Orange County NC Website
Browse       Search
7 <br />Attachment 2 <br />SUMMARY of TERMS AND CONDITIONS <br />Lessee: <br />Lessor: <br />Property Subject to Lease: <br />Maximum Principal <br />Component: <br />Interest Rate: <br />Lease Term: <br />Anticipated <br />Commencement Date: <br />Orange County, NC ( "Lessee "). <br />SunTrust Equipment Finance & Leasing Corp. ( "Lessor ") . <br />Various equipment (the "Property "). <br />$500,000 <br />Option 1 (prepayment at 101 % of outstanding balance): <br />1.72% <br />Option 2 (prepayment at 100% of outstanding balance: <br />1.92% <br />The above-referenced Interest Rates will be subject to <br />upward adjustment during the Term in the event of a default <br />by the Lessee. <br />59 months (the "Term ") <br />611114 <br />Payment Frequency: Annual payments commencing 511115. Based on the <br />anticipated commencement date identified above, a proposed <br />payment schedules are attached. The attached separate <br />schedules will be combined under a single schedule at <br />closing. <br />Structure: Lease /purchase financing under a Master Lease /Purchase <br />Agreement and an Equipment Schedule (the "Agreement "). <br />Rental payments will be subject to annual appropriation. <br />Lessee will be responsible for all costs and expenses <br />associated with operation, maintenance, taxes and insurance. <br />Security: A security interest in the Property. <br />Prepayment: option 1: Prepayable in whole on any payment date at 101 % <br />of the amount prepaid. <br />Option 1: Prepayable in whole on any payment date at 100% <br />of the amount prepaid. <br />