EXHIBIT 10.55
INSTALLMENT SALE CONTRACT (SECURITY AGREEMENT)
PURCHASER(S): SELLER (DEALER):
READY MIX, INC. XXXXXXX EQUIPMENT COMPANY
0000 X. Xxxxxxxx Xxxx #000 0000 XXXX XXXXX XXXX
X.X.XXX 0000
XXX XXXXX, XX 00000 XXX XXXXX XX 00000-0000
County: XXXXX
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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 970E Caterpillar WHEEL LOADER 7SK00713 175,000.00
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FIRST DESCRIPTION OF ADDITIONAL SECURITY
USED (MAKE, MODEL & SERIAL NUMBER)
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NONE
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FIRST DESCRIPTION OF ADDITIONAL SECURITY
USED (MAKE, MODEL & SERIAL NUMBER)
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NONE
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Trade-in Value 0.00
Less Owing to n/a 0.00
Net Trade-in Allowance 0.00
Location of Units: 0000 X. XXXXXXXX XX. #000
XXX XXXXX, XX 00000 XXXXX
Sub-Total................................... $ 175,000.00
Sales Tax................................... $ 12,500.00
1. Total Cash Sale Price....................... $ 187,500.00
Cash Down Pay 18,725.00
Net Trade-In Allow 0.00
2. Total Down Payment.......................... $ 18,725.00
3. Unpaid Balance of Cash Price(1.2)........... $ 168,775.00
4. Official Fees (Specify)..................... $ 250.00
Documentation Fee 250.00
5. Physical Damage Insurance................... $
6. Principal Balance
(Amount Financed) ( 3 + 4 + 5).............. $ 169,025.00
7. Finance Charge
(Time price Differential)................... $ 26,386.84
8. Time Balance
(Total of Payments) (8 + 7)................. $ 195,411.84
9. Time Sale Balance
(Total of Payment Price) (2 + 8)............ $ 214,136.84
10. Annual Percentage Rate 7.30%
11. Date FINANCE CHARGE begins to accrue JUL 01 1997
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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 48 equal monthly installments of $4,071.08 each, with the first
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installment due on Aug 01 1997, 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 Jul 01, 1997.
Purchaser(s): Seller:
READY MIX, INC. XXXXXXX EQUIPMENT COMPANY.
By /s/ Xxxx Xxxxxx Xxxxx By /s/ Xxxxxxx X. Xxxx
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Name (PRINT) XXXX XXXXXX XXXXX Name (PRINT) XXXXXXX X. XXXX
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Title COO Title Vice President & Treasurer
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