EXHIBIT 10(b)
RETAIL INSTALLMENT CONTRACT
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Dealer Number Contract Number Date
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Buyer (and Co-Buyer)-Name and Address | Creditor/Seller-Name and Address
(Include County and Zip Code) |
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By signing this contract, I am buying the Property described below from you,
the Creditor/Seller indicated above, and I agree to the terms stated on the
front and back of this contract, including those stated in the Federal Truth-In-
Lending Disclosures.
SECURITY INTEREST. By signing this contract, I grant to you a security
interest in the "Property", which is the vehicle described below and all
presently owned and after-acquired accessions now or later attached to it, and
in any insurance premiums financed by this contract which are refunded, to
secure payment of all amounts owed under this contract.
IF THE PROPERTY IS A USED VEHICLE: THE INFORMATION I SEE ON THE WINDOW FORM FOR
THIS VEHICLE IS PART OF THIS CONTRACT. INFORMATION ON THE WINDOW FORM
OVERRIDES ANY CONTRARY PROVISIONS IN THE CONTRACT OF SALE.
Model Yr. Make & Model Body Type Color Odometer Vehicle Iden- St. & Lic. No. New/Used No. Cyls
tification No.
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Describe body and major Use for which purchased:
items of equipment sold: [ ]Personal [ ]Commercial [ ] Agricultural
[ ]Auto Trans. [ ]Pwr. Steer [ ]Air Cond. [ ]AM/FM Stereo [ ]Cassette
[ ] Compact Disc [ ]Pwr. Windows [ ]Pwr. Locks [ ]Pwr. Seats [ ]Tilt Wheel [ ]Cruise
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INSURANCE AND PROTECTION. If any insurance or protection is checked below, the
policies or certificates issued by the Companies named will describe the terms
and conditions.
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OPTIONAL INSURANCE. Credit life insurance, credit disability insurance and
other optional insurance are not required to obtain credit and will not be
provided unless I sign for them and agree to pay the additional cost. If I
have chosen this insurance, the cost is shown in 4a of the itemization below.
Credit life insurance is based upon the payment schedule and the term of this
contract. This insurance may not pay all I owe on this contract if I make late
payments. Disability insurance covers the original payment amount for the term
of this contract. If I make late payments, disability insurance will not pay
all of my payments. The amount and coverages are shown in a notice or
agreement given on this date.
[ ]Credit Life (Buyer)[ ] Co-Buyer[ ] Both[ ]) Insurer__________ Insured(s)___________
[ ]Credit Disability, Accident and Health (Buyer only) Insurer__________ Insured______________
[ ](Type of Other Insurance)_________________________ Insurer__________ Insured______________ Term________
Under policy of designated Insurance Company(ies), maximum amount of insurance
under this contract is $___________, and the total amount of insurance under
this and any other installment contract of the Buyer is limited to $_________.
I want the insurance coverage(s) checked above, and I know that it is not
required to obtain credit:
__________________________________ _____________________________________
Buyer Signature Date Co-Buyer Signature Date
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REQUIRED PHYSICAL DAMAGE INSURANCE. Physical damage insurance is required, but
I may obtain it from anyone I choose. If purchase through you from the
Insurance Company named below, the cost of this insurance, for the term shown
immediately below, is shown in 4b of the itemization below.
Insurance Company __________________________ Term:_____________ months
[ ] $__________ Deductible Collision and either:
[ ] Full Comprehensive including Fire, Theft and Combined
Additional Coverage
[ ] $__________ Deductible Comprehensive including Fire, Theft and
Combined Additional Coverage.
[ ] Fire, Theft and Combined Additional Coverage
Optional, if desired - [ ]Towing and Labor costs [ ]Rental Reimbursement
[ ]CB Radio Equipment
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OPTIONAL SERVICE CONTRACT. The cost of this contract is shown in 4c of the
Itemization below.
Company____________________________ Term:_________ $________ Deductible
OPTIONAL MECHANICAL BREAKDOWN PROTECTION. The cost of this protection is shown
in 4d of the Itemization below.
Company____________________________ Term:_________ $________ Deductible
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WARNING: THE INSURANCE OR PROTECTION REFERRED TO IN THIS CONTRACT DOES NOT
INCLUDE COVERAGE FOR PUBLIC LIABILITY, BODILY INJURY, OR PROPERTY DAMAGE (OTHER
THAN THE VEHICLE NOTED ABOVE) CAUSED TO BUYER OR OTHERS.
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ITEMIZATION OF AMOUNT FINANCED
1. Cash Sale Price (including any accessories).......................................... $_________(1)
2. Downpayment:
a. Cash Downpayment (including Manufacturer's Rebate of
$_________, if applicable)......................................... $_________
b. Deferred Downpayment (Pickup Pymt), due _______, on which there's
no finance charge, of ............................................ $_________
c. Trade-in: Value $__________ Less owing $_________ Net............. $_________
Description of Trade-in:_____________________________________
Total Downpayment (a+b+c) (also put this figure on the downpayment line
in the Total Sale Price box below) ..................................................... $_________(2)
3. Unpaid Balance of Cash Sale Price
(Amount Given to Me Directly) (1 minus 2)............................................ $_________(3)
4. Charges other than Finance Charge, including Amounts Paid to Others
on My Behalf: (*Seller may be retaining a portion of this amount)
a. Cost of Optional Insurance for the Term of this Contract paid to
the Insurance Company(ies) named above.*
Credit Life $_____________ Credit Disability, Accident and
Health $_______ Other $__________ .............................. $_________
b. Cost of required Physical Damage Insurance paid to the Insurance
Company named above (covers damage to vehicle)*.................. $_________
c. Cost of Optional Service Contract paid to the Company named above
(covers certain repairs)*........................................ $_________
d. Cost of Optional Mechanical Breakdown Protection paid to the
Company named above (covers certain repairs)*.................... $_________
e. License/Registration Fees paid to government agencies............ $_________
f. Title Fees paid to government agencies........................... $_________
g. Filing Fees paid to government agencies.......................... $_________
h. Excise tax paid to government agencies........................... $_________
i. Sales tax paid to government agencies............................ $_________
j. Other Charges (Seller must identify who will receive payment
and describe purpose)*........................................... $_________
to______________________________ for___________________________ $_________
to______________________________ for___________________________ $_________
Total Other Charges and Amounts Paid to Others on
My Behalf.......................................................................... $_________(4)
5. Amount Financed Principal Balance (3+4) (also put this figure in
the Amount Financed box below)....................................................... $_________(5)
6. Finance Charge (also put this figure in the FINANCE CHARGE box
below)............................................................................... $_________(6)
7. Time Balance (5+6+2b) (also put this figure in the Total of Payments
box below)........................................................................... $_________(7)
8. Time Sale Price (1+4+6) (also put this figure in the Total Sale Price
box below)........................................................................... $_________(8)
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FEDERAL TRUTH-IN-LENDING DISCLOSURES
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ANNUAL PERCENTAGE RATE FINANCE CHARGE AMOUNT FINANCED TOTAL OF PAYMENTS TOTAL SALE PRICE
The cost of my credit The dollar The amount of The amount I will The total cost
as a yearly rate. amount the credit credit provided have paid after of my purchase
will cost me. to me or on I have made all on credit, includ-
my behalf. payments as ing my down-payment
scheduled. of $________ is
___________________% $______________E* $________________ $________________E* $______________E*
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My Payment Schedule will be:
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NUMBER AMOUNT
OF PAYMENTS OF PAYMENTS WHEN PAYMENTS ARE DUE
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Due On
Monthly Beginning
Due On
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SECURITY. I am giving a security interest in the goods or property being
purchase.
LATE CHARGE. For each payment that is not paid within 10 days after its
scheduled payment date, I will pay a late charge of 5% of the amount that's
late.
PREPAYMENT. If I pay off early, I will not have to pay a penalty.
See other contract provisions for any additional information about nonpayment,
default and any required repayment in full before the scheduled date.
* E means estimate.
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PAYMENTS AND INTEREST CALCULATION. I will pay you the Total of Payments
according to "My Payment Schedule" shown above. Any payment listed on the
first line of the schedule is a deferred downpayment which does not bear a
Finance Charge. The payments listed on the second line of the schedule are
equal consecutive monthly payments which are due on the same day of each month,
beginning on the date shown. However, the amount of the last payment will be
adjusted to include interest figured on the Principal Balance I owed, for the
time I owed it. I will pay interest on the Principal Balance outstanding each
day at the Annual Percentage Rate. The Total of Payments and Finance Charge
shown above assume I will pay exactly as agreed. If I pay late or less than
the required payment, the Finance Charge is increased. If I pay early or more
than the required payment, the Finance Charge is decreased. Payments will
first pay interest owing to the date you receive my Payment and the remainder
will reduce the Principal Balance I owe.
CONSUMER PAPER
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NOTICE: THE CREDITOR/SELLER INTENDS TO SELL THIS CONTRACT TO (NAME AND MAILING
ADDRESS): ____________________________________________________________
______________________________________________,WHICH IF IT BUYS THE CONTRACT,
WILL BECOME THE OWNER OF THE CONTRACT AND YOUR CREDITOR. AFTER THE SALE OF
THIS CONTRACT, ALL QUESTIONS CONCERNING EITHER TERMS OF THE CONTRACT OR
PAYMENTS SHOULD BE DIRECTED TO THE BUYER OF THE CONTRACT AT THE ADDRESS
INDICATED ABOVE. IF THE CONTRACT IS TRANSFERRED TO A HOLDER OTHER THAN THE ONE
IDENTIFIED IN THIS NOTICE, OR RETAINED BY THE SELLER, SELLER SHALL CAUSE NOTICE
IN WRITING OF THE NAME AND ADDRESS OF THE ACTUAL HOLDER TO BE DELIVERED TO YOU
WITHIN 10 DAYS OF THE DECISION.
NOTICE TO THE BUYER
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DO NOT SIGN THIS CONTRACT BEFORE YOU READ IT OR IF IT CONTAINS ANY BLANK SPACE,
EXCEPT THAT (1) IF DELIVERY OF THE MOTOR VEHICLE OR MOBILE HOME IS TO BE MADE
TO YOU AFTER THIS CONTRACT IS SIGNED, THE SERIAL NUMBER OR OTHER IDENTIFYING
INFORMATION AND THE DUE DATE OF THE FIRST INSTALLMENT MAY BE FILLED IN AT THE
TIME INSERTED IN THE CONTRACT ON OR ABOUT THE DATE THE NAME OF THE FINANCING
AGENT IS KNOWN.
YOU'RE ENTITLED TO A COPY OF THIS CONTRACT.
YOU HAVE THE RIGHT TO PAY IN ADVANCE THE FULL AMOUNT DUE AND IF YOU DO SO YOU
MAY SAVE A PORTION OF THE FINANCE CHARGE.
THE UNDERSIGNED ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS CONTRACT
AND AGREES TO ITS TERMS, INCLUDING THOSE STATED ON THE BACK OF THIS CONTRACT.
RETAIL INSTALLMENT CONTRACT
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Buyer Signs_____________________ Co-Buyer Signs________________________
OTHER OWNERS - An Other Owner is a person whose name is on the title to the
vehicle but does not have to pay the debt evidenced by this contract. The
Other Owner hereby grants a security interest in the "Property" (as defined in
this contract) to Creditor to secure payment of all amounts owed under this
contract, and agrees to all the terms stated on the front and back of this
contract, except that the Other Owner will not be personally liable for amounts
owed to Creditor under this contract.
Other Owner signs here________________________ Address________________________
Creditor Signs________________________________ By_______________ Title________
TERMS AND CONDITIONS
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NOTICE: ANY HOLDER OF THIS CONSUMER CREDIT CONTRACT IS SUBJECT TO ALL CLAIMS
AND DEFENSES WHICH THE DEBTOR COULD ASSERT AGAINST THE SELLER OF GOODS OR
SERVICES OBTAINED PURSUANT HERETO OR WITH THE PROCEEDS HEREOF. RECOVERY
HEREUNDER BY THE DEBTOR SHALL NOT EXCEED AMOUNTS PAID BY THE DEBTOR HEREUNDER.
THE PRECEDING NOTICE APPLIES ONLY TO GOODS OR SERVICES OBTAINED PRIMARILY FOR
PERSONAL FAMILY OR HOUSEHOLD USE.
1. COLLECTION COSTS. If I don't make any payment when due according to
my payment schedule shown above, I will pay you reasonable amounts permitted by
law which you spend to collect what I owe or in trying to repossess or sell the
Property. I will also pay lawyers' fees, as set by the court, including any
for appeals, that are paid or owed to lawyers who are not your salaried
employees.
2. OWNERSHIP AND RISK OF LOSS. I agree to pay you all I owe under this
contract even if the vehicle is damaged, destroyed or missing. I agree not to
remove the vehicle from the United States or Canada or to sell, rent, lease or
otherwise transfer any interest in the vehicle or this contract without your
written permission. I agree not to expose the vehicle to misuse or
confiscation. I will make sure your security interest (lien) on the vehicle is
shown on the title. If you pay any repair bills, storage bills, taxes, fines,
or other charges on the vehicle, I agree to repay the amount when you ask for
it.
3. SECURITY INTEREST. I am giving you a security interest in the
Property being purchased and any accessories, equipment and replacement parts
installed in the vehicle. The security interest also covers (1) insurance
premiums and charges for service contracts returned to the Creditor (2)
proceeds of any insurance policies or service contract on the vehicle and (3)
proceeds of any insurance policies on my life or health which are financed in
this contract. This secures payment of all amounts I owe on this contract and
any renewal or extension of this contract. It also secures my other agreements
in this contract.
4. INSURANCE, LIENS, AND UPKEEP.
4.1. I'll keep the Property insured by companies acceptable to you
with collision and comprehensive insurance, and any other insurance you may
require. The insurance policies will have your standard loss payable
endorsement and I will deliver the policies to you. No one but you has a
security interest or lien on the Property.
4.2. I'll pay taxes and any debts that might become a lien on the
Property, and will keep it free of security interests and liens, other than
yours.
4.3. I'll also keep the Property in good condition and repair.
4.4. If any of these things agreed to in this Section 4 are not done,
you may do them and charge me for the cost of doing so. I'll pay the cost of
doing these things either on your demand, or as increased future payments or as
an additional payment or payments at the end of the contract, with interest at
the contract rate. Even if you do these things, my failure to do them will be
a default under Section 8, and you may still use other rights you have based on
the default.
4.5 OPTIONAL INSURANCE OR SERVICE CONTRACTS. This contract may
contain charges for optional insurance or service contracts. If the vehicle is
repossessed, I agree that you may claim benefits under these contracts and
terminate them to obtain refunds for unearned charges.
4.6 INSURANCE OR SERVICE CONTRACT CHARGES RETURNED TO YOU. If any
charge for required insurance is returned to you, it may be credited to my
account or used to buy similar insurance or insurance which covers only your
interest in the vehicle. Any refund on optional insurance or service contracts
obtained by you will be credited to my account. I will be notified of what is
done.
WARNING
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UNLESS YOU (BUYER) PROVIDE US (CREDITOR/SELLER) WITH EVIDENCE OF THE
INSURANCE COVERAGE AS REQUIRED BY OUR CONTRACT OR LOAN AGREEMENT, WE MAY
PURCHASE INSURANCE AT YOUR EXPENSE TO PROTECT OUR INTEREST. THIS INSURANCE
MAY, BUT NEED NOT, ALSO PROTECT YOUR INTEREST. IF THE COLLATERAL BECOMES
DAMAGED, THE COVERAGE WE PURCHASE MAY NOT PAY ANY CLAIM YOU MAKE OR ANY CLAIM
MADE AGAINST YOU. YOU MAY LATER CANCEL THIS COVERAGE BY PROVIDING EVIDENCE
THAT YOU HAVE OBTAINED PROPERTY COVERAGE ELSEWHERE.
YOU ARE RESPONSIBLE FRO THE COST OF ANY INSURANCE PURCHASE BY US. THE
COST OF THIS INSURANCE MAY BE ADDED TO YOUR CONTRACT OR LOAN BALANCE. IF THE
COST IS ADDED TO YOUR CONTRACT OR LOAN BALANCE, THE INTEREST RATE ON THE
UNDERLYING CONTRACT OR LOAN WILL APPLY TO THIS ADDED AMOUNT. THE EFFECTIVE
DATE OF COVERAGE MAY BE THE DATE YOUR PRIOR COVERAGE LAPSED OR THE DATE YOU
FAILED TO PROVIDE PROOF OF COVERAGE.
THE COVERAGE WE PURCHASE MAY BE CONSIDERABLY MORE EXPENSIVE THAN INSURANCE
YOU CAN OBTAIN ON YOUR OWN AND MAY NOT SATISFY ANY NEED FOR PROPERTY DAMAGE
COVERAGE OR ANY MANDATORY LIABILITY INSURANCE REQUIREMENTS IMPOSED BY
APPLICABLE LAW.
5. PREFERENCE PAYMENTS. Any monies you pay or rights you give up
because of an asserted preference claim in my bankruptcy will become a part of
the indebtedness owing under this contract and, at your option, will (a) be
payable on demand, (b) be added to the balance of the contract and be
apportioned among and be payable with any installment payments to become due
during the remaining term of the contract, or (c) be payable as an additional
payment or payments at the end of the contract with interest at the contract
rate. Or, in the event of a loss of rights, substitute collateral or
performance may be substituted in your sole discretion.
6. CO-owners or Transfers. If there are any co-owners of the Property,
they are all signing this contract either as a buyer or as an "Other Owner". I
won't sell the Property, lease it, loan it, or give it away.
7. PROTECTING YOUR INTERESTS. I'll do anything that may now or later be
necessary to perfect and continue your security interest in the Property and
I'll pay all filing fees and other fees and costs involved.
8. DEFAULT. It will be a default:
8.1. If any payment on this contract isn't received when it is due;
8.2. If I fail to keep any agreement I have made in this contract;
8.3. If I die or become insolvent or bankrupt;
8.4. If I have given you a false financial statement, or if I haven't
told you the truth about my financial situation, or about my use of the
Property;
8.5. If any creditor tries, by legal process, to take money from any
bank account I have or to take any money or property I may have coming from
you.;
8.6. If any check or other instrument given as a down payment is
dishonored;
8.7. If any trade-in is subject to any lien other than the one shown
on the face of this contract, or the amount owing on it is more than the amount
shown;
8.8. If the Property is sold, leased, loaned, given away, or the
Property is lost, stolen, damaged, destroyed, levied upon, seized or attached.
If you are required to make any payment in order to release the Property from
any levy, seizure or attachment, you may add the amount of such payment to the
principal balance which I then owe.
8.9. If you form a good faith belief that the prospect of my payment
or performance is impaired.
9. YOUR RIGHTS AFTER DEFAULT. After a default you will have the
following rights and may use any one or any combination of them at any time.
9.1. You may declare the entire contract balance immediately due and
payable all at once.
9.2. You may xxx for and recover from me the contract balance, and I
will be liable for all reasonable collection costs, including reasonable
lawyers fees, at trail and on appeal, that are paid or owed to lawyers who are
not your salaried employees.
9.3. You may require me to turn the Property over to you at any place
you name that is reasonably convenient for both of us, and I will do it if you
so demand. I agree that the location where I signed this contract is a
reasonably convenient place for me.
9.4. You may take the Property from me without notice. As long as it
does not cause a breach of the peace, you may enter any place where the
Property is located, to take it. You may also take any property that is not
part of the Property, but that happens to be in or on the Property and may hold
such property in safekeeping for its owner for 60 days. If the owner doesn't
claim such property, you may donate it to charity or otherwise dispose of it
without notice in any manner and on any terms you consider appropriate.
9.5 You may sell the Property and pay the amount received over and
above lawful expenses on the debt evidenced by this contract. You will send me
a written notice of sale at least ten days before selling the vehicle. I agree
that there will be reasonable notice of sale if you mail me notice of the
place, time, and date of any public sale, or notice of the date after which a
private sale may be held, ten days in advance of the date. If I do not redeem
the vehicle by the date on the notice, you can sell it. You will use the net
proceeds of the sale to pay all or part of my debt.
To the extent permitted by law, the net proceeds of sale will be
figured this way: Any late charges and any charges for taking, storing,
clearing, advertising, leasing, and/or selling the vehicle and any reasonable
lawyers fees and court costs will be subtracted from the selling price. If I
owe you less than the net proceeds of sale, the difference is owed to me unless
you are required to pay it to someone else. For example, you may be required
to pay a lender who has given me a loan and also taking a security interest in
the vehicle.
If I owe more than the net proceeds of sale and the vehicles is
purchased primarily for personal, family, or household use, I agree to pay you
the difference between the fair market value of the vehicle and the amount I
owe, when you ask for it. However, I will not be required to pay this amount
if the unpaid balance at the time of default is less than $1250.00 and I have
not wrongfully damaged the vehicle. If the unpaid balance at the time of
default is less than $1250.00 and I have wrongfully damaged the vehicle, I will
be liable to you for the amount of the damages.
If I owe more than the net proceeds of sale, and the vehicle is
purchased primarily for business or commercial use, I agree to pay you the
difference between the net proceeds of sale and what I owe when you ask for it.
If I do not pay the amount I owe when asked, I may also be charged
interest at the Annual Percentage Rate applicable to this contract, not to
exceed the highest lawful rate, until I pay all I owe.
9.6. If I purchase the vehicle primarily for personal, family, or
household use and the unpaid balance is less than $1250.00 at the time of my
default, you must elect either to xxx me for the entire amount I owe, or take
repossession of the vehicle in accordance with applicable law.
9.7. You will also have the rights of a secured party under the
Oregon Uniform Commercial Code and other laws.
9.8. You may cancel the collision and comprehensive insurance
required by subparagraph 4.1.
10. ASSIGNMENT BY SELLER. You may transfer your rights under this
contract to anyone. If you transfer this contract, the person or entity to
which the contract is assigned will have the security interest and the right to
insist that I perform my agreements under this contract.
11. NO ASSIGNMENT BY CUSTOMER. I will not assign my rights under this
contract or sell the Property without your written consent. Any attempted
assignment without such consent will be void. No assignment or sale will
terminate or change my obligations to you under this contract.
12. WAIVER of Co-obligor's Rights. I irrevocably waive, disclaim and
relinquish all claims against any and all others obligated with me which I have
or would otherwise have by virtue of payment of the contract or any part
thereof, specifically including but not limited to all rights of indemnity,
contribution or exoneration.
13. MULTIPLE CUSTOMERS. If I'm signing this contract with another
person, I'll be jointly and individually obligated to pay the whole contract.
You may require that I pay the whole contract without asking the other person
to pay. I'll pay the contract even if you and the other person repeatedly
agree to renew or extend it for any length of time, revise its terms, or
release the security.
14. PAYMENTS. I will make payment at any address you specify and payment
will not be considered made until received at that address. Any payment of
less than the entire amount then due may be credited on the balance without
waiving of during any existing default.
15. PREPAYMENT. I may prepay the unpaid balance of the Amount Financed
in full or in part at any time without penalty. If I do so, I must pay the
earned and unpaid part of the Finance Charge and all other amounts due up to
the date of payment.
16. CONSUMER PAPER. If the Property is not consumer goods, this contract
is not Consumer Paper and is not subject to Oregon Revised Statute Section
83.820, even though the words "Consumer Paper" are printed on the front of this
contract.
17. WAIVER. I will perform all duties under this contract (including
making payments if I am a buyer) in a timely manner. If you waive your rights
to insist on timely performance of my duties on any one or more occasions, I
agree that I shall not be excused from timely performance of my duties on any
subsequent occasion.
18. CHANGE OF ADDRESS. I'll give you my new address in writing whenever
I move. You may give me any notices by regular mail at the last address I have
given you.
19. CREDIT INFORMATION. You are authorized to check my credit and
employment history and to answer questions and provide credit reporting
agencies with information about your credit experience with me. I authorize
any person or consumer reporting agency to complete and furnish to you any
information it may have or obtain in response to your credit inquiries.
20. TITLE TRANSFER FEE. If I ask you to consent to a change of
registered owner(s) of the Property and you do consent, I agree to pay you a
reasonable fee for arranging the change as well as paying any filing fees or
other fees paid to officials in connection with the change.
21. OREGON LAW APPLIES. This contract will be governed by Oregon Law.
22. WARRANTIES SELLER DISCLAIMS. I understand that any warranties on the
vehicle sold are those made by the manufacturer. I am purchasing the vehicle
"as is" from you and you are not offering any warranties, either express or
implied, including any implied warranties of merchantability or fitness for a
particular purpose of the vehicle. Except for the warranty of the
manufacturer, if any, I assume entire risk as to the quality and performance of
the vehicle, and if the vehicle proves defective after the purchase, I assume
the entire cost of all necessary servicing or repair. I also understand that
you will not be responsible for incidental or consequential damages arising
from loss of use, loss of time, inconvenience or commercial loss.
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REPURCHASE ASSIGNMENT
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FOR VALUE RECEIVED [ ]without recourse [ ] with recourse, except as provided
herein and in any written agreement regarding purchase of contracts executed by
Seller and Assignee and now in effect, Seller hereby endorses and assigns to
____________________________________________________ ("Assignee") this contract
and all right, title and interest of Seller in and to the Property described in
the contract.
Seller represents and warrants that this contract arose from the sale of
the Property, that the title to the Property was at the time of sale vested in
Seller free of all liens and encumbrances and that a security interest in the
Property is now vested in Seller subject only to the right of Buyer and any
Other Owner (hereafter collectively referred to as "Customer"); that the
Property is as represented to Customer by Seller, that his contract is valid
and enforceable against Customer, and that there is unpaid the full amount
represented as being owing, which amount is subject to no defense, set-off, or
counterclaim whatsoever, or want of legal capacity on the part of Customer.
Seller shall indemnify and hold harmless the Assignee against all claims and
defenses, whether valid or invalid, relating to the Property or acts or
omissions of Seller including, without limitation, any based on the Federal
Consumer Credit Protection Act or other state or federal law.
As a partial consideration for the purchase of this contract by Assignee,
Seller hereby agrees not to assert against Assignee any claim, lien or
encumbrance which Seller now has or may hereafter have with respect to the
Property.
This assignment shall inure to the benefit of and be binding upon the heirs,
executors, administrators, successors and assigns of Seller.
If the Property described in this contract is of a type for which a
certificate of title may be obtained, Seller agrees to perfect a security
interest in the Property in favor of Assignee within ten days of the date of
this contract as shown on the reverse hereof and to provide Assignee with a
certificate of title showing Assignee as first priority security interest
holder within 30 days of the date of this contract. If Seller fails to comply
with the immediately preceding sentence, Seller will, immediately upon
Assignee's demand, repurchase the contract for the amount owing on the
contract, even if the Property is not repossessed or tendered to Seller.
Dated_________ 19__ _______________________ By_____________________________
(Type Firm Name) (Seller) (Title)
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ASSIGNMENT AND GUARANTY
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FOR VALUE RECEIVED, the undersigned Seller hereby endorses and assigns to
_______________________ ("Assignee") this contract and all monies to become due
thereunder and also grants, bargains, sells and conveys to Assignee all of the
right, title and interest of the Seller in and to the Property described in
this contract.
In consideration of the purchase of this contract by Assignee, Seller
guarantees the payment of the unpaid balance evidenced thereby and agrees to
pay upon demand that unpaid balance if Buyer or any Other Owner (hereafter
collectively referred to as "Customer") in this contract defaults in the
performance of this contract, or if any of the warranties are found untrue.
The undersigned warrants that Seller has title to this contract and has a valid
security interest in the Property; that Seller has the right to make this
assignment and transfer; that the Property is free from any liens or
encumbrances; that this contract is valid and enforceable against Customer, and
that there is unpaid on it the full amount represented as being owing on it,
which amount is subject to no defense, set-off, or counterclaim, whatsoever, or
want of legal capacity on the part of Customer. Seller hereby consents that
Assignee, or its successors or assigns may, without notice to Seller, extend
the time for payments under this contract, waive the performance of such terms
and conditions of the contract as it may determine, and make any reasonable
settlement under the contract without affecting or limiting Seller's liability
as guarantor.
For the purpose of inducing Assignee to purchase this contract Seller
submits the accompanying Customer's application which the Seller believes to be
true, and declares that the contract arose from the bona fide sale of the
Property described in this contract, and that the Property has been delivered
into the possession of Customer. In further consideration of the purchase of
this contract, Seller agrees that if the Property is returned by or repossessed
from Customer, Assignee, its successors or assigns, may recover from Seller the
balance due on the contract or may sell the Property, apply the proceeds on the
balance due and recover any deficiency from Seller; in either of such events
recovering also a reasonable attorney's fee and costs of suit and expense, if
attorneys' fees to Assignee, its successors or assigns, and in case suit or
action is instituted upon this guaranty Seller promises to pay such sum as the
court may adjudge reasonable as attorneys' fees in such suit or action,
including any appeal. Seller shall indemnify and hold harmless Assignee
against all claims and defenses, whether valid or invalid, relating to the
Property or acts or omission of Seller including, without limitation, any based
on the Federal Consumer Credit Protection Act or other state or federal law.
The terms of this Assignment and Guaranty shall be effective
notwithstanding anything to the contrary contained in any of the provisions of
the contract, Dealer Repurchase Agreement or other agreement executed in
connection with it.
This Assignment and Guaranty shall inure to the benefit of and be binding
upon Seller's heirs, executors, administrators, successors and assigns.
If the Property described in this contract is of a type for which a
certificate of title may be obtained, Seller agrees to perfect a security
interest in the Property in favor of Assignee within ten days of the date of
this contract as shown on the reverse hereof and to provide Assignee with a
certificate of title showing Assignee as first priority security interest
holder within 30 days of the date of this contract. If Seller fails to comply
with the immediately preceding sentence, Seller will, immediately upon
Assignee's demand, repurchase the contract for the amount owing on the
contract.
Dated_________ 19__ _______________________ By_____________________________
(Type Firm Name) (Seller) (Title)
