INSURANCE AND IRP DOWN PAYMENT REPAYMENT AGREEMENT

This Down Payment Assistance Repayment Agreement (the “Agreement”) is made and entered into as of [Date] by and between [Your Company Name], a [State] [Business Structure], with its principal place of business located at [Address] (the “Company”), and [Owner-Operator’s Name], an individual with a principal place of business located at [Address] (the “Operator”).

 Repayment Plan Options. The Operator may choose one of the following repayment plans:

4-Week Repayment Plan: Total amount divided into four equal weekly payments.
8-Week Repayment Plan: Total amount divided into eight equal weekly payments.
12-Week Repayment Plan: Total amount divided into twelve equal weekly payments.
16-Week Repayment Plan: Total amount divided into sixteen equal weekly payments.

 

 

 

Lease Agreement and Payment Terms.

The Operator agrees to a minimum lease agreement term of 120 days or until the total amount owed to the Company has been paid in full, whichever is later.

Weekly payments will be deducted from the Operator's settlements.

Failure to make timely payments as outlined in this agreement will result in a breach of contract.

Breach of Contract:

In the event of a breach of contract, the Operator will be responsible for the immediate payment of the remaining balance owed, plus a fee equal to the cost of the following 2 month’s insurance premium.

Prepayment. The Borrower will not be penalized for early payment.

Additional Terms.

This agreement constitutes the entire agreement between the parties and supersedes all prior or contemporaneous communications, representations, or agreements, whether oral or written. 

Acknowledgment of Assistance. By signing this agreement, the Owner-Operator (“Operator”) acknowledges receiving down payment assistance from [Your Company Name] (“Company”) for insurance and/or IRP fees. The Operator agrees to the following repayment terms:

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.