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1985-33 .. 85 -33 MOTOR FIRE APPARATUS LEASE CONTRACT of -. ~ . '<l' _ AMERICAN LAFRANCE L-? ~ . :"l~ RE . - . , CfJVEu""" J"U.:/" 1i 2 '\~5 . ~ 2 100" . J--..J _.____.__________.__ __ __n_ Division of Figgie International Inc. Elmirat New York 14902 0" .- ~... NAME AND ADDRESS OF BUYER: City of Clermont P.O,. Box 219 Cleimont, F1 32711 DATE : November 1. 1984 LESSEE HEREBY LEASES FROM AMERICAN LAFRANCE, DIVISION OF FIGGIE INTERNATIONAL INC., ("Lessor") THE FOLLOWING APPARATUS AND EQUIPMENT: DESCRIPTION OF APPARATUS ~~~ EQUIPMENT SOLD: One (1) 1 000 gpm Commerical Pumper with 50' Telesquirt per City Specifications dated August is, 1984. The apparatus" and equipment (together referred to as "Equipment") is hereby leased to the Lessee for a" period of nO mon~s '. begi~ng on the D.1te Gf I>c1ivery day of , 19 , at a total rental of One Hundred sixty-Seven Thousand one hundred seventy-nine and 20/100 Dollars, which Lessee promises to pay to Lessor as follows: ($167,179.20 ) Thirty-five Thousand seven hundred fifty-six 40/]O~$ 35756.40 ) Dollars, on , 19 , and Sixty ( 60 ) equal successive installments of Two thousand one hundred ninPty doll or" .:mr1 "HUlnn ($ 2,190.38 ) Dollars beginning , 19 - tending , 19_ The Equipment will be located at City of Cl?rmont, Fl()r;r1~ , and , and will be used by Lessee for its regular and usual uses. It will not be moved from the area regularly serviced by Lessee. K6 In addition to the foregoing, the parties have mutually agreed as follows: 1. Lessee will not assign, mortgage, hypothecate or sublet the Equipment or make any alterations or improvements to the Equipment or permit the use of the Equipment by any person other than Lessee without the prior written consent of Lessor. 2. Lessee shall cause the Equipment to be operated only by competent persons. Lessee shall pay all expenses of operating the Equipment and shall .eep and maintain the Equipment in good condition and working order. Lessee shall apply and install all replacement parts and accessories required to main- tain the Equipment in good working condition. 3. Lessee shall comply with and conform to all laws, ordinances and regu- lations, present or future, in any way relating to the ownership, possession, use or maintenance of the Equipment throughout the t~rm of t~is Lease. 4. Lessee will indemnify and save Lessor harmless from all claims, costs, expenses, damages and liabilities, including attorney's fees, resulting from or pertaining to the use and operation of the Equipment during the term of this Lease or while the Equipment is in the possession of the Lessee. Lessee will, if Lessor so requests, obtain reasonable insurance upon the apparatus if the same is available and in coverages fairly requested by American LaFrance. 5. (a) Lessee will inspect and test each piece of apparatus delivered to it by Lessor promptly after receipt thereof and if Lessee has any objections to any such piece of apparatus or to any attachment, par~ or appurtenance, it will so notify Lessor within thirty (30) "days from the date of the receipt of such apparatus. Any such "objection shall be in writing and expressly describe the item and Lessee's objection. If the defect is a latent one which could nct have been discovered by such inspection, then Lessee shall so notify Lessor in writ- ing within thirty (30) days after the discovery of such latent defect, describ- ing the item and defect. (b) Lessor shall have the right to replace any such part or item with- in a reasonable time after receiving such notice (whether the defect is latent or discovered on the first inspection) or may require the return of the appara- tus to Lessor's factory for repair or replacement. Upon any such repair or replacement, Lessor's liability shall terminate. 6. Sixty (60) days before expiration of the term of this Lease, Lessee shall notify the Lessor in writing which of the following alternatives Lessee elects: (a) To return the Equipment to Lessor in good operating condition, normal wear and tear excepted; or (b) To purchase the Equipment at its then fair market value established by independent appraisal; or . xxxxx (c) To purchase the Equipment at the price of one dnll()r (Dollars); or (d) To request the extension o~ this Lease for a period of years at an annual rental of ($ ) Dollars. K7 ". In the event Lessee elects (b), the procedure for appraisal shall be as follows: Each party shall appoint one appraiser satisfactory to it. If the two appraisers so appointed agree upon a value, then their decision shall establish the fair market value. If the two appraisers so appointed fail to agree upon a value, then the two appraisers shall appoint a tuird appraiser, and the third appraiser's decision shall establish the fair market value. In the event Lessee fails to notify Lessor which of the above alternates it elects, Lessee shall be deemed to have elected (a). ~ 7. All additions or improvements of whatever kind of nature made to said Equipment shall become the Property of Lessor upon termination of the Lease. The Lessee will not permit the installation of any item in which another party has a sercurity interest without explicitly agreeing with such secured party that the security interest will "be subordinate to Lessor's interest in the entire Equipment as so improved or added to. This requirement may be waived by Lessor only in writing. 8. THERE ARE NO WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, EXCEPT WARRAN- TIES EXPRESSLY MADE IN WRITING AND A'ITAClIED "TO. THE LEASE. 9. SECURITY. As Security for the prompt and full payment of the rental under this Lease and for the prompt and faithful performance by Lessee of all other obligations under this Lease, Lessee has deposited with the Lessor, the sum of NONE ($ ) Dollars. In the event any default be made in the performance of any obligation under this Lease, Lessor shall have the right, but shall not be obligated, to apply the security to the during of such default. Such appli- cation by Lessor shall not constitute a defense to any action by Lessor arising out of the Lessee's default and Lessee promises upon demand to restore the security deposit to the full amount set forth above in the event any such part is utilized to cure any default. Upon the expiration of the term of this Lease, provided Lessee has paid all rentals when due and has fully performed all other obligations under this Lease, Lessor will return to Lessee said security. 10. In the event that Lessee fails to pay any rental or other sum due here- in within ten (10) days from the date it is due, or fails to comply with any other obligation under this Lease within ten (10) days after demand is made, in writing, by Lessor, that it do so, the Lessor shall have all of the following cumulative rights: , (a) To enter upon Lessee's premises and to take possession of the Equipment; (b) To declare all rent hereunder immediately due and payable to the extent permitted by law; (c) To repossess the Equipment and upon repossession, the Lessor, may, at its option: (i) Sell all or part of the Equipment at public or private sale. In the event Lessor shall lease or sell the Equipment "hereunder, Lessor may apply the amount recovered to Lessee's rent, to other sums due or to beccme due, after first deducting the expenses of retaking, holding, preparing for lease or sale, leasing, selling and the like, and reasonable attorney's fees and legal expenses, and Lessee will remain liable for any deficiency. Cd) The above right shall be cumulative and Lessor shall not be held to have elected anyone to the exclusion of any other remedy. K8 .. 11. Lessee agrees to pay to Lessor immediately upon demand any and all expenses, including reasonable attorney's fees incurred by Lessor in exercising or enforcing any of its rights hereunder. Should Lessee fail to pay any rent hereunder or any other sum required to be paid to Lessor within ten (10) days after the due date, Lessee shall pay Lessor interest on such delinquent payment from the expiration of such ten (10) day period until paid at the maximum legal rate then allowed by law. 12. Lessee will sign and execute alone or with Lessor any document, in- .1uding a financing statement or statement of title with respect to a motor ehicle or procure any document and pay all connected costs necessary or re- quested in good faith by Lessor for the purpose of protecting Lessor's interest against the rights or interests of third persons. The provisions of any docu- ment placed on record shall not be deemed to vary any provision of this Lease. In the event of any conflict in the terms or implications of any recorded docu- "ment and this instrument, it is agreed that this instrument shall be given con- trolling effect. 13." This Lease shall inure to the benefit of, and be binding upon, the successors and assigns of the parties hereto. 14. The parties agreed that the interpretation and effect of this document are to be resolved under the law of the State of Ohio. The parties intend that Ohio law govern all questions arising out of this transaction, to the maximum extent that such intention can be given effect by law. IN WITNESS WHEREOF, the parties have duly executed this Lease this day of , 19 AMERI CAN LAFRANCE Division of Figgie International Inc. By Lessor By ~ LTP~ Lessee ______ Robert A. Pool, Mayor , K9 - .. - OPTION AGREEMENT of RE: Motor Fire Apparatus Lease between AMERIC&~ LAFRANCE, Division of Figgie International Inc., and the undersigned Lessee dated NOVEMBER 1. 1984 and covering the following apparatus and equipment: One (1) gpm Commerica1 Pumper with 50' Te1esquirt per City Specifications. THIS OPTION "AGREEHENT supplements and is a part of the above-described Motor Fire Apparatus Lease and has been executed simultaneously therewith. The Lessor and Lessee have agreed that if the Lessee shall make all of the payments of rent and comply with all of its other obligations under the said Motor Fire Apparatus Lease, then upon payment of One Dollar ($1.00), &~RICAN LAFRANCE will transfer all of right, title and interest in all apparatus and equipment covered by the said Motor Fire Apparatus Lease to the said Lessee, its successor or assign, which shall then be the sole and exclusive o~~er of all of the said app~ratus and equipment. Lessor and Lessee mutually understand that the effect of this Option Agree- ment is to give Lessee all of. the rights of.a purchaser under a conditional sales contract. Lessor and Lessee agree that the total rent of $ 167,179.20 payable under said Motor Fire Apparatus Lease may be apportioned as if the cash purchase price for apparatus and equipment covered thereby had been $147,hR? nn , that being the cash sale price for which Lessor would have sold said apparatus and equipment. The parties confirm for their respective records that the remaining amount of rent payable under said lease, to wit ~19497.20 , has been computed as a sum equal to interest payable at the rate of 6.50 % per annum on the unpaid balance of such cash sale price over the term of said Motor Fire Apparatus Lease on a declining balance basis "(rules of 78's), with all payments being applied first to interest on the unpaid balance and then to principal. . AMERI CAN LAFR.\J.~ CE DIVISION OF FIGGIE INTERNATIONAL INC. (Lessor) By By R.A. Solon Director of Contract Operations City of Clermont, FlnrioA (Name of Lessee) ~ (1-" ~rf? " Ro.bert A. Pool, Mayor ----- City of Clermont, Florida Kl