[Contract] Efficiency 7 Pickaxe Sale

IGN:
@Kick_Me_1235
Users Involved in this Contract:
@Kick_Me_1235 @Wolfeboy96

General Purpose of Contract:
Safe sale and transfer of ownership of an Efficiency 7 Pickaxe Id #IMIBIPUX

I (the contract initiator) agree to the following terms, and agree that my failure to complete such terms will result in a breach of contract, as outlined in Rule 3:
I agree to give @Wolfeboy96 an Efficiency 7 Pickaxe in return for a 300k downpayment. Once all the payments are complete, then I will transfer ownership of the pickaxe over to @Wolfeboy96.

The other user(s) involved with this contract must agree to the following terms:
@Wolfeboy96 agrees to pay me 300k in return for my efficiency 7 pickaxe, and the make weekly payments totaling up to $1,600,000 ECD.
The payment schedule goes as follows

$200,000 on 7/29/16
$200,000 on 8/5/16
$200,000 on 8/12/16
$200,000 on 8/19/16
$200,000 on 8/26/16
$300,000 on 9/2/16

In the unlucky case that @Wolfeboy96 fails to pay one payment on time, he will be forced to return the Efficiency 7 Pickaxe back to @Kick_Me_1235 with no refund. (No acceptions)
If this pickaxe is lost, broken, or stolen, @Wolfeboy96 must continue paying off this payment plan.
Finally, @Wolfeboy96 cannot sell or rent this pickaxe while the payment plan is ongoing.
Once @Wolfeboy96 has made the final payment of 300k to @Kick_Me_1235, he will then receive ownership of Efficiency 7 pickaxe.

I agree that the terms in this contract are subject to all of EcoCityCraft's rules, including the rules listed specifically in this forum. I understand that the contract may be affected by future changes in EcoCityCraft rules and server updates, and I accept that due to the possibility of such changes, this contract may be at my own risk. I understand that the contents of this contract are subject to staff assessment, review and approval before it is a binding contract under EcoCityCraft rules. I accept that action may not be taken in case of a breach of contract if appropriate and sufficient evidence is not provided of such.:
Yes