(A) Installment sale purchase price. The purchase price for the right of burial in any lot or columbarium niche purchased under an installment sales contract, as authorized by this section, shall be the same as that established for the direct sale of such right of burial in § 35.10(L).
(B) Installment period. The purchase price for the right of burial in any lot or columbarium niche may be paid in twelve (12) or twenty-four (24) consecutive monthly installments, at the option of the purchaser. The City Clerk, or the designee of the Clerk, is authorized to enter into installments sales contracts under this section, on behalf of the city.
(C) Finance fee. A non-refundable finance fee equaling five percent (5%) of the total purchase price shall be assessed on each installment sale contract entered into by the city. The finance fee shall be paid to the city at the time the installment contract is entered into.
(D) Initial installment payment. The first monthly installment payment shall be paid to the city at the time the installment contract is entered into.
(E) Default. For purposes of this agreement, "DEFAULT" is defined as failure to make agreed payment for more than sixty (60) days. In the event of "DEFAULT", the City Clerk shall notify the purchaser of default. If default is not fully cured within thirty (30) days of the notice date, the Clerk may renegotiate the installment agreement or the City Clerk may terminate the agreement.
(F) Termination of agreement, refund and forfeiture of payments. In the event that the purchaser is in default and that the City Clerk has terminated the agreement, the payments made by the purchaser prior to default shall be applied or refunded as follows:
(1) Finance fee. The finance fee is non-refundable and shall be retained by the city.
(2) Termination fee. The city shall retain as a termination fee, a sum equal to twenty percent (20%) of the purchase price received by city from purchaser prior to default.
(3) All funds paid against the purchase price, less the twenty percent (20%) termination fee, shall be refunded to the purchaser.
(G) Miscellaneous terms.
(1) Late fees. Any payment received more than ten (10) days after the due date shall be assessed a ten percent (10%) late fee.
(2) Prepayment. This installment agreement shall have no prepayment penalty. Unscheduled payments or full payment may be made at any time without penalty.
(3) Right of burial before full payment. The City Clerk, at his or her discretion, may issue a right of burial, prior to full payment of this installment agreement, if sufficient payments have been made to fully cover the right of burial in one (1) or more burial lots. The City Clerk shall have full authority to determine the specific burial lot, of those listed above, which may be utilized for burial in this circumstance.
(4) Notice. Any notice required under the terms of this agreement, shall be made by and through the United States Postal Service, First Class Mail, postage prepaid to the purchaser's primary or alternate address listed on the installment sales contract.
(Ord. 2011-05, passed 5-9-11)