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EXHIBIT 10.24
TEXAS SIMPLE INTEREST VEHICLE RETAIL INSTALMENT CONTRACT DATE 04/19/99
Buyer (and Co-Buyer) Name and Address (Including County and Zip Code)
Basic Technologies, Inc.
▇▇▇▇ ▇. ▇▇▇▇ ▇▇▇
▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
CREDITOR (Seller Name and Address)
▇▇▇▇▇▇▇ Motor Co., Inc.
▇.▇. ▇▇▇ ▇▇▇
▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇
YOU, THE BUYER (AND CO-BUYER, IF ANY), MAY BUY THE VEHICLE DESCRIBED BELOW FOR
CASH OR ON CREDIT. THE CASH PRICE IS SHOWN BELOW AS "CASH PRICE." THE CREDIT
PRICE IS SHOWN AS "TOTAL SALE PRICE." BY SIGNING THIS CONTRACT, YOU CHOOSE TO
BUY THE VEHICLE ON CREDIT UNDER THE AGREEMENTS ON THE FRONT AND BACK OF THIS
CONTRACT.
New/Used Year and Make Model GVW if Truck (lbs.) Vehicle Identification Number Use For Which Purchased
-------- ------------- ----- ------------------- ----------------------------- -----------------------
Used 1995 Ford F350 SC PU ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ [ ] Personal [ ] Agricultural
[X] Commercial
Trade-in n/a $ n/a $ n/a
-------------- ----------------- -----------------
Year and make Gross Allowance Amount Owing
ITEMIZATION OF AMOUNT FINANCED
1. Cash Price................................................... $ 17995.00 (1)
--------
2. Down Payment
Third Party Rebate Assigned To Creditor................ $ n/a
---------
Cash Down Payment...................................... $ 4219.38
---------
Deferred Down Payment due.............................. $ n/a
---------
Trade-in (description above) .......................... $ n/a
---------
Total Down Payment .......................................... $ 4219.38 (2)
---------
3. Unpaid Balance of Cash Price (1 minus 2) .................... $ 13775.62 (3)
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4. Amounts paid on your behalf (Seller may be retaining a portion of these
amounts)
To Public Officials (i) for license, title & registration fees $ 15.50;
------
(ii) for filing fees $ n/a;
----
(iii) for Vehicle Inventory Tax $ 34.19;
------
(iv) for taxes (not in Cash Price) $ 1124.69 $ 1174.38
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To Insurance Companies for
Vehicle Insurance ............................ $ n/a
----
Credit Life Insurance ........................ $ n/a
----
Credit Disability Insurance .................. $ n/a
----
n/a........................................... $ n/a
----
Total Cost of Insurance .............................. $ n/a
----
To ▇▇▇▇▇▇▇ Motor Co.,Inc for Documentary Fee ............... $ n/a
--------------------- ----
(Name of Creditor)
A DOCUMENTARY FEE IS NOT AN OFFICIAL FEE. A DOCUMENTARY FEE IS NOT REQUIRED BY
LAW, BUT MAY BE CHARGED TO BUYERS FOR HANDLING DOCUMENTS AND PERFORMING SERVICES
RELATED TO THE CLOSING OF A SALE. A DOCUMENTARY FEE MAY NOT EXCEED $50. THIS
NOTICE IS REQUIRED BY LAW.
To n/a for n/a $ n/a
------------------------ ------------------------- --------------
To n/a for n/a $ n/a
------------------------ ------------------------- --------------
To n/a for n/a $ n/a
------------------------ ------------------------- --------------
To n/a for n/a $ n/a
------------------------ ------------------------- --------------
Total ............................................... $ 1224.38 (4)
5. Amount Financed (3 plus 4) ............... ............. $ 15000.00 (5)
FEDERAL TRUTH-IN-LENDING DISCLOSURES
ANNUAL PERCENTAGE RATE FINANCE AMOUNT TOTAL OF PAYMENTS TOTAL SALE
The cost of your CHARGE FINANCED The amount you PRICE
credit as a yearly rate The dollar amount The amount of will have paid The total cost
the credit will credit provided to when you have of your purchase on
cost you you or on made all scheduled credit,
your behalf payments including your
downpayment
of $ 4219.38
16.50 % $ 4118.52 $ 15000.00 $ 19118.52 $ 23337.90
--------------------- ---------------- ----------------- -------------- --------------
Number of Amount of Each When Payments
Payment Schedule Payments Payment are due
Your payment schedule 36 $ 531.07 (monthly starting)
------- --------
will be: 1 final $ n/a 05/19/99
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PREPAYMENT: If you pay off your debt early, you will not have to pay a penalty.
SECURITY INTEREST: YOU are giving a security interest in the vehicle being
purchased.
CONTRACT: Please see this contract for additional information on security
interest, nonpayment, default, the right to require repayment of your debt in
full before the scheduled date, and prepayment penalty.
ANY CHANGE IN THIS CONTRACT MUST BE IN WRITING AND SIGNED BY YOU AND THE
CREDITOR.
BUYER: CO-BUYER:
----------------------------- --------------------------------
NOTICE TO THE BUYER:
DO NOT SIGN THIS CONTRACT BEFORE YOU READ IT OR IF IT CONTAINS ANY BLANK SPACES.
YOU ARE ENTITLED TO A COPY OF THE CONTRACT YOU SIGN. KEEP THIS CONTRACT TO
PROTECT YOUR LEGAL RIGHTS.
BUYER ACKNOWLEDGES RECEIPT OF A TRUE AND COMPLETELY FILLED IN COPY OF THIS
CONTRACT AT THE TIME OF SIGNING
Basic Technologies
by ▇▇▇▇▇ ▇▇▇▇▇▇, Pres.
----------------------------------- ---------------------------------
BUYER SIGNS (CO) BUYER SIGNS
BY SIGNING BELOW, THE SELLER ACCEPTS THIS CONTRACT. IF NO OTHER ASSIGNEE IS
NAMED IN A SEPARATE ASSIGNMENT ATTACHED TO THIS CONTRACT, THE SELLER ASSIGNS IT
TO FORD MOTOR CREDIT COMPANY.
SELLER ▇▇▇▇▇▇▇ Motor Co., Inc. By Title Sales Manager
---------------------------- ----------------- ----------------
INSURANCE
YOU MAY OBTAIN VEHICLE INSURANCE FROM A PERSON OF YOUR CHOICE.
LIABILITY INSURANCE COVERAGE FOR BODILY INJURY AND PROPERTY DAMAGE CAUSED TO
OTHERS IS NOT INCLUDED.
CREDIT LIFE, CREDIT DISABILITY AND OTHER OPTIONAL INSURANCE ARE NOT REQUIRED TO
OBTAIN CREDIT AND WILL NOT BE PROVIDED UNLESS YOU SIGN AND AGREE TO PAY THE
PREMIUM.
Credit
Life n/a
---------------------------------------------------------------------------
Insurer
$ n/a n/a
------------------------------ -----------------------------------------
Premium Insured(s)
n/a
--------------------------------------------------------------------------------
Signature
Credit
Disability n/a
--------------------------------------------------------------------
$ n/a n/a
------------------------------ -----------------------------------------
Premium Insured(s)
n/a
--------------------------------------------------------------------------------
Signature
n/a n/a
---------------------------------------------- -----------------------------
Type of Insurance Term
n/a $ n/a
---------------------------------------------- -----------------------------
Insurer Premium
n/a
--------------------------------------------------------------------------------
Signature
CREDIT LIFE AND CREDIT DISABILITY INSURANCE ARE FOR THE TERM OF THE CONTRACT.
THE AMOUNT AND COVERAGES ARE SHOWN IN A NOTICE OR AGREEMENT GIVEN TO YOU TODAY.
YOU ARE REQUIRED TO INSURE THE VEHICLE. YOU MAY CHOOSE THE PERSON THROUGH WHOM
SUCH INSURANCE IS TO BE OBTAINED. YOU SHALL HAVE THE OPTION OF FURNISHING THE
INSURANCE OWNED OR CONTROLLED BY YOU OR OBTAINED BY YOU THROUGH ANY INSURANCE
COMPANY AUTHORIZED TO TRANSACT BUSINESS IN TEXAS. IF A CHARGE IS SHOWN BELOW,
THE CREDITOR WILL TRY TO BUY THE COVERAGES CHECKED FOR THE TERM SHOWN. COVERAGES
WILL BE BASED ON THE CASH VALUE OF THE VEHICLE AT THE TIME OF LOSS, BUT NOT MORE
THAN THE LIMITS OF THE POLICY.
Comprehensive $ n/a Deductible
-------- Collision
Fire-Theft-Combined Additional Coverage
Towing and Labor
Term n/a Months (Estimate)
-------------
Premium $ n/a
---------------------
IF CHECKED, THE PREMIUM FOR PHYSICAL DAMAGE INSURANCE INCLUDED HEREIN IS
AT A RATE OF CHARGE NOT FIXED OR APPROVED BY THE STATE BOARD OF INSURANCE OF
TEXAS. THE BUYER SHALL HAVE THE OPTION FOR A PERIOD OF TEN DAYS FROM THE DATE OF
THIS CONTRACT OF FURNISHING THE REQUIRED INSURANCE COVERAGE EITHER THROUGH
EXISTING POLICIES OF INSURANCE OWNED OR CONTROLLED BY HIM OR OF PROCURING AND
FURNISHING EQUIVALENT INSURANCE COMPANY AUTHORIZED TO TRANSACT BUSINESS IN
TEXAS.
IF ANY OF THE ABOVE INSURANCE IS CANCELLED, THE CREDITOR WILL GIVE YOU A CREDIT
FOR ANY UNEARNED INSURANCE PREMIUMS THE CREDITOR GETS. THE CREDIT WILL BE MADE
TO THE LAST PAYMENTS DUE.
