Orange County NC Website
Browse       Search
STATE OF NORTH CAROLINA EQUIPMENT LEASE AND <br /> MANAGEMENT OF A <br /> TOWN OF CHAPEL HILL FEDERAL TRANSIT <br /> ADMINISTRATION <br /> GRANT <br /> This Agreement, made and entered into by and between the Town of Chapel Hill, herein <br /> "Lessor", and "Orange County,North Carolina", herein "Lessee" for services hereinafter <br /> described for the Town of Chapel Hill. This Contract is between the Town of Chapel <br /> Hill and"Orange County,North Carolina"for the lease of two 28' Light Transit Vehicles <br /> and management and reporting of those funds used to purchase the same. <br /> WHEREAS,the Lessor will purchase and hold title to two (2)28' Light Transit Vehicles; <br /> WHEREAS,the Lessee desires to lease both 28' Light Transit Vehicles from the Lessor; <br /> WHEREAS, the Lessee further desires that the Lessor apply for, order, and manage the <br /> federal grant totaling $183,000. The grant will be used for the purchase of these vehicles <br /> and to reimburse the Lessor for administrative time applicable to this project. These funds <br /> shall provide for reimbursement for time spent on the project retroactive to August, 2009 <br /> through receipt and final payment to the manufacturer; <br /> WHEREAS, the Parties hereto have mutually agreed to the terms of this Agreement as <br /> hereinafter set forth. <br /> NOW, THEREFORE, KNOW BY ALL MEN PRESENT, that the Lessor, in <br /> consideration of the sum of ONE DOLLAR ($1.00) in hand paid, the receipt of which is <br /> hereby acknowledged,and of the agreements on the part of the Lessee to be performed as <br /> hereinafter set forth, hereby leases, subject to the conditions herein contained, to Lessee, <br /> and Lessee leases, the personal property (two 28' Light Transit Vehicles) owned by the <br /> Lessor. <br /> 1. Term: This Lease Agreement shall commence on the day of <br /> i , 2010 and unless sooner terminated as herein <br /> provided shall exist and continue until the vehicles are 5 years old or have reached <br /> 150,000 miles. By mutual agreement, the Parties may jointly extend the term for <br /> this Lease Agreement or may otherwise amend this agreement, provided that any <br /> extension of the term or amendment shall be in writing and properly executed by <br /> the parties. <br /> 2. Location and Operation. The Equipment shall be used only by the Lessee in a <br /> manner and for purposes consistent with the activities performed by Orange County <br /> Public Transit. The Equipment shall be operated in a manner consistent with any <br /> and all relevant laws and regulations of the Federal Transit Administration. <br /> 1 <br />