Opinion ID: 1845159
Heading Depth: 1
Heading Rank: 1

Heading: conditional sales contract

Text: The undersigned seller does hereby agree to sell and the undersigned purchaser does hereby agree to purchase, upon the terms and conditions hereinafter set forth, the following goods and chattels, complete with standard attachments and equipment, which shall be installed and kept at 542 E. Fort, Detroit, Michigan. 1 new 1947 model SCY-501 Worthington 5-ton air conditioner, complete with heating unit and ducts, serial No 1755 ........................................... $3,488.25 1 new 1947 model HB2, Empire red refrigerated bar, serial No 126 ............................................ 514.00 _________ Total cash price ...................................... $4,002.25 Statement of transaction Total cash purchase price ......... $4,002.25 Tax ................................ 96.32 Total ............................. $4,098.57 Unpaid balance .................... $4,098.57 Cash down payment ................. $1,347.50 Deferred balance .................. $2,751.07 Time charge, 24 months ............ 330.12 Time balance ...................... $3,081.19 The time balance shall be paid in monthly instalments of $128.38 on the tenth day of each month hereafter until the entire amount is paid. All payments shall be made to the seller at Industrial National Bank  Detroit and shall bear interest at the highest legal contract rate from their maturity until paid. It is further agreed: The title to above described property shall not pass by delivery but shall remain vested in and be the property of the seller or assigns until the purchase price has been fully paid, together with the interest and any other moneys becoming due hereunder, at which time the seller or assigns will transfer title to the purchaser. The purchaser acknowledges receipt of said property and shall have temporary possession of the same and the right to use and retain it so long as there shall be no default in any of the terms and conditions of this contract to be performed by said purchaser. The above property shall be and remain personal property regardless of the manner in which it is affixed or attached to the structure. The purchaser agrees to take good care of said property at his or her expense and not to sell or rent any part thereof, or assign this agreement, or part with possession of said goods or chattels or remove or permit the same to be removed from said premises without the written consent of the seller or assigns, and further agrees to save the seller and assigns harmless on account of any damage which may occur to said goods either by reason of fire, accident, neglect or abuse but the injury or destruction thereof shall not operate to release the purchaser's covenants. If the purchaser fails to make any payment when due or otherwise violates this contract the seller may either (1) declare the entire sum remaining unpaid immediately due and payable and sue for the payment thereof, or (2) treat this contract as at an end, and with or without notice or legal process take possession and remove said merchandise, hold the same free of all claims of the purchaser and retain all payments made hereunder as rent for the use thereof, the purchaser hereby waiving all claims and rights of action for trespass or damages by reason of said entry and repossession. This contract shall inure to the benefit of, and bind the heirs, executors, administrators, successors and assigns of each of the parties hereto. There are no understandings, agreements, representations or warranties, express or implied, not specified herein, respecting this contract or the property above mentioned. Any provision of this contract prohibited by law or inconsistent with a pure conditional contract of sale shall be ineffective to the extent of such provision without invalidating the remaining provisions hereof. Any extension or assignment of this contract shall not constitute a waiver of the conditions hereof. The purchaser acknowledges delivery and receipt of a copy of this instrument at the time of its execution. In witness whereof, the parties hereto set their hands and seals this sixth day of January, 1947. L.M. ROZNER MANUFACTURING CORP. Purchaser's signature LEONARD M. ROZNER, President Purchaser's signature ECONOMY REFRIGERATION & AIR COND. Seller By GEORGE F. LYNCH (owner) Authorized signature