§ 14.2.205 — INSTALLMENT PURCHASES

14.2.205: INSTALLMENT PURCHASES:

A. Purchasers of certificates of ownership of burial spaces and any related preneed cemetery services or products may pay the appropriate purchase price in installments. B. Written installment purchase contracts shall: 1. Not include interest. 2. Require, at the time of contract execution, cash payment of at least eight and one-half percent (81/2%) of the purchase price which shall be deducted from the amount to be paid in installments. 3. Require payment of an administrative fee not to exceed ten percent (10%) of the total purchase price. 4. Limit the number of installments to no more than four (4), nor extend over a period of more than twelve (12) months. 5. Include an acknowledgment that failure to pay any installment within six (6) months of the installment due date shall terminate the contract together with any legal interest purchaser may have in the installment contract or burial space. Installment payments made pursuant to a contract terminated in accord with this section shall be forfeited. C. The City shall give the purchaser written notice of termination for failure to pay any installment within six (6) months of the installment due date sent to the purchaser's last known address via certified first class U.S. mail, return receipt requested. D. The Cemetery Manager shall not issue any certificate of ownership or permit burial in any burial space or deliver any preneed cemetery service or product covered by an installment contract until the purchaser has fulfilled the contractual obligations and paid the service or space purchase price in full. (Ord. 93-149; Ord. 01-42)