Vehicle Purchase Agreement
Exhibit 10.16
This purchase agreement dated July 29,
2002 between Mirenco, Inc., X.X. Xxx 000, Xxxxxxxxx, Xxxx 00000, (purchaser), and Fosseen Manufacturing Co., Inc., X.X. Xxx 000, Xxxxxxxxx, XX 00000, (seller), for the purpose of transferring ownership of the four vehicles described below from the
seller to the purchaser is subject to the following terms and conditions:
Description of vehicles (all pickups):
| Description |
VIN # |
Fair Market Value as of July 29, 2002 |
Amount owed By seller to Xxxxxxx-Story State Bank |
Difference Due Seller | |||||||
| 1990 Ford F350 Dually |
0XXXX00X0XXX00000 |
$ |
4,900.00 |
$ |
0.00 |
$ |
4,900.00 | ||||
| 1994 Ford F150 |
0XXXX00X0XXX00000 |
|
5,000.00 |
|
0.00 |
|
5,000.00 | ||||
| 2000 Ford Ranger |
0XXXX00X0XXX00000 |
|
12,925.00 |
|
8,161.14 |
|
4,763.86 | ||||
| 2000 Ford F250 |
0XXXX00X0XXX00000 |
|
17,175.00 |
|
11,223.61 |
|
5,951.39 | ||||
| |
|
|
|
|
| ||||||
| Totals |
$ |
40,000.00 |
$ |
19,384.75 |
$ |
20,615.25 | |||||
| |
|
|
|
|
| ||||||
1. |
Purchaser agrees to pay Xxxxxxx-Story State Bank the sum of $19,384.76 in full payment of existing notes held in the name of the seller by Xxxxxxx-Story State
Bank relative to vehicles described above. In addition, purchaser agrees to pay seller the total sum of $20,615.25 representing the difference between the July 29, 2002 fair market value of the four vehicles and the amount purchaser agrees to pay
Xxxxxxx-Story State Bank as outlined in the previous paragraph. Payment of said sum shall be made by the purchaser to the seller in 26 monthly installments of $861.52 each beginning August 4, 2002 and ending July 4, 2004. Such payments will include
interest on the unpaid balance equal to 8.00% annually, computed on a 365-day year. Early payment of the unpaid balance plus interest to date owed to seller, although not required, may be made at anytime without penalty during the term of this
agreement at the discretion of the purchaser. |
2. |
Seller agrees to deliver to purchaser titles to vehicles described above. Although not required to do so, seller may retain security interests not to exceed the
amounts listed above under “Difference Due Seller”. |
3. |
Payments not received by seller by the 30th of the month shall be assessed a finance fee of 1.5 percent per month on the unpaid balance. This agreement shall be in default if the purchaser fails to make a scheduled payment within 90 days of its due date. Upon
default, seller shall deliver written notice to purchaser of intent to repossess. Within 15 days of receipt of the written intent to repossess, purchaser shall forfeit all claims to said vehicles and physically deliver titles thereto to seller.
|
4. |
This agreement is non-transferrable. |
We the undersigned agree to the terms of this agreement dated this 29th day of July,
2002.
Signed: /s/ Xxxxxx Xxxxxxx
Mirenco, Inc. (purchaser)
Xxxxxx Xxxxxxx,
CEO
Signed: /s/ Xxxxxx Xxxxxxx
Xxxxxxx Manufacturing Co., Inc. (seller)
Xxxxxx Xxxxxxx, CEO
