NOTE: The following is an overview of the wording found on the back of our Application for Credit: If any conflict is determined to exist between the language set forth in this overview and the language set forth in the executed Application for Credit, the language in the executed Application for Credit shall be controlling for all purposes.
It is understood and agreed that credit account applicants specifically consent to Ganahl Lumber investigating the applicant’s credit history and may utilize outside credit reporting services to obtain information about the applicant. Applicant further agrees to give permission to make inquiry of financial and related matters at applicant’s bank(s).
If credit is extended, I understand all invoices are DUE AND PAYABLE AT GANAHL LUMBER COMPANY on or before THE 20TH OF THE MONTH FOLLOWING PURCHASE and are PAST DUE after THE 25TH OF THE MONTH FOLLOWING PURCHASE. Prices charged are with expectation of payment being made within standard terms. PAST DUE INVOICES WILL be subject to LATE PAYMENT CHARGE OF 1 1/2% of the invoice total for each month thereafter as an adjustment in the price. It is further agreed that this will not affect Ganahl's right to demand payment and take action to collect past due amounts.
The undersigned agrees to pay all purchases according to the terms of Ganahl. No terms or conditions of purchase orders different from the terms of Ganahl will become part of any sales agreement, purchase order, or other document unless specifically approved in writing by Ganahl. No items will be accepted for return without prior approval. All returns are subject to a return charge.
To secure the payment of all amounts due Ganahl, the undersigned hereby grants Ganahl a security interest in all goods purchased by Buyer from Ganahl, including all accounts receivable arising from the sale of use of said goods, insurance proceeds and products thereof. The undersigned hereby agrees to execute any and all documentation requested by Ganahl to evidence and perfect this security interest including, but not limited to, a form UCC-1 Financing Statement, if requested by Ganahl. Upon default, Ganahl may exercise any and all rights and remedies provided by law, and may require the undersigned to assemble the collateral and make it available to Ganahl at any reasonable place designated by Ganahl.
Upon a change in principals or the legal form of the company, applicant will, not less that 15 days prior to the change, give written notice to the credit department of Ganahl Lumber Company. Applicant and/or its principals agree to provide to Ganahl Lumber Company updated financial information on request. Should suit be instituted to collect any obligation of the undersigned, the undersigned agrees to pay all actual costs of collection, attorney's fees and interest on the past due amount at the highest rate legally available. Venue shall be in Anaheim, California or at a proper court as many be required in a mechanic's lien action.