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<br />r"'~ <br /> <br />N70490 SARINE <br /> <br />NOTE & SECURITY AGREEMENT <br />(EQUIPMENT) <br /> <br />City of Paris <br />Oeblor's Name <br />Paris <br />City <br /> <br />P.O. Box 9037 <br /> <br />Lamar <br />County <br /> <br />Street Address <br />Texas 75461 <br /> <br />Slate ZipCodc: <br /> <br />(hereinafter called in accordance with the lerms and provisions of the Uniform Commercial Code - DEBTOR), having been quoted both a <br /> <br />time price or S 124.225.00 and a cash price of S 103.306.00 and having elected to purchase the equipment aescnbea <br />below on a lime price basis, agrees 10 pay Darr Equipment Co. (hereinafter called in a~cordance with the lerms and provisions of the Uniform <br />Commercial Code - Secured Party) whose address is Highway 183 and Loop 12. Irving, Dallas County. Texas. <br />, .,,- <br />(Mailing address: P.O. Box 540788, Dallas, Texas 75354,0788) the lime price or $_12Ji..2? <; 00 as rollows: $, _,,0-. <br /> <br />-0- <br /> <br />which was paid with order, receipt of which is hereby 89-nowledged by Secured Party. S <br />remainder (Time Balance) of $ 124,225.00 in 60 <br /> <br />on delivery and I he <br /> <br />consecutive installments, the first installment due <br /> <br />12-19-90 and subsequent installments due the same date monthly <br />,/ <br />specified) thereaHer. Each installment shall be in the amount or $ 2 ,071. 00 <br /> <br />(monthl)', unless otherwise <br />except the final installment <br /> <br />which shall be S 2,036.00 . paymenlSlo be made in lawful money or the United States at Secured Parly's <br />office in Dallas County, Texas. Past due installments shall bear interest at lhe highest legal contract rate orinteresl pennissible in the Slate of <br />.Texas. <br /> <br />EQUIPMENT: One (1) New Caterpillar 12G Motor Grader, SIN 61M13786 <br /> <br />For value received, Debtor hereby grants to Secured Party a security interest in the above described equipment of Debtor <br />(said equipment being hereinafter referred to as Collateral), together with all attachments, accessories, additions and appurtenances <br />thereto. <br />The securily in Ie rest hereby granted secures the payment of the Time Balance of S <br />by Deblor 10 Secured Party on the purchase price of the Collateral. <br /> <br />124,225.00 <br /> <br />owed <br /> <br />DEBTOR represents and warrants as follows: <br /> <br />Collateral is to b~ used for: o farming operation; or lXlbusiness other than farming operations. <br />Collaleral is 0 now owned by DEBTOR or IllI is being acquired by DEBTOR from SECURED PARTY or is heing acquired with <br />the proceeds of the ad.'ance evidenced by this agreement. <br /> <br />DEBTOR and SECURED PARTY as used in this Nole & Securily Agreement includes the heirs, execulors and administrators. <br />successors and assigns of lhose parties. <br /> <br />i <br />, <br /> <br />~ <br />~ <br />