HomeMy WebLinkAbout01- Yellowstone Sports Center, Inc.; 2001 FLHTPI Harley-Davidson (2)
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PROMISSORY NOTE
FOR VALUE RECENED, 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 of the 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 understood and
agreed that this Note is secured by a 2001 FLHTPI Harley-Davidson motorcycle with a vehicle
identification number of IHDIFMW161 Y651533. 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.
DATED this ;J I~ day of (lilJ ,2001
CITY OF BOZEMAN
BYI~ -\.~;iSON -
City Manager
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SECURITY AGREEMENT
Agreement is made and entered into this ;1/ ~ day of ~ 2001 by and
between the City of Bozeman, 411 East Main, Bozeman, MT, hereina er referred
to as "debtor," and Yellowstone Sports Center, Inc. dba Yellowstone Harley-Davidson ofP. 0, 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 of this agreement to secure the performance and payment ofa 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
ofa 2001 FLHTPI Harley-Davidson motorcycle, VIN # IHDIFMW161Y651533.
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-DAVIDSON CITY OF BOZEMAN
Brfl~ ~ Bye-\ ~~~
ARDYCE DEVRIES CLARK. V. JOHNSON
ITS: -P~ City Manager
ATTEST: -~ ..._.._:;-.......::....::::::-..
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