Loading...
TC Ord. No. 1983-16ORDINANCE N0.183- 16 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 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 FIRST READING, APPROVED AND ORDERED POSTED, THIS day of , 1983, and a public hearing on this Ordinance shall be held at the regular meeting of the Town Council of the Town of Avon, Colorado, on the day of , 1983 at 12:00 noon in the Municipal Building of thib Town of Avon, Colorado. llan R. Nbttingham, or r- , r, 1 ATTEST: Patricia J. D le, Town C erk INTRODUCED, PASSED ON SECOND READING, APPROVED AND ORDERED POSTED THIS 12th DAY OF April , 1983. s-ATTEST ✓ H, "P'atricia J. , Town /Cler r N ~Vzj - AVX Allan R. N ttingham, M or • ADDENDA I Lease No. 88206 EQUIPMENT LEASE AGREEMENT (Municipal Lease) The Lease is m 19 between Colorado corporation ("Les~;or" In cons idnrll herein set forth, the ade this National Leas and the of the mutual parties agree _ day of ing, Inc., a Colorado Town of Avon ("Lessee"). covenants and promises as follows: 1. LEASE. Lessor hereby leases to Lessee, and Lessee hereby leases and hires from Lessor, the property, machinery and equipment ("Equjpm~nt") 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 S year(s) trom 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 Lr:s.,ee 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 he-nby 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 th,? 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 clvsen 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 DiSCTAIMS ANY WARRANTY REGARDING THE -1- 0 i MERCHANTABILITY OF THE'EQUIPMENT, ITS FITNESS FOR A PARTICULAR PURPOSE., ITS DESIGN, CONDITION OR WORKMANSHIP 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 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 insuranc- 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 th- 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 I,~,ssee, 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 th 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 Eq,a.ipm,ant 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 A 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 -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 o ' r any building thereon, or attached in any manner.to what is permanent as by mans 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 Equipt!ient, 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 10.75,, 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 thi 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. FINANCTAL 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 thin 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. MODIFICATIUN. 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 aft,-.,r 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 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 LESSEE: TOWN OF AVON 00 91 I< BY.~ctsit i i 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- • • EXHIBIT A EQUIPMENT LEASE SCHEDULE A. EQUIPMENT LEASED: Lease #88206 1 - Alpha Micro Computer, Model 1000, 2 - Televideo CRTs', 1 - N.E.C. Letter duality Printer w/software to include: General Ledger, Accounts Pavroll, Accounts Receivable, Information Management, Nord Process, Bnnk Reconciliation 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 $32,700.00, payable in installments as follows: 60 consecutive monthly installments of $546.00 commencing on which said installments of rental include interest at a rate of 10.75 per annum on the Agreed Option Price. D. LOCATION: The above described equipment shall be located at Toivn of Aeon, Avon, Colorado and shall not be removed therefrom without the prior written consent of Lessor. APPROVED AND AGREED TO THIS DAY OF -19 as a schedule to that certain Lease dated-the day, of lg COLORADO NATIONAL LEASING, INC. By LESSOR TOWN OF AVON B L) SEE _ 1.rP~F r r:r,~nr r~•t'*r-•* r c~ rtfiji•r p,... j r. ~r•r rr•t'rrrl j.>:. y"r i, Fr!"T T%!.- rT. e r , T r. . r. r,rIjr7'Tr`r• rr PA LP I CF OF ACRFFIN F '11F. ry,7mc7rAL PFoNCTrAI. nil"TTrpt PRICE ?q. 407. rr 2111 to 612. FO 1 r. r1 r . rr - t r... .r. 7 ?r, 1Fn. 1? 2F 2FSJ.24 y rrtr,rr X11.^1J ?$,877.?n . ?q.Q?t1.41 rr.r' ,rr r,,C '1r.F'1 p11.r61.@r` r: ~ilr nn ~ Pit, ;,41.71 P5214. 74 • r rrrr.rn ?4 Fr6 P5 • rc,n.?5 ?11./105.61 ril r rr 7 7- r1'r.rr 2?_,^??. n7 ??,763.114 ^ rer. on rtr . ~o ..ryn, F? ?7, S~t2, ^r1 23,191.7? 1n rt'r.r^ ~r;,it1 r11 - 7 1 ('17.04 .7 it . 7.56 21.x'0?.. 1F . ?_2.630.(+0 1? ~11r.nr 1r+il,rt7 1 C: ,1. 3 21,5111P.67 ?.2,257.60 17 rd<.rr Cn,r, 1 r ~crti,rf► ?1, 1p5.1? - ?1,P72.84 11' r rttr.rr 1rrl ~rp.UF 2n.??C:.r, 21 1194.72 l . ritr,/n 1F?.C7 ?6.4Z 20,462.?1t 21,093.24 1/ rrtr.,nr, ,rys.r^ 3, 7. Ur. 21110°4.94 20.69A.41 1- r itr...rn 1"U.r? 77 19.723.117 211,300.21 if r . .r!r..rn 17r.rr, z7r,^4 19,?48.13 MPOS.66 ;r rrlr.on 1rr.f~ ??~.?1 1P.96p.P2 19,493.74 71 IS,"r,-511 19,M.47 P7.?5 1E.1gA:?0 1F,673.84 ^ -fir ,rn 1rU,^n 01.?1 17,A(17.0? 1P ?.5P.F4 rirr -rn 1`n. ^7 ~c1~, 1s 17.411,9n 17,P40.49. ;r rrtr..rn Ifir'.rr 7n9. 1r 17,012.74 17,41R.7P rrlr.. or 1l1:. "Q ilr! 2 1 n. 1F `r r,tr,rr 1''~,n1 n no f1.7• 11' , ?.02.5:? 1 F. 565.28 1^,.. d ~t11.nF 15,701.07 1r;, 133.50 ~s , r.,: r , rr t gin, n? it 15. Pi 15.276.119, 1 '696' 5 r1lf,rr 1:''.rf it 1 14,P57.45 _ 1V 259.P4 14.5?4.11p 14,F17.9P 1 c,riF rr • 1 1 r:. my it?r , co-) 111, 107.5r 18, Z7?..75 rlF r M tr. tr rtry(~.r(t 1?,f7f•.h5 11,9211.17 rrtr.,rn - 111,1^ W)h.P7 1'.?111.77 13.472.2? r ^ ,,r.r.n r 1n^.lr• t•~r.r4 1?•Pf`?.r' 3 1,91(.93 r r,tf •rr 1n"• 1r Oft 2.CO 1 136(1.12 12 ,559.26 f rrt!,!'r nn, 11hr..-P 11.911.'213 1?,09F.24 rrtr,rr rr.7)r ,'rn,7r 11,116?.FO 11,f30.P6 rrSr,rr nl,'! r3F!!.?? 11,(107.F^ 11.162.13 r 139 .rr o•l,^, tJ~~,fn 19.~4p.?(1 10 03 690 1:^ r: r1! , ^r P,~ ^r ~ rlf i. rti 1v.npr-.174 . , . 1(1.214.57 1!1 rrtr, or .r,1 lip F? not 61 p. 92 9,735.75 'tom rear • ^r'• it1 07r.ro n, 114 q.?? 9.253.58 d' r 1'r rr . 71, rJil 117it.17,f ?.(74.77 P.768.n4 rill rifr. r•r, r7,07 ►t7P.r^ °.196.?U 0. ?79-15 yr r,!r,.nr r.~.r, r ,tn?.rn 7,712.7!! 7.786.90 tl f- r / . or r r) . r. 14,1 r l,'7 7,2P7.;17 7,291.29 r37 r.rlr . rr rr, r.f arr,. till F.716. r? r• 792 1 r., rr.rr rt.rr et^il.nl? 6,?4?.111 6. PPMA 11 r, - r f%P e ior?.?7 ~,?4U,(:F 5.7811.?A r r..,r/ rr. . ~r/ 11 x,.'41. 71 ~,?.75.24 r, r' r ,rr rt.'?Zr,.On 11, 762. Pit r; (-,tr rn 1? 11,?47.1'7 -,!r,rrn '1 • rlot. :)r; 710.1'7 ? 7?7.~- 4 r rrrr.r" ...r r1 ~.7a ?.1n7.rc; . ?,2ftG,Ur. vI-, rrlor or 1 r,~ ~r P9 (17 r1, 117 670, r 1 r,r r:r'r nn 1r.. c., r.; jr 1114,''1 15^, 41 ~r.?.? 1.6111. 1P 1,617.P4 r.rtr.rr 11,1 i r•`It ,rq 1tonpn,tr,) 1,ORl.Q?- rC rttr , rr' y, n►t rF 5112. f%? 542. 611 or r, r for Pr. V- M 1 Unless sooner terminated as set forth in the Lease, the term of this lease respecting each item of equipment shall commence on and shall expire on As rent for said equipment, Lessees all pay Lessor the sum of $32,760.00, payable in installments as follows: 60 consecutive monthly installments of $546.00 commencing on which said installments of rent include interest at the rate of 10.75 per annum on the balance of principal. EXHIBIT C • Leasc #88206 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 1 - Alpha Micro Computer, model 1000, 2 - Televi4deo CRT's, 1 - N.E.C. Letter quality Printer. Software to include: General Ledger, Accounts Payroll, Accounts Receivable, Information Management, Word Processing, Bank Reconciliation 2. Cost: The.cost of the equipment is $25.497.00 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 $_25.497.00 to the vendor. Dated: l 83 TOWN OF AVON B Lessee e. SApyE OPINION OF CO_ Colorado National Leasing, Inc. 14142 Denver West Parkway Bldg. 51, Suite 150 Golden, Colorado 80401 Re: Equipment Lease Agreement Gentlemen: We have acted as counsel to in connection with the execution and delivery of an Equipment Lease Agreement, including the Equipment Lease Schedules, Exhibits and Certificates attached thereto, dated 198, between Colorado National Leasing, Inc., a Colorado cor- poration, and , pursuant to which has agreed to lease the equipment referred to in the Equipment Lease Agreement on the terms therein contained. In rendering this opinion, we have examined copies of the Equipment Lease Agreement, and the Equipment Lease Schedules as well as such other documents, records, certificates and legal matters as we have deemed relevant and necessary as a basis for our opinion hereinafter set forth. Based on the foregoing, it is our opinion that: 1. has all requisite power and authority to lease the property which is the subject of the Equipment Lease Agreement and has all requisite power and authority to enter into such Equipment Lease Agreement, each Equipment Lease Schedule and the Certificate of Acceptance attached thereto. 2. The Equipment Lease Agreement and each Equipment Lease Schedule has been duly authorized, executed and delivered by and constitute the legal, valid and binding obligations of , enforceable against in accordance with their respective terms. 3. The execution, delivery and performance by of the Equipment Lease Agreement, each Equipment Lease Schedule and the Certificate of Acceptance will not violate or contravene any provision of the existing Colorado or federal law or any order of any court or governmental agency having jurisdiction, the Charter, or any mortgage, indenture, security agreement or other instrument to which is a party or by which it, or any of its pro- perty, is bound. Very truly yours, SAMPLE OPINION OF COE& Colorado National Leasing, Inc. 14142 Denver West Parkway Bldg. 51, Suite 150 Golden, Colorado 80401 Re: Equipment Lease Agreement Gentlemen: We have acted as counsel to in connection with the execution and delivery of an Equipment Lease Agreement, including the Equipment Lease Schedules, Exhibits and Certificates attached thereto, dated , 198, between Colorado National Leasing, Inc., a Colorado cor- poration, and , pursuant to which has agreed to lease the equipment referred to in the Equipment Lease Agreement on the terms therein contained. In rendering this opinion, we have examined copies of the Equipment Lease Agreement, and the Equipment Lease Schedules as well as such other documents, records, certificates and legal matters as we have deemed relevant and necessary as a basis for our opinion hereinafter set forth. Based on the foregoing, it is our opinion that: 1. has all requisite power and authority to lease the property which is the subject of the Equipment Lease Agreement and has all requisite power and authority to enter into such Equipment Lease Agreement, each Equipment Lease Schedule and the Certificate of Acceptance attached thereto. 2. The Equipment Lease Agreement and each Equipment Lease Schedule has been duly authorized, executed and delivered by and constitute the legal, valid and binding obligations of , enforceable against in accordance with their respective terms. 3. The execution, delivery and performance by of the Equipment Lease Agreement, each Equipment Lease Schedule and the Certificate of Acceptance will not violate or contravene any provision of the existing Colorado or federal law or any order of any court or governmental agency having jurisdiction, the Charter, or any mortgage, indenture, security agreement or other instrument to which is a party or by which it, or any of its pro- perty, is bound. Very truly yours, • r TO: Richard D. Blodgett FROM: William D. James DATE: March 17, 1983 SUBJECT: Lease Agreement/Computer Equipment The attached lease agreement is the same as previously authorized by the Council through Colorado National Leasing. In the report presented to the Council on March 8, 1983, the interest rate was established at 10%. However, market conditions did not change as anticipated and the rate is the same as for previous leases at 10.75%. This additional 3/4% interest will add $5.00 per month. Therefore, I recommend that the lease agreements be approved on first reading. 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 12TH DAY OF APRIL, 1983 AT THE MUNICIPAL BUILDING, 400 BENCHMARK ROAD, AVON, COLORADO FOR THE PURPOSE OF CONSIDERING THE ADOPTION OF ORDINANCE NO.#83-16; SERIES OF 1983: AN ORDINANCE AUTHORIZING EXECUTION OF CERTAINdEQUIPMENT 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 donsider'final passage of this Ordinance. This notice given and passed by order of the Town Council of the Town of Avon, Colorado. Dated this 25th day of March, 1983. POSTED AT THE FOLLOWING,PUBLIC PLACES 1' MARCH 25,'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 BUILDI1~