They can do so without any joint statement or formal agreement.
He was paying around $600 per week for nearly 5 years, and the final balloon payment was $50,000 at the end. That makes absolutely no sense that truck isnt even worth $50,000! Luckily, his maintenance account had $25,000 in it, and they let him use that balance towards the balloon payment. He came up with the other $25,000. Lessor represents that the motor trucks are in first class condition and in every respect suitable for the transportation of ; that each and all of the trucks have been licensed and are so constructed and equipped as to comply with all the rules and regulations governing their operation over the highways of this state carrying net loads of the respective amounts as represented on the back of this agreement. A bilateral agreement (Section 106 Agreement) is an agreement between the applicant and the Council, and occasionally others. The need for this type of agreement normally comes to light