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Installment Notesale - Title To Remain In Payee Or Holder
INSTALLMENT NOTESALE - TITLE TO REMAIN IN PAYEE OR HOLDER
SECTION ONE
TERMS OF NOTE
For value received, [name of maker], of [address of maker], [city of maker], [County of maker], [state of maker], in this note referred to as maker, promises to pay to the order of [name of payee], of [address of payee], [city of payee], [County of payee], [state of payee], in this note referred to as payee, at [address of payee], [city of payee], [County of payee], [state of payee], the principal sum of Dollars $[Amount of note] with interest thereon at percent [Interest on note]% per year in installments as follows: $[Total of monthly payments] Dollars in [Number of installments] monthly installments of $[Amount of monthly installments] Dollars each, beginning on [First installment date], continuing on the same day of each month, and ending on [Last installment date].
SECTION TWO
SALE OF GOODS
This note is given for the purchase of [Description of goods], 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 [state], 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 Dollars $[Amount of insurance for the goods] 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, counter-claim, 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 [Maximum percentage of principal to pay extra in case of default]% 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 [assignee], of [address]. 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 [Place of execution] on [date of agreement].
[Signature of payee]