INSTALLMENT SALE CONTRACT (SECURITY AGREEMENT)
EXHIBIT 10.54
PURCHASER(S): SELLER (DEALER):
MEADOW VALLEY CONTRACTORS, XXXXXXX MACHINERY CO.
INC.
XX XXX 00000 0000 XXXX 0000 XXXXX
XXXXXXX, XX 00000 XXXX XXXX XXXX XX 00000-0000
County:MARICOPA
--------------------------------------------------------------------------------
Subject to the terms and conditions set forth below and on the reverse side
hereof, Seller hereby sells the equipment described below (the "Unit" or
"Units") to Purchaser, and Purchaser (if more than one, jointly and severally),
having been offered both a cash sale price and a time sale price, hereby buys
the Units from Seller on a time sale basis.
--------------------------------------------------------------------------------
NEW (IF USED) DELIVERED
OR FIRST CASH SALE
USED USED MODEL DESCRIPTION OF UNIT(S) SERIAL# PRICE
----------------------------------------------------------------------------------------------------------------
(1) USED 1989 140G Caterpillar MOTOR GRADER 72V12452 118,694.60
(1) USED 1994 CS563 Caterpillar COMPACTOR 8XF01017 82,525.78
(1) USED 1994 LNT8000 Ford Water Truck 0XXXX0XXXXXXX0000 62,267.49
ACCEPTED, ACKNOWLEDGED
AND CERTIFIED BY CATERPILLAR
FINANCIAL SERVICES CORPORATION
AS THE ORIGINAL
BY: /s/ J. R. English
TITLE: EXECUTIVE VICE PRESIDENT
----------------------------------------------------------------------------------------------------------------
FIRST DESCRIPTION OF ADDITIONAL SECURITY
USED [MAKE MODEL & SERIAL NUMBER] Sub-Total............................ $ 263,487.87
-------------------------------------------------
NONE Sales Tax............................ $ 8,335.05
1. Total Cash Sale Price................ $ 271,822.92
Cash Down Pay 114,924.76
Net Trade-in Allow 0.00
2. Total Down Payment................... $ 114,924.79
-------------------------------------------------
FIRST DESCRIPTION OF TRADE-IN EQUIPMENT 3. Unpaid Balance of Cash Price (1 - 2). $ 156,898.13
USED [MAKE MODEL & SERIAL NUMBER] 4. Official Fees (Specify).............. $ 150.00
-------------------------------------------------
Documentation Fee 150.00
5. Physical Damage Insurance............ $
6. Principal Balance
-------------------------------------------------
(Amount Financed) (3 + 4 + 5)........ $ 157,048.13
7. Finance Charge
Trade-in Value 0.00 (Time Price Differential)............ $ 18,944.35
Less Owing to (----n/a----) 0.00 8. Time Balance
Net Trade-in Allowance 0.00 (Total of Payments) (6 + 7).......... $ 175,992.45
9. Time Sale Balance
Location of Units: 640 M Main (Total of Payment Price) (2 + 8)..... $ 290,917.27
M Xxxx Xxxx, XX 00000 10. Annual Percentage Rate 7.56%
11. Date FINANCE CHARGE begins to accrue. 1/1/97
--------------
PURCHASER HEREBY SELLS AND CONVEYS TO SELLER THE ABOVE DESCRIBED TRADE-IN
EQUIPMENT AND WARRANTS IT TO BE FREE AND CLEAR OF ALL CLAIMS, LIENS, SECURITY
INTERESTS AND ENCUMBRANCES EXCEPT TO THE EXTENT SHOWN ABOVE.
1. PAYMENT: Purchaser promises to pay to Seller at the address designated
in writing by Seller the Time Balance (item 8 above) as follows [check (a) or
(b)]:
X (a) in 36 equal monthly installments of $4,888.68 each, with the first
---
installment due on 2/1/97 and the balance of the installments due on the
like day of each month thereafter, (except no payments shall be due during the
month(s) of (____n/a____)), until the entire indebtedness has been paid; or
__ (b) in accordance with the Payment Schedule attached to this Contract.
(Provisions of section 1 continued on reverse.)
SEE REVERSE SIDE FOR ADDITIONAL TERMS AND CONDITIONS WHICH ARE A PART
OF THIS CONTRACT.
LIABILITY INSURANCE COVERAGE FOR BODILY INJURY AND PROPERTY DAMAGE CAUSED TO
OTHERS IS NOT INCLUDED IN THIS CONTRACT.
NOTICE TO PURCHASER: (1) DO NOT SIGN THIS CONTRACT BEFORE YOU READ IT OR IF IT
CONTAINS ANY BLANK SPACES; (2) YOU ARE ENTITLED TO AN EXACT COPY OF THE CONTRACT
YOU SIGN: (3) UNDER THE LAW YOU MAY HAVE THE RIGHT TO PAY OFF IN ADVANCE THE
FULL AMOUNT DUE AND TO OBTAIN A PARTIAL REFUND OF THE FINANCE CHARGE.
PURCHASER ACKNOWLEDGES RECEIPT OF A FULLY COMPLETED COPY OF THIS CONTRACT
EXECUTED BY BOTH PURCHASER AND SELLER.
Purchaser(s) and Seller have duly executed this Contract as of 1/1, 1997.
Purchaser(s): Seller:
MEADOW VALLEY CONTRACTORS, XXXXXXX MACHINERY CO.
INC. Xxxxxxx Equipment Company
By /s/ XXXXXXX X. XXXXXX By /s/ XXXXXX X. XXXXX
------------------------------------ ---------------------------------
Name (PRINT) XXXXXXX X. XXXXXX Name (PRINT) XXXXXX X. XXXXX
-------------------------- -----------------------
Title VICE PRESIDENT Title SECRETARY - TREASURER
-------------------------------- ------------------------------
