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assiqns, the sum of THIRTY-FIVE THOUSAND DOLLARS ($35,000.00)
due and payable as follows:
Fifty-nine (59) monthly payments of $438.65 ~
including interest at 8 3/48 interest, with a
balloon balance of $21,535.63 plus interest due
on the.60th month at the end of~five years.
this assigna~snt shall be void;
it being made for the sole purpose of securing the payment of such
swa of THIRTY-FIVE THOUSAND DOLLARS ($35,000.00) with interest r
thereon as herein specified.
III. It is agreed that the assignor, its heirs, executors,
administrators and assigns shall continue to collect the moneys
- due and to become due on such Articles of Agreement with the inter-
est, provided that the assignee reserves the riqht to collect
such moneys and notify such parties of the second part to make
payment directly ~o the assignee, should the assignor be at any
time in default. It is further agreed that in the event assignee,
its heirs, executors, administrators, or assigns shall collect and
receive the money due on the debts secured by the Articles of
Agreement hereby assigned, he or they shall, after retaining the
sum of THIRTY-FIVE THOUSAND DOLI.ARS ($35,000.00) with interest
thereon and his or their reasonable expenses incurred in so collect-
~ ing and receiving, pay the surplus, if any, to the assignor, its
i
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~ heirs, executors, administrators, or assigns.
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~ IV. Assignor hereby covenants and agrees that he is the lawful
~ owner and holder of the de}~ts and Articles of Agreement.described
above, and that he has good right to sell, transfer, and assign ,
the same as aforesaid.
e
V. Assignor covenants that there is now owing ~n the assigned
Articles of Agreement without offset or defense of any kind,
the principal indicated with interest thereon at the rate of eight
~ percent (8$) per annum.
~ VI. Further, assignor hereby makes, constitutes, and appoints
- a
~ assignee his attorney in fact, irrevocably, in his name or ~
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~ - B~N225 ~15?9 -
Page Six. f
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