Loading...
TC Ord. No. 1986-216-17( n A)6, 8l~ W C~,~ A) D S eccr~~ 2~~ -al i • TOWN OF AVON ORDINANCE NO. 86-21 SERIES OF 1986 AN ORDINANCE AUTHORIZING EXECUTION OF CERTAIN EQUIPMENT LEASE AGREEMENTS BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO: Section 1. That certain Equipment Lease Agreement, together with its exhibits A, B, and C, copies of which agreement is attached hereto as Addendum 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 said Equipment Lease Agreement. INTRODUCED, PASSED ON FIRST READING, APPROVED AND ORDERED POSTED, THIS 26th day of August , 1986 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 9th day of September , 1986 at 7:30 p.m. in the municipal building of the Town of Avon, Colorado. Allan R. ttingham, Mayor ST atricia J. Doy e,'Town Clq! INTRODUCED, PASSED ON SECOND READING, APPROVED AND ORDERED-- POSTED THIS day of , 1986. Allan R. Nottingham, Mayor ATTEST: Patricia J. Doyle, Town Clerk 0 STATE OF COLORADO ) COUNTY OF EAGLE ) SS TOWN OF AVON ) E 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 9th DAY OF September , 1986 AT THE MUNICIPAL BUILDING, 400 BENCHMARK ROAD, AVON, COLORADO FOR THE PURPOSE OF CONSIDERING THE ADOPTION OF ORDINANCE NO. 86-21, SERIES OF 1986: AN ORDINANCE AUTHORIZING EXECUTION OF A CERTAIN EQUIPMENT LEASE AGREEMENT 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 passsd by order of the Town Council of the Town of Avon, Colorado. Dated this 27th day of August , 1986. TO '-OF A~OON, COLORADO P tticia J. Doy , Town Cle POSTED AT THE FOLLOWING PUBLIC PLACES WITHIN THE TOWN OF AVON August 27 , 1986: THE MAIN ENTRANCE OF THE POST OFFICE THE MAIN ENTRANCE TO CITY MARKET THE PESTER GAS STATION; AND THE MAIN LOBBY OF THE MUNICIPAL BUILDING B COLVRADO NATIONAL • CN tm LEASING, INC. August 7, 1986 Mr. Bill James Town of Avon P. 0. Box 975 Avon, CO 81620 Dear Bill: On behalf of Colorado National Leasing, Inc. ("Lessor"), we are pleased to outline our proposal to finance the Equipment described below: Lessee: Town of Avon Lessor: Colorado National Leasing, Inc., reserving the right to syndicate the transaction to other corporations. Lessee agrees to cooperate in any such syndication. Description of Equipment: Orion 35' bus to your specifications. Cost of Equipment: Not to exceed $126,300 Rentals: Interest Term Paid Factor Payment Rate 5 yrs. Monthly .02005 $2,532 7.8% See attached amortization schedules Form of Transaction: This transaction is a net lease under which all costs of operating, maintaining or insuring the Equipment, and taxes and other claims associated with its use will be paid by lessee. Lessee will comply with all laws and regulations concerning use of the Equipment. For federal income tax purposes, Lessor and Lessee will characterize this transaction as a munici- pal tax-exempt lease. 950 Seventeenth Street Suite 2400 Denver, Colorado 80202 (303) 629-7750 • Disposition of Equip- ment at End of Term: Income Tax Benefits: Approval of Transaction: • Lessee agrees that it will purchase all of the leased Equipment at the maturity of the lease for $1.00. The foregoing lease amortization rate and basic rent payments are based on Lessor's receiving all available income from the Lease on a tax-exempt basis based on the assertion made by Lessee that it is a political subdivision of the state of Colorado. The proposed lease is subject to (i) approval of Lessor's Investment Committee, (ii) in the opinion of Lessor there is no adverse change in Lessee's financial con- dition prior to Lessee's acceptance of the Equipment, (iii) no change in ownership of the Lessee prior to Lease funding, and (iv) all appropriate documentation satis- factory to Lessor, Lessors legal counsel and to Lessee. Deposit: Upon Lessee's acceptance of this proposal, Lessee shall pay Lessor a good faith de- posit of $500.00. Such deposit is non- refundable in its entirety if this proposal is approved by Lessor, however, it will be applied towards advance rent. If Lessor's Investment Committee does not approve this transaction, the deposit will be refunded to Lessee in full, less any expenses referred to below which are incurred by Lessor. Fees and Expenses: All legal, appraisal and other fees and expenses incurred by Lessor in connection with the proposed lease are to be paid by Lessee. If the lease is not consummated, these expenses will be deducted from the deposit when refunded as provided above. Any deficiency is to be paid by Lessee. Documentation: Lease will be documented on Colorado National Leasing, Inc. documents. LJ Funding: All Vendors, Manufacturers or Suppliers will be paid promptly by Colorado National Leasing, Inc. after all documents have been properly executed. Financial Statements: Expiration of Proposal: Lessee shall furnish Lessor with all appropriate financial statements and other such credit information and documentation so that Lessor may make a credit decision on this proposal. This proposal expires 15 days from today's date. If the foregoing meets with your approval, please so indicate by signing this letter in the space provided below and returning it to the undersigned. Upon receipt of all required items, including the required deposits, the proposal will be submitted to our Investment Committee for review. This letter outlines the principal terms and conditions of our propo- sal, but should not be construed as a commitment until it has been accepted by you and approved by us. Sincerely, l Kenneth B. Shuss Lease Marketing Officer ACCEPTED AND AGREED TO THIS DAY OF , 19 TOWN OF AVON By Title • Lease No. EQUIPMENT LEASE AGREEMENT (Municipal Lease) This Lease is made this day of between Colorado National Leasing, Inc., Corporation ("Lessor"), and the a Colorado , 19 ( "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 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 Denver, 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 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 MARES NO WARRANTY, EXPRESS OR IMPLIED, WITH RESPECT TO THE EQUIPMENT AND EXPRESSLY DISCLAIMS ANY WARRANTY REGARDING THE 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. - I - 0 0 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- liability and property damage insurance covering the Equipment in amounts not less than $500,000 in respect of bodily injury or death to any person, not less than $1,000,000 in respect of any one accident, and not less than $400,000 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 obligation 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. 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. -2- ! • (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 attached 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. It is the Lessee's intention to make all Lease payments as required under this Equipment Lease Agreement. The Lessee represents that the Equipment and its use is essential to the perfor- mance of a necessary governmental function of the munici- pality. A statement of essential functions, funding sources, and estimated useful life of the Equipment are described by Lessee in Exhibit D and are made a part of this Agreement. However, 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 less than thirty (30) days after adoption of the budget for such fiscal year, terminate this Lease with respect to payments due beyond the end of the then current fiscal year. Upon such termination, 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 the provisions of the previous paragraph are utilized by Lessee, Lessee agrees not to purchase, lease or rent Equipment performing functions similar to those per- formed by the Equipment, and agrees not to permit functions similar to those performed through the use of the Equipment to be performed by any agency or entity hired by Lessee until the end of the term of this Lease. The restrictions imposed by this paragraph shall not apply if the Equipment shall be sold or otherwise disposed of by Lessor for a net amount equal to or greater than the then applicable Agreed Option Price as set forth in Exhibit B. If the net amount received from such sale or disposition is less than the Agreed Option Price, Lessee may pay to Lessor the amount of such deficiency, in which case the restrictions imposed by this paragraph shall not apply. 15. ASSIGNMENT. Without the prior written consent of Lessor, Lessee shall neither assign, transfer, pledge or -3- 0 0 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 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 attorneys' 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%. 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 Denver, 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. 0 0 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 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 computations 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 year 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 reasonably request. All such financial statements shall be certified 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. 29. TIME. Time is of the essence of this Lease and each and all of its provisions. -5- 0 0 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. 31. ASSIGNMENT BY LESSOR. No assignment or reassign- ment of any of Lessor's right, title or interest in this Lease or the Equipment shall be effective unless and until Lessee shall have received a duplicate original counterpart of the document by which the assignment or reassignment is made, disclosing the name and address of each such assignee; provided, however, that if such assignment is made to a bank or trust company as paying or escrow agent for holders of certificates of participation in the Lease, it shall thereafter be sufficient that a copy of the agency agreement shall have been deposited with Lessee until Lessee shall have been advised that such agency agreement is no longer in effect. During the Lease term Lessee shall keep a complete and accurate record of all such assignments in form necessary to comply with the United States Internal Revenue Code, Section 103(j), and the regulations, proposed or existing, from time to time promulgated thereunder. IN WITNESS WHEREOF, the parties hereto have executed this Lease the day and year first above written. LESSOR: COLORADO NATIONAL LEASING, INC. By 950 Seventeenth Street Denver, CO 80202 LESSEE: By ATTACHMENTS: Resolution No. of the Equipment Description (Exhibit A) Equipment Lease Schedule (Exhibit B) Certificate of Acceptance (Exhibit C) Statement of Essential Functions (Exhibit Opinion of Counsel Incumbancy Certificate D) LEAS£ f 0 EXHIPIT P EQUIPMENT LEASE SCHE DULE PAYMENT RENT DESIGNATED REDUCTION OF PALANCE OF AGREED NO. PAYMENT INTEREST PRINCTPAL PRINCIPAL - OPTION PRICE INITIAL PALANCE 126,300.00 131,?52.00 1 2,532.00 840.00 1,692.00 124,608.00 129,494.36 2 2,532.00 826.00 1,706.00 122,902.00 127,625.48 3 2,532.00 812.00 1,720.00 121,18.2.00 125,745.36 4 2.532.00 798.00 1,734.00 119,448.00 123,854.01 5 2,532.00 784.00 1,748.00 117,700.00 121,951.41 6 2,532.00 770.00 1,762.00 115,938.00 120,037.57 7 2,532.00 756.00 1,776.00 114,162.00 118,112.50 8 2,532.00 742.00 1,790.00 112,372.00 116,176.18 9 2,532.00 728.00 1,804.00 110,568.00 114,228.63 10 2,532.00 714.00 1,818.00 108,750.00 112,269.84 11 2,532.00 700.00 1,832.00 1+06,918.00 110,299.80 12 2,532.00 686.00 1,846.00 105,072.00 108,318.53 13 2,532.00 672.00 1,860.00 103,212.00 106,326.02 14 2,532.00 658.00 1,874.00 101,338.00 104,322.27 15 2,532.00 644.00 1,88P.00 99,450.00 102,307.28 16 2,532.00 630.00 1,902.00 97,548.00 100,281.05 17 2,532.00 616.00 1,916.00 95,632.00 98,243.58 iP 2,532.00 602.00 1,930.00 93,702.00 96,194.87 19 2,532.00 588.00 1,944.0+0 91,758.00 94,134.92 20 2,532.00 574.00 1,958.00 89,800.00 92,063.74 21 2,532.00 560.00 1,972.00 P7.82P.00 89,981.31 22 2,532.00 546.00 1,986.00 P5,842.0+0 87.887.65 23 2,532.00 532.00 2,00+0.00 83,842.0+0 85,782.74 24 2,532.00 518.00 2,014.00 81,828.00 83,666.60 25 2,532.00 504.00 2,028.00 79,800.00 81,539.21 26 2,532.00 490.00 2,042.00 77.758.00 79,400.59 27 2.532.00 476.00 2,056.00 75,702.00 77,250.73 28 2,532.00 462.00 2,070.00 73,632.00 75,089.63 29 2.532.00 448.00 2,084.00 71,548.00 72.917.29 30 2,532.00 434.00 2,098.00 69.450.00 70,733.70 31 2.532.00 420.00 2,112.00 67,338.00 68,538.89 32 2,532.00 406.00 2,126.00 65,212.0+0 66,332.83 33 2,532.00 392.00 2,140.00 63,072.00 64,115.53 34 2,532.00 378.00 2,154.00 60,918.00 61,886.99 35 2,532.00 364.00 2,168.00 58,750.00 59.647.21 36 2,532.00 350.00 2,182.00 56.568.0+0 57,396.20 37 2,532.0+0 3736.00 2,196.00 54,372.00 55.133.94 38 2,532.00 322.00 2,210.00 52,162.00 52,860.45 39 2,532.00 308.00 2,224.00 49,938.00 50,575.71 40 2,532.00 294.00 2,238.00 47.70+0.0+0 48,279.74 41 2,532.00 280.00 2,252.00 45,448.00 45.972.52 42 2,532.00 266.00 2,266.00 43,182.00 43.654.07 43 2,532.00 252.00 2,280.0+0 40,902.00 41,324.38 44 2,532.00 238.00 2,294.00 38,608.00 38,983.45 45 2,532.00 224.00 2.308.00 36,300.00 36,631.28 46 2,532.00 210.00 2,322.00 33,978.00 34,267.87 47 2,532.00 196.00 2,336.00 31,642.00 31,893.22 48 2.532.00 182.00 2,350.00 29,292.00 29.507.33 49 2.532.00 168.00 2,364.00 26,928.00 27,110.20 50 2,532.00 154.00 2,378.00 24,550.00 24,701.84 51 2,532.00 140.00 2,392.0+0 22,158.00 22,282.23 52 2.532.00 126.00 2,4+06.00 19,752.00 19.851.38 53 2,532.00 112.00 2,420.0+0 17,332.00 17,409.30 54 2,532.00 98.00 2,434.00 14,898.00 14,955.97 '55 2,532.00 84.00 2,448.00 12,450.00 12,491.41 56 2,532.00 70.00 2,462.00 9,988.00 10,015.61 57 2,532.00 56.00 2,476.0+0 7,512.00 7.528.56 58 2,532.00 42.0+0 2,490.00 5.022.00 5,030.28 59 2,532.00 28.00 2,504.00 2,518.00 2.520.76 60 2,532.00 14.00 2,518.00 0.00 .00 UNLESS SOONER TERMINATED AS SET FORTH IN THE LEASE, THE TERM OF THIS LEASE RESPECTING EACF ITEM OF ECUIPMENT SHALL COMMENCE ON AND EXPIRE ON AS RENT FOR SAID EC'UIPMENT, LESSEE SHALL PAY LESSOR THE SUM OF ~ 151 ,920 PAYAPLE IN INSTALLMENTS AS FOLLOWS: 60 monthly PAYMENTS OF $2,532. COMMENCING ON acceptance VIPICH SAID INSTALLMENTS OF RENT INCLUDE INTEREST AT THE RATE OF 7.8 9, PER ANNUM ON THE PALANCE OF PRINCIPAL. ® 0 EXHIBIT B SCHEDULE OF PAYMENTS Date of Lease Commencement Date _ Principal Amount Due Fiscal Year Total Due Rental Date Payment Amount Attributable to Principal Amount Attributable to Interest Remaining Principal Option Balance Price SEE ATTACHED SCHEDULE INCORPORATED HEREIN BY REFERENCE The attached Schedule is accepted and acknowledged as part of this Lease between , Lessee and , Lessor BILLING INVOICES SHALL BE SENT AS FOLLOWS: (MUST BE COMPLETED EVEN IF THE INVOICE ADDRESS IS UNCHANGED FROM THE ABOVE BUSINESS ADDRESS) By - Title Attn : Lessor By Lessee Dated Lease No. OV v T n T m n 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: See Exhibit A attached hereto and by reference made a part hereof 2. Cost: The cost of the equipment is $ 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 $ to the vendor. Dated: By Lessee ATTEST: 0 Lease No. QVUTUTT n Statement of Essential Functions Funding Sources and Estimated Useful Life of Equipment The essential functions performed by the Equipment described in Exhibit shall be as follows: The specific funding sources utilized to make payments under this Agreement shall be as follows: The estimated useful life to the Lessee of the Equipment described in Exhibit is as follows: Dated:. - By: Title: