Terms & Conditions
Creation of a Security Interest and Description of Collateral
- Until all payments are due hereunder have been made,
sellerretains a purchase money security interest under the Iowa Uniform Commercial Code in the goods described on the reverse side hereof. Buyer represents the goods purchased are for personal, family or household use, and shall be kept on the person of Buyer(s) or atthe address appearing on the reverse side.
- The occurrence of any of the following shall also be a default hereunder: (a) Failure of Buyer to perform any of his obligations; (b) The death of Buyer or any
co-signer; (c) Institution of any proceedings in bankruptcy or receivership or insolvency, by or against Buyer or any Co-signer; (d) Issuance of execution process against any property of Buyer or any Co-signer; or (e) Any materially false statement by Buyer made to induce the extension of credit from Seller to Buyer.
- Buyer acknowledges that it is the intention of the parties that the goods shall become accessions to other goods.
- I / We understand and agree that all disputes including, but not limited to, suits for collection of amounts due seller by Buyer(s), under this agreement shall be
litigated in the Iowa District Court for Linn County and that Iowa law shall apply.
- Buyer agrees to assume and pay all legal and other expenses involved in this collection, and other expenses and fees.