1998 AGN FEB 03 I26 - Laserfiche WebLink

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, "Renewal Term" means each successive period, in addition tot he Initial Term, that is coextensive with Lessee's Fiscal Period and. fdr which Lessee has extended the term of this Lease as provided in Paragraph 3 hereof. "Rental Payments" means the amounts (allocable to a principal component and an interest component) payable by Lessee pursuant to Paragraph 4 hereof, as payments for the Purchase Price for the Equipment as set forth in Exhibit B attached hereto. "State" means the State identified in Exhibit A attached hereto. "Supplier" means the person from whom Lessor shall purchase the Equipment subject of this Lease. 3. TERM. The Initial Term shall commence as of the Dated Date and expire at midnight on the last day of Lessee's current Fiscal Period. Beginning at the expiration of the Initial Term, the term of this Lease shall automatically be extended upon the successive appropriation by Lessee's governing body of amounts sufficient to pay Rental Payments and reasonably estimated Additional Payments during the next succeeding Renewal Term in the number of Renewal Terms each coextensive with Lessee's Fiscal Period,as are necessary for all Rental payments identified on Exhibit B hereto to be paid in full, unless this Lease is terminated as provided in Paragraph 25 hereof. The terms of this Lease will expire upon the first to occur or (a) the expiration of the Initial Term or any Renewal Terms during which an Event of Nonappropriation occurs, (b) the day after the last scheduled Rental Payment shown on Exhibit B hereto is paid in full, (c) the ;day after the Purchase Option Price is paid in full pursuant to Paragraph 6 hereof, except as otherwise therein providdd, or (d) an Event of Default and a termination of Lessee's rights under this Lease as provided in Paragraph 25 hereof. 4. RENTAL PAYMENTS. Lessee hereby agrees to pay Rental. Payments for the Equipment from and after the Dated Date (but only from Legally Available Funds) to Lessor at Lessors mailing address set forth above (or at such other address as may be designated from time to time pursuant to Paragraph 22 hereof) in the amounts and on the dates specified in Exhibit B attached hereto. Rental Payments made by check will be accepted subject to collection. Lessee's obligation to make Rental Payments and to pay any Additional Payments payable under this Lease constitutes a current obligation payable exclusively from Legally Available Funds and shall not be construed to be an indebtedness within the meaning of any applicable constitutional or statutory limitation or requirement. Lessee has not pledged its full faith and credit or its taxing power to make any Rental Payments or any Additional Payments under this Lease, and Lessee shall not permit any person or entity (including the federal government) to guarantee any Rental Payments under this Lease. Should Lessee fail to duly pay any part of any Rental Payment or other sum to be paid to Lessor hereunder, on the date when due, then Lessee shall pay to Lessor a late charge equal to five per cent (5%) of the delinquent payment, or the highest amount permitted by law, whichever is lesser. 5. AGREENMNT TO SEEK APPROPRIATIONS; NOTICE OF EVENT OF NONAPPROPRIATION. Lessee agrees that its primary business official will do all things lawfully within such official's power (a) to include amounts to make Payments hereunder in each annual or biennial budget (as appropriate) to be submitted to Lessee's governing body and (b) to use best efforts to obtain and maintain funds from which Payments under this Lease may be made. Lessee hereby agrees to notify Lessor immediately (and in no case later than 30 days prior to the last day of its then current Fiscal Period) of the occurrence of an Event of Nonappropriation. 6. ESSENTIALITY. Lessee's present intention is to make Rental Payments and Additional Payments for the Initial Term and all Renewal Terms as long as it has Legally Available Funds. In that regard, Lessee represents that (a) the use and operation of the Equipment is essential to its proper, efficient and economic governmental operation and (b) the functions performed by the Equipment could not be transferred to other equipment available for its use. Lessee does not intend to sell or otherwise dispose of the Equipment or any interest therein prior tot he last Rental Payment (including all Renewal Terms) scheduled to be paid hereunder. 7. NONSUBSTITUTION. If Lessor terminates this Lease pursuant to Paragraph 25 or an Event of Nonappropriation occurs, Lessee agrees, to the extent not prohibited by law, not to purchase, lease, rent or otherwise acquire equipment performing functions similar to those performed by the Equipment or obtain from any source the services or information the Equipment was to perform or provide, in each case for a period equal to the shorter of (a) the longest period (if any) permitted by law for such purpose or (b) 360 days after such termination or occurrence. 8. INTEREST. If under applicable law as part of the Rental Payments or any other amount payable hereunder is deemed or determined to be imputed interest, finance charges or time price differential ("Interest"), Lessor and Lessee agree that the Rental Payments shall be deemed to be level payments of principal and Interest, with such Interest accruing on principal amounts outstanding from time to time. The rate of such Interest is not intended to exceed the maximum rate or amount of interest permitted by applicable law. If the Interest exceeds such maximum, then at Lessor's option, if permitted by law, the Interest payable will be reduced to the legally permitted maximum amount of interest, and any excessive Interest will be used to reduce the principal amount of Lessee's obligation or be refunded to Lessee. 9. PURCHASE OPTION. Lessee is hereby granted the option to purchase the Equipment (in whole but not in part), prior to the scheduled payment of the Rental Payments in full pursuant to this Lease, on each Rental Payment date at a price equal to the Purchase Option Price shown for the Rental Payment date on which such purchase is to be effective under the column titled "Purchase Option Price" on Exhibit B hereto. To exercise the option granted under this Paragraph 9, Lessee shall give Lessor a written notice exercising