Installment Sale Contract (Security Agreement) between Meadow Valley Contractors, Inc. and Wagner Equipment Co.

Contract Categories: Business Finance › Purchase Agreements
Summary

Meadow Valley Contractors, Inc. agrees to purchase equipment from Wagner Equipment Co. for a total price of $122,992.92, including finance charges, with a down payment of $36,000 and the remainder to be paid in 35 monthly installments. The contract outlines the payment schedule, interest rate, and terms of sale, including the transfer of any trade-in equipment. The agreement also specifies that liability insurance is not included and that the purchaser has the right to pay off the balance early. Both parties have signed the contract, making it legally binding.

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EX-10.221 16 p67539exv10w221.txt EX-10.221 EXHIBIT 10.221 INSTALLMENT SALE CONTRACT (SECURITY AGREEMENT) PURCHASER(S): SELLER (DEALER): MEADOW VALLEY CONTRACTORS, INC. WAGNER EQUIPMENT CO. 4411 S. 40TH ST. 4000 OSUNA ROAD N.E. PHOENIX, AZ 85040 P.O. BOX 25007 ALBUQUERQUE, New Mexico 87125-0007 County: MARICOPA K-236782
____________________________________________________________________________________________________________________________________ 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. ____________________________________________________________________________________________________________________________________ NEW (IF USED) DELIVERED OR FIRST MODEL DESCRIPTION OF UNIT(S) SERIAL# CASH SALE USED USED PRICE ____________________________________________________________________________________________________________________________________ (1) 612DPG PEP PEP SCREEN 971322 $110,000.00
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FIRST DESCRIPTION OF ADDITIONAL SECURITY USED (MAKE, MODEL & SERIAL NUMBER) ____________________________________________________________________________________________________________________________________ ____________________________________________________________________________________________________________________________________ FIRST DESCRIPTION OF TRADE-IN EQUIPMENT USED (MAKE, MODEL & SERIAL NUMBER) ____________________________________________________________________________________________________________________________________ ____________________________________________________________________________________________________________________________________
Trade-in Value 0.00 Less Owing to 0.00 Net Trade-in Allowance 0.00 Location of Units: 4411 SO. 40TH ST. PHOENIX, AZ 85040, MARICOPA
____________________________________________________________________________________________________________________________________ Sub Total ..................................................................................... $110,000.00 Sales Tax ..................................................................................... $ 4,301.25 1. Total Cash Sale Price ......................................................................... $114,301.25 Cash Down Pay 36,000.00 Net Trade-in Allow 0.00 2. Total Down Payment ............................................................................ $ 36,000.00 3. Unpaid Balance of Cash Price (1-2) ............................................................ $ 78,301.25 4. Official Fees (Specify) ....................................................................... $ 250.00 Document Fee 250.00 Other Fees 0.00 5. Physical Damage Insurance ..................................................................... $ 6. Principal Balance (Amount Financed) (3+4+5) ..................................................................... $ 78,551.25 7. FINANCE CHARGE (Time Price Differential) ..................................................................... $ 8,441.67 8. Time Balance (Total of Payments)(6+7) ...................................................................... $ 86,992.92 9. Time Sale Balance (Total of Payment Price)(2+8) ................................................................. $122,992.92 10. ANNUAL PERCENTAGE RATE 6.75% 11. Date FINANCE CHARGE begins to accrue 1/29/03
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 shall pay to Seller, at or such other location Seller designates in writing, the Time Balance (Item 8 above) as follows [check (a) or (b)]: [X] (a) in 35 equal monthly installments of $2,416.47 each, with the first installment due on 2/28/03, 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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urchaser(s) and Seller have duly executed this Contract as of 1/29, 2003 Purchaser(s): Seller: MEADOW VALLEY CONTRACTORS, INC. WAGNER EQUIPMENT CO. By /s/ Clint Tryon By [ILLEGIBLE] ____________________________________ __________________________________ Name (PRINT) Clint Tryon Name (Print) [ILLEGIBLE] __________________________ ________________________ Title Sec/Treas Title Finance Specialist _________________________________ ______________________________