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4 <br /> 1 <br /> � <br /> AGREEMENT <br /> AGREEMENT made by and between the City of Decatur, Illinois, a municipal corpora- <br /> tion ("City") and Altorfer, Inc. ("Altorfer"). <br /> For and in consideration of the promises and obligations made and assumed hereunder, <br /> the City and Altorfer agree as follows: <br /> 1. The City shall purchase from Altorfer one (1) 2007 430E Caterpillar diesel <br /> powered extendahoe 4 x 4 backhoe for the price listed on Exhibit A hereto as item #1. Delivery <br /> shall be within sixty five (65) days of the date hereof, and payment shall be made within one (1) <br /> weck thereafter. <br /> 2. At the end of either 5,000 operating hours or 5 years, whichever first occurs, <br /> Altorfer shall repurchase said backhoe from the City for the sum of$37,500.00. <br /> 3. Equipment purchased under this agreement will be operated by the City for alley <br /> grading, repair, maintenance, construction, stockpiling, cleanup, snow removal and other <br /> purposes which the equipment is designed. <br /> 4. The City will assume responsibility for all repair costs resulting from damage due <br /> to fire, windstorm, flood and rising waters, lightning, theft and pilferage, vandalism and <br /> accidents. Total cost of the repairs due to the above circumstances will not be included in <br /> computing the guaranteed maximum total cost of repairs covered under the contract. <br /> 5. Altorfer shall pay for all repairs (including parts and labor) to the equipment <br /> covered by the manufacturer's warranty, and those costs shall not be included in the total cost of <br /> repairs. �, <br />