1991-020-RES WHEREAS, the City Council of the City of Paris, did at its special meeting on September 24, 1990,
RESOLUTION NO. 91-020
WHEREAS, the City Council of the City of Paris, did at
its special meeting on September 24, 1990, approve the
purchase of a new motor grader and thereafter did advertise
for bids for furnishing said motor grader, which bids were
received until 3:00 O'clock P.M., Tuesday, October 23, 1990;
and,
WHEREAS, the best bid for such purchase was made by Darr
Equipment Co., P. O. Box 540788, Dallas, Texas 75354-0788,
and it should be awarded the bid for providing such grader;
and,
WHEREAS, the Note & Security Agreement (Equipment) for
the purchase of one new Caterpillar l2G Motor Grader SIN
61M13786 is attached hereto as Exhibit A, and such Agreement
should be approved; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS,
that the Bid of Darr Equipment Co. for the purchase of one
new Caterpillar 12G Motor Grader, SIN 61M13786 is hereby
accepted and let; and,
BE IT FURTHER RESOLVED, That the City Manager of the
City of Paris, Michael E. Malone, be, and he is hereby
authorized and directed to execute on behalf of the City of
Paris the Note & Security Agreement (Equipment), upon the
terms and conditions shown in Exhibit A attached hereto, with
Darr Equipment Co.
Passed and adopted this 11th day of February, 1991.
Edq~~o'
ATTEST:
Mattie Cunningham, Cit
r"'~
N70490 SARINE
NOTE & SECURITY AGREEMENT
(EQUIPMENT)
City of Paris
Oeblor's Name
Paris
City
P.O. Box 9037
Lamar
County
Street Address
Texas 75461
Slate ZipCodc:
(hereinafter called in accordance with the lerms and provisions of the Uniform Commercial Code - DEBTOR), having been quoted both a
time price or S 124.225.00 and a cash price of S 103.306.00 and having elected to purchase the equipment aescnbea
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
Commercial Code - Secured Party) whose address is Highway 183 and Loop 12. Irving, Dallas County. Texas.
, .,,-
(Mailing address: P.O. Box 540788, Dallas, Texas 75354,0788) the lime price or $_12Ji..2? <; 00 as rollows: $, _,,0-.
-0-
which was paid with order, receipt of which is hereby 89-nowledged by Secured Party. S
remainder (Time Balance) of $ 124,225.00 in 60
on delivery and I he
consecutive installments, the first installment due
12-19-90 and subsequent installments due the same date monthly
,/
specified) thereaHer. Each installment shall be in the amount or $ 2 ,071. 00
(monthl)', unless otherwise
except the final installment
which shall be S 2,036.00 . paymenlSlo be made in lawful money or the United States at Secured Parly's
office in Dallas County, Texas. Past due installments shall bear interest at lhe highest legal contract rate orinteresl pennissible in the Slate of
.Texas.
EQUIPMENT: One (1) New Caterpillar 12G Motor Grader, SIN 61M13786
For value received, Debtor hereby grants to Secured Party a security interest in the above described equipment of Debtor
(said equipment being hereinafter referred to as Collateral), together with all attachments, accessories, additions and appurtenances
thereto.
The securily in Ie rest hereby granted secures the payment of the Time Balance of S
by Deblor 10 Secured Party on the purchase price of the Collateral.
124,225.00
owed
DEBTOR represents and warrants as follows:
Collateral is to b~ used for: o farming operation; or lXlbusiness other than farming operations.
Collaleral is 0 now owned by DEBTOR or IllI is being acquired by DEBTOR from SECURED PARTY or is heing acquired with
the proceeds of the ad.'ance evidenced by this agreement.
DEBTOR and SECURED PARTY as used in this Nole & Securily Agreement includes the heirs, execulors and administrators.
successors and assigns of lhose parties.
i
,
~
~
DEBTOR WARRANTS, COVENANTS AND AGREES:
........
........
1. Title-Except for the security interest h.... ..,y'granted; Debtor has, or upon acquisition will have, full fee simple title to Collateral free from any lien, see....rhy
interest. encumbrance, or claim. and Debtor will at Debtor's cost and expense defend any action which may aITect Secured Party's security interest in or
Debtor's title to Collateral.
2. Financing Statement-That no Financing Statement covering Collateral or any part thereof or any proceeds thereofis on file in any public office and at Secured
Party's request Debtor will join in executing all necessary Financing Statements in ronns satisfactory to Secured Party and will pay the cost or filing same and
will further execute all other necessary instruments deemed necessary by Secured Party and pay the cost of filing same.
3. Sale, lease. or disposition of Collateral. Debtor will not, without written consent of Secured Party sell, contracllO sell. lease. encumber or dispose of Collateral
or any interest therein until this Note & Security Agreement and all debts secured thereby have been fully satisfied.
4. Insurance-Debtor win insure at his expe'nse the Collateral with companies acceptable to Secured Party against such casualties and in such amounls as Secured
Party shall require with a standard mortgage clause in favor of Secured Party, and Secured Party is hereby authorized to collect sums which may become due
.under any of said policies and apply same to the obligations hereby secured.
S. Protection of Collateral. Debtor will keep the Collateral in good order and repair at his expense and will not waste or destroy Collateral or any part thereof.
Debtor will not use the Collateral in violation of any statue or ordinance and Secured Party will have the right to examine and inspect Collateral at any
reasonable time.
6. Taxes-Debtor will pay promptly when due all taxes and assessments upon the Collateral or for its use and operation.
7. Location and Identification-Debtor will keep the Collateral separate and identifiable and at the address shown on the front page hereof and will not remove the
Collateral from said address without written notice to Secured Party's written consent.
8. Additional Security Interest-Debtor hereby grants to Secured Party a security interest in and to all proceeds. increases, substitutions, replacements. additions,
and accessions to the Collateral. This provision shall not be construed to mean that Debtor is authorized to sell, lease or dispose of Collateral without Secured
Pa~y's consent.
9. Future Indebtedness-The security interest hereby granted secures the indebtedness described on the front page hereof and all other obligations of Debtor to
Secured Party, direct or indirect, absolute or contingent, due or to become due, whether existing or hereafter arising.
10. Decrease in Value of Collateral-Debtor will, ifin Secured Party'sjudgement the Collateral has materially decreased in value or if Secured Party shall at any
time deem that Secured Party is insecure, either provide enough additional Collateral to satisfy Secured Party or reduce the total indebtedness by an amount
sufficient to satisfy Secured Pany.
I I. .Reimbursement of expense-At secured Party's option, Secured Party may discharge taxes, liens. interest. or perform or cause to be performed for and in behalf
of Debtor any actions and conditions, obligations or covenants which Debtor has failed or refused La perform and may pay for the repair, maintenance, and
preservation of Collateral, and all sums so expended, including but nor limited to attorney's fees, court costs, agent's fees, or commisions. or any other costs or
expenses, shall bear interest at highest legal rate from the date of payment and shall be payable by DebLor at the offices of Secured Party in Dallas County, Texas
and shall be secured by this Note & Security Agreement.
12. Payment-Debtor will pay the Time Balance secured by the Note & Security Agreement and any renewal or extension thereofand any other indebte-dness hereby
secured in accordance with the terms and provisions thereof and will repay immediately all sums expended by Secured Party in accordance wilh the terms and
provisions of the Note & Security Agreement at the offices of Secured party in Dallas County, Texas.
13. Change of Residence or Place of Business-Debtor will promptly notify Secured Party in writing of any addition to, change in or discontinuance of the place
, where Collateral is to be kept, or Debtor's chief place of business or Debtor's residence.
14. Attomey-in-Fact-Debtor hereby appoints Secured Party Debtor's attorney-in-fact to do any and every act which Debtor is obligated by this Note & Security
Agreement to do and to exercise all rights of Debtor in Collateral and to make collections and to execute any and all papers and instruments and todo all other
things necessary to preserve and protect Collateral and to protect Secured Party's security interest in said Collateral.
15. Time- Waiver-Debtor agrees that in performing any act under this Note & Security Agreement time shall be of the essence and that Secured Party's acceptance
of partial ordelinquent payments, or failure of Secured Party to exercise any right or remedy. shall not be a waiver of any obligation of Debtor or right of Secured
Party or constitute a waiver of any other similar default subsequently occurring.
16. Default-Debtor shall be in default under this Note & Security Agreement upon the happening of any of the following events or conditions:
I. Default in the payment or performance of any obligation, covenant or liability contained or referred to herein;
2. Any warranty, representation or statement made or furnished to Secured Party by, or on behalf of Debtor, proves to have been false in any material respect
when made or furnished;
3. Any event which results in the acceleration of the maturity of the indebtedness of Debtor to others under any indenture, agreement or undertaking:
4. Loss, theft, substantial damage, destruction, sale orencumberance to or of any of the Collateral or the making of levy, seizure or attachment thereofortheron;
5. Any time the Secured Party believes that the prospect of payment of any indebtedness secured hereby or the performance of this Note & Security Agreement
is impaired;
6. Death. dissolution, termination of existence, insolvency, business failure, appointment ofa receiver for any part of this Collateral. assignment for the benefit
of creditors or the commencement of any proceeding under any bankruptcy or insolvency law ~y or against Debtor or any guarantor or surety for Debtor.
17. Attorney's Fees: Ifthi.~ Note & Security Agreement is placed in the hands of an attorney for collection, or is collected through Probate or Bankruptcy Court, or
through other legal proceedings, the Debtor promises to pay to Secured Party, or its assignee, reasonable attorney's fees.
18. Remedies-Upon the occurrence of any such event ordefault, and at any time thereafter, Secured Party may declare all obligations secured hereby immediately
due and payable and may proceed to enforce payment of the same and exercise any and all of the rights and remedies provided by the UnifonnCommercial Code
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