INSTALLMENT
NOTE SALE - TITLE TO REMAIN IN PAYEE OR HOLDER
SECTION
ONE
TERMS
OF NOTE
For
value received, ________________ of _________________________________, in this
note referred to as Maker, promises to pay to the order of ___________________,
of ___________________________________________, in this note referred to as
Payee, the principal sum of ___________________ with interest thereon at
__________ percent per year in installments as follows: ______________ in ______ monthly
installments of ________________ each, beginning on ___________, continuing on
the same day of each ________, and ending on ___________.
SECTION
TWO
SALE
OF GOODS
This
note is given for the purchase of _____________, in this note referred to as
the Goods.
SECTION
THREE
TITLE
OF GOODS; SECURITY INTEREST IN GOODS
Title
of the goods shall remain in Payee of this note until all of the installments
are paid in full. The Payee is hereby
granted a security interest in all the Goods to secure the prompt compliance of
Maker in performing all of the obligations of Maker under this note.
SECTION
FOUR
ACCELERATION
OF NOTE; REPOSSESSION OF GOODS
If
there is any default in the payment of any installment of principal or interest
of this note, if there is a sale or attempted sale of part or all of the Goods,
if there is a removal or attempted removal of part or all of the Goods from ,
or if any other event happens that causes Payee to deem itself insecure, Payee
shall have the option to declare all of the unpaid installments of this note
due and payable at once, and Payee shall have the right to repossess the Goods.
SECTION
FIVE
PRESERVATION
OF GOODS
Maker
shall insure the goods for ___________________ with a company acceptable to
Payee, and Maker shall comply with all requirements of Payee to preserve the
Goods.
SECTION
SIX
EFFECT
OF WAIVER OF RIGHTS BY PAYEE
Failure
on the part of Payee to exercise any option on the happening of a default under
this note shall not operate to bar the right of Payee to exercise the option on
any subsequent default.
SECTION
SEVEN
MAXIMUM
INTEREST COLLECTABLE ON NOTE
Maker
shall not be required to pay and Payee shall not be permitted to collect
interest in excess of the maximum permitted by the law held to be applicable to
this transaction. If any excess of
interest is provided for in this note or has been collected under this note,
Maker shall not pay the interest in excess of the amount permitted by law and
the final payments due under this note shall be adjusted so that the total
interest actually paid will equal the maximum amount that may be lawfully
collected.
SECTION
EIGHT
ASSIGNMENT;
DEFENSES
All
rights of Payee under this note and to the Goods may be assigned. The liability of Maker to any assignee shall
be immediate and absolute and Maker will not set up any claim against the
assignee as a defense, counterclaim, or set-off to any action brought by any
assignee for the unpaid balance owed under this note or for repossession of the
Goods.
SECTION
NINE
WAIVER
OF PRESENTMENT, PROTEST, AND NOTICE OF DISHONOR
All
parties to this note, whether Maker, surety, or indorser, waive presentment,
demand, protest, notice of dishonor, and any other notices normally required to
be made.
SECTION
TEN
COSTS
OF COLLECTION
Maker
shall pay the costs of collection of this note, including reasonable attorney
fees and legal costs, in an amount not to exceed ______ percent of the
principal and interest collected after default of this note.
SECTION
ELEVEN
EXTENSION
OF TIME
The
indorsers and sureties agree to any extensions of time for payment that Payee
may make without notice of such extensions.
SECTION
TWELVE
DEFINITION
OF PAYEE
The
word Payee shall mean the Payee or any other indorsee of this note, who is in
possession of it, or the bearer of this note, if this note is at that time
payable to bearer.
________________________________ Dated:
______________________
(Signature
of Maker)
ASSIGNMENT
For
value received, and with recourse, Payee hereby assigns the above note to
_______
________________,
of __________________. Payee further
assigns all the right, title, and security interest that it holds in the Goods
described in the above note.
The
assignee shall not be bound to take any steps necessary to preserve any rights
and the Goods against prior parties that the Payee assumes to do.
In
witness whereof, Payee has executed this assignment at __________________ on
______________________.
____________________________________
(Signature
of Payee)
