This agreement is between Customer Name, hereinafter referred to as "Customer", and Graves Foods, hereinafter referred to as "Distributor". By signing this agreement, Customer agrees to the following:
1. That the Equipment listed is merely on loan to the customer and that the title and ownership is and shall remain with the Distributor.
2. That this instrument is a Retain Title Contract as well as a "Receipt and Agreement" Customer and Distributor.
3. Customer agrees to use only those products supplied by Distributor, associated with below equipment.
4. That the Equipment is not assignable or to be encumbered in any way. Distributor may demand return of the Equipment at any time and if Equipment is not returned within (5) days after such demand, Distributor may repossess Equipment without further notice and without liability to Customer for so doing. In the event it is necessary for Distributor to take legal action to regain possession of Equipment, Customer agrees to pay any court costs and any reasonable attorney's fees. In the event the Equipment cannot be recovered from the Customer, Customer agrees to reimburse Distributor the value as stated as damages.
5. Should Customer for any reason cease to operate its business, Customer will give prompt notice as such to Distributor to reclaim Equipment and will hold it in safe keeping aside from other Equipment and property until such time as Distributor reclaims their property listed below.
6. Should Equipment be lost, damaged or destroyed due to Customer's neglect, negligence or fire, Customer hereby agrees to pay for damages of listed Equipment up to the stated value.
7. Customer will not secrete, sell, encumber or move this Equipment to a different location without the express written concent of Distributor and will pay, when due, any and all taxes and license fees which may be imposed by any authority on the use, ownership, posession or operation of the Equipment.
8. Customer also agrees to stay within the credit terms set forth by Distributor. If Customer falls out of set terms of credit, Distributor may demand return of all Equipment.