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EXHIBIT 10.247
LOAN CONTRACT - SECURITY AGREEMENT
GOODS PREVIOUSLY CONSTRUCTION DEALER ACCOUNT DEALER PHONE NO. DATE CONTRACT DATE ACCEPTED BY JOHN DEERE CONTRACT NO.
SETTLED FOR? NUMBER PRINTED CONSTRUCTION & FORESTRY
COMPANY
YES [ ] NO [X] NEW [X] USED [ ] 7633 602-415-4708 20NOV03 OFFICE USE ONLY 17-880171959
Seller's Name and Address
RDO EQUIPMENT COMPANY, 2649 N. 29TH AVENUE, PHOENIX, AZ 85009
Borrower's (Debtor's) Name (Last Name First) and Mailing Address Borrower (Debtor's) Name (Last Name First) and Mailing Address
(Including County and Zip) (Including County and Zip)
MEADOW VALLEY CONTRACTORS, INC.
P.O. BOX 60726
PHOENIX, ZA 85082
Borrower's (Debtor's) Phone No.
602-437-5400
Borrower (Debtor) Resides in (County/State)
UTAHCOPA AZ
Borrower (Debtor) Agrees to Keep Goods in
County/State UTAHCOPA AZ
Place of Filing (Town & State)
AZ-SOS
Borrower's Social Security Number (First Signer) or Tax Id Number Type of Business
880171959 Proprietor [ ] Partner [ ] Corporation [X] L.L.C. [ ]
Name and Title of Signing Officer (If Corporation or LLC)
BRADLEY LARSON PRESIDENT
APPLICATION AND PROMISSORY NOTE: I hereby apply to John Deere Construction &
Forestry Company (together with its assigns, the "Lender") for a Loan in the
amount of the Principal Balance shown below. The amount of the unpaid balance on
line 3 is to be used to finance the Balance Due on the purchase order executed
in connection with the purchase from the Seller of the equipment described below
(the "Goods"). If this Loan Contract is accepted by Lender, I promise to pay to
the order of Lender, the Principal Balance, shown on line 7 below, and finance
charges thereon computed on the daily unpaid balance of the Principal Balance
and to pay the installments shown below, with such adjustments in the amount or
number of installments as may be necessary to reflect actual finance charges
earned. If more than one person signs this Agreement as "Borrower"), we will be
jointly and severally liable for all amounts due under this Agreement. Except
for the Notice to Borrower section, In this Agreement, the words "I", "me" and
"my" mean the persons, whether one or more, who sign it as the "Borrower".
Quantity New/Used Manufacturer Model Goods (Equipment) Product Identification No. Delivered Cash Price
1 N JOHN DEERE 824J WHEEL LOADER DW824JX589890 $ 255,698.33
$ 0.00
$ 0.00
$ 0.00
Quantity Manufacturer Model Description of Trade-In (From Purchase Order) Product Identification No. Amount
1 JOHN DEERE 744HM WHEEL LOADER DW744HM563250 $83,000.00
1 JOHN DEERE 744HM OUTSIDE PAYOFF CIT DW744HM563250 ($64,375.41)
$ 0.00
CASH DOWN PAYMENT: $0.00 TOTAL TRADE-IN: $18,624.59
MONTHLY INSTALLMENTS
Number of Amount of First Payment
Payments Each Payment Due Date ITEMIZATION OF AMOUNT FINANCED
- -------- ------------ ------------- ---------------------------------------------------------------------------
60 $4,696.30 1/1/04
0 $ 0.00 Sales Tax Paid to Government Agencies $ 13,988.56
0 $ 0.00 Cash Price (Including Tax) 1 $269,686.89
0 $ 0.00 Total Down Payment. Sum of Trade-In and Cash Down
Payment 2 $ 18,624.59
0 $ 0.00 Unpaid Balance of Cash Price (Paid to Seller) 3 $251,062.30
0 $ 0.00 Official Fees (Paid to Public Officials) 4 $ 35.00
0 $ 0.00 Administrative Fees 5 $ 500.00
Insurance - Credit Life and/or Physical Damage 6 $ 0.00
Payments are due each successive month on Principal Balance (Lines 3, 4, 5 and 6)
the same day of the month as the first The amount of credit provided to Borrower(s) 7 $251,597.30
payment except as follows:
Finance Charge (Based on Line 7)
The dollar amount the credit will cost Borrower(s) 8 $ 30,180.70
Total (Lines 7 and 8). (Principal Balance plus
Finance Charge) 9 $281,778.00
Annual Interest Rate:
DATE FINANCE CHARGE BEGINS: 11/21/03 The cost of the Borrower(s) credit as a yearly rate. 4.50%
SECURITY AGREEMENT: To secure the indebtedness evidenced by this contract or any
other indebtedness owed to you or your affiliates, I grant Secured Party a
security Interest in the Goods described above (which term includes items, if
any, listed as "security" or "additional security") and all parts and
accessories now or hereafter incorporation in or on such Goods by way of
addition, accession or replacement. Buyer represents that all trade-in property,
If any, is free and clear of all security agreements, liens and encumbrances. I
also grant you a Security Interest in all proceeds, including insurance proceeds
and refund of insurance premiums financed hereunder. I acknowledge that all
security granted on any other Contract between you and me shall also secure the
obligations described in this Contract. You can inspect the Goods at any time. I
REPRESENT THAT THE GOODS ARE BEING PURCHASED FOR A BUSINESS OR COMMERCIAL
PURPOSE.
EARLY PAYMENT: I may prepay my obligation in full at any time prior to the
original or any extended maturity and will be charged only for earned Finance
Charges.
DELINQUENCY CHARGE; NSF FEES: For each installment not paid when due, I promise
to pay Lender a delinquency charge calculated at the rate of 1.5% per month for
the period of the delinquency or, at Lender's option, 5% of such installment
provided that such a delinquency charge is not prohibited by law, otherwise at
the highest rate allowed by applicable law. I agree to repay immediately to
Lender in the enforcement or administration of its rights under this Agreement,
including, without limitation, any amount paid by Lender to a depository
institution because a check, draft or order made or drawn by or for the benefit
of me is returned unpaid for any reason. If any payment is made by a check
which is dishonored, I agree to pay Lender a fee of $20 or such lesser amount
specified by applicable law.
FINANCE CHARGE BEGIN DATE: I acknowledge that unless this Contract is not
accepted by Secured Party, the finance charge shall commence accruing on this
date specified above, regardless of when I execute this Contract.
STATE LAW APPLYING: THE CONSTRUCTION AND VALIDITY OF THIS AGREEMENT SHALL BE
CONTROLLED BY THE LAW OF IOWA, AND THE VALIDITY OF THE SECURITY INTEREST SHALL
BE CONTROLLED BY THE LAW OF THE STATE WHERE THE GOODS ARE TO BE KEPT AND USED.
ADDITIONAL PROVISIONS CONCERNING RIGHTS OF THE PARTIES ON RESERVE SIDE ARE A
PART OF THIS CONTRACT
INSURANCE DISCLOSURES I may obtain PHYSICAL DAMAGE NO. I want PHYSICAL DAMAGE
INSURANCE from anyone I want that is acceptable to MOS. PREMIUM INSURANCE (Sign in this box)
Lender. If the premiums are listed on line 6 above, I $0.00
will pay the Premium shown at right. No insurance will
be provided unless I sign at the right, the premium is
shown and Lender accepts this contract
CREDIT LIFE INSURANCE is not required to obtain credit NO. I want CREDIT LIFE INSURANCE
and will not be provided unless I sign at the right, the MOS. PREMIUM (Sign in this box).
premium is shown and Lender accepts this contract. $0.00 Age 0
NOTICE TO BORROWERS: 1. DO NOT SIGN THIS CONTRACT BEFORE YOU READ IT OR IF IT
CONTAINS BLANK SPACES. 2. YOU ARE ENTITLED TO AN EXACT AND COMPLETELY FILLED IN
COPY OF THIS CONTRACT WHEN YOU SIGN IT, (***). KEEP IT TO PROTECT YOUR RIGHTS 3.
UNDER THE LAW, YOU MAY HAVE THE RIGHT TO REDEEM THE PROPERTY IF REPOSSESSED FOR
A DEFAULT WITHIN THE TIME PROVIDED BY (***).
CAUTION: IT IS IMPORTANT THAT YOU THOROUGHLY READ THE CONTRACT BEFORE YOU SIGN
IT.
I ACKNOWLEDGE RECEIPT OF A TRUE COPY HEREOF.
MEADOW VALLEY CONTRACTORS, INC.
DO NOT WRITE IN SHADED AREA - FOR DEERE CREDIT SERVICES, INC...
USE ONLY
Clint Tryon Sec./Treas. 11/21/03 Accepted by: JOHN DEERE CONSTRUCTION & FORESTRY
- -------------------------------------------- ----------- COMPANY (Lender/Secured Party)
Borrower's (Debtor's) Signature CLINT TRYON Date
At : 6400 NW 86th Street PO Box 6600, Johnston, Iowa 50131-6600
___________________________________________ ___________
Borrower's (Debtor's) Signature Date By: __________________ _______________
(Authorized Signature) Date
___________________________________________ ___________
Borrower's (Debtor's) Signature Date