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TERMS IS AS FOLLOWS: |
1. |
The Owner will let and the Hirer will take on hire upon term and conditions hereinafter mentioned the goods more particularly described in the schedule thereto. |
2. |
The Hire Purchase price of the goods is =N= |
3. |
The hiring shall commence on the date of this agreement and shall continue until determined as hereinafter provided. |
4. |
The hirer having prior to the execution of this agreement paid to the owner the sum of: =N=. . . . ., . . . . ......in consideration of the option to purchase herein granted shall (subject to the provisions of Clause 11 hereof) pay to the owner the balance of the balance of the said hire. Purchase price amounting to =N=.. . .. .. .. . .. . .. .. by installments of =N= each and the first of such installment to be paid on the ….day of …..200 and each subsequent installment on the. .. . . . . .. .day of each succeeding month. |
5. |
Punctual payment of each installment shall be the essence of this agreement and the Hirer shall be deemed to have repudiated this agreement if any of the installment or part thereof shall remain unpaid for more than seven days after becoming due. |
6. |
All sums payable 10 the owner shall be paid to him at its registered office or at such other address as the owner may from time to time specify. Payments made by post shall be at the risk of the hirer. |
7. |
During the continuance of this hiring the hirer shall
(a) Pay punctually specified in clause 4 hereof
(b) Pay to the owner interest on overdue installments at the rate of ' ……...percent per annum until payment thereof.
(c) Keep the goods in good and serviceable condition.
(d) Punctually pay all registration charges license fees and other outgoings in respect of the goods or the use thereof or in respect of the premises where such goods are kept.
(e) Permit the owner and any person authorized by him to enter premises where the goods are kept for the purposes of inspecting and examining the condition of the goods.
(f) To keep the goods under his possession and control and not to remove the goods from
the location intended for use made known to the owner and without the owner' consent
(g) To notify the owner of change in address of his location.
(h) Not to let assign or pledge mortgage charge or part with the possession of or deal with the goods or m1Y interest in the good.
(i) To pay the expenses of insurance in respect of the goods and pay the premiums thereof and the legal cost of this agreement
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8. |
The hirer shall at the request of the owner give by way of collateral security postdated
cheques in favour of the owner and covering such sums of each installments payable under this agreement, the hirer hereby waives notice of dishonour by the owner.
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9. |
The hirer may at any time before the final payment hereunder full due determine this agreement by giving seven days notice in writing and delivering up the goods to the owner.
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10. |
If the hirer shall make a default in payment of any sums payable hereunder or shall fail to observe or perform any of the other terms and conditions of this agreement whether express or implied, the owner by notice in writing shall determine this agreement.
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11. |
Upon termination of this agreement pursuant to clauses 9 and 10 hereof the owner may without notice take possession of the goods and for that purpose by himself or agents enter the premises where the goods are believed to be kept And the hirer shall pay to the owner the hire purchase price of the goods less the aggregate of:
(a) The sum previously paid under this agreement
(b) The sum due under the agreement (including any sums recoverable from the hirer up to the date of termination).
(c) The net proceeds of sale of the goods if repossessed an d sold provided that if the net proceeds of the goods reposed and the amount paid by the hirer pursuant to this agreement exceed in the aggregate the amount of the purchase price (with interest on overdue installments and other sum payable by the hirer hereof) the excess shall be repaid to the hirer. |
12. |
No relaxation forbearance delay or indulgence by the owner in enforcing any terms of and conditions of this agreement or the granting of time by the owner to the hirers shall prejudice affect or restrict the rights and powers of the owner hereunder |
