Tricycle Agreement form/Higher purchase

BETWEEN

NAME HERE…………………………………………….OWNER
of Aba North L. G. A.
Abia State.

AND

NAME HERE…………………...……………………….HIRER
of Osisioma L. G. A.
Abia State.

IN RE:
CARTER MOTORCYCLE WITH REGISTRATION NUMBER KGE822 VALUED AT FOUR HUNDRED AND TEN  THOUSAND NAIRA (N410,000.00)

DOCUMENTED BY:
CHIKE EZE DANIEL ESQ., OF CAR HIRE & CO.,  IHDULE CHAMBERS, 8 AFIKPO ROAD, ABAKALIKI,

HIRE PURCHASE AGREEMENT made this …………………………. day of …………………2014

BETWEEN
NAME HERE of Chukwudi Umoh, of Aba north L. G. A. Abia State.
 Nigeria (herein referred to as the “OWNER”) of the one part.

AND

NAME HERE of Azuiyiokwu Inyimagu,  Osisioma L. G. A.
Abia State.
State of  Nigeria (herein referred to as the “HIRER”) of the other part.

WHEREAS:
1.         The subject matter of this Hire purchase agreement is TRICYCLE with Registration No. Abia  Ab 336 QD valued  at 750,000.00 (Seven Hundred and Fifty Thousand naira).

2.         The OWNER is in true and lawful possession of the said TRICYCLE with Registration No.Abia   Ab 336 QD free from any and or all encumbrance or adverse claim from a third party.

3.         The vehicle hereinafter called the PROPERTY being the property of the OWNER has the following particulars:

(i)        Registration No:-------------------------------------
(ii)       Engine No:-------------------------------------------
TRICYCLE
 
(iii)     Chassis No:------------------------------------------

 
(iv)      Vehicle make:---------------------------------------
(v)       Vehicle model/colour:------------------------------

4.         The HIRER has approached the OWNER for the purpose of purchase of the above named TRICYCLE under Hire-purchase agreement.

5.         The OWNER has consented to so sale under the terms and conditions contained here-in-under.

NOW THIS AGREEMENT WITNESS AS FOLLOWS:
1.         That the hire purchase sum for the aforesaid tricycle is N750,000.000 (Seven Hundred and fifty thousand Naira)
2.         That the install-mental payment is weekly and at the rate of N10,000.00 (Ten thousand Naira) every Sunday.
3.         That ownership in the Tricycle shall remain with the Owner and can only be transferred to the Hirer on discharge of the hire purchase sum.
4.         That the Owner shall recover the said tricycle from the Hirer in default of non payment for a particular week except on grounds of repair by the Hirer.
5.         That Owner must be informed within a reasonable time of such repair and site of repair.
6.         That where the Owner recovers as in paragraph four above, the hirer forfeits all he has paid prior to the recovery.
7.         That  where the Hirer sales, cause to be sold and or through negligent act cause the Owner to loose his ownership of the tricycle,  he  or his surety shall be held liable for payment
8.         That all the clauses contained in this agreement shall be binding on the parties and represents the true intent of the parties.

IN WITNESS WHEREOF, the parties have set their hands and sign the day and year first above written.

SIGNED, SEALED AND DELIVERED
BY THE WITHIN NAMED OWNER

………………………………
NAME HERE          
                                                        
In the Presence of:
1.         Name:………………………………………..
Address:……………………………………..
Occupation:…………………………………
Signature:…………………………………….

SIGNED, SEALED AND DELIVERED
BY THE WITHIN NAMED HIRER

………………………………
NAME HERE
                                                        
In the Presence of:
1.         Name:………………………………………..
Address:……………………………………..
Occupation:…………………………………
Signature:…………………………………….

Prepared by:
…………………………………..  
NAME OF SOLICITOR HERE Esq