This security agreement covering consumer goods template has 5 pages and is a MS Word file type listed under our legal agreements documents.
Sample of our security agreement covering consumer goods template:
SALE AND SECURITY AGREEMENT This Sale and Security Agreement (the "Agreement") is made and effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the "Seller"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [BUYER NAME AND ADDRESS] (the "Buyer"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] In consideration of the terms and covenants of this agreement, and other valuable consideration, the parties agree as follows: DESCRIPTION OF GOODS PURCHASED The goods I, Buyer, have purchased are: [set out quantity and description of goods, along with any remarks]. TIME SALE PRICE I agree to pay the following price for the above goods: (1) The cash price of the goods, which is $ (2) Plus the credit service charge, which is $ (3) Less the down payment, which is $ (4) Less trade-in (if any, described below) $ (5) The TIME-SALE BALANCE on the PRICE, which is still due the Seller, is $ BUYER'S OBLIGATION I agree to pay the Seller the TIME-SALE PRICE BALANCE OF [AMOUNT], which is described above, in [number] successive monthly installments of [AMOUNT] each, and one final installment of [AMOUNT]. The first of these installments is to be made on [DATE], and from that time forward subsequent payments are due and payable, one after the other, on the [DAY] of each month. I understand and agree that, Seller, may assign this agreement to a bank or finance company and that I will then be required to make my installment payments to the assignee if I am requested to do so. The bank or finance company, the assignee, shall then have all of the rights of a "Seller" under this agreement. SECURITY I understand and agree that the goods that I have purchased do not become fully mine to do with as I please until I have made all my payments and fully performed this agreement. I grant to the Seller a security interest in the goods I have purchased in accordance with [CODE OR LAW] as that Law/Code is enacted in [state/province]. I understand and agree that the effect of my granting this security interest is that, until I have made all my payments and fully performed this agreement, the goods belong in part to the Seller and serve as collateral to make sure that I will make the payments I have promised and will perform this agreement as I have agreed. If I fail to make these payments or to perform this agreement, the Seller may take the goods back and dispose of them in order to pay off my debt to the Seller. I understand that I remain fully liable at all times for the price of the goods that I have purchased even if they are taken back. If they are taken back and resold, I understand that I become liable for any expenses this may involve and continue to be liable on any part that may still remain due over and above the return made on the sale or disposition. DISCLOSURE STATEMENT In order that I understand completely the terms of this purchase and my payment obligation, the Seller has supplied me with a separate statement called a DISCLOSURE STATEMENT that sets out the essential details of this credit agreement. RISK OF LOSS If the goods I have purchased are lost, damaged, stolen or destroyed, I will still have to pay the Seller all the amounts due under this agreement. PROMISES I make the following promises: The property I have purchased has been purchased for myself, and no one has any interest in the goods except, the Seller, who has retained an interest in them in order to make sure that I make my payments and fully perform this agreement. Except for that interest, the goods are mine and will remain mine, and no one else has any interest in them or claim to them. I promise not to sell or lease or dispose of the goods I have purchased in any way, or to use or permit their use by anyone else in any manner that would lessen their value or cause the Seller to worry about the goods. I promise not to use or permit anyone else to use the goods in any manner that is illegal or in violation of any insurance policy. If it should ever become necessary to dispose of the goods, I will do so only after I have first contacted the Seller and then only after the Seller has given clear written consent to such a disposal. I promise to keep the goods insured at all times for their full value against fire, theft, loss and damage with an insurance company that is acceptable to the Seller and, if requested, will deliver the policy or evidence of the policy to the Seller. I promise to pay all taxes, and any and all other charges that may be made on the goods. I promise to keep the goods in good condition and repair and will do everything reasonable to maintain them in their present condition with the exception of the normal wear and tear that is to be expected.
