Contract As to Installation of Furniture and Equipment

Installation of Furniture and Equipment as an important legal sanction for exchanging hotel’s mortgage property

During the signing of agreement between the hotel property owner and the other party, that is the buyer, it is very essential to have valid and legal documents which are considered to be beneficial for long term reference. The hotel company bear the buyer full access and possession of the sold goods that was earlier owned by the hotel. Situations like these are generally said to arise, when the hotel is held as mortgage and has been unable to repay the borrowed amount of money. When the hotel suffers from such loss and risks, selling of hotel furniture and fixtures are considered to be one of the chosen methods to benefit a little from the potential gains. Yet in such urgent situations, people are not generally concerned about the legal documents that should be formulated. Contract As to Installation of Furniture and Equipment can be a relevant example of one such type of legal proceedings that are of utmost importance.

Reduce the hassles that are involved with pre-made forms

Consulting lawyers and attorneys calls for further complications and difficulties, hence the parties are generally known to resort to online services that offer legal documents and its formulation in pre-made nature. Reducing the time and hassles, both the parties are benefitted with the help of such online forums. Getting familiar with the nature of the documents and its policies, people can take well thought decisions before they decide to agree on it.

Possessions to be handed over without delay

The underwritten agreement mentioned in Contract As to Installation of Furniture and Equipment, is held valid for both the company as well as the buyer and should be well maintained for future reference. The possessions have to be handed over to the buying party without any delay.

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Contract as to installation of furniture and equipment.

_________ hotel company has entered into an agreement with A to underwrite and dispose of its _________ bonds, aggregating $_____ in total principal amount, dated _________, 19__, which are secured by a mortgage or deed of trust upon the hotel realty in _________, and by a security interest in the furniture, furnishings, crockery, glass and silverware, carpets, utensils, screens, window shades, beds, vacuum cleaners and all other chattels of every description to be located in the hotel and used in connection with it, except chattels held for sale or consumable in their use, and to the deed of trust, of record in book _________, pages _________ et seq., in the office of the recorder of deeds in the County of _________, State of _________, and to the security interest of record in volume _________ of secured interests, page _________, in the office of the Secretary of State, State of _________, specific reference of which is made and made a part of this agreement as fully as though set forth verbatim in it.
The mortgage or deed of trust on realty provides among other things: “Owner further covenants and agrees that it will promptly furnish all moneys necessary in addition to, and prior to, the use of the proceeds of this bond issue, to complete and furnish the _________ hotel, now being erected on the property in accordance with the plans and specifications made by _________, architects, and that it will have them promptly completed and furnished without interruption or delay in the work, and immediately upon completion that it will commence, or have commenced, the operation of the hotel”.
_________ hotel company has on hand moneys estimated as sufficient, in addition to the proceeds of the bonds, to complete the hotel building but has not now on hand moneys sufficient to furnish the hotel; and
Underwriter, under the terms of underwriting agreement of _________, 19__, which is referred to and made a part of this agreement as fully as though set forth verbatim in it, is the custodian of the proceeds of bond issue and is advised that it should not further make disbursement of proceeds on erection of hotel unless and until _________ hotel company has in hand sufficient moneys to furnish hotel building or assurance is given that furnishings will be absolutely installed free of lien.
B acquiesces in the correctness of that advice and is willing to guarantee the installation of the furnishings:
Therefore, in consideration of the premises and the mutual promises of the parties set forth below, it is agreed:
1. That B guarantees installation in _________ hotel at _________, on or before _________, 19__, by _________ hotel company, of the furniture, of the price or value of $_____, mentioned in contract of date _________, 19__, and exhibit to it, between _________ hotel company, which written contract and exhibit are referred to and made a part of this agreement, agreeing, if hotel company does not promptly pay, to pay for hotel company all of the payments required to be made before installation is completed, when the payments are due.
2. That B will also have installed on or before _________, 19__, in _________ hotel, free of lien and subject to the lien of the security interest of _________, trustees under the mortgage securing the bond issue, the following character of furniture or equipment by the following parties, or by other parties satisfactory to A and in approximately the following amounts: _________.
3. A in nowise waives the right to see that furnishings are suitable and sufficient, and, if they, or any of them, are not suitable or sufficient in the opinion of A, B guarantees that additional furnishings will be installed promptly to make the total furnishings sufficient and that unsuitable furnishings will be promptly replaced.
4. A will, so long as the promises of B are each and all observed, as well as conditions for the payment of bond proceeds on construction (other than the having in hand of sufficient moneys for furnishings) are met, disburse proceeds of the bond issue on the construction of the hotel building.