REPOSSESSING THE MOTORCYCLE Clause Samples
The 'Repossessing the Motorcycle' clause grants the lender or seller the right to take back possession of the motorcycle if the buyer defaults on their payment obligations or otherwise breaches the agreement. In practice, this means that if the buyer fails to make scheduled payments or violates other key terms, the lender can physically reclaim the motorcycle, often without needing to go to court, provided they do so without breaching the peace. This clause serves to protect the lender’s financial interest in the motorcycle by providing a clear remedy in the event of non-payment or contract violation, thereby reducing the risk of loss.
REPOSSESSING THE MOTORCYCLE. You can repossess the Motorcycle anytime it is found illegally parked, unlocked, being used to violate the law or the terms of this Agreement, or appears to be abandoned. You can also repossess anytime you discover that I made a misrepresentation in this Agreement or in any other document to obtain the Motorcycle. I waive, to the extent permitted by applicable law, any and all rights to prior notice and/or hearing prior to the repossession of the Motorcycle by you, your employees, agents or contractors.