Closing Date,
      and
      such damage or destruction (c) is not fully covered by Seller's insurance,
      other than the deductible amounts, and (d) would cost less than Five
      Thousand Dollars ($5,000) to repair or restore, then the transaction
      contemplated by this Agreement shall be consummated with Buyer receiving a
      credit against the Purchase Price at the Closing in an amount reasonably
      determined by Seller and Buyer (after consultation with unaffiliated experts)
      to
      be the cost of repairing such damage or destruction, but in no event more than
      Five Thousand Dollars ($5,000). If (e) any Parcel is damaged or destroyed
      prior to the Closing, and the cost of repair would exceed Five Thousand Dollars
      ($5,000), or (f) condemnation proceedings are commenced against any of the
      Property, then, notwithstanding anything to the contrary set forth in this
      Section 6, Buyer shall have the right, at its election, either to terminate
      this Agreement with respect to the affected Parcel or to not terminate this
      Agreement and purchase the Parcel. Buyer shall have thirty (30) days after
      Seller notifies Buyer that an event described in clause (e) or (f) has
      occurred to make such election by delivery to Seller of an election notice
      (the
      "Election
      Notice").
      Buyer's failure to deliver the Election Notice within such thirty (30) day
      period shall be deemed an election to terminate this Agreement. If this
      Agreement is terminated by delivery of notice of termination to Seller, then
      Buyer and Seller shall each be released from all obligations hereunder. If
      Buyer
      elects not to terminate this Agreement, this Agreement shall remain in full
      force and effect and the conveyance of the Property herein, less any interest
      taken by eminent domain, condemnation or sale in-lieu thereof, shall be
      consummated with no further adjustments, including any adjustments set forth
      in
      Section 2. 

    

        7.     Possession.
      Subject
      to the terms of the Lease Agreement, possession of the Property shall be
      delivered to Buyer on the Closing Date. 

    

        8.     Buyer's
      Consent to Contracts and Leases Affecting the Property.
      Seller
      shall not, after the Effective Date, enter into any new leases or contracts,
      or
      any assignments or amendments thereof, or waive any rights of Seller under
      any
      contract, without in each case obtaining Buyer's prior written consent thereto
      (which consent may be given or denied in Buyer's sole discretion). 

     

    
          9.     Miscellaneous.
        

      

              (a)     Notices.
        Any
        notice, consent or approval required or permitted to be given under this
        Agreement shall be in writing and shall be deemed to have been given upon
        (i) hand delivery, (ii) one (1) business day after being
        deposited with Federal Express or another reliable overnight courier service,
        (iii) the same day if transmitted by facsimile telecopy before 5:00 p.m.
        Eastern
        time, or (iv) two (2) business days after being deposited in the
        United States mail, 

    

    
      
         

        

        

        
        

      

      
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    registered
      or certified mail, postage prepaid, return receipt required, and addressed
      to
      the party at such addresses as is set forth below or such other address as
      either party may from time to time specify in writing to the other.

    

            (b)     Brokers
      and Finders.
      Each
      party represents and warrants to the other that no broker or finder was
      instrumental in arranging or bringing about this transaction and that there
      are
      no claims or rights for brokerage commissions or finder's fees in connection
      with the transactions contemplated by this Agreement. In the event that any
      other broker or finder perfects a claim for commission or finder's fee based
      upon such contact, dealings or communication, the party through whom such other
      broker or finder makes a claim shall indemnify, save harmless and defend the
      other party from said claim and all costs and expenses (including reasonable
      attorneys' fees) incurred by the other party in defending against the same.
      The
      provisions of this Section 9(b) shall survive the Closing. 

    

            (c)     Successors
      and Assigns.
      This
      Agreement shall be binding upon, and inure to the benefit of, the parties hereto
      and their respective successors, heirs, administrators and assigns. Except
      as
      expressly provided for herein, Buyer shall not assign any of Buyer's rights
      hereunder or any part thereof to any person, firm, partnership, corporation
      or
      other entity without Seller's prior written consent, which Seller may withhold
      in its sole and absolute discretion. 

    

            (d)     Amendments.
      Except
      as otherwise provided herein, this Agreement may be amended or modified only
      by
      a written instrument executed by Seller and Buyer. 

    

            (e)     Governing
      Law.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Nevada without regard to its conflicts of laws principles.

    

            (f)     Merger
      of Prior Agreements.
      This
      Agreement and the exhibits hereto constitute the entire agreement between the
      parties and supersede all prior agreements and understandings between the
      parties relating to the subject matter hereof. 

    

            (g)     Enforcement.
      If
      either party hereto fails to perform any of its obligations under this Agreement
      or if a dispute arises between the parties hereto concerning the meaning or
      interpretation of any provision of this Agreement, then the defaulting party
      or
      the party not prevailing in such dispute shall pay any and all costs and
      expenses incurred by the other party on account of such default and/or in
      enforcing or establishing its rights hereunder, including, without limitation,
      court costs and attorneys' fees and disbursements. Any such attorneys' fees
      and
      other expenses incurred by either party in enforcing a judgment in its favor
      under this Agreement
      shall be recoverable separately from and in addition to any other amount
      included in such judgment, and such attorneys' fees obligation is intended
      to be
      severable from the other provisions of this Agreement and to survive and not
      be
      merged into any such judgment.
      

              (h)     Time
        of the Essence.
        Time is
        of the essence of this Agreement. 

      

              (i)     Severability.
        If any
        provision of this Agreement, or the application thereof to any person, place,
        or
        circumstance, shall be held by a court of competent jurisdiction to be

      
 

      
        
          
             

            

            

            
            

          

          
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     invalid,
      unenforceable or void, the remainder of this Agreement and such provisions
      as
      applied to other persons, places and circumstances shall remain in full force
      and effect. 

    

            (j)     Counterparts.
      This
      Agreement may be signed in counterparts and all counterparts so executed shall
      constitute one contract, binding on all parties hereto, even though all parties
      are not signatory to the same counterpart.

    

            (k)     Consent
      by NATL and Green.
      If and
      to the extent the terms of this Agreement would be inconsistent with or
      otherwise require the consent of North American Truck Lines, LLC, a Nevada
      limited liability company ("NATL")
      or
      Green Acquisition Company, a Nevada corporation ("Green"),
      pursuant to that certain Agreement and Plan of Merger by and among Central
      Freight Lines, Inc., a Nevada corporation and the parent of Seller (the
      "Parent"),
      NATL,
      and Green, dated January 30, 2006 (as amended, the "Merger
      Agreement"),
      such
      violation or inconsistency is waived and this Agreement is consented to, and
      the
      execution and performance of this Agreement by the Seller shall not be deemed
      to
      be a violation of the Merger Agreement by the Parent.

    

    

    

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    IN
      WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
      date
      first above written.

    

    
      	 	
              SELLER:

            
	 	 
	 	
              CENTRAL
                FREIGHT LINES, INC.

            
	 	 	 
	 	 	 
	 	
              By:

            	  
/s/
              Robert V. Fasso
	 	
              Name:

            	 Robert
              V.
              Fasso
	 	
              Title:

            	 President
              and Chief Executive Officer
	 	 	 
	 	
              Notice
                Address:

            
	 	 	 
	 	
              Central
                Freight Lines, Inc.

            
	 	
              Attn:
                President

            
	 	
              15333
                N. Pima Rd.

            
	 	
              Suite
                230

            
	 	
              Scottsdale,
                AZ 85260

            
	 	 	 
	 	 	 
	 	
              BUYER:

            
	 	 	 
	 	
              JERRY
                AND VICKIE MOYES

            
	 	 	 
	 	 	 
	 	 
/s/ 
              Jerry Moyes
	 	
              Jerry
                Moyes

            
	 	 	 
	 	 	 
	 	  
/s/ 
Vickie
              Moyes
	 	
              Vickie
                Moyes

            
	 	 	 
	 	
              Notice
                Address:

            
	 	 	 
	 	
              Jerry
                and Vickie Moyes

            
	 	
              c/o
                Jeff Shumway, Swift Aviation Group, Inc.

            
	 	
              P.O.
                Box 20683

            
	 	
              Phoenix,
                AZ 85036

            

    

    

     

    
      
         

        

        

        
        

      

      
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              For
                the purposes of Section 9(k) only:

            
	 	 	 
	 	
              NORTH
                AMERICAN TRUCK LINES, LLC

            
	 	 	 
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	 	 
	 	 	 
	 	
              GREEN
                ACQUISITION COMPANY

            
	 	 	 
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

    

    

    
      
        
           

          

          

        

        Back
          to Form 10-Q

      

      
        9Exhibit 10.24 (Real Estate Sale and Purchase Agreement - SPP)

    
      

    

    EXHIBIT
      10.24

    

    

    REAL
      ESTATE SALE AND PURCHASE AGREEMENT

    

    

    THIS
      REAL
      ESTATE SALE AND PURCHASE AGREEMENT (this "Agreement")
      is
      dated as of September 19, 2006 (the "Effective
      Date"),
      by
      and between CENTRAL FREIGHT LINES, INC., a Texas corporation ("Seller"),
      and
      SOUTHWEST PREMIER PROPERTIES, L.L.C., a Texas limited liability company
      ("Buyer").

    

    IN
      CONSIDERATION of the respective agreements of the parties made herein, and
      other
      good and valuable consideration, the receipt and sufficiency of which hereby
      are
      acknowledged, Seller and Buyer agree as follows: 

    

        1.     Property
      Included in Sale.
      Seller
      hereby agrees to sell and convey to Buyer, and Buyer hereby agrees to purchase
      from Seller, subject to the terms and conditions set forth herein, the
      following: 

    

            (a)     that
      certain real property located at 2100 N. Dragoon St., Tucson, AZ 85745, being
      more particularly described in Exhibit A
      attached
      hereto (each such parcel of real property being referred to herein as a
      "Parcel"
      and
      collectively being referred to as the "Real
      Property");

    

            (b)     except
      as
      may otherwise be noted on any one or more of the Parcel descriptions on
Exhibit
      A,
      all
      rights, privileges, and easements appurtenant to the Real Property, including,
      without limitation, all minerals, oil, gas, and other hydrocarbon and other
      substances on and under the Real Property, as well as all development rights,
      air rights, water, water rights, riparian rights, and water stock relating
      to
      the Real Property, and any rights-of-way or other appurtenances used in
      connection with the beneficial use and enjoyment of the Real Property
      (collectively, the "Appurtenances");
      and

    

            (c)     all
      of
      Seller's right, title, and interest in and to all improvements and fixtures
      located on the Real Property, including, without limitation, buildings and
      structures presently located on the Real Property, all apparatus, equipment
      and
      appliances used in connection with the operation or occupancy of the Real
      Property, such as heating and air conditioning systems and facilities used
      to
      provide any utility, refrigeration, ventilation, garbage disposal, or other
      services on the Real Property (collectively, the "Improvements").
      

    

    All
      of
      the items referred to in subparagraphs (a), (b), and (c) above are
      collectively referred to as the "Property."
      

    

        2.     Purchase
      Price.
      

    

            (a)     Subject
      to Section 2(c) below, the purchase price for the Property shall be Seven
      Hundred Thousand and No/100 Dollars ($700,000.00) (the "Purchase
      Price").
      

    

            (b)     The
      Purchase Price shall be paid to Seller in cash by wire transfer of immediately
      available funds on the date of the closing of this Agreement (the "Closing").
      

     

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

            (c)     Within
      thirty (30) days after the Closing, Seller shall retain a duly qualified and
      independent appraiser reasonably acceptable to Buyer in order to prepare an
      appraisal of the fair market value of the Property. The costs of such appraisal
      shall be paid by Seller. If the fair market value of the Property as determined
      by such appraisal is more than five percent (5.0%) greater than the Purchase
      Price, then Buyer shall pay to Seller promptly following receipt of the
      appraisal an amount equal to the difference between the appraised fair market
      value and the Purchase Price. If the fair market value of the Property as
      determined by such appraisal is more than five percent (5.0%) less than the
      Purchase Price, then Seller shall pay to Buyer promptly following receipt of
      the
      appraisal an amount equal to the difference between the Purchase Price and
      the
      appraised fair market value. Any payment pursuant to this Section 2(c) shall
      be
      made in cash by wire transfer of immediately available funds.

    

        3.     Title
      to the Property; Lease Agreement.
      

    

            (a)     At
      the
      Closing, Seller shall convey to Buyer fee simple title to the Real Property,
      the
      Appurtenances, and the Improvements, by a duly executed and acknowledged
      warranty deed in a form reasonably acceptable to Buyer (the "Deed").

    

            (b)     At
      the
      Closing, Buyer and Seller shall enter into a Lease Agreement with respect to
      the
      Real Property substantially in the form attached hereto as Exhibit B
      (the
      "Lease
      Agreement").

     

        4.    Closing.

     

            (a)     The
      Closing shall occur on or before September 19, 2006 (the
      "Closing
      Date"),
      or
      such other date as is agreed upon in writing by Buyer and Seller.

    

            (b)     At
      or
      before the Closing, Seller shall deliver to Buyer the following: 

     

                    (i)    the
      duly executed and
      acknowledged Deed;

                    

                (ii)
           a duly
      executed counterpart to the Lease Agreement; and

    

                    (iii)   such
      other documents and information as Buyer may reasonably request as necessary
      to
      consummate the purchase and sale contemplated by this Agreement. 

    

            (c)     At
      or
      before the Closing, Buyer shall deliver to Seller the following: 

     

                    (i)     the
      Purchase Price;

                    

                      (ii)   a
        duly
        executed counterpart to the Lease Agreement; and

    

     

    
                      (iii)   such
        other documents and information as Seller may reasonably request as necessary
        to
        consummate the purchase and sale contemplated by this Agreement.

    

    
      
         

        

        

        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

            (d)     The
      following are to be apportioned as of the Closing Date, as follows:

    

                    (i)     Real
      Estate Taxes and Special Assessments.
      General
      real estate taxes payable for the tax year prior to the tax year in which the
      Closing occurs and all prior years shall be paid by Seller. General real estate
      taxes payable for the tax year in which the Closing occurs and for subsequent
      years shall be paid in accordance with the terms of the Lease
      Agreement.

    

    (ii)     Closing
      Costs.
      Seller
      shall pay for any fees or penalties associated with the release of any lien
      or
      encumbrance created or suffered by Seller with respect to the Property and
      the
      cost of any transfer taxes and documentary stamp taxes applicable to the sale
      of
      the Property. Buyer shall pay for the cost of obtaining or updating a prior
      survey, the premium for any title insurance requested by Buyer, endorsements,
      title examination charges, the cost of recording the Deed and all other
      recording fees. 

    

    (iii)     Survival.
      The
      provisions of this Section 4(d) shall survive the Closing. 

    

        5.     Representations,
      Warranties and Covenants of Seller.
      

    

            (a)     Seller
      hereby represents and warrants to and covenants with Buyer as follows:

    

    (i)     Seller
      has the good and valid right to convey the Property to Buyer without the joinder
      or approval of any other person or entity whatsoever.

    

    (ii)     To
      Seller's actual knowledge, there is no litigation pending against Seller that
      arises out of the ownership of the Property or any Parcel. Seller shall notify
      Buyer promptly of any such litigation of which Seller becomes
      aware.

    

    (iii)     Seller
      has never filed or been the subject of any filing of a petition under the
      federal bankruptcy law or any federal or state insolvency laws or laws for
      composition of indebtedness or for the reorganization of debtors.

    

    (iv)     There
      is
      no pending condemnation or similar proceeding or action affecting the Property
      or any part thereof, and Seller has received no notice nor has any knowledge
      that any such proceeding is pending or contemplated. 

     

    
            
        (v)     Except
        for that certain mortgage and deed of trust in favor of Bank of America,
        N.A.,
        as agent, which will be released as soon as practicable following Closing,
        no
        leases, liens, mortgages, deeds of trust, security agreements, or other
        encumbrances have been created by, through, or under Seller with respect
        to the
        Property or any Parcel.

    

    
      
         

        

        

        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    (vi)     Seller
      has not heretofore and shall not devise, transfer, assign, or otherwise convey
      the Property or any portion thereof to any other person prior to the Closing
      Date. 

    

    (vii)     Neither
      the entering into this Agreement nor the consummation of the transactions
      contemplated herein will cause a violation or breach by Seller of any contracts,
      agreements, or instruments to which Seller is a party or by which Seller or
      any
      of the Property is bound

    

            (b)     Buyer
      shall acquire the Property "AS IS, WHERE IS" without any obligation of Seller,
      except as expressly set forth herein to the contrary, to perform any repairs,
      improvements, maintenance, or other work to the Property or any part thereof,
      and without, except as expressly set forth herein to the contrary, any
      warranties, express or implied, of any kind from Seller, including, but not
      limited to, warranties of fitness, merchantability, fitness for a particular
      purpose, habitability, tenantability, or environmental condition. Seller
      expressly disclaims any representations and warranties with respect to the
      Property, except as specifically set forth in this Agreement, and Buyer does
      hereby acknowledge that, in purchasing the Property, Buyer is relying only
      upon
      those representations of Seller concerning the Property expressly set forth
      as
      such in this Agreement and in the Deed. 

    

            (c)     Seller
      will refrain from taking any action which could cause any of the foregoing
      representations or warranties or covenants and agreements of Seller to become
      incorrect or untrue at any time from the Effective Date through the Closing.
      Seller shall be deemed to have reaffirmed the representations and warranties
      contained in this Section 5 at Closing. In the event that Seller or Buyer learns
      that any of said representations or warranties becomes inaccurate between the
      Effective Date and the Closing Date, Seller or Buyer shall immediately notify
      the other party of such change. Seller shall then use its good faith efforts
      to
      cure such change within thirty (30) days after giving or receiving notice
      thereof as required herein. The Closing Date shall be automatically extended
      in
      order to allow the running of said thirty (30) day period. In the event Seller
      so cures such change within said thirty (30) day period, this Agreement shall
      remain in full force and effect. If Seller is unable to cure such change, Buyer
      may either (a) terminate this Agreement with respect to the Parcel affected
      such
      the failure by giving written notice to Seller and the parties shall have no
      further rights or obligations hereunder with respect to such Parcel, except
      for
      those rights or obligations which expressly survive such termination, or (b)
      waive such right to terminate and proceed with the transaction pursuant to
      the
      remaining terms and conditions of this Agreement. In the event Buyer elects
      option (b) in the preceding sentence or in the event Buyer elects to close
      with
      the actual knowledge that a representation or warranty of Seller herein is
      untrue or incorrect, the representations and warranties shall be deemed to
      be
      automatically amended to reflect said change. If Buyer receives notice prior
      to
      Closing that any of Seller's representations and warranties are untrue, and
      (i)
      Seller has not cured said breach as provided for herein; and (ii) Buyer elects
      to waive said breach and proceed with the purchase and sale of the Property
      or
      Parcel, then, unless Seller shall have otherwise agreed in writing, Buyer shall
      be deemed to have waived any claim for breach of such untrue representation
      or
      warranty. The representations and warranties contained in this Section 5 shall
      not survive Closing. 

    
      
         

        

        

        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

        6.     Risk
      of Loss.
      If any
      of the Property or a Parcel is damaged or destroyed prior to the Closing Date,
      and such damage or destruction (a) is fully covered by Seller's insurance,
      except for the deductible amounts thereunder, and the insurer agrees to timely
      pay for the entire cost of such repair, and (b) would cost less than Five
      Thousand Dollars ($5,000.00) to repair or restore, then this Agreement shall
      remain in full force and effect and Buyer shall acquire the Property or Parcel
      upon the terms and conditions set forth herein. In such event, Buyer shall
      receive a credit against the Purchase Price equal to such deductible amount,
      and
      Seller shall assign to Buyer all of Seller's right, title, and interest in
      and
      to all proceeds of insurance on account of such damage or destruction. If any
      of
      the Property or a Parcel is damaged or destroyed prior to the Closing Date,
      and
      such damage or destruction (c) is not fully covered by Seller's insurance,
      other than the deductible amounts, and (d) would cost less than Five
      Thousand Dollars ($5,000) to repair or restore, then the transaction
      contemplated by this Agreement shall be consummated with Buyer receiving a
      credit against the Purchase Price at the Closing in an amount reasonably
      determined by Seller and Buyer (after consultation with unaffiliated experts)
      to
      be the cost of repairing such damage or destruction, but in no event more than
      Five Thousand Dollars ($5,000). If (e) any Parcel is damaged or destroyed
      prior to the Closing, and the cost of repair would exceed Five Thousand Dollars
      ($5,000), or (f) condemnation proceedings are commenced against any of the
      Property, then, notwithstanding anything to the contrary set forth in this
      Section 6, Buyer shall have the right, at its election, either to terminate
      this Agreement with respect to the affected Parcel or to not terminate this
      Agreement and purchase the Parcel. Buyer shall have thirty (30) days after
      Seller notifies Buyer that an event described in clause (e) or (f) has
      occurred to make such election by delivery to Seller of an election notice
      (the
      "Election
      Notice").
      Buyer's failure to deliver the Election Notice within such thirty (30) day
      period shall be deemed an election to terminate this Agreement. If this
      Agreement is terminated by delivery of notice of termination to Seller, then
      Buyer and Seller shall each be released from all obligations hereunder. If
      Buyer
      elects not to terminate this Agreement, this Agreement shall remain in full
      force and effect and the conveyance of the Property herein, less any interest
      taken by eminent domain, condemnation or sale in-lieu thereof, shall be
      consummated with no further adjustments, including any adjustments set forth
      in
      Section 2. 

    

        7.     Possession.
      Subject
      to the terms of the Lease Agreement, possession of the Property shall be
      delivered to Buyer on the Closing Date. 

    

        8.     Buyer's
      Consent to Contracts and Leases Affecting the Property.
      Seller
      shall not, after the Effective Date, enter into any new leases or contracts,
      or
      any assignments or amendments thereof, or waive any rights of Seller under
      any
      contract, without in each case obtaining Buyer's prior written consent thereto
      (which consent may be given or denied in Buyer's sole discretion). 

     

    
          9.     Miscellaneous.
        

      

              (a)     Notices.
        Any
        notice, consent or approval required or permitted to be given under this
        Agreement shall be in writing and shall be deemed to have been given upon
        (i) hand delivery, (ii) one (1) business day after being
        deposited with Federal Express or another reliable overnight courier service,
        (iii) the same day if transmitted by facsimile telecopy before 5:00 p.m.
        Eastern
        time, or (iv) two (2) business days after being deposited in the
        United States mail,

    

    
      
         

        

        

        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

     registered
      or certified mail, postage prepaid, return receipt required, and addressed
      to
      the party at such addresses as is set forth below or such other address as
      either party may from time to time specify in writing to the other.

    

            (b)     Brokers
      and Finders.
      Each
      party represents and warrants to the other that no broker or finder was
      instrumental in arranging or bringing about this transaction and that there
      are
      no claims or rights for brokerage commissions or finder's fees in connection
      with the transactions contemplated by this Agreement. In the event that any
      other broker or finder perfects a claim for commission or finder's fee based
      upon such contact, dealings or communication, the party through whom such other
      broker or finder makes a claim shall indemnify, save harmless and defend the
      other party from said claim and all costs and expenses (including reasonable
      attorneys' fees) incurred by the other party in defending against the same.
      The
      provisions of this Section 9(b) shall survive the Closing. 

    

            (c)     Successors
      and Assigns.
      This
      Agreement shall be binding upon, and inure to the benefit of, the parties hereto
      and their respective successors, heirs, administrators and assigns. Except
      as
      expressly provided for herein, Buyer shall not assign any of Buyer's rights
      hereunder or any part thereof to any person, firm, partnership, corporation
      or
      other entity without Seller's prior written consent, which Seller may withhold
      in its sole and absolute discretion. 

    

            (d)     Amendments.
      Except
      as otherwise provided herein, this Agreement may be amended or modified only
      by
      a written instrument executed by Seller and Buyer. 

    

            (e)     Governing
      Law.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Arizona without regard to its conflicts of laws
      principles.

    

            (f)     Merger
      of Prior Agreements.
      This
      Agreement and the exhibits hereto constitute the entire agreement between the
      parties and supersede all prior agreements and understandings between the
      parties relating to the subject matter hereof. 

    

            (g)     Enforcement.
      If
      either party hereto fails to perform any of its obligations under this Agreement
      or if a dispute arises between the parties hereto concerning the meaning or
      interpretation of any provision of this Agreement, then the defaulting party
      or
      the party not prevailing in such dispute shall pay any and all costs and
      expenses incurred by the other party on account of such default and/or in
      enforcing or establishing its rights hereunder, including, without limitation,
      court costs and attorneys' fees and disbursements. Any such attorneys' fees
      and
      other expenses incurred by either party in enforcing a judgment in its favor
      under this Agreement shall be recoverable separately from and in addition to
      any
      other amount included in such judgment, and such attorneys' fees obligation
      is
      intended to be severable from the other provisions of this Agreement and to
      survive and not be merged into any such judgment.
      

              (h)     Time
        of the Essence.
        Time is
        of the essence of this Agreement. 

      

              (i)     Severability.
        If any
        provision of this Agreement, or the application thereof to any person, place,
        or
        circumstance, shall be held by a court of competent jurisdiction to be

    

    
      
         

        

        

        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    invalid,
      unenforceable or void, the remainder of this Agreement and such provisions
      as
      applied to other persons, places and circumstances shall remain in full force
      and effect. 

    

            (j)     Counterparts.
      This
      Agreement may be signed in counterparts and all counterparts so executed shall
      constitute one contract, binding on all parties hereto, even though all parties
      are not signatory to the same counterpart.

    

            (k)     Consent
      by NATL and Green.
      If and
      to the extent the terms of this Agreement would be inconsistent with or
      otherwise require the consent of North American Truck Lines, LLC, a Nevada
      limited liability company ("NATL")
      or
      Green Acquisition Company, a Nevada corporation ("Green"),
      pursuant to that certain Agreement and Plan of Merger by and among Central
      Freight Lines, Inc., a Nevada corporation and the parent of Seller (the
      "Parent"),
      NATL,
      and Green, dated January 30, 2006 (as amended, the "Merger
      Agreement"),
      such
      violation or inconsistency is waived and this Agreement is consented to, and
      the
      execution and performance of this Agreement by the Seller shall not be deemed
      to
      be a violation of the Merger Agreement by the Parent.

    

    

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        7

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
      date
      first above written.

    

    
      	 	
              SELLER:

            
	 	 	 
	 	
              CENTRAL
                FREIGHT LINES, INC.

            
	 	 	 
	 	 	 
	 	
              By:

            	  
              /s/ Robert V. Fasso
	 	
              Name:

            	 Robert
              V. Fasso
	 	
              Title:

            	 President
              and Chief Executive Officer
	 	 	 
	 	
              Notice
                Address:

            
	 	 	 
	 	
              Central
                Freight Lines, Inc.

            
	 	
              Attn:
                President

            
	 	
              15333
                N. Pima Rd.

            
	 	
              Suite
                230

            
	 	
              Scottsdale,
                AZ 85260

            
	 	 	 
	 	 	 
	 	
              BUYER:

            
	 	 	 
	 	
              SOUTHWEST
                PREMIER PROPERTIES, L.L.C.

            
	 	 	 
	 	 	 
	 	
              By:

            	  
              /s/ Jerry Moyes
	 	
              Name:

            	 Jerry
              Moyes
	 	
              Title:

            	 Manager
	 	 	 
	 	
              Notice
                Address:

            
	 	 	 
	 	
              Southwest
                Premier Properties, L.L.C.

            
	 	
              c/o
                Jeff Shumway, Swift Aviation Group, Inc.

            
	 	
              P.O.
                Box 20683

            
	 	
              Phoenix,
                AZ 85036

            

    

    

    
      
         

        

        

        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    

    
      	 	
              For
                the purposes of Section 9(k) only:

            
	 	 	 
	 	
              NORTH
                AMERICAN TRUCK LINES, LLC

            
	 	 	 
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	 	 
	 	 	 
	 	
              GREEN
                ACQUISITION COMPANY

            
	 	 	 
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

    

    

    
      
        
          Back
            to Form 10-Q

        

      

      
        9

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