TC Ord. No. 1983-13s s
TOWN :OF . AVON '
ORDINANCE NO.#83-13
SERIES OF 1983
AN ORDINANCE AUTHORIZING EXECUTION OF CERTAIN
EQUIPMENT LEASE AGREEMENTS
BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF
AVON, COLORADO:
Section 1. Those certain Equipment Lease Agreements,-
together with their Exhibits A,B, and C, copies of which agreements
are attached hereto as Addenda I and II,, and the terms of each
are-hereby approved, and the acquisition of the municipal
properties described therein are hereby authorized.
Section 2. The Mayor and Town Clerk are hereby
authorized and directed to execute each of said Equipment Lease
Agreements.
INTRODUCED, PASSED ON
ORDERED POSTED, THIS 8 day
hearing on-this ordinance shall
of the Town Council of the Town
day of March 1983 at 7:30 p
the Town of Avon, Colorado.
nmmFCT
FI
of
be
of
M.
RST READING, APPROVED AND
March 1983 and a public
held at the regular meeting
Avon, Colorado, on the 22
in the municipal building of
INTRODUCE P,, PASS 0 SECO D READING, APPROVED AND ORDERED
POSTED THIS o~ day of~1983.
bneila.x. uavis,_mayor-rro-rem
ADDENDUM I
Lease No. 88205
EQUIPMENT LEASE AGREEMENT
(Municipal Lease)
The Lease is made this day of
19 between Colorado National Leasing, Inc., a Colorado
corporation ("Lessor"), and the Town of Avon
("Lessee").
In consideration of the mutual covenants and promises
herein set forth, the parties agree as follows:
1. LEASE. Lessor hereby leases to Lessee, and Lessee
hereby leases and hires from Lessor, the property, machinery
and equipment ("Equipment") described in the Equipment
Description (Exhibit A attached hereto and made a part
hereof).
2. TERM. This Lease shall commence on the date hereof
and unless sooner terminated as provided herein, shall
expire 4 year(s) from the date of first delivery of any
item of the Equipment.
3. RENT. Rent for the Equipment shall be in the
amount set forth in the Equipment Lease Schedule (Exhibit
B attached hereto and made a part hereof). Lessee shall pay
Lessor such rent in the amounts and at the times set forth
on Exhibit B at the office of Lessor in Golden, Colorado, or
to such other person and/or at such other place as Lessor
may from time to time designate in writing.
4. USE. Lessee shall use the Equipment in a careful
and proper manner and shall comply with all applicable
governmental laws, ordinances and regulations in any way
relating to the possession, use or maintenance of the
Equipment. If at any time during the term hereof Lessor
supplies Lessee with labels, plates or other markings,
stating that the Equipment is owned by Lessor, Lessee shall
affix the same to a prominent place on the Equipment.
5. LESSEE'S INSPECTION; WARRANTY DISCLAIMER.
(a) Lessee shall inspect the Equipment within
forty-eight (48) hours after receipt thereon. Unless Lessee
within such period of time gives written notice to Lessor,
specifying any defect in or other proper objection to the
Equipment, Lessee agrees that it shall be conclusively pre-
sumed,-as between Lessor and Lessee, that Lessee has fully
inspected and acknowledged that the Equipment is in good
condition and repair, and that Lessee is satisfied with and
has accepted the Equipment in such good condition and
repair. At or prior to expiration of such inspection
period, Lessee shall execute and deliver to Lessor the
Certificate of Acceptance. Exhibit C attached hereto and
made a part hereof).
(b) Lessor hereby assigns to Lessee for and during
the term of-this Lease all manufacturer's warranties and
guarantees, express or implied, with respect to the
Equipment, to the extent such warranties and guarantees are
assignable. Lessee acknowledges that.it,selected each item
of Equipment based on its own analysis and investigation
from vendors chosen by Lessee and further acknowledges that
Lessor made no representations or warranties in connection
with the Equipment or vendors. LESSOR 14AKES NO WARRANTY,
EXPRESS OR IMPLIED, WITH RESPECT TO THE EQUIPMENT AND
EXPRESSLY DISCLAIMS ANY WARRANTY REGARDING THE
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MERCHANTABILITY OF THE EQUIPMENT, ITS FITNESS FOR A
PARTICULAR PURPOSE, ITS DESIGN, CONDITION OR WORKMANSHIP AND
THE ENFORCEABILI'T'Y OF ANY WARRANTY OR GUARANTEE OF THE
MANUFACTURER OF THE EQUIPMENT.
6. LESSOR'S INSPECTION. Lessor shall at any and all
times during business hours have the right to enter into and
upon the premises where the Equipment may be located for the
purpose of inspecting the same or observing its use.
7. ALTERATIONS. Without the prior written consent of
Lessor, Lessee shall not make any alterations, additions or
improvements to the Equipment.
8. REPAIRS. Lessee, at its own cost and expense,
shall keep the Equipment in good repair and condition and
shall bear all expenses of the maintenance and operation of
the Equipment.
9. INSURANCE; LOSS AND DAMAGE; AGREED OPTION PRICE.
Lessee shall keep the Equipment insured against all risks of
loss or damage by fire and such other risks as are covered
by endorsement commonly known as supplemental or extended
coverage for the greater of the fair market value thereof or
the "Agreed Option Price" set forth in Exhibit B attached
hereto with respect to the Equipment. Lessee shall also
carry public liability and property damage insurance
covering the Equipment in amounts not less than $200,000 in
respect of bodily injury or death to any person, not less
than $500,000 in respect of any one accident, and not less
than $100,000 in respect of property damage. All such
liability insurance shall insure both Lessor and Lessee and
all such property damage insurance shall name Lessor as loss
payee as its interest may appear. Lessee may effect such
coverages under its blanket policies. No loss or damage to
the Equipment or any part thereof shall impair any obliga-
tion of the Lessee under this Lease which shall continue in
full force and effect. In the event of loss or damage of
any kind whatever to any item of Equipment, the proceeds of
such insurance shall be applied to any item of Equipment:
(a) To place the same in good repair, condition and
working order, or replace the same with like Equipment in
good repair, condition and working order; or
(b) If, in the reasonable judgment of Lessor, the
Equipment is determined to be lost, stolen, destroyed or
damaged beyond repair, Lessee shall pay Lessor therefor in
cash, to the extent the insurance proceeds paid to Lessor
may be insufficient, the Agreed Option Price set forth in
Exhibit B determined as of the date of the last full rental
payment made by Lessee, plus interest on such Agreed Option
Price at the rate set forth in Exhibit B from the date of
the last full rental payment until the date of payment for
the Equipment. Upon such payment this Lease shall terminate
with respect to the Equipment so paid for and Lessor will
thereupon execute and deliver to Lessee a bill of sale
transferring such Equipment to Lessee "AS-IS-WHERE-IS,"
WITHOUT WARRANTY, EXPRESS OR IMPLIED, WITH RESPECT TO ANY
MATTER WHATSOEVER.
10. SURRENDER. Except as provided in paragraph 20
hereof, upon the expiration or earlier termination of this
Lease, Lessee shall (unless Lessee has purchased the
Equipment pursuant to paragraphs 9 or 19 hereof) return the
same to Lessor in good repair, condition and working order,
ordinary wear and tear resulting from proper use thereof,
excepted, by delivering, at Lessee's sole cost and expense,
possession of the Equipment to Lessor at such place as
Lessor may designate.
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•
11. TAXES AND LIENS.
(a) Lessee agrees to pay and to indemnify and hold
Lessor harmless from all license, sales, use, personal pro-
perty or other taxes together with any penalties, fines or
interest thereon imposed or levied with respect to the
Equipment or the ownership, delivery, lease, possession,
use, operation, sale or the disposition thereof, or upon the
rentals or earnings arising therefrom.
(b) Lessee shall not directly or indirectly
create, incur, assume or suffer to exist any security
interest, lien or encumbrance on or with respect to any item
of Equipment or any interest therein. Lessee shall
promptly, at its expense, take such action as may be
necessary to discharge any such security interest, lien or
encumbrance as and when the same shall arise.
12. LESSOR'S PAYMENT. In case of the failure of the
Lessee to procure or maintain'insurance on the Equipment,
pay taxes on or with respect to the Equipment or maintain
the Equipment free and clear of any security interests,
liens and encumbrances, as herein specified, Lessor shall
have the right, but not be obligated, to effect such
insurance, to pay such taxes and discharge such security
interest, liens and encumbrances and the cost thereof shall
be repayable to Lessor with the next installment of rent.
13. DEFAULT. If the Lessee shall fail-to pay the rent
due and payable under Exhibit B attched hereto within ten
(10) days after the same is due and payable, or if the
Lessee shall fail to observe, keep or perform any other pro-
vision of this Lease for a period of ten (10) days after
receipt of written notice thereof, Lessor shall have the
right to exercise any one or more of the following remedies:
(a) To terminate this Lease and to sue for and
recover all rents and other payments then accrued and unpaid
hereunder and all rents and other payments which will accrue
during the then current fiscal year of Lessee.
(b) To retain all rentals and to take possession
of any or all items or Equipment, without further demand or
notice and without any court order or other process of law,
and either to remove the same or to lease the same to others.
14. TERMINATION FOR NON-APPROPRIATION.
Notwithstanding anything herein to the contrary, if Lessee
does not appropriate funds for any fiscal year of Lessee
during the term hereof sufficient to pay the amounts due
hereunder in such fiscal year and Lessee has exhausted all.
funds legally available for payments due under this Lease,
Lessee may, by written notice given to Lessor no later than
ten (10) days after adoption of the budget for such fiscal
year, thereupon terminate this Lease. Upon such ter-
mination, Lessee shall return the Equipment to Lessor in
accordance with paragraph 10 hereof and pay all rents and
other payments due to Lessor for periods prior to the date'
the Equipment is so returned to Lessor. If Lessee ter-
minates this Lease under the provisions of this paragraph
#14, Lessee may not, during the remaining term of this
Lease, replace the Equipment subject to this Lease with like
kind or similarly functional Equipment or acquire the use of
replacement Equipment of any kind during the remaining term
of this Lease.
15. ASSIGNMENT. Without the prior written consent of
Lessor, Lessee shall neither assign, transfer, pledge or
hypothecate this Lease, the Equipment or any part thereof,
or any interest therein, nor sublet any item of Equipment.
It is understood that Lessor contemplates assigning this
Lease or interests in the Equipment and that Lessor's
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assignee may also assign the same., All rights of Lessor
hereunder may be assigned, transferred, or otherwise
disposed of, either in whole or in part, without notice to
Lessee; provided, however that no assignment of this Lease
or any interest therein shall be made except subject to the
rights granted to the Lessee by virtue of this Lease; and
provided further that no assignee of Lessor shall be obli-
gated to perform any duty, covenant or condition required to
be performed by Lessor under the terms of this Lease.
16. PERSONAL PROPERTY. The Equipment is, and shall at
all times be and remain, personal property notwithstanding
that the Equipment may be affixed or attached to, or
imbedded in, or permanently resting upon, real property or
any building thereon, or attached in any manner to what is
permanent as by means of cement, plaster, nails, bolts,
screws or otherwise.
17. INDEMNITY; LIMI'T'S OF LIABILITY. Lessee hereby
assumes liability for and agrees to indemnify and hold
Lessor harmless from and against any and all debts, liabili-
ties, obligations, claims and expenses, including court
costs and attorney's fees, incurred by or asserted against
Lessor in connection with, arising out of or incident to the
ownership, delivery, lease, possession, use, operation, con-
dition, sale or other disposition of any item of Equipment.
Lessor is not responsible for any repairs or service to the
Equipment or any defects therein. Lessor shall not be
liable for any consequential, incidental or special damages
of any character as a result of or arising out of the lease
of the Equipment, or any item thereof, including loss of
profits, property damage or lost production, whether suf-
fered by Lessee or any other person.
18. INTEREST. Should Lessee fail to pay any part of
the rent herein reserved or any other sum required by Lessee
to be paid to Lessor, within 10 days after the due date
thereof, Lessee shall pay to the Lessor interest on such
delinquent payment from the due date until paid at the rate
of 18% per annum.
19. OPTION. Provided Lessee is not in default in the
performance of its obligations hereunder, Lessee shall have
the option, at any time after one year from-the commencement
of this lease to purchase the Equipment for an amount equal-
to the Agreed Option Price thereof set forth in Exhibit B at
the date of the last full rental payment, plus interest on
such Agreed Option Price at the rate set forth in Exhibit B
from the date of the last full rental payment until the date
of payment for the Equipment. Such option to purchase the
Equipment shall be exercised by the payment of the Agreed
Option Price plus interest as herein provided to Lessor at
Lessor's office in Golden, Colorado. If Lessee exercises
the option to purchase the Equipment, title thereto shall
thereupon become vested in Lessee and Lessor will thereupon
execute and deliver to Lessee a bill of sale transferring
such Equipment to Lessee "AS-IS-WHERE-IS", WITHOUT WARRANTY,
EXPRESS OR IMPLIED, WITH RESPECT TO ANY MATTER WHATSOEVER.
20. EXPIRATION. If Lessee shall comply with all pro-
visions of this Lease on its part to be kept and performed,
then upon the expiration of this Lease, all right, title and
interest of Lessor in the Equipment subject to this Lease
shall vest in and become the property of Lessee, and Lessor
will thereupon execute and deliver to Lessee a bill of sale
transferring such Equipment to Lessee, "AS-IS-WHERE-IS",
WITHOUT WARRANTY, EXPRESS OR IMPLIED, WITH RESPECT TO ANY
MATTER WHATSOEVER.
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21. TAX EXEMPTION. The "Rent", "Interest", "Agreed
Option Price" and other computations set forth in this Lease
and exhibits attached hereto have been fixed and computed
upon the assumption that the amount designated as "Interest"
will be exempt from federal income taxation and (if so noted
on Exhibit B) state income taxation in the hands of the
Lessor and its assignees. If it is determined that such
"Interest" payments are not so exempt,'then the items of
"Rent", "Interest", "Agreed Option Price" and related com-
putations payable by the Lessee to Lessor hereunder shall be
adjusted so as to provide Lessor with the amount of such
items as shall equal, on an after tax basis, the amount
thereof set forth im this Lease and Exhibits attached
hereto. The method and timing of the payment of such
adjustment shall be as mutually agreed upon promptly
following notice to Lessee of the need for such adjustment.
22. FINANCIAL STATEMENTS. Lessee shall furnish to
Lessor, within sixty (60) days after the end of each fiscal
quarter of Lessee, financial statements of Lessee which
shall include a balance sheet and statement of revenue and
expense of Lessee for the quarter and the year to date and
such other information and reports as Lessor shall reaso-
nably request. All such financial statements shall be cer-
tified to be true and correct by the appropriate officer of
Lessee.
23. CLAIMS. Lessor hereby appoints and constitutes
Lessee as its agent and attorey-ih-fact during the term of
this Lease to assert and enforce, at the sole cost and
expense of the Lessee, whatever claims and rights the Lessor
may have as owner of the Equipment against any vendors,
manufacturers, suppliers or contractors in respect thereof.
24. NON-WAIVER. No waiver of any of the Lessee's
obligations under this Lease shall be deemed to take place
unless such waiver has been made in writing and signed by
the Lessor. Failure to exercise any remedy which Lessor may
have under this Lease or any other acquiescence by the
Lessor in any default by the Lessee shall not constitute a
waiver of any obligation of Lessee hereunder, including the
obligation as to which Lessee is in default.
25. CONCURRENT REMEDIES. No right or remedy conferred
upon or reserved to the Lessor in this Lease is exclusive of
any other right or remedy provided or permitted-herein by
law or equity; but each shall be cumulative of any other
right or remedy given hereunder, or now or hereafter
existing at law or in equity or by statute or otherwise, and
may be enforced concurrently therewith, or from time to
time.
26. MODIFICATION. This Lease constitutes the entire
agreement between Lessor and Lessee and shall not.be
amended, altered or modified except in a writing signed by
the parties hereto.
27. NOTICES. All notices required or permitted
hereunder shall be sufficient if delivered personally or
mailed to the parties at the address hereafter set forth or
at such other address as either party may designate in
writing from time to time. Any such notice shall be effec-
tive 48 hours after it has been deposited in the United
States mail, duly addressed and with postage prepaid.
28. GOVERNING LAW. This Lease and other instruments
or documents executed by the parties hereto, and the rights
and duties of the parties hereto, shall be construed and
enforced in accordance with the laws of the State of
Colorado.
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•
C7
29. TIME. Time is of the essence of this Lease and
each and all of its provisions.
30. SEVERABILITY. If any provision in this Lease or
the application of such provision to any person or cir-
cumstance shall be invalid, illegal,or, unenforceable, the
remainder of this Lease or the application of such provision
to persons or circw-nstances other than those to which it is
invalid, illegal or unenforceable shall not be affected
thereby.
r
IN WITNESS WHEREOF, the parties hereto have executed
this Lease the day and year first above written.
LESSOR:
COLORADO NATIONAL LEASING, INC.
By
Bldg. 51, Suite 150
14142 Denver West Pkwy.
Golden, CO 80401
ATTACHMENTS:
Resolution No.
LESSEE:
TOWN OF AVON
By
Title: of the
Equipment,Description (Exhibit A)
Equipment Lease Schedule (Exhibit B)
Certificate of Acceptance (Exhibit C)
Opinion of Counsel
Incumbancy Certificate
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• i
EQUIPMENT LEASE SCHEDULE #38205
A. EQUIPMENT LEASED:
3 - 1983 Dodge Diplomat Patrol Pursuit cars, four door,
318 DID Engine, plus standard equipment
B. TERM: Unless sooner terminated as set,forth in the
Lease, the term of this Lease respecting each item of
equipment listed on this schedule on shall commence on
and shall expire on
C. RENT: As rent for said equipment, Lessee shall pay
Lessor the sum of $31,680.00 , payable in
installments as follows: 48. consecutive monthly
installments of $660.00
commencing on , which said
installments of rental include interest at a rate of
10.75 per annum on the Agreed Option Price.
D. LOCATION: The above described equipment shall be
located at Town of Avon, Avon, Colorado -
and shall not be removed therefrom without the prior
written consent of Lessor.
APPROVED AND AGREED TO THIS ; y OF
19•}.
..3
as a schedule to that certain Lease dated the day
of 19
COLORADO NATIONAL LEASING, INC.
By
LESSOR
TOWN OF AVON
BY
L SEE
Lease No. 88205
VVUTQTT fl
CERTIFICATE OF ACCEPTANCE
The undersigned hereby certifies that it has
received, inspected, approved and hereby accepts delivery of
the following equipment upon the terms and conditions set
forth herein and in that Equipment Lease Agreement dated
between the undersigned and
Colorado National Leasing, Inc., a,Colorado corporation:
1. Description of Equipment:
3 - 1983 Dodge Diplomat Patrol Pursuit
cars, four door; 318 CID engine,
plus standard equipment
2. Cost:
The cost of the equipment is $25,887.68
The undersigned further certified that the
foregoing equipment is in good order and condition, and con-
forms to the specifications applicable thereto.
The execution of this Certificate will in no way
relieve or decrease the responsibility of the manufacturer
of the equipment for any warranties it has made with respect
to the same.
The undersigned hereby requests Colorado National
Leasing, Inc. to process payment in the amount of $25,887.68
to the vendor.
Dated:
TOWN OF AVON
By
Lessee
ATTEST:
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ihi-I,ess sooner terminated as set forth in the Lease, the term of this lease respecting
ei6c'.i item of equipment shall commence on and shall expire on
As rent for said equipment, Lessee shall pay Lessor the sum of $31,680,
p':;-ible in installments as follows: 48 consecutive monthly installments of $660 com-
mc-lcing on which said installments of rent include interest at the rate
o'_ 0.75 per annum on t e Balance of Principal.
ADDENDUM II
Lease No. 88204
EQUIPMENT LEASE AGREEMENT
(Municipal Lease)
The Lease is m,
19 between Colorado
corporation ("Lessor"
in consideration
herein set forth, the
ade this day of ,
National Leasing, Inc., a Colorado
and the Town-of Avon
("Lessee").
of the mutual covenants and promises
parties agree as follows:
1. LEASE. Lessor hereby leases to Lessee, and Lessee
hereby leases and hires from Lessor, the property, machinery
and equipment ("Equipment") described in the Equipment
Description (Exhibit A attached hereto and made a part
hereof).
2. TERM. This Lease shall commence on the date hereof
and unless sooner terminated as provided herein, shall
expire 5 year(s) from the date of first delivery of any
item of the Equipment.
3. RENT. Rent for the Equipment shall be in the
amount set forth in the Equipment Lease Schedule (Exhibit
B attached hereto and made a part hereof). -Lessee shall pay
Lessor such rent in the amounts and at the times set forth
on Exhibit B at the office of Lessor in Golden, Colorado, or
to such other person and/or at such other place as Lessor
may from time to time designate in writing.
4. USE. Lessee shall use the Equipment in a careful
and proper manner and shall comply with all applicable
governmental laws, ordinances and regulations in any way
relating to the possession, use.or maintenance of the
Equipment. It at any time during the term hereof Lessor
supplies Lessee with labels, plates or other markings,
stating that the Equipment is owned by Lessor, Lessee shall
affix the same to a prominent place on the Equipment.
5. LESSEE'S INSPECTION; WARRANTY DISCLAIMER.
(a) Lessee shall inspect the Equipment within
forty-eight (48) hours after receipt thereof. Unless Lessee
within such period of time gives written.notice to Lessor,
specifying any defect in or other proper objection to the
Equipment, Lessee agrees that it shall be conclusively pre-
sumed, as between Lessor and Lessee, that Lessee has fully
inspected and acknowledged that the Equipment is in good
condition and repair, and that Lessee is satisfied with and
has accepted the Equipment in such good condition and
repair. At or prior to expiration of such inspection
period, Lessee shall execute and deliver to Lessor the
Certificate of Acceptance. Exhibit C attached hereto and
made a part hereof).
(b) Lessor hereby assigns to Lessee for and during
the term of this Lease all manufacturer's warranties and
guarantees, express or implied, with respect to the
Equipment, to the extent such warranties and guarantees are
assignable. Lessee acknowledges that it selected each item
of Equipment based on its own analysis and investigation
from vendors chosen by Lessee and further acknowledges that
Lessor made no representations or warranties in connection
with the Equipment or vendors. LESSOR MAKES NO WARRANTY,
EXPRESS OR IMPLIED, WITH RESPECT TO THE EQUIPMENT AND
EXPRESSLY DISCLAIMS ANY WARRANTY REGARDING THE
-1-
MERCHANTABILITY OF THE EQUIPMENT, ITS FITNESS FOR A
PARTICULAR PURPOSE, ITS DESIGN, CONDITION OR WORYUMANSHIP AND
THE ENFORCEABILITY OF ANY WARRANTY OR GUARANTEE OF THE
MANUFACTURER OF THE EQUIPMENT.
6. LESSOR'S INSPECTION. Lessor shall at any and all
times during business hours have the right to enter into and
upon the premises where the Equipment may be located for the
purpose of inspecting the same or observing its use.
7. ALTERATIONS. Without the prior written consent of
Lessor, Lessee shall not make any alterations, additions or
improvements to the Equipment.
8. REPAIRS. Lessee, at its own cost and expense,
shall keep the Equipment in good repair and condition and
shall bear all expenses of the maintenance and operation of
the Equipment.
9. INSURANCE; LOSS AND DAMAGE; AGREED OPTION PRICE.
Lessee shall keep the Equipment insured against all risks of
loss or damage by fire and such other risks as are covered
by endorsement cotmnonly known as supplemental or extended
coverage for the greater of the fair market value thereof or
the "Agreed Option Price" set forth in Exhibit B attached
hereto with respect to the Equipment.. Lessee shall also
carry public liability and property damage insurance
covering the Equipment in amounts not less than $200,000 in
respect of bodily injury or death to any person, not less
than $500,000 in respect of any one accident, and not less
than $100,000 in respect of property damage. All such
liability insurance shall insure both Lessor and Lessee and
all such property damage insurance shall name Lessor as loss
payee as its interest may appear. Lessee may effect such
coverages under its blanket policies. No loss or damage to
the Equipment or any part thereof shall impair any obliga-
tion of the Lessee under this Lease which shall continue in
full force and effect. In the event of loss or damage of
any kind whatever to any item of Equipment, the proceeds of
such insurance shall be applied to any item of Equipment:
(a) To place the same in good repair, condition and
working order, or replace the same with like Equipment in
good repair, condition and working order; or
(b) If, in the reasonable judgment of Lessor, the
Equipment is determined to be lost, stolen, destroyed or
damaged beyond repair, Lessee shall pay Lessor therefor in
cash, to the extent the insurance proceeds paid to Lessor
may be insufficient, the Agreed Option Price set forth in
Exhibit B determined as of the date of the last full rental
payment made by Lessee, plus interest on such Agreed Option
Price at the rate set forth in Exhibit B from the date of
the last full rental payment until the date of payment for
the Equipment. Upon such payment this Lease shall terminate
with respect to the Equipment so paid for and Lessor will
thereupon execute and deliver to Lessee a bill of sale
transferring such Equipment to Lessee "AS-IS-WHERE-IS,"
WITHOUT WARRANTY, EXPRESS OR IMPLIED, WITH RESPECT TO ANY
MATTER WHATSOEVER.
10. SURRENDER. Except as provided in paragraph 20
hereof, upon the expiration or earlier termination of this
Lease, Lessee shall (unless Lessee has purchased the
Equipment pursuant to paragraphs 9 or 19 hereof) return the
same to Lessor in good repair, condition and working order,
ordinary wear and tear resulting from proper use thereof
excepted, by delivering, at Lessee's sole cost and expense,
possession of the Equipment to Lessor at such place as
Lessor may designate.
-2-
11. TAXES AND LIENS.
(a) Lessee agrees to pay and to indemnify and hold
Lessor harmless from all license, sales, use, personal pro-
perty or other taxes together with any penalties, fines or
interest thereon imposed or levied with respect to the
Equipment or the ownership, delivery, lease, possession,
use, operation, sale or the disposition thereof, or upon the
rentals or earnings arising therefrom.
(b) Lessee shall not directly or indirectly
create, incur, assume or suffer to exist any security
interest, lien or encumbrance on or with respect.to any item
of Equipment or any interest therein. Lessee shall
promptly, at its expense, take such action as may be
necessary to discharge any such security interest, lien or
encumbrance as and when the same shall arise.
12. LESSOR'S PAYMENT. In case of the failure of the
Lessee to procure or maintain insurance on the Equipment,
pay taxes on or with respect to the Equipment or maintain
the Equipment free and clear of any security interests,
liens and encumbrances, as herein specified, Lessor shall
have the right, but not be obligated, to effect such
insurance, to pay such taxes and discharge such security
interest, liens and encumbrances and the-cost thereof shall
be repayable to Lessor with the next.installment of rent.
13. DEFAULT. If the Lessee shall fail to pay the rent
due and payable under Exhibit B attched'hereto within ten
(10) days after the same is due and payable, or if the
Lessee shall fail to observe, keep or perform any other pro-
vision of this Lease for a period of ten (10) days after
receipt of written notice thereof, Lessor shall have the
right to exercise any one or more of the following remedies:
(a) To terminate this Lease and to sue for and
recover all rents and other payments then accrued and unpaid
hereunder and all rents and other payments which will accrue
during the then current fiscal year of Lessee.
(b) To retain all rentals and to take possession
of any or all items or Equipment, without further demand or
notice and without any court order or other process of law,
and either to remove the same or to lease the same to others.
14. TERMINATION FOR NON-APPROPRIATION.
Notwithstanding anything herein to the contrary, if Lessee
does not appropriate funds for any fiscal year of Lessee
during the term hereof sufficient to pay the amounts due
hereunder in such fiscal year and Lessee has exhausted all
funds legally available for payments due under this Lease,
Lessee may, by written notice given to Lessor no later than
ten (10) days after adoption of the budget for such fiscal
year, thereupon terminate this Lease. Upon such ter-
mination, Lessee shall return the Equipment to Lessor in
accordance with paragraph 10 hereof and pay all rents and
other payments due to Lessor for periods prior to the date
the Equipment is so returned to Lessor. It Lessee ter-
minates this Lease under the provisions of this paragraph
#14, Lessee may not, during the remaining term of this
Lease, replace the Equipment subject to this Lease with like
kind or similarly functional Equipment or acquire the use of
replacement Equipment of any kind during the remaining term
of this Lease.
15. ASSIGNMENT. Without the prior written consent of
Lessor, Lessee shall neither assign, transfer, pledge or
hypothecate this Lease, the Equipment or any part thereof,
or any interest therein, nor sublet any item of Equipment.
It is understood that Lessor contemplates assigning this
Lease or interests in the Equipment and that Lessor's
-3-
• •
assignee may also assign the same. All rights of Lessor
hereunder may be assigned, transferred, or otherwise
disposed of, either in whole or in part, without notice to
Lessee; provided, however that no assignment of this Lease
or any interest therein shall be made except subject to the
rights granted to the Lessee by virtue of this Lease; and
provided further that no assignee of Lessor shall be obli-
gated to perform any duty, covenant or condition required to
be performed by Lessor under the terms of this Lease.
16. PERSONAL PROPERTY. The Equipment is, and shall at
all times be and remain, personal property notwithstanding
that the Equipment may be affixed or attached to, or
imbedded in, or permanently resting upon, real property or
any building thereon, or attached in any manner to what is
permanent as by means of cement, plaster, nails, bolts,
screws or otherwise.
17. INDEMNITY; LIMITS OF LIABILITY. Lessee hereby
assumes liability for and agrees to indemnify and hold
Lessor harmless from and against any and all debts, liabili-
ties, obligations, claims and expenses, including court
costs and attorney's fees, incurred by or asserted against
Lessor in connection with, arising out of or incident to the
ownership, delivery, lease, possession, use, operation, con-
dition, sale or other disposition of any item of Equipment.
Lessor -is not responsible for any repairs or service to the
Equipment or any defects therein. Lessor shall not be
liable for any consequential, incidental or special damages
of any character as a result of or arising out of the lease
of the Equipment, or any item thereof, including loss of
profits, property damage or lost production, whether suf-
fered by Lessee or any other person.
18. INTEREST. Should Lessee fail to pay any part of
the rent herein reserved or any other sum required by Lessee
to be paid to Lessor, within 10 days after the due date
thereof, Lessee shall pay to the Lessor interest on such
delinquent payment from the due date until paid at the rate
of 18% per annum.
19. OPTION. Provided Lessee is not in default in the
performance of its obligations hereunder, Lessee shall have
the option, at any time after one year from the commencement
of this lease to purchase the Equipment for an amount equal
to the Agreed Option Price thereof set forth in Exhibit B at
the date of the last full rental payment, plus interest on
such Agreed Option Price at the rate set forth in Exhibit B
from the date of the last full rental payment until the date
of payment for the Equipment. Such option to purchase the
Equipment shall be exercised by the payment of the Agreed
Option Price plus interest as herein provided to Lessor at
Lessor's office in Golden, Colorado. If Lessee exercises
the option to purchase the Equipment, title thereto shall
thereupon become vested in Lessee and Lessor will thereupon
execute and deliver to Lessee a bill of sale transferring
such Equipment to Lessee "AS-IS-WHERE-IS", WITHOUT WARRANTY,
EXPRESS OR IMPLIED, WITH RESPECT TO ANY MATTER WHATSOEVER.
20. EXPIRATION. If Lessee shall comply with all pro-
visions of this Lease on its part to be kept and performed,
then upon the expiration of this Lease, all right, title and
interest of Lessor in the Equipment subject to this Lease
shall vest in and become the property of Lessee, and Lessor
will thereupon execute and deliver to Lessee a bill of sale
transferring such Equipment to Lessee, "AS-IS-WHERE-IS",
WITHOUT'WARRANTY, EXPRESS OR IMPLIED, WITH RESPECT TO ANY
MATTER WHATSOEVER.
-4-
21. TAX EXEMPTION. The "Rent", "Interest", "Agreed
Option Price" and other computations set forth in this Lease
and exhibits attached hereto have been fixed and computed
upon the assumption that the amount designated as "Interest"
will be exempt from,federal income taxation and (if so noted
on Exhibit B) state income taxation in the hands of the
Lessor and its assignees. If it is determined that such
"Interest" payments are not so exempt, then'the items of
"Rent", "Interest", "Agreed Option Price" and related com-
putations payable by the Lessee to Lessor hereunder shall be
adjusted so as to provide Lessor with the amount of such
items as shall equal, on an after tax basis, the amount
thereof set forth in this Lease and Exhibits attached
hereto. The method and timing of the payment of such
adjustment shall be as mutually agreed upon promptly
following notice to Lessee of the need for such adjustment.
22. FINANCIAL STATEMENTS. Lessee shall furnish to
Lessor, within sixty (60) days after the-end of each fiscal
quarter of Lessee, financial statements of Lessee which
shall include.a balance 'sheet and statement of revenue and
expense of Lessee for the quarter and the year to date and
such other information and reports as Lessor shall-reaso-
nably request. All such financial statements shall be cer-
tified to be true and correct by'the appropriate,officer of
Lessee.
23. CLAIMS. Lessor hereby appoints and constitutes
Lessee as its agent and attorney-in-fact during the term of
this Lease to assert and enforce, at the sole cost and
expense of the Lessee, whatever claims and rights the Lessor
may have as owner of the Equipment against any vendors,
manufacturers, suppliers or contractors in respect thereof.
24. NON-WAIVER. No waiver of any of the Lessee's
obligations under this Lease shall be deemed to take place
unless such waiver has been made in writing and signed by
the Lessor. Failure to exercise any remedy which Lessor may
have under this Lease or any other acquiescence by the
Lessor in any default by the Lessee shall not constitute a
waiver of any obligation of Lessee hereunder, including the
obligation as to which Lessee is in default.
25. CONCURRENT REMEDIES. No right or remedy conferred
upon or reserved to the Lessor in this Lease is exclusive of
any other right or remedy provided or permitted herein by
law or equity; but each shall be cumulative of any other
right or remedy given hereunder, or now or hereafter
existing at law or in equity or by statute or otherwise, and
may be enforced concurrently therewith, or from time to
time.
26. MODIFICATION. This Lease constitutes the entire
agreement between Lessor and Lessee and shall not be
amended, altered or modified except in a writing signed by
the parties hereto.
27. NOTICES. All notices required or permitted
hereunder shall be sufficient if delivered personally or
mailed to the parties at the address hereafter set forth or
at such other address as either party may designate in
writing from time to time. Any such notice shall be effec-
tive 48 hours after it has been deposited in the United
States mail, duly addressed and with postage prepaid.
28. GOVERNING LAW. This Lease and other instruments
or documents executed by the parties hereto, and the rights
and duties of the parties hereto, shall be construed and
enforced in accordance with the laws of the State of
Colorado.
-5-
29. TIME. Time is of the essence of this Lease and
each and all of its provisions.
30. SEVERABILITY. If any provision in this Lease or
the application of such provision to any person or cir-
cumstance shall be invalid, illegal or unenforceable, the
remainder of this Lease or the application of such provision
to persons or.circumstances other than those to which it is
invalid, illegal or unenforceable shall not be affected
thereby.
IN WI'T'NESS WHEREOF, the parties hereto have executed
this Lease the day and year first above written.,
LESSOR:
COLORADO NATIONAL LEASING, INC.
By
Bldg. 51, Suite 150
14142 Denver West Pkwy.
Golden, CO 80401
LESSEE:
TOWN OF AVON
By
Title:
ATTACHMENTS:
Resolution No.
of the
Equipment Description (Exhibit A)
Equipment Lease Schedule (Exhibit B)
Certificate of Acceptance (Exhibit C)
Opinion of Counsel
Incumbancy Certificate
-6-
EQUIPMENT LEASE SCHEDULE #88204
A. EQUIPMENT LEASED:
Minolta 530R Copier
700 Series Cabinet
F10 Document Feeder & S-20 Minolta Sorter
Starter Kit
B. TERM: Unless sooner terminated as set forth in the
Lease, the term of this Lease respecting each item of
equipment listed on this schedule on shall commence on
installments as follows: 60 consecutive monthly
C. RENT: As rent for said equipment, Lessee shall pay
Lessor the sum of $11,880.00 , payable in
installments of $198.00
commencing on , which said
installments of rental include interest at a rate of
10.75 per annum on the Agreed Option Price.
D. LOCATION: The above described equipment shall be
located at Town of Avon Avon Colorado
and shall not be removed therefrom without the prior
written consent of Lessor.
APPROVED AND AGREED TO THIS 2Y OF - 19
as a schedule to that certain Lease dated the day
of 19
COLORADO NATIONAL LEASING, INC.
By.
TOWN OF AVON
and shall expire on
LESSOR
B `~~LESSEE
Lease No. 88204
'C -4 V r Utm r
CER'T'IFICATE OF ACCEPTANCE
The undersigned hereby certifies that it has
received, inspected, approved and hereby accepts delivery of
the following equipment upon the terms and conditions set
forth herein and in that Equipment Lease Agreement dated
between the undersigned and
Colorado National Leasing, Inc., a Colorado corporation:
1. Description of Equipment:
1 - Minolta 530R Copier
2. Cost:
The cost of the equipment is $9,225.00
The undersigned further certified that the
foregoing equipment is in good order and condition, and con-
forms to the specifications applicable thereto.
The execution of this Certificate will in no way
relieve or decrease the responsibility of the manufacturer
of the equipment for any warranties it has made with respect
to the same.
The undersigned hereby requests Colorado National
Leasing, Inc. to process payment in the amount of $9,225.00
to the vendor.
Dated:
TOWN OFppA~AVON
((~/J
By 8
Lessee
ATTEST:
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Unw=ss sooner terminat
ed as set
forth in
the Lease, the
term of
this lease respecting each
item, of equipment shal
l commence
on
and shall
-expire
on
•
As rent for
asid equipment, Less
ees
all
pay Lessor t e
sum of
11,880,
payable in install-
mE:-,-I.s as follows: 60
consecuti
ve month
ly installments
of $198.
00 commencing on
_ which said ins
tallments
of rent
include interes
t at the
rate of
10.75 per annum on
the Balance
of Principal.
STATE OF COLORADO )
COUNTY OF EAGLE ) SS
TOWN OF AVON )
NOTICE IS HEREBY GIVEN OF A PUBLIC HEARING BEFORE THE TOWN COUNCIL
OF THE TOWN OF AVON, COLORADO, AT 7:30 P.M. ON THE 22ND DAY OF
MARCH, 1983 AT THE MUNICIPAL BUILDING,'400 BENCHMARK.ROAD, AVON,
COLORADO FOR THE'PURPOSE OF CONSIDERING THE ADOPTION OF ORDINANCE
NO.#83-13, SERIES OF 1983:
AN ORDINANCE AUTHORIZING EXECUTION OF CERTAIN EQUIPMENT LEASE
AGREEMENTS
A copy of said''Ordinance is attached hereto and is also on file
at the office of the town clerk and may be inspected during regular
business hours.
Following this hearing, the Council may consider final passage of
this Ordinance.
This notice given and passed by order of the town Council of-the
Town of AVon,' Colorado.
Dated'this 10th"day of March, 1983.
TOWN OF-AVON, COLO
BY
POSTED AT THE FOLLOWING PUBLIC PLACES,WITHIN THE-TOWN OF AVON ON
MARCH 10, 1983:
THE MAIN-ENTRANCE OF, THE POST .OFFICE,
THE MAIN ENTRANCE'.TO CITY MARKET,,
THE PESTER GAS STATION; AND
THE MAIN-LOBBY IN THE MUNICIPAL BUILDING