1990 National Bus8 91
MOTOR VEHICLE LEASE AGREEMEN`
CLOSED END -� OPEN END ❑
LEASE ' LEASE'
THIS LEASE AGREEMENT is made and executed at hoiuumeat, CoYurado
on D)''C ,19 �U , by and between "Lessor" int rraountain Coach Leasing Inc.
and "Lessee" Town of Avon
whose address is 9
P.O. Box 975 Avoid, { ? i.�2 agree as follows:
1. Lessor leases to Lessee, and Lessee hires from Lessor, the "vehicle" described as follows EQUIPMENT _,9
25-passenger er with luggage
COLOR Wl e /tray
STOCK NO. 526 YEAR`2K MAKE - rational MODEL R.:L. BODY STYLE BUS
SERIAL #
2. TERMS:
(a) Rent
(aa) Other
10T9110" ..1 J 3 3049
All Leases:
(b) Tax.
(c)
Total Monthly Payment
(d)
Refundable Damage Deposit
(e)
License Fees
(f)
Pro Rate Rent on delivery
(g)
Annual Mileage Allowance
(h)
Excess Mileage at Rate of
$ 2,250.0
$ N/A
$ N/A
$ 2,250.00
$ 2,500.00
$ N/A
$
30,000 Miles
(i) Advance Payment which has
reduced item c and j and `nd year
not refundable
3rd year
.7i) C Per Mile
$1,u DID .(1U
Open End Lease:
(j) Value of motor vehicle at
inception after credit for
item (i)
(k) Amount of item (a) credited
to monthly depreciation
( mos x $ )
(I) Amount of item (a) not credited
to monthly depreciaton
( mos. x $ )
(m) Maximum liability at end of
lease term, estimated
residual value (j minus k)
$ WA
$ 1i /A
N/A
$
$ /A
Closed End Lease: Applicable only in case of early
termination or default :gee
(n) Agreed Expiration Value $
(o) Monthly Increase Factor $ , chedule
4th year $1,600.UO
5th year $1,600.00
3. TERM: ;
(a) This lease shall commence on the date the vehicle is delivered to Lessee, and is for a period of £; ID, months, plus the portion
of a month in which delivery is made if delivered other than on the first day of a month. Lessor's obligations to deliver the vehicle is subject to the
vehicle being delivered to Lessor by dealer or manufacturer and Lessor shall have no liability in the event the vehicle cannot be delivered.
(b) In the event Lessee holds over after the expiration date of the lease, same shall be on a month to month basis subject to all the terms of the
lease excepting only that no credit shall be given under par 2(k) and all payments shall be subject to par 2(I). Either party may, upon 30 days written
notice to the other, terminate such holding over.
(c) Upon expiration or.earlier termination of the original lease term, or the holding over term, Lessee shall, at its expense, surrender and
deliver the subject vehicle over to Lessor at Lessor's address above set forth, or to such other address in said county designated by Lessor.
4. RENT:
(a) The payment under item 2(c) is payable in advance on the first day of each month of the term of the lease; provided that if delivery is made
other than the first day of a month, payment for such portion of a month shall be prorated and paid upon delivery without credit to Lessee under
items 2(j) through (o).
(b) Lessee shall pay a service charge of 5% for any payment delinquent more than ten days, said service charge to cover the cost of handling
such delinquency, and service charge of.$100.00 for returned checks. The acceptance of late payments does not waive Lessor's right to strict performance
of this lease ageement. er laonf.:i,
(c) Sums payable'to Lessor shall not be subject to any abatement whatsoever, nor subject to any defense, setoff, counterclaim, or recoup -
ment by reason of any damage to, destruction of, or loss of said vehicle, or any of the equipment thereon, or by reason of any interruption from any
cause whatsoever in the use, possession or operation of said vehicle or of the equipment thereon. Lessor shall not be liable to Lessee forany loss of
business or any damage of any kind caused by the interruption of use of the vehicle.
5. DAMAGE DEPOSIT
Lessee shall deposit with Lessor, the sum designated in paragraph 2(d) as damage for the full performance of this lease. It shall be refunded
upon expiration of the lease provided Lessee has fulfilled all its terms, conditions and obligations, including the return of the vehicle in condition
herein provided. Any damage deposit may at Lessor's option be used in whole or in part to cure any default of Lessee hereunder. Lessee shall not
pay interest on said deposit, and reserves the right to use and /or commingle said deposit with Lessor's general funds.
(A) NOTICE TO THE LESSEE: (1) DO NOT SIGN THIS AGREEMENT BEFORE YOU READ IT OR IF IT CONTAINS ANY
BLANK SPACES TO BE FILLED IN; (2) YOU ARE ENTITLED TO A COMPLETELY FILLED IN COPY OF THIS AGREEMENT;
(3) IF YOU DEFAULT IN THE PERFORMANCE OF YOUR OBLIGATIONS UNDER THIS AGREEMENT THE VEHICLE MAY
BE REPOSSESSED AND YOU MAY BE SUBJECT TO SUIT AND LIABILITY FOR THE UNPAID INDEBTEDNESS EVIDENCED
BY THIS AGREEMENT.
(B) WARNING — UNLESS A CHARGE IS INCLUDED IN THIS AGREEMENT FOR PUBLIC LIABILITY OR PROPERTY
DAMAGE INSURANCE, PAYMENT FOR SUCH COVERAGE IS NOT PROVIDED BY THIS AGREEMENT BY LESSOR.
(C) LESSEE HAS THE RIGHT TO RETURN THE VEHICLE AND RECEIVE A REFUND OF ANY PAYMENTS MADE IF THE
LESSEE'S CREDIT APPLICATION IS NOT APPROVED, UNLESS NONAPPROVAL RESULTS FROM AN INCOMPLETE
APPLICATION OR FROM INCORRECT INFORMATION PROVIDED BY THE LESSEE. BY
(D) THE PARTY SIGNING ON BEHALF OF LESSEE HEREBY CERTIFIES HE HAS READ AND FULLY UNDERSTANDS
ALL THE PROVISIONS OF THIS LEASE AGREEMENT INCLUDING THOSE TERMS AND CONDITIONS ON THE REVERSE
SIDE PRIOR TO EXECUTING THIS AGREEMENT AND ACKNOWLEDGES HAVING RECEIVED A FULLY EXECUTED COPY
OF SAID AGREEMENT AND THAT ALL SPACES FOR FILL -IN HAVE BEEN FILLED IN.
(E) LESSEE REPRESENTS THAT TJiE VEHICLE WILL BE USED PRIMARILY FOR; (1) PERSONAL PURPOSES.
BY OR (2) BUSINESS OR COMMERCIAL PURPOSES. BY
(F) NO SOLICITING AGENT OR EMPLOYEE OF THE LESSOR SHALL HAVE THE POWER TO WAIVE ANY OF THE TERMS
PROVISIONS HEREOF, OR TO INCUR ADDITIONAL OBLIGATIONS ON THE BEHALF OF THE LESSOR EXCEPT IN WRITING
SIGNED BY AN OFFICER OF LESSOR.
:Cntefina"untain (roach Leasing, Inc. Town of Avon
(L SSO )
(LESSEE)
By f x� r�.tc -> By
,A
Title Title
NOTICE: if this automobile is equipped
with a manual transmission this auto C
mobile is not covered by a warranty for
the clutch, transmission or related parts.
See paragraph 15 on reverse. UNCONDITIONAL GUARANTEE
In consideration of and as an inducement to Lessor to execute this Motor Vehicle I ease Anreempnt the. inrip.¢i —H A-
rT. �t ( -'
PbFt' f' Eh, t�1. 0.�
SiAL
ADDENDUM TO MOTOR VEHICLE LEASE AGREEMENT
This Addendum is an amendment to the Motor Vehicle Lease Agreement dated
December 21, 1990, (the "Lease ") between Intermountain Coach Leasing, Inc., and the Town
of Avon. All terms used herein shall have the same meaning as in the Lease unless
otherwise defined herein. In the event of any conflict between this Addendum and the
Lease, the provisions of this Addendum shall control. The Lease is hereby amended as
hereinafter provided.
1. Paragraph 3(a) of the Lease is amended to read as follows:
M4-3
(a) The term of this Lease shall commence on the date the vehicle is
delivered to Lessee. This Lease will continue until December 31, 1991
(hereinafter referred to as the "original lease term "). Thereafter, this Lease,
unless terminated as set forth below shall automatically be extended for
successive one-year periods (hereinafter referred to as the "renewal term "), until
such time as shown in Exhibit A or until discharge of the Lease as provided
in Section 14 hereof. If for any reason the Town desires to terminate the
Lease, the Town may terminate the Lease at the end of the original lease term
or of any renewal term. The Town will notify the Lessor in writing at least 15
days prior to the end of the original lease term or of any renewal term of its
election to cancel this Lease; provided, however, that a failure to give such
notice shall not constitute a default hereunder nor prevent the Town from
terminating this Lease, nor result in any liability on the part of the Town. The
exercise of the Town's annual option to terminate this Lease shall be
conclusively determined by whether or not the Town's Council (the "Council ")
has, on or before December 31, specifically budgeted and appropriated moneys
to pay all rentals for the ensuing fiscal year, as provided in Exhibit A hereto.
The Town's fiscal office (or any other officer at any time charged with the
responsibility of formulating budget proposals) is hereby directed to include, in
the annual budget proposals submitted to the Council, items for all payments
required under this Lease forth ensuing fiscal year, until such time (if any) as
the Council may determine to terminate this Lease; it being the intention of
the Council that any &- cision to terminate this Lease shall be made solely by
the Council and not by any other official of the Town. The Town shall in any
event, whether or not the Lease is to be renewed, prior to January 1, furnish
the Lessor with copies of its annual budget promptly after the budget is
adopted, The Town's obligations under this Lease shall not constitute a
mandatory charge or requirement in any ensuing fiscal year beyond the then
current fiscal year. No provision of this Lease shall be construed or interpreted
as creating a general obligation or other indebtedness of the Town within the
meaning of any constitutional, statutory, or home rule charter debt limitation.
No provision of this Lease shall be construed or interpreted as creating an
unlawful delegation of governmental powers nor as a donation by or a lending
.
of the credit of the Town within the meaning of Sections 1 or 2 of Article XT
of the Constitution of the State. This Lease shall not directly or indirectly
obligate the Town to make any payments beyond those duly budgeted and
appropriated for the Town's then current fiscal year. The Town shall be under
no obligation whatsoever to exercise its option to purchase the vehicle. No
provision of this Lease shall be construed to pledge or to create alien on any
class or source of Town moneys, nor shall any provision of this Lease restrict
the future issuance of any Town bonds or obligations payable from any class
or source of Town moneys.
2. Paragraph 6(a) of the Lease is hereby amended by deleting 1100.00
deductible" and substituting "S1,000.00 deductible ".
3. Paragraph 7 of this Lease is hereby amended to read as follows:
7. INDEMNI'T'Y.
To the extent permitted by the laws of the State of Colorado, Lessee hereby
indemnifies and holds Lessor, its employees and agents, harmless from any and
all losses, claims, damages, demands, and liability of any kind or nature
whatsoever, including legal expenses, arising or resulting from the Town's
operation and maintenance of the vehicle; provided that the maximum amount
which the Town shall be obligated to pay to the Lessor under this paragraph
7 shall not exceed the limitations established by Section 24.10- 114(1), Colorado
Revised Statutes, less any amounts which the Town is obligated to pay to any
other person as a result of injuries resulting from the same event or events for
which the Lessor seeks indemnification under this paragraph 7, and for which
such other person has made claim against Lessor, its employees or agents. The
Town shall in no event be obligated to pay Lessor and any third parties in
excess of the total limitation established in Section 24- 10- 114(1)(b), Colorado
Revised Statutes, as amended, or pay any single third party and Lessor in excess
of the limitation established in Section 24- 10- 114(1)(a), Colorado Revised
Statutes, as amended, for any loss, claim, damage, demand or liability to such
third party covered by such limitation.
4. Paragraph 10 of the Lease is amended by deleting subparagraph (a).
S. Paragraph 12 of the Lease is amended by the deletion of the following
sentence:
The vehicle shall not be used for the transportation of passengers for hire.
6. Paragraph 14 of the Lease is hereby amended to read as follows:
P
following:
14. Purchase Option. The Lessee has the option to purchase the vehicle
by paying the purchase option price in the amounts and on the dates set forth
in Exhibit B hereto, provided that the lease payments are then current. If and
when such payments have been made, the Lessee shall take title to the vehicle
without any further payment being made by the Lessee. The Lessor hereby
agrees to execute and deliver to the Lessee all necessary documents assigning,
transferring and conveying good and marketable title to the vehicle, as it then
exists, subject to any lien or encumbrance created by action of the Lessee. The
documents to be executed by the Lessor shall include but not be limited to
UCC termination statements.
7. Paragraph 17 of the Lease is hereby amended by deleting subparagraph
(a)• -
8. Paragraph 18 (b) of the Lease is hereby amended by the addition of the
(4). Terminate this Lease, repossess the vehicle, and lease (free and clear of
any interest of the Lessee in the vehicle) all or any portion of the vehicle to
such other persons as Lessor may elect, applying the proceeds of any such lease
(after deducting Lessor's costs of repossessing, repairing, storing, moving, and
leasing the vehicle, including attorneys' fees) against any rent unpaid for the
remainder of the original or renewal term then in effect.
(5). Terminate this Lease, repossess the vehicle, and sell (free and clear of any
interest of Lease in the vehicle) all or any portion of the vehicle at any public
or private sale without demand or notice of intention to sell, applying the
proceeds of such sale (after deducting the costs of repossessing, repairing,
storing, moving, and selling the vehicle, including attorneys' fees) against any
rent unpaid for the remainder of the original or renewal term then in effect.
9. Paragraph 19 of the Lease is hereby amended to read as follows:
19. Termination and Default. (a) This Lease will terminate upon the
earliest of any of the following events:
(1). The expiration of the original lease term or any renewal term of
this Lease and the election of the District to terminate this Lease
pursuant to Section 3 above.
(2). Discharge of the Lcase as provided in Section 14 above.
(3) A default by the Lessee, and Lessor's election to terminate this
Lease as hereinafter provided.
3
TOWN OF AVON
DATE: Z D
ATTEST:
INTERMOUN COACH 7LLEEASING,
BY:
TITLE:
DATE:
m
TITLE
DATE ,Z
4
-�' b4 30'29'9092
J
12-2 1-90 11:45 APB? _°
6
Year Ending
December 31, 1991
December 31, 1992
December 31, 1993
December 31, 1994
EXHMIT A
(Lease Rentals)
Al
Monthly Rental
$1083
$1083
$1083
$1083
EXHHIBIT B
(Purchase Option Price on 1990 EMC)
Year Ending
December 31, 1991
December 31, 1992
December 31, 1993
MI
$34,000.00 plus any cost
of retarder exceeding $6,800.00
$24,000.00 plus any cost
of retarder exceeding $6,800.00
$14,000.36 plus any cost
of retarder exceeding $6,800.00
December 31, 1994 $ 4,000.48 plus any cost
or thereafter of retarder exceeding $6,800.00
Note: After December 31, 1991, the exact purchase option price at any time prior to
December 31st of each year will be prorated and may be determined by subtracting the
option price as of December 31st of that year from the option price as of the December 31st
of the previous year and dividing the resulting figure by 12 and then multiplying by the
number of months in the current calendar year up to and including the month during which
the purchase option is exercised and adding that to the option price as of the December 31st
of the year in which the option is exercised. For example, if the option were exercised
September 20, 1993, the purchase price would be $24,000.00 plus any cost of retarder
exceeding $6,800.00, less $14,000.36 plus any cost of retarder exceeding $6,800.00, divided by
12, then multiplied by 9 or a total of $7,499.73 plus the cost of retarder which exceeds
$6,800.00 plus $14,000.36, for a total Option price in September 1993 of $21, 500.90 plus any
cost of retarder exceeding $6,800.00. The option price shall in no event be less than
$4,000.48 plus any cost of retarder exceeding $6,800.00
B -1
INTERMOUNTAIN LEASING, INC.
19475 Beacon Lite Drive - P.O. Box 1668 • Monument, CO 80132
• (719) 481 -4191 Monument • (719) 481 -4193 FAX • 1- 800- 52COACH
TOWN OF AVON 16
LEASE ADDENDUM - SCHEDULE A
Four year step down leasing.
Payoff
48 months at $1,083.00 $34,000.00 - 12 months
$24,000.00 - 24 months
$14,000.00 - 36 months
$4,000.00 - 48 months
Buyout of $4,000.00
We will apply for Municipal Funding at any 12 month interval
when the City of Avon can commit to long term financing.
LEASE: New, Used, Handicapped & Tour Buses