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selling car contract

assume balance car agreement sample

Examples of contracts

Find theses 2 examples of assume balance car agreement sample to download in word doc format. 

You will find 2 templates :
  1. Deed of Sale of Motor Vehicle With Assumption of Mortgage sample template.
  2. Memorandom of agreement - MOA Car Sale With Assumption 
Extract :

RIGHT OF REPOSSESSION: In case the SECOND PARTY fails to pay two consecutive installments of the monthly amortization of the Contract of Loan with Chattel Mortgage, the FIRST PARTY shall have the right to repossess the said Motor Vehicle from who may be in possession thereof and that the SECOND PARTY shall surrender to the FIRST PARTY the Official Receipt and Certificate of Registration thereof; 

     FORCE  MAJEURE:  If whole or any part of the subject MOTOR VEHICLE shall be destroyed or damaged by accident, robbery without fault of the FIRST PARTY, ITS EMPLOYEE OR ANY OF ITS AUTHORIZED AGENT, fire, flood, lightning, typhoon, earthquake, storm, riot or any other unforeseen disabling cause of acts of God, as to render the LEASED MOTOR VEHICLE during the term substantially unusable the FIRST PARTY shall not be liable for any compensation and damages to the SECOND PARTY, EXCEPT HOWEVER, both parties shall coordinate for the insurance claim;

     NECESSARY REPAIRS: All repairs and maintenance, whether ordinary or extraordinary, for the subject Motor Vehicle, shall be borne by the SECOND PARTY other than those may be embraced in the insurance policy covering the Motor Vehicle;

     LIABILITIES FOR 3rd PARTY DAMAGES AND JUDICIAL RELIEF: The SECOND PARTY shall be solely liable THIRD PARTY DAMAGES after the execution of sale between herein parties;

This MEMORANDUM OF AGREEMENT shall be valid and binding between the parties, their successors-in-interest and assigns.

IN WITNESS WHEREOF, parties herein affixed their signatures on date and place above written.

ASSUMPTION OF MORTGAGE: The MOTOR VEHICLE sold is still the subject of a Contract of Loan with Chattel Mortgage constituted over the same vehicle in favor of _____________ Bank which shall be assumed by the SECOND PARTY for the same terms and conditions with that of the FIRST PARTY, particularly, the remaining balance of __________________________________, with monthly amortization amounting to _________________________, payment of which due every ___th of the month;