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AGREEMENT <br /> AGREEMENT made by and between the City of Decatur, Illinois, a municipal <br /> corporation ("City") and Martin Equipment of Illinois, Inc. ("Martin). <br /> For and in consideration of the promises and obligations made and assumed hereunder, the <br /> City and Martin agree as follows: <br /> 1. The City shall purchase from Martin two (2) 1997 John Deere model TC44H <br /> diesel powered endloaders for the price listed on Exhibit A hereto as item #1. Delivery shall be <br /> within three (3) months of the date hereof, and payment 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 /> Martin shall repurchase said endloader from the City for the sum of$140,000. <br /> 3. Equipment purchased under this agreement will be operated by the City for alley <br /> grading, repair, maintenance, construction, stock piling, clean-up, 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 accidents. <br /> Total cost of the repairs due to the above circumstances will not be included in computing the <br /> guaranteed maximum total cost of repairs covered under the contract. . <br /> 5. Martin 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 />