R2007-204 ACCEPTING BID AND AUTHORIZING AGREEMENT

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E. r AGREEMENT AGREEMENT made by and between the City of Decatur, Illinois, a municipal corpora- tion ("City") and Altorfer, lnc., ("Altorfer"). For and in consideration of the promises and obligations made and assumed hereunder, the City and Altorfer agree as follows: 1. The City shall purchase from Altorfer one (1) 2007 12M Caterpillar diesel powered motor grader for the price listed on Exhibit A hereto as item #l. Delivery shall be within one hundred twenty (120) days of the date hereof, and payment shall be inade within one (1) week thereafter. 2. At the end of either 5,000 operating hours or 5 years, whichever first occurs, Altorfer shall repurchase said motor grader from the City for the sum of$110,000 if the City so elects and at the City's sole discretion. 3. Equipment purchased under this agreement will be operated by the City for alley grading, repair, maintenance, construction, stockpiling, cleanup, snow removal and other purposes which the equipment is designed. 4. The City will assume responsibility for all repair costs resulting from damage due to fire, windstorm, flood and rising waters, lightning, theft and pilferage, vandalism and accidents. Total cost of the repairs due to the above circumstances will not be included in computing the guaranteed maximum total cost of repairs covered under the contract. 5. Altorfer shall pay for all repairs (including parts and labor) to the equipment covered by the manufacturer's warranty, and those costs shall not be included in the total cost of repairs.