This agreement is made and entered into the date indicated below by and between (assignee) and (assignor). Whereas the assignor holds legal title or interest to the vehicle described below and has same financed with (lender) having agreed to pay lender (monthly) for another months (note payments) with a residual amount of (if a lease). Whereas, the assignor is desirous of assigning or selling the vehicle and assignee is desirous of accepting assignment and/or buying the vehicle.
In consideration of the mutual covenants hereinafter made and for other good and valuable consideration the sufficiency and receipt of which is hereby acknowledged, the parties agree as follows:
1. Assignor agrees to assign the vehicle to assignee/buyer for the term of the assignors note payments due his lender, and hereby authorizes assignee/buyer to drive same, but only for so long as assignee/buyer is current in the assignment payments set out below in paragraph two (2). The vehicle cannot be taken out of the state without written approval from the assignor.
2. Assignee/buyer agrees to pay as assignment payments for such vehicle, the monthly amount of assignors note payments to Lender, and to pay same by cashiers check or money order made payable to lender and to mail such payment to assignor at least ten (10) days before the day of each month beginning on the 199 . Any late payments shall be in default of the agreement.
3. Assignee/buyer agrees to take out and maintain insurance on the vehicle satisfactory to assignors lender and to name assignor as primary insured, assignee as additional insured and lender as loss payee. Assignee/buyer further agrees and does hereby indemnify and hold assignor harmless from any damage or liability arising out of assignee/buyers use of assigned vehicle.
4. Assignee/buyer understands and agrees that should he/she fail to timely pay any of the assignment payments called for above, or allow the aforesaid insurance to lapse, or should assignors lender declare a default under its note or loan agreement, or deem such loan repayment or the collateral to be insecure, this Assignment/Purchase agreement shall terminate at once. Assignee/buyer shall no longer be deemed to be an authorized driver of the vehicle, and assignee/ buyer agrees to return the vehicle to the assignor or his agent immediately. Failure to do so shall result in the immediate repossession of the vehicle by assignor, its agent or the lender or its agent.
5. Assignee/buyer shall have the option to purchase the vehicle upon (a) its full and timely compliance with this agreement and (b) the payment of all note payments to lender. Thereupon, assignor will deliver to assignee/buyer the vehicles certificate of title. Default under this assignment by assignee/buyer, or other authorized termination of this agreement, shall forfeit any option to purchase the vehicle that assignee/buyer may otherwise have had. Upon full compliance and satisfaction of the lien, assignor will have 30 days to deliver title to assignee.
6. Normally, legal title to the vehicle shall at all times prior to assignee/buyers proper exercise of his/her purchase option described above, remain in assignors name and possession if applicable.7. During the term of this agreement, assignee/buyer agrees to maintain the vehicle in good repair and full operation condition. Any failure to do so shall be grounds for termination of this assignment/purchase agreement and assignee/buyer shall be personally liable to owner for the cost and expense of any repair deferred maintenance, other than for normal use and wear and tear.
8. Upon a 48 hour notice to the assignee/buyer, assignor has the right to inspect the vehicle at a location of his choice, no more than once a month.9. Any additional or special provisions applying only to this agreement are written as follows:
10. This constitutes entire contract. This assignment agreement including any addendums or exhibits hereto which are by this reference made a part hereof, contains the entire agreement relating to the assignment of the vehicle and shall bind and insure to the benefit of all respective heirs, personal representative, successors and assigns of the parties hereto except as herein above expressly limited. Any oral representation or modifications of this assignment agreement shall be of no force and effect, excepting modification in signed by the party to be charged. No delay or forbearance of assignor in the exercise of any remedy or right will constitute a waiver thereof and the failure to exercise or a partial exercise of a remedy or right shall not preclude a subsequent or the further exercise of the same or any other right or remedy by assignor. Assignor shall have no liability for any delay in delivery of the vehicle for any reason beyond the control of assignor.
In witness whereof, the parties have executed this agreement as of the ________________________ day of __________________ 199_____, at
____________________________________________________________________ .
Assignee/Buyer Signature Assignor/Seller Signature
___________________________ __________________________ Print Name and Address Print Name and Address