Agenda - 10-16-1990 - Laserfiche WebLink

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ESSOR 2mergency_One. _1nc___ _ .1415 W. 22Ud Suite 11 Oa Brook. IL _ESSEE: vane: New Hope Volunteer Fire Dept.. Inc. 4ddress: 4700 NC86. P.O. Box 16484 ;sty Chapel HillCounty State NC Zip 27514 :omact and rue- Cliff Carroll, Chief relepnone No. 919/968 -6715 Vol, FOR COMPLETION BY LESSOR Always Refer to Lease No M- 00999 Rental Commencement Date- VENDOR Name: Address: City State Zip - Contact and Title: Telephone No.' ITEM QUANTITY EQUIPMENT DESCRIPTION (Include Make, Model, Serial No. and all Attachments) 1 2 Two (2) Emergency One Model Protector XLT Pumper /Tanker Fire Apparatuses Mounted on Two Ford C8000 Chassis OCATION OF EQUIPMENT IF OTHER THAN ABOVE ADDRESS OF LESSEE. >ddress: City County State LEASE TERM TOTAL EQUIPMENT COST RENT DUE (Period) NO. /AMOUNT OF RENTAL PAYMENT4 Teri (10) Years lCwp= S 313, 807.20 ❑ Months (J Annuals y y ❑ Quanerly ERIn Arrears See payment schedule attached hereto and made a pan hereof ( "Payment Schedule "). �. MUNICIPAL LEASE AND_ OPTION AGREEMENT Lessor hereby leases to Lessee the Equipment for the purposes and upon the following terms and conditions: ARTICLE 1: COVENANTS OF LESSEE. Lessee represents, covenants and warrants, for the benefit of Lessor as follows: A Lessee is a not-for-profit Corporation, duly organized and existing under the laws of the Stale as set forth above ( "Slate ") and will do or cause to be done all things necessary to preserve and keep in full lorce and effect its existence as a corporation. B. Lessee has been duly authorized to execute, deliver and perform this Agreement under the laws of the State and under the terms and provisions of the resolulion of Its governing body, or by other appropriate official approval. Lessee further represents. Covenants and warrants that all requirements have been met, and procedures have oCCurred in order to ensure the enforceability of this Agreement. Lessee shall cause to be executed an opinion Of its Counsel in form acceptable to Lessor and, in the event Lessee Is a volunteer fire department. Lessee shall execute the representation set forth is Exhibit 9. C- During the term of this Agreement, the Equipment will be used by Lessee Only for 'he purpose of performing one or more governmental or proprietary functions of Lessee consistent with the permissible scope of Lessee's authority and will not be used in a trade or business of any person or entity other than the Lessee. 3. During the period this Agreement is in force, Lessee will annually provide Lessor vnh current financial statements, budgets, proof of appropriation for the ensuing lls- .al year and such other financial information relating to the ability of Lessee to bon - :anue tens Agreemenl es may be reasonably requested by Lessor. The Egwpmenl is, and shall remain during the period this Agreement is In force, personal property and when subject to use by Lessee under this Agreement, will not x or become fixtures. ARTICLE It: DEFINITIONS. The following terms will have the meanings indicated 7elow unless the context clearly requires otherwise! 'Lease Term' means toe Original Term defined In Article III hereof. 'Leaeor means the entity designated on the face of this Agreement as Lessor here - ��der 'Purchaw Price' means the amount which Lessee may, at its option, pay to Lessor in order to purchase the Equipment, as set forth in the Payment Schedule ausened to 'hie Agreement, subject to the terms of Article IX. 'Vendor means the manufacturer of the Equipment as well as the agents or dealers It the manufacturer. ARTICLE 111: LEASE TERM. iScllon 3.01 The term of this Agreement shall Commence on the date the Equipment s accepted by Lessee as indicated on t1a Certificate of ACCeplanee ('Commencement )ate') and shall lermelateonert—,rhr�u}�rn�dprrgd120 ) months thereafter on the enni- )ersary of the CDmmencementQ , alrblact to the provisions DI Section 3.02 hereof Section 3.02 TSrminatlon of Lease Term. The Lease Term will terminate upon to earliest of any of the following events: (a) The exercise by Lessee of the option to purchase the Equipment granted and the provisions of Article IX of this Agreement; (b) A default by Lessee and Lessor's election to terminate this Agreement uno. Article XI; or (c) The payment by Lessee of all Rental Payments authorized or required to be pa by Lessee hereunder. ARTICLE IV: INSPECTION. Lessor shall have the right at all reasonable times duns business hours to enter into and upon the property of Lessee tot Me purpose of u specting the Equipment. ARTICLE V: RENT PAYMENTS. Section 5.01 Rant Payments to Constiluts a Curranl Eapenee of Lamm. Lessor at Lessee understand and intend that the obligation of Lessee to pay Rent Paymen hereunder shall constitute a current expense of Lessee and shall not In any way I construed to be a debt of Lessee in contravention of any applicable constitutional i statutory limitations or requirements Concerning the creation of indebtedness t Lessee, not shad anything contained herein constitute a pledge of the general ie revenues, funds or monies of Lessee. Section 5.02 Paynwltt of Rant Payments. Lessee shall Pay Rent Payments, exclusive - from legally available funds to Lessor in the amounts and on the dales set forth , the Payment Schedule attached to this Agreement. A portion of oath Rent Paymel is paid as, and represents payment of.. interest and principal, respectively. Balanco, not paid when due shall be subject to past due interest at the rate of 18% per onnur or the highest rate permitted by law, whichever is less. Notwithstanding any other pn vision of this agreement and under any and all Circumstances. Lessee is Obligate to pay interest to Lessor on the purchase price (remaining balance) at the per annw rate specified In this agreement for each day this agreement remains in effect. Ali suc unpaid interest snail be due immediately upon termination of this tease. Section 5.03 Rent Payments to be unconditional. The obligation of Lessee to mat payment of Rent Payments and other payments required under this Agreement she be absolute and unconditional in all events. Lessee shall =its all Such payment when due and shall not withhold any such payments as a result of any disputes ringin• among Lessee and Lessor, any Vaodw or any other person, nor Shall Le aSn asses any right of sot-a" or counterclaim against Its Obligation to make Such payments c be entitled to any abatement of such payments as a result of accident or unforesee. circumstances. Section 5.04 Sound 01 Rental PairmentIL Lessee Shall pay the Rental Payments pro vided for hereunder. Lessee represents that funds of an amount sufficient to mak• all Rental Payments during the Lease Term can be obtained. Lessee turther shad d• all things lawfully within its power to obtain funds from which the Rental Payment may be made, lc*d nt a on beet THIS AGREEMENT IS SUBJECT TO THE TERMS AND CONDITIONS PRINTED ABOVE AND ON REVERSE SIDE WHICH ARE MADE A PART HEREOF ACCEPTED AT: By. e_ Emerl;encZ One, Inc. (Lessor) Date' X- .19 90 LESSEE ACRNOWLEOGES READING AND RECEIVING A COPY OF THIS AGREEMENT ..New Hope Volunteer Fire Department, Inc. (1,412140 Nettie as Above) This underergMe anrrma Mai he Nis bean euy awllgrrl:ed to exeCum mm► Agreement on bMMff of IM atabae- nibram LaafM By: L-11