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R2011-136 AUTHORIZING THE CITY MANAGER TO ENTER INTO AN AGREEMENT
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R2011-136 AUTHORIZING THE CITY MANAGER TO ENTER INTO AN AGREEMENT
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8/31/2015 3:59:47 PM
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Resolution/Ordinance
Res Ord Num
R2011-136
Res Ord Title
AUTHORIZING THE CITY MANAGER TO ENTER INTO AN AGREEMENT TO LEASE PURCHASE A PIERCE VELOCITY 100' PLATFORM FIRE TRUCK
Approved Date
8/29/2011
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Original Term or Renewal Term then in effect of Lessee's intention to terminate this <br /> Agreement pursuant to Article IV as the case may be. The full lease term (original term plus <br /> automatic renewal terms) shall equal the number of months set forth on the face of this <br /> Agreement. <br /> ARTICLE III: INSPECTION. Lessor and any assignee of Lessor shall have the right at all <br /> reasonable times during business hours to enter into and upon the property of Lessee for the <br /> purpose of inspecting the Property. <br /> ARTICLE IV: RENT PAYMENTS. <br /> Section 4.01 Rent Payments to Constitute a Current Expense of Lessee. Lessor and <br /> Lessee understand and intend that the obligation of Lessee to pay Rent Payments hereunder <br /> shall constitute a current expense of Lessee and shall not in any way be construed to be a debt <br /> of Lessee in contravention of any applicable constitutional or statutory limitations or <br /> requirements concerning the creation of indebtedness by Lessee, nor shall anything contained <br /> herein constitute a pledge of the general tax revenues, funds or monies of Lessee. <br /> Section 4.02 Payment of Rent Payments. Lessee shall pay Rent Payments, <br /> exclusively from legally available funds, in lawful money of the United States of America to <br /> Lessor or its assignee, in the amounts and on the dates set forth in the Payment Schedule <br /> attached to this Agreement. A portion of each rent Payment represents payment of interest and <br /> principal respectively. The Payment Schedule sets forth the interest component and the <br /> principal component of each Rent Payment during the Lease Term. <br /> Section 4.03 Rent Payments to be Unconditional. Subject to Section 4.05, the <br /> obligation of Lessee to make Rent Payments and other payments required under this <br /> Agreement shall be absolute and unconditional in all events. Lessee shall make all such <br /> payments when due and shall not withhold any such payments as a result of any disputes <br /> arising among Lessee and Lessor, any Vendor or any other person, nor shall Lessee assert any <br /> right of set-off or counterclaim against its obligation to make such payments or be entitled to <br /> any abatement of such payments as a result of accident or unforeseen circumstances. <br /> Section 4.04 Continuation of Lease Term by Lessee. Lessee intends to continue the <br /> Lease Term through the Full Lease Term (including automatic renewals) and to pay the Rent <br /> Payments hereunder. Lessee reasonably believes that legal available funds sufficient to make <br /> all Rent Payments during the Original Term and each Renewal Term can be obtained. Lessee <br /> further intends to do all things lawfully within its power to obtain funds from which Rent <br /> Payments may be made, including making provision for such payments to the extent necessary <br /> in each periodic budget submitted in accordance with applicable provisions of state law, to <br /> have such portion of the budget approved, and to exhaust all available reviews an appeals in <br /> the event such portion of the budget is not approved. <br /> 3 <br />
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