- 6 -
transfer taxes, fees, and recording costs.
3. Enyart will transfer title to the listed
equipment immediately upon delivery of this instrument,
and shall be fully responsible for all liabilities
attached thereto, except as set forth in paragraph 4,
below, upon acceptance of this instrument.
4. Enyart acknowledges that the items herein
conveyed are jointly and/or severally subject to fi-
nancing or other liens evidencing indebtedness owed
thereon, and accepts such items subject to such liens.
B&L will remain responsible for the payment of such
indebtedness and will provide releases of such liens at
such time as the indebtedness is paid and such releases
are executed by the entities holding such liens.
Enyart shall be responsible, at his own cost, for the
fulfillment of all conditions of the financing docu-
ments relating to such liens and indebtedness, includ-
ing but not limited to the providing of insurance
thereon, excepting only the payment of such indebted-
ness. Enyart further agrees that he will execute any
documents required by the entities holding liens for
the transfer of titles to the equipment.
In August 1992, Mr. Enyart incorporated Bill Enyart and Sons
Contracting, Inc. (Enyart Company) and used the B&L equipment to
capitalize it and its operations.
On May 14, 1992, B&L signed a promissory note payable to
Bank of Ashland in the principal amount of $900,000 at 8.75
percent interest per year (B&L’s promissory note), which was to
be paid in 36 installments of $28,528 that were to commence on
June 13, 1992. Pursuant to the terms of B&L’s promissory note,
B&L gave a security interest to Bank of Ashland in (1) “the goods
or property being purchased”, (2) B&L’s “deposit accounts and
other rights to the payment of money”, and (3) “other property”
described in that note as “VARIOUS VEHICLES”. B&L’s promissory
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Next
Last modified: May 25, 2011