1998 AGN FEB 03 I26 - Laserfiche WebLink

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LESSOR: LESSEE: LEASE NO: AMERICAN EQUIPMENT LEASING. MUNICIPAL EQUIPMENT LEASE PURCHASE AGREEMENT AEL LEASING CO., INC. DBA AMERICAN EQUIPMENT LEASING 6 COMMERCE DRIVE READING, PA 19607-9704 CITY OF COLTON I. AGREEMENT TO LEASE. For and iA*consideration of the mutual promises and agreements herein contained and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, Lessee agrees to lease to Lessee and Lessee agrees to lease from Lessor, the Equipment described on Exhibit A attached hereto ("Equipment") in accordance with the following terms and conditions of this Municipal Equipment Lease Purchase Agreement ("Lease"). 2. DEFINITIONS. Unless the context otherwise clearly required, the following terms shall have the respective meanings set forth below for all purposes of this Lease: "Acceptance Certificate" means a certificate in substantially the form attached hereto as Exhibit "C', and which shall be delivered by Lessee to Lessor upon receipt and acceptance of the Equipment as provided in Paragraph 9 hereof. "Additional Payments" means any amounts (other than Rental Payments) required to be paid by Lessee pursuant to the terms of this Lease. "Code" means the Internal Revenue Code of 1986, as amended. Each reference to a section of the code herein shall be deemed to include the United States Treasury Regulations proposed or in effect thereunder. "Dated Date" means the date hereinabove first written. "Equipment" means (a) the equipment identified in Exhibit A hereto, (b) any property required in substitution, renewal, repair or replacement for or as additions, improvements, accessions and accumulations to any or such equipment and (c) any accessories, equipment, parts and appurtenances appertaining or attached to any of such equipment or from time to time incorporated therein or installed thereon. "Event of Default" is defined in Paragraph 24 hereof. "Event of Nonappropriation" means a nonrenewal of the term of this Lease by Lessee, determined by the failure or refusal of the governing body of Lessee to appropriate moneys sufficient to pay the Rental Payments and reasonably estimated Additional Payments for the next succeeding Renewal Term as provided herein. "Fiscal Period" means the annual or biennial period used from time to time by Lessee for its, financial accounting and budgeting purposes. Lessee's current Fiscal Period is set forth. in Exhibit A attached hereto. "Initial Term" means the period from the Dated Date to midnight of the last day of Lessee's current Fiscal Period. "Lease" means this Municipal Equipment Lease Purchase Agreement, as supplemented and amended from time to time in accordance with Paragraph 30 hereof. "Lease Documents" means this Lease, all Schedules and Exhibits to this Lease, all instruments and documents delivered or prepared in connection herewith, and all other documents related to the transactions contemplated by this Lease. "Legally Available Funds" means funds that the governing body of Lessee duly appropriated or are otherwise legally available for the purpose of making Payments under the Lease. "Lessee" means the entity referred to as Lessee in the first paragraph of this Lease. "Lessor" means (a) the entity referred to as Lessor in the first paragraph of this Lease or (b) any assignee or transferee of any right, title or interest of Lessor in and to the Equipment or this Lease (including Rental Payments). "Net Proceeds" means the amount remaining from the gross proceeds of any insurance claim or condemnation award after deduction all expenses (including attorneys' fees) incurred in the collection of such claim or award. "Payments" means the Rental Payments and the Additional Payments, collectively. "Purchase Option Price" means the price determined pursuant to Paragraph 9 hereof (a) at which Lessee may purchase from Lessor all of the Equipment on any Rental Payment date prior to the scheduled payment of all Rental Payments to be paid hereunder for the Equipment. " Purchase Price" means the total cost of the Equipment, including all delivery charges, installation charges, legal fees, financing costs, recording and filing fees and other cost necessary to vest full, clear legal title to the Equipment in Lessee, subject to the security interest granted to and retained by Lessor as set forth in this Lease and otherwise incurred in connection with the financing provided by the lease -purchase of the Equipment as herein provided.