INSTALLMENT SALE CONTRACT (SECURITY AGREEMENT)
EXHIBIT 10.53
PURCHASER(S): SELLER:
MEADOW VALLEY CONTRACTORS,
INC. ▇▇▇▇▇▇▇ Equipment Company
P. O. BOX 60725 ▇▇ ▇▇▇ ▇▇▇▇
▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
County:MARICOPA
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Subject to the terms and conditions set forth below and on the reverse side
hereof, Seller hereby sells the equipment described below (the "Unit" or
"Units") to Purchaser, and Purchaser (if more than one, jointly and severally),
having been offered both a cash sale price and a time sale price, hereby buys
the Units from Seller on a time sale basis.
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NEW (IF USED) DELIVERED
OR FIRST MODEL DESCRIPTION OF UNIT(S) SERIAL# CASH SALE
USED USED PRICE
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(1) USED 1995 IT38F Caterpillar INTEGRATED TOOL CARRIER 6FN00388 146,887.00
(1) USED 1995 IT38F Caterpillar INTEGRATED TOOL CARRIER 6FN00306 128,000.00
(1) USED 1994 966F Caterpillar WHEEL LOADER 9YJ01417 185,000.00
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FIRST DESCRIPTION OF ADDITIONAL SECURITY
USED [MAKE, MODEL & SERIAL NUMBER] Sub-Total............................ $ 459,887.00
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NONE Sales Tax............................ $ 32,192.09
1. Total Cash Sale Price................ $ 492,079.09
Cash Down Pay 42,690.15
Net Trade-in Allow 0.00
2. Total Down Payment................... $ 42,690.15
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FIRST DESCRIPTION OF TRADE-IN EQUIPMENT 3. Unpaid Balance of Cash Price (1 - 2). $ 449,388.94
USED [MAKE, MODEL & SERIAL NUMBER] 4. Official Fees (Specify).............. $ 250.00
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NONE Documentation Fee 250.00
5. Physical Damage Insurance............ $
6. Principal Balance
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(Amount Financial) (3 + 4 + 5)....... $ 449,638.94
7. Finance Charge
Trade-in Value 0.00 (Time Price Differential)............ $ 82,639.06
Less Owing to (----n/a----) 0.00 8. Time Balance
Net Trade-in Allowance 0.00 (Total of Payments) (6 + 7).......... $ 532,278.00
9. Time Sale Balance
Location of Units: Vicinity of (Deferred Payment Price) (2 + 8)..... $ 574,968.15
Las Vegas, NV ▇▇▇▇▇ County 10. Annual Percentage Rate 6.86%
11. Date FINANCE CHANGE begins to accrue. APR 01 1997
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PURCHASER HEREBY SELLS AND CONVEYS TO SELLER THE ABOVE DESCRIBED TRADE-IN
EQUIPMENT AND WARRANTS IT TO BE FREE AND CLEAR OF ALL CLAIMS, ITEMS, SECURITY
INTERESTS AND ENCUMBRANCES EXCEPT TO THE EXTENT SHOWN ABOVE.
1. PAYMENT: Purchaser promises to pay to Seller at the address designated
in writing by Seller the Time Balance (item 8 above) as follows [check (a) or
(b)]:
X (a) in 60 equal monthly installments of $8,871.30 each, which the first
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installment due on MAY 01 1997 and the balance of the installments due on the
like day of each month thereafter, (except no payments shall be due during the
month(s) of (____n/a____)), until the entire indebtedness has been paid; or
__ (b) in accordance with the Payment Schedule attached to this Contract.
(Provisions of section 1 continued on reverse.)
SEE REVERSE SIDE FOR ADDITIONAL TERMS AND CONDITIONS WHICH ARE A PART
OF THIS CONTRACT.
LIABILITY INSURANCE COVERAGE FOR BODILY INJURY AND PROPERTY DAMAGE CAUSED TO
OTHERS IS NOT INCLUDED IN THIS CONTRACT.
NOTICE TO PURCHASER: (1) DO NOT SIGN THIS CONTRACT BEFORE YOU READ IT OR IF IT
CONTAINS ANY BLANK SPACES; (2) YOU ARE ENTITLED TO AN EXACT COPY OF THE CONTRACT
YOU SIGN: (3) UNDER THE LAW YOU MAY HAVE THE RIGHT TO PAY OFF IN ADVANCE THE
FULL AMOUNT DUE AND TO OBTAIN A PARTIAL REFUND OF THE FINANCE CHARGE.
PURCHASER ACKNOWLEDGES RECEIPT OF A FULLY COMPLETED COPY OF THIS CONTRACT
EXECUTED BY PURCHASER, THIS CONTRACT IS NOT BINDING UPON SELLER UNTIL EXECUTED
BY AN AUTHORIZED REPRESENTATIVE OF SELLER.
Purchaser(s) and Seller have duly executed this Contract as of APR 01 1997,
19__.
Purchaser(s): Seller:
MEADOW VALLEY CONTRACTORS,
INC. ▇▇▇▇▇▇▇ Equipment Company
By /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ By see attached
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Name (PRINT) /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Name (PRINT)_______________________
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Title VICE PRESIDENT Title _____________________________
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