I agree that the following terms will govern any purchases made which are charged to any charge account that I may have with:
Balance due in full by the 15th of the month following month of purchase.
Unpaid balance will be assessed a FINANCE CHARGE of 1.5%, which is an APR of 18% per year starting on the 16th of the month.
Payments shall be first applied to the unpaid finance charge and the remaining to the unpaid balance.
In the event collection action becomes necessary to collect on your account, any and all costs incurred by, including collection service payments, court costs, and attorney fees will be applied to your account.
If applying for a joint account, both of us agree to be bound by the terms of this agreement and each of us agree to be jointly and severally liable for payment of all purchases made under this agreement.
shall have the right to limit or terminate my charge account, but termination shall not affect my obligation to pay an existing balance. May at their option declare the entire balance due and payable.
This document authorizes the release to Cooperative Farmers Elevator and Cooperative Credit Company any and all information in the recipient’s care, custody and control concerning the undersigned and releases the recipient, as the custodian of such records, both individually and collectively, from any and all liability for damages of whatever kind which may result because of compliance with this Authorization.
The undersigned further authorizes Cooperative Farmers Elevator and Cooperative Credit Company to share between them any and all information in their care, custody and control concerning the undersigned as well as any information received pursuant to this Authorization. The undersigned hereby releases Cooperative Farmers Elevator and Cooperative Credit Company from any and all liability for damages of whatever kind may result from compliance with this Authorization.
It is expressly agreed that a photocopy of this Authorization shall be as valid as an original.
To secure the payment of all sums that may become due under any charge account I may have with Cooperative Farmers Elevator (“CFE”), I grant to CFE a security interest in all of my inventory now owned or hereafter acquired; all accounts, deposit accounts, investment property, letter of credit rights, supporting obligations, now existing or hereafter arising, together with all interest I may have in any goods, the sale or lease of which give rise to any of my accounts, and all chattel paper, documents and instruments relating to accounts; all of my general intangibles, now owned or hereafter acquired; all of my equipment now owned or hereafter acquired and all of my farm products, including all crops and livestock, now owned or hereafter acquired, together with the proceeds, products, increase, issue, accessions, attachments, accessories, parts, additions, repairs, replacements and substitutes of, to, and for all of the foregoing, with all such property called the “Collateral”. I authorize CFE to file any financing statement or other documents deemed necessary by CFE to perfect or continue this security interest in the applicable filing office under the Uniform Commercial Code as adopted by the state of Iowa. Further, I agree to execute any additional documents CFE deems necessary to perfect this security interest or to otherwise enforce rights CFE may have as a secured party. In the event I fail to pay any sums when due, CFE shall have all of the rights granted to a secured party under the Iowa Uniform Commercial Code and I agree the laws of the state of Iowa shall apply to any charge account I may have with CFE.
BY CHECKING THE BOX ABOVE AND SIGNING MY NAME BELOW, I CONFIRM THAT I HAVE READ AND FULLY UNDERSTAND THE ABOVE, AS WELL AS ALL TERMS, LATE CHARGES AND LEGAL CONDITIONS CONTAINED HEREIN.
