HomeMy WebLinkAbout0788 Subject to the conditione of this contract~ poseeesion of Equipment is to be retained
by Purchaser and Purchaser expressly agrees that until fin,al payment is made under thia
contract~ Purchaser will not, without the written conaent of Seller. either remove the
prop~rty from the above designated premises or sell. mortgage or otherwise diepose of
Purchaser's interest therein.
The los$. in~jury or destruction of Equipment shall not release Purchaser from pay-
ment of the sums due hereunder. Purchaser covenants and agreee to obtain and keep ia
force fire and extended coverage insurance on Equipment in form and in an amount for
not less tban the amount of the unpaid balance hereof and written by insurers satisfactory
to Seller. If such insurance is not furnished by Purchaser, Seller~ as a creditor of Pur-
chaser. is authorized to purchase or renew any and all such insurance at Purchaser's
expense. Purchaser agrees to pay the cost thereof to Seller on demand and failure to do
so shall constitute a default hereunder, Purchaser hereby assigne to Seller the proceeds
of all such insurance (including any refund of premiums) to the extent of the unpaid portioa
of the Total Time Balance. directs any insurer to make payment directly to Seller. and
authorizes Seller to apply such proceeds to the payment of installments due or to become
due hereunder.
Purchaser agrees to pay from time to time all taxes and assessments on Equipment
and, failing so to do, Seller may pay the same and such charges shall become a part of
and s cu e b this contract. Purchaser shall furnish proof of payment of taxes 30 days
prior o ~e in ency.
Purchase~agrees that any amounts paid out by Seller for repairs to or supplies for
the property which in the judgment of the Seller may be necessary, whether ordered by the
Purchaser or not, and amounts paid by the Seller for taxes and assessmente and insurance
and for the expenses including reasonable attoraeys fees incurred by the Seller in collect-
ing or attempting to collect any payments not met promptly when due or in protecting its
rights and claims, shall be considered a part of and be secured by this contract and shall
be paid in full by Purchaser on demand.
If Purchaser should ~default in payment of any installment of the Total Time Balance
provided for hereia at any maturity date, or should fail to comply with any provisions of
this contract, or if a receiver be appointed for Purchaser, or Purchaser shall make aa
assignment for the benefit of creditors, or in the event that a proceeding under the Bank-
ruptcy Act, or any Amendment thereof, be instituted by or against Purchaser, or if the
Equipment be misused, the unpaid portion of the Total Time Balance shall. at Seller's
option, become immediately due and payable. Purchaser agrees in any such case to pay
said amount to Seller. upon demand, or. at the election of Seller, to deliver Equipment
to Seller. Seller may, without notice of demand for performaace or legal process, law-
fully enter upon any premises where any of the Equipmeat may be located and may take
j possession of it. Seller may retain all payments made by Purchaser as compensation for
f use of Equipment while in Purchaser's posseseion. Seller may sell the Equipment at
private or public sale (at which Seller may be the Purchaserj and the proceeds of any such
sale, less all expenses (including an attorney's reasonable fee), shall be credited on the
amount owing hereunder; Purchaser shall pay any remaining balance forthwith as liquidated
~ damages for the breach of this contract, aad shall receive any surplus.
Nothing herein contained shall require the Seller to exercise any of its options or en-
force any of ite rights hereunder within any particular period of time, and no act or omis-
sion to act shall be deemed a waiver of any condition hereunder, unless such waiver shall
be in writing, signed by the Seller.
It is further agreed that the rights and remedies givea the Seller hereunder are cumu-
lative and not alternative, and that the enforcement of one remedy or the commencement
of one proceeding by the Seller sball not constitute an election so as to bar aa enforcement
of aay other remedy or the commencement of any other proceeding; that the retalcing of
the property by Seller as herein provided shall not deprive Seller of its right to collect the ~
unpaid balance due, nor shall the begiuning of a suit against Purchaser for any unpaid i
balance or any part or installment thereof, or the acceptance of any note, with or without
endorsements thereon to evidence said indebtedness, prevent the taking of possession of
said property by the Seller.
This contract may be assigned by Seller, or the payment thereof renewed or extended. ;
without passing title to Purchaser. When assigned, all rights of Seller shall vest in ~
Seller's assignee. This contract shall be free from any claims or defenses whatsoeve~ ~
which Purchaser may have againet Seller. All payments or other monies then owing here- ;
under ehall be paid by Purchaser to Seller~s assigaee without recoupment, set-off or ;
countercLaim, either at law or in equity. '
-2-
~ BooK 140 185
, _
. . _ ~ . _
r. - -
~
{ . . ~