Fill and Sign the Loan Sale Agreement by and between Federal Form

Bill of Sale and Assumption of Debt Secured by the Personal Property Being PurchasedAgreement made on the __________________ (date), between ___________________ (Name of Buyer) of ____________________________________________________________ _____________ (street address, city, county, state, zip code) , referred to herein as Buyer, and _______________________ (Name of Seller) , of ________________________________ _____________________________ (street address, city, county, state, zip code), referred to herein as Seller.1. For and in consideration of $__________, cash in hand paid and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the undersigned _____________________ (Name of Seller) does hereby sell and convey unto _______________________ (Name of Buyer) all of his right, tile and interest in and to the following described property (hereinafter referred to as the Property ): (describe personal property) ___________________________________________________________________. Seller disclaims any and all warranties and said Seller sells and conveys Property in it’s as is and present condition.2.The Buyer acknowledges that the Seller presently owes _________________________ (Name of Creditor) , hereinafter referred to as Creditor the sum of $____________ secured by a security agreement between Seller and Creditor , said Debt being in the amount of $______________ (the Debt), said Debt being secured as evidenced by that certain UCC-1 Financing Statement on file and of record in the office of the Secretary of State of the State of ___________________ (name of state). 3. Buyer does hereby unconditionally and irrevocably agrees to assume and pay the Debt, and otherwise guarantees to the Seller payment of the Debt and to indemnify and hold harmless the Seller from any loss thereto in return for the transfer of the Property from the Seller to the Buyer. 4.No Waiver The failure of either party to this Agreement to insist upon the performance of any of the terms and conditions of this Agreement, or the waiver of any breach of any of the terms and conditions of this Agreement, shall not be construed as subsequently waiving any such terms and conditions, but the same shall continue and remain in full force and effect as if no such forbearance or waiver had occurred.5. Governing Law This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of ________________. 6. Notices Any notice provided for or concerning this Agreement shall be in writing and shall be deemed sufficiently given when sent by certified or registered mail if sent to the respective address of each party as set forth at the beginning of this Agreement. 7. Attorney’s Fees In the event that any lawsuit is filed in relation to this Agreement, the unsuccessful party in the action shall pay to the successful party, in addition to all the sums that either party may be called on to pay, a reasonable sum for the successful party's attorney fees. 8. Mandatory ArbitrationAny dispute under this Agreement shall be required to be resolved by binding arbitration of the parties hereto. If the parties cannot agree on an arbitrator, each party shall select one arbitrator and both arbitrators shall then select a third. The third arbitrator so selected shall arbitrate said dispute. The arbitration shall be governed by the rules of the American Arbitration Association then in force and effect. 9. Entire Agreement This Agreement shall constitute the entire agreement between the parties and any prior understanding or representation of any kind preceding the date of this Agreement shall not be binding upon either party except to the extent incorporated in this Agreement. 10. Modification of Agreement Any modification of this Agreement or additional obligation assumed by either party in connection with this Agreement shall be binding only if placed in writing and signed by each party or an authorized representative of each party. 11. Assignment of Rights The rights of each party under this Agreement are personal to that party and may not be assigned or transferred to any other person, firm, corporation, or other entity without the prior, express, and written consent of the other party. In this contract, any reference to a party includes that party's heirs, executors, administrators, successors and assigns, singular includes plural and masculine includes feminine.WITNESS our signatures as of the day and date first above stated. ______________________________ ________________________________ ______________________________________________________________(Printed name & Signature of Seller) (Printed name & Signature of Buyer) (Acknowledgments are optional and form may vary by state) STATE OF __________________ COUNTY OF __________________ Personally appeared before me, the undersigned authority in and for the said county and state, on this ______ day of ________________, 20____, within my jurisdiction, the within named, _____________________ (Name of Seller), who acknowledged that he executed the above and foregoing instrument. ________________________ NOTARY PUBLIC My Commission expires:______________________STATE OF _________________ COUNTY OF __________________ Personally appeared before me, the undersigned authority in and for the said county and state, on this ______ day of ______________, 20______, within my jurisdiction, the within named, __________________________ (Name of Buyer), who acknowledged that he executed the above and foregoing instrument. ________________________ NOTARY PUBLIC My Commission expires:______________________