EXHIBIT 10.220
INSTALLMENT SALE CONTRACT (SECURITY AGREEMENT)
PURCHASER(S): SELLER (DEALER);
MEADOW VALLEY CONTRACTORS, INC. WAGNER EQUIPMENT CO.
4411 S. 40TH ST 4000 OSUNA ROAD N.E.
PHOENIX, AZ 85040 P.O. BOX 25007
ALBUQUERQUE, New Mexico 87125-0007
County: MARICOPA
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Subject to the terms and conditions set forth below and on the reverse side
hereof, Seller hereby sells the equipment described below (the "Unit" or
"Units") to Purchaser, and Purchaser (if more than one, jointly and severally),
having been offered both a cash sale price and a time sale price, hereby buys
the Units from Seller on a time sale basis.
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<Table>
<Caption>
NEW (IF USED) DELIVERED
OR FIRST CASH SALE
USED USED MODEL DESCRIPTION OF UNIT(S) SERIAL # PRICE
- ---- ---- ----- ---------------------- -------- ---------
(1) 3306 CATERPILLAR GEN SET 8JJ00489 $31,550.00
</Table>
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<Table>
<Caption>
FIRST DESCRIPTION OF ADDITIONAL SECURITY Sub-Total ....................................... $31,550.00
USED (MAKE,MODEL & SERIAL NUMBER) Sales Tax ....................................... 0.00
- ----------------------------------------------------- 1. Total Cash Sale Price ........................... $31,550.00
Cash Down Pay 6,600.72
Net Trade-in Allow 0.00
- ----------------------------------------------------- 2. Total Down Payment .............................. $ 6,600.72
FIRST DESCRIPTION OF TRADE-IN EQUIPMENT 3. Unpaid Balance of Cash Price (1-2) .............. $24,949.28
USED (MAKE, MODEL & SERIAL NUMBER) 4. Official Fees (Specify) ......................... $ 250.00
- ----------------------------------------------------- Document Fee 250.00
Other Fees 0.00
5. Physical Damage Insurance ....................... $
6. Principal Balance
- ----------------------------------------------------- (Amount Financed) (3 + 4 + 5) ................... $25,199,28
7. Finance Charge
Trade-in Value 0.00 (Time Price Differential)........................ $ 2,707.92
Less Owing to 0.00 8. Time Balance
Net Trade-in Allowance 0.00 (Total of Payments)(6+7) ........................ $27,907.20
9. Time Sale Balance
Location of Units: 4411 S. 40TH ST (Total of Payment Price)((2+8) .................. $34,507.92
PHOENIX, AZ 85040, MARICOPA 10. Annual Percentage Rate 6.75%
11. Date FINANCE CHARGE begins to accrue _______________________
</Table>
PURCHASER HEREBY SELLS AND CONVEYS TO SELLER THE ABOVE DESCRIBED TRADE-IN
EQUIPMENT AND WARRANTS IT TO BE FREE AND CLEAR OF ALL CLAIMS, LIENS, SECURITY
INTERESTS AND ENCUMBRANCES EXCEPT TO THE EXTENT SHOWN ABOVE.
1. PAYMENT: Purchaser shall pay to Seller, at or such other location
Seller designates in writing, the Time Balance (Item 8 above) as follows
[(check (a) or (b)]:
[X] (a) in 36 equal monthly installments of $775.20 each, with the first
installment due on 2/28/03, and the balance of the installments due on the like
day of each month thereafter, (except no payments shall be due during the
month(s) of n/a), until the entire indebtedness has been paid, or
[ ] (b) in accordance with the Payment Schedule attached to this Contract.
(Provisions of section 1 continued on reverse.)
SEE REVERSE SIDE FOR ADDITIONAL TERMS AND CONDITIONS
WHICH ARE A PART OF THIS CONTRACT.
LIABILITY INSURANCE COVERAGE FOR BODILY INJURY AND PROPERTY DAMAGE CAUSED TO
OTHERS IS NOT INCLUDED IN THIS CONTRACT.
NOTICE TO PURCHASER: (1) DO NOT SIGN THIS CONTRACT BEFORE YOU READ IT OR IF IT
CONTAINS ANY BLANK SPACES; (2) YOU ARE ENTITLED TO AN EXACT COPY OF THE CONTRACT
YOU SIGN; (3) UNDER THE LAW YOU MAY HAVE THE RIGHT TO PAY OFF IN ADVANCE THE
FULL AMOUNT DUE AND TO OBTAIN A PARTIAL REFUND OF THE FINANCE CHARGE.
PURCHASER ACKNOWLEDGES RECEIPT OF A FULLY COMPLETED COPY OF THIS CONTRACT
EXECUTED BY BOTH PURCHASER AND SELLER.
Purchaser(s) and Seller have duly executed this Contract as of __________, 20__.
Purchaser(s): Seller:
MEADOW VALLEY CONTRACTORS, INC. WAGNER EQUIPMENT CO.
By: /s/ Clint Tryon 1-21-03 By: /s/ Sal Thaker
__________________________ __________________________
Name (PRINT) Clint Tryon Name (PRINT) Sal Thaker
________________ ________________
Title Sec/Treas. Title Finance Specialist
_______________________ _______________________