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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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Section 4.05 Non-appropriation. In the event sufficient funds shall not be <br /> appropriated for the Rent Payments required to be paid in the next occurring Renewal Term, <br /> and if Lessee has no funds legally available for Rent Payments from other sources, then Lessee <br /> may terminate this Agreement at the end of the Original Term or then current Renewal Term, <br /> and Lessee shall not be obligated to make payment of the Future Rent Payments. Lessee <br /> agrees to deliver notice to Lessor of such termination at least ninety (90) days prior to the end <br /> of the then current Term. If this Agreement is terminated under this Section, Lessee agrees, at <br /> Lessee's cost and expense, peaceably to deliver the Property to Lessor at the location specified <br /> by Lessor. Lessee agrees that it shall not, until the date on which the next occurring Renewal <br /> Term would have ended, expend any funds for the purchase or use of Property similar to or in <br /> substitution for the Property. <br /> ARTICLE V: TITLE TO PROPERTY; SECURITY INTEREST. <br /> Section 5.01 Title to the Property. During the term of this Agreement, title to the <br /> Property and any and all modifications shall vest in Lessee, subject to the rights of Lessor <br /> under this Agreement. No modification of the Property shall be made without Lessor's prior <br /> written consent. In the event of default as set forth in Section 11.01 or non-appropriation as <br /> set forth in Section 4.05, title to the Property shall immediately vest in Lessor, and Lessee <br /> will, upon Lessor's reasonable request, surrender possession of the Property to Lessor. <br /> Lessee, irrevocably, hereby appoints Lessor (and all persons designated by Lessor) as Lessee's <br /> true and lawful attorney (and agent-in-fact) with power, at such time of default or non- <br /> appropriation or times thereafter as Lessor in its sole and absolute discretion may determine, in <br /> Lessee's or Lessor's name, to endorse the name of Lessee upon any Bill of Sale or other <br /> document relating to the Property in order to vest title in Lessor and transfer possession to <br /> Lessor. <br /> Section 5.02 Security Interest. To secure the payment of all Lessee's obligations under <br /> this Agreement, Lessee grants to Lessor a security interest constituting a first lien on the <br /> Property and on all additions, attachments, accessions and substitutions thereto, and on any <br /> proceeds therefrom. Lessee agrees to execute such additional documents, including financing <br /> statements, certificates of title affidavits, notices and similar instruments, in form satisfactory <br /> to Lessor, which Lessor deems necessary or appropriate to establish and maintain its or any <br /> assignee's security interest in the Property. <br /> ARTICLE VI: MAINTENANCE; MODIFICATION; TAXES; INSURANCE. <br /> Section 6.01 Maintenance of Property by Lessee. Lessee agrees that during the Lease <br /> Term Lessee will, at Lessee's own cost and expense, maintain, preserve and keep the Property <br /> in good repair, working order and condition, and will from time to time make or cause to be <br /> made all necessary repairs, replacements and modifications. If requested by Lessor, Lessee <br /> will enter into a maintenance contract at Lessee's expense for the Property with Vendor or <br /> such other firm as Lessee may choose with the written approval of Lessor. <br /> 4 <br />
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