Common use of VEHICLE TITLE Clause in Contracts

VEHICLE TITLE. Without limiting anything set forth herein, Owner has full and clear title to the Vehicle, other than with respect to any loan, note, security agreement or other similar lending agreement or interest of any nature (collectively, a “Loan”). If the Vehicle is subject to a Loan, Owner must promptly provide Shift with a payoff information statement (the “Payoff Information Statement”) containing all relevant bank information and Loan details, including: ● Maturity Date ­ the termination date upon which any Loan must be paid in full ● Principal Amount Outstanding ­ total principal amount remaining on any Loan ● Payoff Amount (if different from Principal Amount Outstanding) ­ exact payment amount required by bank or lending institution to satisfy any Loan and fully release all associated liens on vehicle (the “Loan Payoff Amount”) ● Payoff Statement Expiration Date ­ date upon which the above information contained in the Payoff Information Statement will no longer be accurate or complete ● Bank Payment Information ­ Name of the bank or lending institution, address, payment account information including routing and account numbers The Parties agree that, in addition to the payment terms contained in Section 9, if the Vehicle is subject to a Loan, Shift may arrange for or otherwise facilitate the payoff of any amounts still owed in connection with any Loan. All amounts owed in connection with the Loan must be paid off completely, including any fees or charges incurred in connection with paying off the Loan, prior to transfer of ownership of the Vehicle to the Buyer. Notwithstanding anything to the contrary contained in this Agreement, any amounts paid or expenses incurred by Shift to discharge any Vehicle Loan shall be subtracted from amounts otherwise due to Owner under this Agreement. Owner agrees to sign any and all documentation required to release all prior liens or other encumbrances and transfer ownership of the Vehicle upon sale of the Vehicle to a Buyer. Shift will recommend a secure storage location for the title of the Vehicle, which will be kept in a locked safety box until needed for transfer of ownership of the Vehicle to a Buyer. Owner maintains ownership of the Vehicle, including title documents, throughout the Term until a Buyer purchases the Vehicle from Owner. Pursuant to the rules and regulations of the state in which Owner resides, title documents may alternatively be kept in the possession of such applicable state’s motor vehicle agency or the possession of a lienholder in the case of a Loan. Upon notification from Shift, Owner agrees to execute the title documents necessary for transfer of Vehicle ownership to Buyer at the time of purchase. Shift will arrange for the delivery of all titles and other documentation relating to the Vehicle to Buyer at time of sale.

VEHICLE TITLE. Without limiting anything set forth hereinOwner agrees to transfer Owner’s certificate of title and related Vehicle ownership documentation to Shift. Upon execution of this Agreement, Owner has full and clear transfer of title and related documentation to Shift, Shift shall have the sole and exclusive rights to the VehicleVehicle and may, other than with respect in its sole and absolute discretion, market and facilitate its subsequent sale to any Buyer. If the Vehicle is subject to any loan, note, security agreement or other similar lending agreement or interest of any nature (collectivelyeach, a “Loan”). If the Vehicle is subject to a Loan, Owner must has disclosed such Loan to Shift and shall promptly provide Shift with a payoff information statement (the “Payoff Information Statement”) containing all relevant bank information and Loan details, includingincluding at a minimum: ● Maturity Date ­ - the termination date upon which any Loan must be paid in full ● Principal Amount Outstanding ­ - total principal amount remaining outstanding on any Loan ● Payoff Amount (if different from Principal Amount Outstanding) ­ exact - payment amount required by bank or lending institution to satisfy any Loan and fully release all associated liens on vehicle (the “Loan Payoff Amount”) ● Payoff Statement Expiration Date ­ - date upon which the above information contained in the Payoff Information Statement will no longer be accurate or complete ● Bank Payment Information ­ - Name of the bank or lending institutioninstitution holding the Loan, addressas well as applicable contact information, address and payment account information (including routing and account numbers The Parties agree that, in addition to the payment terms contained in Section 9, if the Vehicle is subject to a Loan, numbers) Shift may arrange for or otherwise facilitate the payoff of any amounts still owed in connection with any Loan. All amounts owed in connection with the Loan must be paid off completely, including any fees or charges incurred in connection with paying off discharging the Loan, prior to transfer of ownership of the Vehicle to the BuyerShift. Notwithstanding anything to the contrary contained in this Agreement, any amounts paid or expenses incurred by Shift to discharge any Vehicle Loan shall be subtracted from amounts otherwise due to Owner under this Agreement. Owner agrees to sign any and all documentation required to release all prior liens or other encumbrances and transfer ownership of the Vehicle upon sale of the Vehicle to a Buyer. Shift will recommend a secure storage location for the title of the Vehicle, which will be kept in a locked safety box until needed for transfer of ownership of the Vehicle to a Buyer. Owner maintains ownership of the Vehicle, including title documents, throughout the Term until a Buyer purchases the Vehicle from Owner. Pursuant to the rules and regulations of the state in which Owner resides, title documents may alternatively be kept in the possession of such applicable state’s motor vehicle agency or the possession of a lienholder in the case of a Loan. Upon notification from Shift, Owner agrees to execute the title documents necessary for transfer of Vehicle ownership to Buyer at the time of purchase. Shift will arrange for the delivery of all titles and other documentation relating to the Vehicle to Buyer at time of sale.