EXHIBIT 10.51
INSTALLMENT SALE CONTRACT (SECURITY AGREEMENT)
PURCHASER(S): SELLER (DEALER):
MEADOW VALLEY CONTRACTORS, INC. XXXXXXX EQUIPMENT COMPANY
X.X.XXX 60726
0000 XXXX XXXXX XXXX
X.X. XXX 0000
XXXXXXX, XX 00000 XXX XXXXX XX 00000-0000
County: MARICOPA
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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.
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NEW (IF USED) DELIVERED
OR FIRST MODEL DESCRIPTION OF UNIT(S) SERIAL# CASH SALE
USED USED PRICE
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(1) USED 1996 IT28F Caterpillar Integrated Tool Carrier equipped 3Cl01822 99,850.00
FIRST DESCRIPTION OF ADDITIONAL SECURITY
USED (MAKE MODEL & SERIAL NUMBER) Sub-Total............................... $ 99,850.00
---------------------------------------------------------- Sales Tax............................... $ 0.00
NONE 1. Total Cash Sale Price................... $ 99,850.00
Cash Down Pay 0.00
Net Trade-in Allow 0.00
2. Total Down Payment...................... $ 0.00
---------------------------------------------------------- 3. Unpaid Balance of Cash Price (1 - 2).... $ 99,850.00
FIRST DESCRIPTION OF TRADE-IN EQUIPMENT 4. Official Fees (Specify)................. $ 250.00
USED (MAKE MODEL & SERIAL NUMBER) Documentation Fee 250.00
---------------------------------------------------------- 5. Physical Damage Insurance............... $
NONE 6. Principal Balance
(Amount Financed) (3 + 4 + 5)........... $ 100,100.00
__________________________________________________________ 7. Financed Charge
(Time Price Differential)............... $ 14,067.52
Trade-in Value 0.00 8. Time Balance
Less Owing to (___n/a___) 0.00 (Total of Payment) (6 + 7).............. $ 114,167.52
Net Trade-in Allowance 0.00 9. Time Sale Balance
(Total of Payment Price) (2 + 8)........ $ 114,167.52
Location of Units: Salt Lake City Airport 10. Annual Percentage Rate.................. 6.60%
Xxxx Xxxx Xxxx , XX 00000 11. Date FINANCE CHARGE begins to accrue.... 9/20/97
Purchaser xxxxx xxxxx 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 48 equal monthly Installments of $2,376.49 each, with the first
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installment due on 10/20/97, 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 9/20, 1997.
Purchaser(s): Seller:
MEADOW VALLEY CONTRACTORS, INC. XXXXXXX EQUIPMENT COMPANY
By /s/ Xxxx X. Xxxxxxx By /s/ Xxxxxx X. Xxxxx
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Name (PRINT) XXXX X. XXXXXXX Name (PRINT) XXXXXX X. XXXXX
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Title VP/CEO Title ADMINISTRATIVE CONTROLLER
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