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?ROViS10NS OF SECURITY AGREEMENT ~
i. IYo~wi~hstand~ng thp~ Seller is g~anrcd o security inlerest in the proceeds of the Motor Vehicle, Buye~ ahall not sell or enc~mber the Motor Vehick;
and sholi ndt use the Motor V~h7de unlawfully or improperlr.
2. Buyer shall cavse the Motw Vehicle to be ~nsured against ~~ch iisS~s of domoge os requi~ed by Seller and provided i~ Item a on the reYerae side
here~f, w;~t~ loss poyobi. ro Sclk. os its ~ntsrest shali oppear ot tM time of sufh ~o:s, ond sholl <ouie =uch in~vronn poGcies to be delire~ed ~o Sellc~. '
In the e~eet duye~ fa~ts to poy tAc insu~nnce prem~ums, o~ to p-ovide such insurance, w in cese of ~~epiration o. conceUotion of iuch ins~.ance, 5eller
~noy lurnish iuch iniu~ance ond the cost thereof sholt be poid by O~ye. and odded ro the am:,um xc~~ed he~~by. Buyer a9reet thaf Selle~ may ace
uti ogent for ouyer in obfoining, cidj~sr;ng, settGng ond toncelling such insuronce and endorsing ony drpft
3 Ahhouqh Selle. Aas no duty to g~on? any e+teni~on or ~ndulgence, the fung pf t6is Agreemenf os a fnoncing s~otement sholl be not~w of Seller's
necurity inte~est for fi~e (S) yeors of~er dote of such filing ~n contemplolion oF pny extension, indulgence or refinoncing which moy 6e 9rontrd.
a Ir. the event Suyr~ deiovlts :n the poyment of anr amounts d~e heieunder, or in Ihe per(«mo~ce of ony olher obl~galions here~r,der, or if o
p~ocrxd~ng in bankruptcy, recc~vership or inwlrency ia institvted by o~ agoinsl 8uyer, then $eller may declo+e ehe io:! omo~nt he~eunder immed~atrly
d~e and poyoble without noticc or dcmond, ond shall hove all of the remedies of n secu~ed party vnder the Mic!~igan UniForm Commerciot Code and
any ot!~er opplicoble laws. Upon repossession of 1he Mo~or Veh~cle b/ Se:ler, any notices req~ired to be given by Selier to 8uye~ with respect to the
tole or othe. dispasit~on oi the Moto. Vehicl~ shall be deemed rentonable if moiled, with poitage p.epaid, to ?he address of 1he Suyer oppeoring
on the rcverse side hereof, ot last five i5t doys before ehe time oF such sale or other d~spos~t~on.
S durer sAo~l ma~ntoin the Motor Veh~de ~n good condit~on and repo~r ond sholl not remore ~he wme from 6uyer'~ ~ddress os sto~ad on the ~e+ene
+~de her~pf without Seller's ~rritte~ permission. Burer ogrees thal the Motor Yehide sholl not conit~lute e Ratv~e unde~ Micbigon law.
~ Th~ Buyer moy prepoy, ot any ?ime, all or ony pcrt of the ~npoid Total of Porments. Whenever all oi the Toto! of Forments is poid prior to
.,~otunty br prepay~nent, refinancing, o. term~not~on by surrender or repoasession and resale of the Mo~or Vehicle.
~ Pr:or ro repo~seasion of the Motor Vel+icle, the 6urer may reinsroM this contracl by poyment of oll post dve installmeMS ond defo~lt chorges.
Afte~ reposzession of the Mo~or Veh~de, the Sel:er sholt not be .eq~ired to reinstofe this contract.
8. Upon p.~yment in f~ll of the To1a1 0l Poyme~ls and othe~ amo~nts lowfully due hereunder, Stller or ifs assigns sholl deliver to Buyer fhe orig-
~•~at of aft instr~mrnt, e•~deacing Buyer's indebtedness or consiit~ti~g ucurity hereunder, extept suth ~nsiruments thot may be filed or recorded with
publie offic:ol, and stiail releosr all ~ecurity inte~ests in ~he Motor Yehicle and in any col~ole~al securify, o!I pwsuant fo the pcovisions of the Motor
Veh~de Sales Flnance Act and o!her applicoble lows of the State of Michigon ~~e ~Q ~ i
fNCORSEMENT AMD A SI NM M C~~~ A: ~
s ~ E r ~tRR crRC~r c c.
~~coeo vER~r~
~OR VAIUE RECEIVED the unde~signed $rller hereby set~s, ossignf ond transfers ro
238409 ~ ll ~ ~t'11 .
its successors and assigns,
of his, its o+ thrir ~ight, t~tle ond ~nterest in and to fh~s Agreement wilh power to fake legol proteed~ngs en Ihe name o~ !he $elfer or itself in
•eipect ~he~etv Se+ie~ •..arronts rhat to"rd Ag~eement is gen~ine and in ofi +cspecti whot it purports to be; Ihof soid extension of instollmeM credit `
cemplies «;th a!! fede*ot and stote lows, reg~latio~s ond orders; ~hot $eller has complied with oll lows in respect to the sofe of the Motor Vehick
co~ered therehy; ~har rhe down poyment poid by the B~yer before del~Yery os stoted i~ the Agreeme~t wo: in cash und no~ ifs eq~ivalent, vnles:
otherwi~e men+~uned i~ the Agr~rment, ond ~hat no pa.t thereof wos baned d~rectly or indireclly 6y Seil~~. or any one connetted with Seller to the
B„ye.; that ati d~aciosurci req~~~ed to be mode ro Buye. ond alt thi~gs req~i.ed to be done under the Federal T~~th-In•Lt~d~ng Ad ond rhe Michigon
'.~otor Vehi:te Sulei F~~ance Acr ho~e been duly mode o. done; that Seller had ti11e fo sa~d Mofor Vehide free and dear of all encumbro~ces o1 the
•:me uf the execu~:e : of sa~d Agreemem by tF~e B~yer ond by tS~s aivgnment, $el{er warronts dear title to the Motor Vehide, subject only to this
Agrc~~men!,- thaf iSe Motc~ Veh:cte rrfe~red to +he~ein hos ne~e~ been owned by a monic+polity or used as o taxicab unless so stoted; that the Buyer ~
s 21 yruu of ~ge o. older, t4ot un!ess r.ofed herein Sefkr has no reown to betieve lhat the B~eyer rve~ .ioloted any laws conceming ~iqvor or nor-
cot~cs; that Boyrr's m,me wai rever ~rjectrd by ony other financ~ol compony, bonk or banker; thot refere~ce to soid Agreement appeors on fhP
_,~tifica?e oF 7:t:e Q^d or 3;!! of Sa~e os requ~Jed by state ~ow, cove~~ng sa~d Motor VeF:de. Seller mokes soid worrontits for the purpose of ind~c~ng '
~~r ~nde.s+gneci to p.:~:hace rhe Ag•eemrnt ond if any such worronty should 6e ~ntrve, Seller sho~t buy the some from thf under3ig~ed up~n demond
-:nd w~!! poy the•efo• ~~ot teis thon the umoint owing tAereon p~~s any ord ul! costs ond e¦pentes paid and inw.red by the ~nd_rsigned with respect
•~ereto, ond sa~d remedy shull he comulatiwe and not eadusive ar.d sholl not oReC any othe~ ri9ht o. remedy lhot the ~nder;igned m~ght hove in low
in equ~tr ogo~nti~ Selle~. Furthe. ~~obility of the Sel~er ro ouignee sFwlt b~ gove~ned by one o~ the foilowing poragraphs below where ~he Seller's
s;gnotwe appea~s.
~ ~ WITHOUT RECOU1tSE :2; ' WITN RECOURSE
~ Under~~gr.ed guorantees payment of thc amaunl due on sa~d note and
}i( ~~J~ ~ l Sec~rily Agreement as and whe~ the wme shotl become due pl~s any
~E~~~~ [l~a~""~ ond a!I costs and expenses po~d or incvr~ed by as:~gnee in respeq
lCo+po.at~on, Ind' duol or F~.m Nome} ~hereto waiv~ng any extension of time made by the holder hereof, and
p~esentment for ppyrnent, protesf artd rtolice oF protes/, ond nonpoyme~t.
. BY • ~ . . ~
{Office~, Owner or Por~ner Title) Oeokr
M M S l ATE OF ~LO ~ (Corporofion, Mdirid~o! u Firm Name)
o; _ OOCUMENTARY~-:;~STAMP Tl'. )
yC _ DEFi.Oi RfYfNVF
i~ •~3~~4 d - - ~
. r
o _'B ~ Scr2t'72 ' • ~ O 9 5 lOffice•, Owner or Parlner T,fle)
, ~ ~ '!ib7 _ , .
~ FUII RFYU~C~SE~'-'- ' . '
~ARTIAt REPURCMASE
Jnde~signed a9rces to repurchbse the properfy to~ered by wi?hin note
cnd Sec.rity /lgreeme~~t from the holder hereof sFW~id 1F+e ho~der at apy The tarms and obGgotlons of: tl~e prec~ding FuH Repwchase Ag~eemem
~.me rep~s~ei~ o~ come ~nto possess~on of it, and tender defivrry of the or Secr~on 3 which ore incorporated herein br referenc~l are hereby
.ame ~o unde~slyned ot vnrle~s~gned's place of bvsi~esi. Undersigned ogreeo ro by ihe undersigned with the holde~ hereol, pror'rded, howerer, "
,g~e~ s to pny, ~n c~sh tF.erefor, upon demand an amount eq~al fo the that in l~e~ pf p~isd~asing wid prope~ty co~ered by within note and
,;npaid balance o~~r.g ~n the note ond Sec~rity Agreement reloting Sec~rity Agrcement the ~ndersigned moy dischorge svch obtigation by
•hereta, rego:d~ess ot the ~eed o~ repair or condition of said property. poyment of S to holder opon demaed.
Ueale~ . Deoler - . -
Corporo?~on, Individool o. F~.m Name) (Corporation, IRdiv;dual or Firm Name}
BY _ gy t
;Off~cer, Owner o. Oartner T;~,e; to~;«,, ow„~, SA11NF SAVlNGS BQNK
~ t' ' 4 ~ • U k r~~ SAt1NE,. M(CH GAN 46176
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