Loan and Security Agreement between John Deere Construction & Forestry Company and Meadow Valley Contractors, Inc.
Contract Categories:
Business Finance
›
Loan Agreements
Summary
This agreement is between John Deere Construction & Forestry Company (the lender) and Meadow Valley Contractors, Inc. (the borrower). Meadow Valley Contractors is borrowing $251,597.30 to finance the purchase of a new John Deere wheel loader, with monthly payments over 60 months at a 4.5% annual interest rate. The equipment serves as collateral for the loan. The borrower may prepay at any time and is responsible for delinquency and NSF fees. The contract is governed by Iowa law, and the lender retains rights to inspect and repossess the equipment if the borrower defaults.
EX-10.247 3 p68887exv10w247.txt EX-10.247 . . . EXHIBIT 10.247 LOAN CONTRACT - SECURITY AGREEMENT
Seller's Name and Address RDO EQUIPMENT COMPANY, 2649 N. 29TH AVENUE, PHOENIX, AZ 85009
Borrower's (Debtor's) Phone No. 602 ###-###-#### Borrower (Debtor) Resides in (County/State) UTAHCOPA AZ Borrower (Debtor) Agrees to Keep Goods in County/State UTAHCOPA AZ Place of Filing (Town & State) AZ-SOS
Name and Title of Signing Officer (If Corporation or LLC) BRADLEY LARSON PRESIDENT APPLICATION AND PROMISSORY NOTE: I hereby apply to John Deere Construction & Forestry Company (together with its assigns, the "Lender") for a Loan in the amount of the Principal Balance shown below. The amount of the unpaid balance on line 3 is to be used to finance the Balance Due on the purchase order executed in connection with the purchase from the Seller of the equipment described below (the "Goods"). If this Loan Contract is accepted by Lender, I promise to pay to the order of Lender, the Principal Balance, shown on line 7 below, and finance charges thereon computed on the daily unpaid balance of the Principal Balance and to pay the installments shown below, with such adjustments in the amount or number of installments as may be necessary to reflect actual finance charges earned. If more than one person signs this Agreement as "Borrower"), we will be jointly and severally liable for all amounts due under this Agreement. Except for the Notice to Borrower section, In this Agreement, the words "I", "me" and "my" mean the persons, whether one or more, who sign it as the "Borrower".
SECURITY AGREEMENT: To secure the indebtedness evidenced by this contract or any other indebtedness owed to you or your affiliates, I grant Secured Party a security Interest in the Goods described above (which term includes items, if any, listed as "security" or "additional security") and all parts and accessories now or hereafter incorporation in or on such Goods by way of addition, accession or replacement. Buyer represents that all trade-in property, If any, is free and clear of all security agreements, liens and encumbrances. I also grant you a Security Interest in all proceeds, including insurance proceeds and refund of insurance premiums financed hereunder. I acknowledge that all security granted on any other Contract between you and me shall also secure the obligations described in this Contract. You can inspect the Goods at any time. I REPRESENT THAT THE GOODS ARE BEING PURCHASED FOR A BUSINESS OR COMMERCIAL PURPOSE. EARLY PAYMENT: I may prepay my obligation in full at any time prior to the original or any extended maturity and will be charged only for earned Finance Charges. DELINQUENCY CHARGE; NSF FEES: For each installment not paid when due, I promise to pay Lender a delinquency charge calculated at the rate of 1.5% per month for the period of the delinquency or, at Lender's option, 5% of such installment provided that such a delinquency charge is not prohibited by law, otherwise at the highest rate allowed by applicable law. I agree to repay immediately to Lender in the enforcement or administration of its rights under this Agreement, including, without limitation, any amount paid by Lender to a depository institution because a check, draft or order made or drawn by or for the benefit of me is returned unpaid for any reason. If any payment is made by a check which is dishonored, I agree to pay Lender a fee of $20 or such lesser amount specified by applicable law. FINANCE CHARGE BEGIN DATE: I acknowledge that unless this Contract is not accepted by Secured Party, the finance charge shall commence accruing on this date specified above, regardless of when I execute this Contract. STATE LAW APPLYING: THE CONSTRUCTION AND VALIDITY OF THIS AGREEMENT SHALL BE CONTROLLED BY THE LAW OF IOWA, AND THE VALIDITY OF THE SECURITY INTEREST SHALL BE CONTROLLED BY THE LAW OF THE STATE WHERE THE GOODS ARE TO BE KEPT AND USED. ADDITIONAL PROVISIONS CONCERNING RIGHTS OF THE PARTIES ON RESERVE SIDE ARE A PART OF THIS CONTRACT
NOTICE TO BORROWERS: 1. DO NOT SIGN THIS CONTRACT BEFORE YOU READ IT OR IF IT CONTAINS BLANK SPACES. 2. YOU ARE ENTITLED TO AN EXACT AND COMPLETELY FILLED IN COPY OF THIS CONTRACT WHEN YOU SIGN IT, (***). KEEP IT TO PROTECT YOUR RIGHTS 3. UNDER THE LAW, YOU MAY HAVE THE RIGHT TO REDEEM THE PROPERTY IF REPOSSESSED FOR A DEFAULT WITHIN THE TIME PROVIDED BY (***). CAUTION: IT IS IMPORTANT THAT YOU THOROUGHLY READ THE CONTRACT BEFORE YOU SIGN IT. I ACKNOWLEDGE RECEIPT OF A TRUE COPY HEREOF. MEADOW VALLEY CONTRACTORS, INC.
