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HomeMy WebLinkAbout01- Yellowstone Sports Center, Inc.; 2001 FLHTPI Harley-Davidson -------~ , . PROMISSORY NOTE FOR V ALUE RECEIVED, the City of Bozeman, promises to pay to the order of Yellowstone Sports Center, Inc. dba Yellowstone Harley-Davidson the sum of$15,000.00 in lawful money ofthe United States, negotiable and payable to payee with no interest before maturity and at the rate of 12% per annum if the Note is not paid on or before October 2, 2001. This Note shall be due and payable in full on October 2, 2001. It is Wlderstood and agreed that this Note is secured by a 2001 FLHTPI Harley-Davidson motorcycle with a vehicle identification number of IHDIFMW181 Y649881. In the event that the City of Bozeman returns the Harley-Davidson motorcycle to Yellowstone Harley-Davidson in good condition on or before October 2,2001, this Note shall be deemed paid in full and no monetary payments shall be due from the City of Bozeman to Yellowstone Harley-Davidson. In the event of default, it is agreed that the holder of this note may recover such necessary expenses as may be incurred in collection, including a reasonable attorney fee. The maker hereof waives presentment, demand, protest and notice thereof, :J(si ffld DATED this day of ,2001 CITY OF BOZEMAN B. -~ ~~ CLARK. V. JOHNSON City Manager .. , .. SECURITY AGREEMENT Agreement is made and entered into this )/Jii- day of ~ 2001 by and between the City of Bozeman, 411 East Main, Bozeman, MT, herein er referred to as "debtor," and Yellowstone Sports Center, Inc. dba Yellowstone Harley-Davidson ofP. O. Box 569, Belgrade, Montana 59714 hereinafter referred to as "Secured Party"; WHEREAS, in consideration of the mutual covenants and promises set forth herein, Debtor and Secured Party agree as follows: 1. Creation of Security Interest. Debtor hereby grants to Secured Party a security interest in the collateral described in Paragraph 2 ofthis agreement to secure the performance and payment of a Promissory Note in the amount of$15,000.00. 2. Description of Collateral. The collateral of this security agreement, hereinafter referred to as "collateral," consists of a 2001 FLHTPI Harley-Davidson motorcycle, VIN # 1HD1FMW18l Y649881. Debtor's Obligations, Generally. Debtor shall pay to Secured Party the sum evidenced by the above mentioned Promissory Note in accordance with the terms of such Promissory Note. Debtor agrees to maintain appropriate liability insurance on the collateral until the Promissory Note secured hereby is paid in full. 4. Payment ofPromissorv Note. It is understood and agreed that in the event that the City of Bozeman returns the collateral to Yellowstone Harley-Davidson in good condition on or before October 2,2001, that the Promissory Note secured by this Agreement shall be deemed paid in full and no monetary payments shall be due from the City of Bozeman to Yellowstone Harley-Davidson pursuant to the Promissory Note secured by this Agreement. 5. Proceeds of Collateral. Debtor hereby grants to Secured party a security interest in and to all proceeds of collateral, as defined by Section 30-9-306, M,C,A. This provision shall not be construed to mean that Debtor is authorized to sell, lease, or otherwise dispose of collateral without the written consent of Secured Party unless otherwise provided in this Agreement. IN WITNESS WHEREOF, the parties hereto have executed this agreement the day and year first above written. SECURED PARTY: DEBTOR: YELLOWSTONE HARLEY-DA VInSON CITY OF BOZEMAN B~J)~ By. 1 \ 1 7 ARDYCE DEVRIES CLARK V. JOHNSON ITS: ~ City Manager ATTEST: . ~ '-' \--,:.~":"":"',-=-.;..:.'-';'~ .