PURCHASE & TRIAL AGREEMENT
THIS AGREEMENT is made between __________________, residing at
______________________________, hereinafter referred to as “SELLER”, and
______________________________ , hereinafter referred to as “BUYER”;
This agreement is entered into between BUYER and SELLER for the trial period and purchase on the horse described below on the following terms and conditions:
A. SALE PRICE
For the full purchase/sale price of , SELLER agrees to sell BUYER the horse described in this agreement pending trial period as described below, and BUYER
agrees to the terms set forth in this agreement.
B. PAYMENT TERMS
A 10% deposit in the amount of $ ________________ is due prior to trial period. The balance of the downpayment in the amount of shall be paid on
or before _____________, by cashier’s check, hand delivered or sent via Federal
Express to be received on or before ____________. The balance of
$ ________________ shall be paid by postal money order or cashier’s check in monthly payments of or more until the full purchase price of has been paid in full. Payments shall commence on _______________________ , due on or before the first day of each month and late fee of $20.00 shall be billed for any payment received after the fifth day of each month.
To secure the payments and duties of this obligation, SELLER retains a security interest in the horse. Should BUYER default in any terms of this Agreement, SELLER may foreclose on his security interest in any manner provided by law.
D. TRIAL PERIOD
BUYER has a trial period of____ days commencing on ___________________, and ending ________________. While under the trial period, BUYER agrees to the following conditions:
1) BUYER agrees to be financial responsible for transportation of the horse from
SELLER’S stable to and from BUYER’S stable.
2) BUYER agrees to keep said horse in good health, and free from disease by providing adequate feed, shelter, veterinary and blacksmith care in accordance with accepted industry standards.
3) BUYER agrees to keep said horse free from all liens and encumbrances and to pay any and all expenses levied against said horse when due.
4) BUYER is required to obtain and maintain mortality, major medical and loss-of-use insurance for the full purchase amount to be in effect before hauling the horse out for trial and kept in effect until horse is paid in full and full bill of sale is received.
5) BUYER is required to pay for the horse in the agreed upon manner or return the horse if the horse does not prove suitable for the intended purpose. BUYER agrees that if said horse should get injured or become lame during the trial period, it is the BUYER’s responsibility to return the horse in the same condition as when delivered. Buyer is responsible for the full purchase price in the event of horse becoming lame, injured or dead during the trial period or any time while payments are being made. BUYER is responsible for initiating and following up on all insurance claims. BUYER is responsible for making all payments on time regardless of when insurance claim payment is received.
E. VETERINARY PRE-PURCHASE EXAM
BUYER must order pre-purchase veterinary exam to be conducted at BUYER’s expense, during the trial period. Buyer agrees to either pay for the horse in the agreed upon manner or to return the horse if the vet exam is not satisfactory.
SELLER MAKES NO WARRANTIES EXPRESSED OR IMPLIED, INCLUDING THE
WARRANTIES OF FITNESS FOR ANY PARTICULAR PURPOSE OTHER THAN
HAVING CLEAR TITLE TO SAID HORSE. BUYER IS TO DETERMINE FITNESS FOR
BUYER’S REQUIREMENTS DURING THE TRIAL PERIOD AND SHALL DETERMINE
PHYSICAL FITNESS BY VETERINARY PRE-PURCHASE EXAM.
G. OWNERSHIP TRANSFER
Upon payment in-full, SELLER agrees to execute a BILL OF SALE to transfer ownership to BUYER, after all funds have cleared SELLER’s bank. These documents shall be mailed via Certified Mail through US Postal Service to BUYER’S residence upon verification of funds clearing SELLER’s bank.
H. RISK OF LOSS
Effective the moment the horse leaves SELLER’S barn, BUYER shall assume all
expenses that are not covered by SELLERS Mortality, Major Medical and Loss Of Use Insurance, related to any accident, illness, or other peril that may occur including death or permanent disability of horse. This RISK OF LOSS continues until horse is returned to SELLER’S stable or payment is made in-full to purchase the horse.
Effective the moment the horse leaves SELLER’S stable, BUYER assumes full liability and agrees to indemnify and hold SELLER, SELLER’S AGENT and any other parties related to this sale, harmless from any damage or injury to any animal, person or property caused to or by said horse including death to person, animal or destruction of property.
The terms of this Agreement and disputes developing thereunder shall be enforced and construed in accordance with the laws of the State of California.
Upon default of payment by BUYER, SELLER shall repossess said horse and terminate this Agreement for Cause. BUYER shall FORFEIT any moneys paid prior to termination of this Agreement under default of payment. Default of payment is defined as any payment not paid within 15 days of due date. In addition, material breach of this Agreement shall terminate same. In the event of a breach, the other party shall have the right to recover from the breaching party all reasonable attorney’s fees and court costs.
In the event of breach of contract, dispute shall be settled in Sacramento County.
EXECUTED THIS _______ DAY OF __________________, at ___________________,
SELLER’S Signature BUYER’S Signature
SELLER’S Address & Telephone BUYER’S Address & Telephone