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AGREEMENT <br /> AGREEMENT made by and between the City of Decatur, Illinois, a municipal <br /> corporation ("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 /> l. The City shall purchase from Altorfer three (3) 1998 Caterpillar model 416C <br /> diesel powered backhoes for the price listed on Exhibit A hereto as item #1. Delivery shall be <br /> within three (3) months of the date hereof, and payrnent shall be made within one (1) week <br /> thereafter. <br /> 2. At the end of either 2,000 operating hours or 2 years, whichever first occurs, <br /> Altorfer shall repurchase said backhoes from the City for the sum of$150,000. <br /> 3. Equipment purchased under this agreement will be operated by the City for <br /> sidewalk replacement, sewer repairs, watermain repairs, other miscellaneous excavations, minor <br /> ditching, snow removal and other 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 />