Fill and Sign the All Implied Warranties of Fitness Form

© 2017 - Cottonwood Equestrian Publications INSTALLMENT PURCHASE AND SECURITY AGREEMENT WITHOUT WARRANTIES 1. PARTIES: Seller: Name Home Phone Address Business Phone City, State, Zip County Buyer: Name Home Phone Address Business Phone City, State, Zip County 2. HORSE(S) PURCHASED: The Seller hereby agrees to sell and the Buyer hereby agrees to buy, upon the terms and conditions set forth, the following described horse(s), herei nafter referred to as "the horse(s)." Name: Sire X Dam Foaled Sex Registration # With foal at side by in foal to 3. PURCHASE PRICE: The total purchase price shall be _________ _____________________, payable according to the following terms: ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ Buyer shall maintain the purchased horse(s) in __________________(city) in the State of __________________. Registration papers shall be delivered to Buyer only upon full payment of all principal and © 2017 - Cottonwood Equestrian Publications interest due. 4. WARRANTY OF PEDIGREE AND REGISTRATION: Seller warrants the description stated above. 5. AS IS PURCHASE: Buyer accepts the horse(s) AS IS-WHERE IS and s ubject to any and all faults or defects that may now exist or subsequently appear. The express warranty of description above is exclusive of all others. ALL IMPLIED WARRANTI ES OF FITNESS, MERCHANTABILITY AND OTHERWISE ARE EXCLUDED. 6. All parties signing as Buyer are jointly and severally liable for all obligations of this contract, as principals, not as guarantors. 7. PREPAYMENT PRIVILEGE: Buyer may prepay any portion of the unpaid principa l balance at any time. Prepayments shall apply to the last principal installments falling due. 8. ACCEPTANCE, NOTICE OF CLAIMS AND LIMITATION OF REMEDIES: Buyer accepts the horse(s) by signing this contract, and risk of loss passes im mediately. Buyer is responsible for all board, veterinary and transportation expenses after the date hereof. Buyer shall make no claim for any breach of this contract, for recission or revoca tion, nor for any warranty, misrepresentation, mistake or other tort, unless Buyer first notifies Seller in writing of the basis and nature of the claim within thirty (30) days of the date of this contract. Buyer's remedies in contract, tort or otherwise are limited to refund of all amounts pa id, upon return of the horse(s) to Seller. ALL INCIDENTAL AND CONSEQUENTIAL DAMA GES ARE EXCLUDED to the full extent permitted by law. 9. BUYER'S WARRANTIES: Buyer shall provide adequate feed, shelter, worming, vaccinations, veterinary care and farrier care. Buyer shall keep the horse(s ) free of all li ens and encumbrances and pay all taxes levied with respect to the horse(s) when due . Buyer shall be responsible for all sales, transaction privilege and other taxes that ma y imposed as a result of this transaction. Buyer warrants that this purchase is for business or commercial purposes rather t han for personal use. Buyer shall not remove the horse(s) from the County identified in Paragraph 1 above for longer than three (3) months unless Seller is given advance writt en notice of the new location. 10. INSURANCE AND INDEMNIFICATION: Buyer shall promptly obt ain and maintain "full mortality" livestock insurance in an amount not less than any unpai d balance on this contract, naming Seller as additional loss payee to the extent of Sel ler's intere st. Buyer shall provide Seller proof of such insurance, from a company acceptable to Seller, upon execution of this contract and upon each renewal. Buyer shall indemnify Seller against any claims arising out of this contract or related in any way to the horse(s), including the expenses of defending any such claim. 11. SECURITY INTEREST: To secure performance of all obligations of this contract, Buyer grants Seller a security interest in the horse(s) and all its off spring, produce and proceeds, including all foals born or in utero on or after the date hereof. Buyer shall exe cute such © 2017 - Cottonwood Equestrian Publications documents and perform such acts as may be required for Seller to perfect the security interest and insure its validity and enforceability, including but not limited to e xecu tion of UCC-1 Financing Statement. Seller is also authorized to file or record a photoc opy of this contract as a financing statement. 12. BUYER'S DEFAULT AND CURE: Should Buyer default in the timely paym ent of any principal or interest, or fail to fulfill any other obligation of this contra ct, the entire unpaid balance shall, upon written notice to Buyer of late payment or other default, automatically become due and payable together with interest on all amounts due at the ra te of eighteen percent (18%) per annum, or the highest legal rate, whichever is less, from the date of such default until paid. Buyer may cure the default and reinstate the installment payment schedule within thirty (30) days of the mailing of the first notice of late payment or other de fault. Time is of the essence. 13. SELLER'S REMEDIES ON DEFAULT: Upon any default by Buyer that i s not timely cured following proper notice, Seller shall have all rights and remedies prov ided by law, cumulatively, successively or concurrently, including but not limited to t he following. Seller may take possession of the horse(s) without further notice to Buyer and without l egal process, to the extent permitted by law. Seller may require Buyer, and Buyer hereby agre es, to make the horse(s) available to Seller at the location of this sale or other plac e convenient to both parties. To protect the collateral, Seller may pay any taxes or liens levie d on the horse(s) and may provide insurance, feed, shelter, conditioning, worming, vaccinations, veterinary c are or farrier care on Buyer's behalf and add such costs and expenses to the principal amount due under this contract. Seller may resell by public or private sale; if by privat e sale, Seller's customary methods of attracting potential buyers without public advertising shall be deemed reasonable. Ten (10) days' notice shall be deemed reasonable notice of resale. No dela y or omission by Seller in exercising any right or remedy shall operate as a waiver of that or any other right or remedy, and no waiver of any Buyer's breach of Seller's right or remedy shall be deemed a waiver of any other or future breach, right or remedy. 14. NON-ASSIGNABILITY AND DUE ON SALE: Buyer's interest in the horse(s ), foal(s), breeding right(s) and other rights and obligations under this contract may not be a ssigned or sold without Seller's prior written consent, which shall not be unreasonably withheld. All amounts due hereunder shall become immediately due and payable without notice if Buy er should sell or assign Buyer's interest in the horse(s), foal(s), breeding right(s), or obligations unde r this contract, or purport to do so, without Seller's prior written consent. 15. NOTICES: All notices, requests and consents required or permitted by this contract or for any other purpose shall be in writing, signed and personally delivered or ma iled by registered or certified U.S. Mail to the appropriate address specified in paragraph 1 abov e, or such other address of which the sender has been given written notice. 16. APPLICABLE LAW, JURISDICTION AND ATTORNEY'S FEES: This cont ract shall be construed and governed by the laws of the state identified above the s ignature lines. At the option of Seller, jurisdiction and venue for any dispute arising under or in relati on to this contract shall be only in the county and state identified above the sig nature lines. In the event © 2017 - Cottonwood Equestrian Publications lawsuit is brought with respect to this contract or Seller engages an attorney to repossess the horse(s), or collect amounts due, the prevailing party shall be entitled to re asonable attorneys' fees. 17. ENTIRE AGREEMENT AND SEVERABILITY: This contract contains the entire understanding of the parties concerning its subject matter; there are no oral or written promises or representations upon which Buyer is relying except as expressly set forth he rein. This contract may be modified only in writing executed by both Buyer and Seller. Headings are for convenience only and are not part of this contract. The invalidity or unenforceabilit y of any term or clause of this contract shall not affect the validity and enforce ability of any other terms or clauses, but otherwise this contract is indivisible notwithstanding alloca tion of prices the parties may agree upon for tax, insurance or other reasons. Dated _____________, 20__, at __________________(city), Maryland. SELLER BUYER has read and accepts all terms appearing on all pages of this contract By: By: By: By: © 2017 - Cottonwood Equestrian Publications