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MUNICIPAL LEASE AND OPTION AGREEMENT <br /> (Lease Number - #7007117) <br /> LESSEE <br /> Name: The City of Decatur <br /> Address: #1 Gary K. Anderson Plaza <br /> City: Decatur <br /> State: Illinois Zip: 62523 <br /> TERMS AND CONDITIONS <br /> LOCATION OF PROPERTY IF OTHER THAN ABOVE ADDRESS OR LESSEE: <br /> Address County State <br /> Illinois <br /> PROPERTY DESCRIPTION LESSOR'S <br /> COST <br /> Pierce Velocity 100' Aerial Platform Fire Truck $947,850.00 <br /> LESSOR ASSUMES NO RESPONSIBILITY FOR PERFORMANCE OR MAINTENANCE <br /> OF THE PROPERTY. PROPERTY TO BE INSURED BY LESSEE. VENDOR IS NOT AN <br /> AGENT OF LESSOR AND NO EMPLOYEE OF VENDOR OR LESSOR IS AUTHORIZED <br /> TO WAIVE, SUPPLEMENT OR OTHERWISE ALTER ANY PROVISION HEREOF. <br /> The term of this lease shall be eighty-four (84) months. Lessee hereby agrees to pay Lessor <br /> one (1) annual payment of $148,544.28 due on September 1, 2012 followed by six (6) annual <br /> payments of$148,544.28 due on September 1 of each subsequent year for a total of seven such <br /> payments as set forth in the attached Payment Schedule. <br /> Lessor hereby leases to Lessee the Property for the purposes and upon the following terms and <br /> conditions: <br /> ARTICLE I: WARRANTIES AND COVENANTS OF LESSEE. Lessee represents, <br /> covenants and warrants, for the benefit of Lessor and its assignees, as follows: <br /> A. Lessee is a public body, corporate and politic, duly organized and validly <br /> existing under the Constitution and laws of the state as set forth above ("State") and a <br /> political subdivision of the State, or a "constituted authority" thereof, qualified to issue <br /> obligations the interest on which is exempt from federal gross income under Section <br /> 103 of the Internal Revenue Code of 1954, as amended (the "Code") and the related <br /> regulations and rulings, and is duly authorized to enter into the transactions <br /> 1 <br />