HomeMy WebLinkAboutOrdinance No. 212 AN ORDINANCE OF THE CITY OF THE COLONY, TEXAS, AUTHORIZING
THE CITY MANAGER TO ENTER INTO A LEASE PURCHASE CONTRACT FOR
A 1982 CHEVROLET C-30 MODULANCE VEHICLE WITH
/3a '
~.~ IN THE AMOUNT OF Il&. 9~ ; ATTACHING
THE APPROVED CONTRACT AS EXHIBIT "A"; AND PROVIDING AN EFFECTIVE
DATE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF THE COLONY,
TEXAS:
SECTION 1. That the City Manager of the City of The Colony,
Texas, is hereby authorized to execute on behalf of the City
a lease purchase contract for the purchase of a 1982 Chevrolet
C-30 Modulance Vehicle with ~--~--X~ OC ~,/ /~ &
in the amount of ~ ~O. //~. ~ ~ The approved form of
such contract is attached hereto as Exhibit "A", and made a part
hereof for such purposes.
SECTION 2. This ordinance shall take effect immediately
from and after its passage and publication of caption in official
newspaper.
PASSED AND APPROVED BY THE CITY COU~IL O~ THE CITY OF THE
COLONY, TEXAS, ON THE /~ DAY OF ://~/~///! , 1982.
APPROVED:
GENE'~POL~ARD~ MAYOR
ATTEST:
J CE CARROLL, CITY SECRETARY
APPROVED AS TO LEGALITY
OF THE FORM:
CITY ATTORNEY
· ' This offer, as Set forth ~n the A~reemen~ below, may b~ accepted only by giving wr~t~ .... t~ce to Lessor prior to_.___._.__._~
LEASE*PURCHASE AGREEMENT
THIS LF-.ASE.PURCHAS£ AGREEMENT (hereinafter' referred' to as "A&reeent") by and between_ ~p¼~
and_. C~ity of The Colonyr Texas corporation (hereinafter retorted to as "Lessor").
_ T~;r~,~ (hereinafter referred to as "Lessee")· ~ a politic, at subdivision of the State of
J. Term and Payments. Lessor hereby leases to Lessee and Lessee hereby leases from Lessor, the property described in
of .operty having f ncbons ........... acqu,red and ha..o ,ntent to re res?lted rom any
during the payment schedule set forth in Exhibit B by giving notice to The Colony Bank at 5200 '
Co]-~tn~e, ~× ?~'656. or at such other place as Lessor or ~
subsequent to the current fisoa ~e.i~a .~.u,,,~.o~ )un?s necessary to make required navmen~."~.~u..eL-~.ucn_fal}~re to obtain proper
atl the Property, effective on the last day of the last fiscal period e ~ '"'~ ~n~ interest in obligations under this
for which appropriation or approval was property obtained.
the Property, except any Federal or state income taxes, if any, payable
(al Lessee represents, and will provide an opinion of its counsel to the effect that, it has full pawer and authority to
of Lessee enforceable in accordance with its terms and all requirements for execution, delivery and perfon"~ance of this 4&reemeet
have been, or will be, complied with in a timely manner;,
(bi Ali payments hereunder have been, and wifl be duly authorized and paid when due out of funds then on hand
its obligations hereunder;, --,. ~:~ee nas budgeted and available for~th e,,;.~.+*u.~:,.,u(en[ amou~t t.o. permit Lessee
id) Information supplied and statements made by LeSsee in any financial statement or current budget pdor to or
contemporaneously with this Agreement are true and correc~
(el Lessee has an immediate need for. and expects to make immediate use of, substantially ali the Property, which
(fl There are no circumstances presentlv aff~.-+: ...... P perb/ for purposes or functions simile- ~ ,-- ~P ty.i,n .the
need for the Property or adversely affect ts abih Jr ~ ..... ~ ~.e Lessee that could reasonably be exn---+o~ ,.~u ,[,,~ ..~ro.pec~y s,
. (gl Lessee's ri ht to ' . ty Ihngness to budget funds for th - .~,~. ~u a~er ils toreseeable
for cons,deration, but was in~crludedt%roTeTvat~e~.t~,? Agreement as specified in Paragraph ! heerP~a~r~.~-nt of.sum~ due hereunder, and
Lessee is Ioc.~ted. ~ ,v, ~,~e purpose of complying with the re,,uir~'~'-,,~s.?ot an Independently bar~a ned.
5. Use and b'censes. Lessee shaft pay and discharge all operating' expenses and shall cause ~he Property to be operated by
~roperty impropery, carelessly, or in violation of ·
~he location stated on the Ce.+i~"~'~.~ u,. ~.ne ~'r?perty or the use contemplated ~v its or~ -,~,~.~.~.~,on o,r any governmental authori or
rts remove, and the Pro~,'''-~u~,~e~Or ~ccep~ance.executed by Lessee unon ~'i;,,~-.m~n,~ou~urer' Lessee shall keep the Pro~e~
dehvered to the LeSsor shc~ing the interest of the Lessor. certificate of tJge is issuable with reSpect to the Property. d shall be
rep~ir and m~lntaln the Property in as good condition, repair, appearance and working order as ~.hen d(~XhPense' Lessee shall sen/ice,
$. Liens. Lessee shall nc' · lly or indirectly create, incur, assume or ~,~"~- to exist any mortgage, security interest,
pledge, lien, charge, encumbrance ~m on or with respect to the Property, ' rote, or any interest therein, except the
respective rights of Lessor and Lessee hereunder.
9. Damage to or Destruction of Property. Lessee shall bear the entire risk of loss, d&mage, theft, or destruction of the
Property from any and avery cause whatsoever and ho loss, danlage, destruction or other event shall release Lessee from the obliga-
tion to pa)' the tull amount of the rental payments or from an)' other obligation under this Agreemeot.
(al In the event that all or any part of the Property is lost. stolen, destroyed or damaged beyond repair, Lessee shall
replace the same with like property in good repair of like va~ue at Lessee's sole cost and expense as soon tllereatter as possible and
any such replacement shall become subject to this Agreement. If insurance is in effect with respect to the property, insurance proceeds
received by Lessor with respect to any such casualty shall be paid to Lessee if such Property is replaced by Lessee as required hereunder.
(b) If Lessee fails to replace such Property as required, Lessor may at its option terminate this Agreement as to that
part of the P~opery lost, stolen, destroyed or damaged beyond lepair, and recover from Lessee the amount of the unpaid principal
balance applicable to Property lost, stolen, destroyed or damaged beyond repair as of the last date on which a payment was made
pursuant to Paragraph ! hereof, together with interest thereon at the rate specified Jn Exhibit B from such payment date to the date
of such termination, and less insurance proceeds, if any, received and retained. If Lessee exercises /ts option hereunder, the princi.
pal portion of the payments required to be made thereafter by Lesse~ purs4;ant to Paragraph I and the su~equ~.,-~ O;~ to Put:base
Values set forth in Exhibit B shall be reduced in the proportion which the origina~ cash sale price of the part of the Property lost,
stolen, destroyed or damaged beyond repair bore to the aggregate original cash sale price of the Property described in Exhibit A.
10. Insurance. Lessee shall either be selfdnsured with regard to Property or shall purchase and maintain insurance with
regard to Property. If Lessee elects to be selfdnsured with regard to this Agreement, it may do so only with the prior consent of
Lessor. Lessee shall indicate on eacl~ Certificate of Acceptance executed in relation to this Agreement its election to be self-insured
or company insured with regard to the Property bsted on that Certificate of Acceptance. Whether Lessee is self.insured or company
insured, Lessee shall, for the term of this Agreement, et its own expense, provide comprehensive liability insurance with respect
to Property, insuring against such risks, and such amounts as are customary for lessees of prope~y of a character similar
to the Property. In addition, Lessee shall, for the term of this Agreement, at its own expense, provide casualty insurance with
respect to the Property, insuring against customary risks, coverage at all times not less than the amount of the unpaid principal
portion cf the payments required to be made pursuant to Paragraph 1 as of the last preceding payment date specified in Exhibit B
on which a payment was made. If insurance policies are provided with respect to the Property, all insurance policies shall be with
insurers authorized to do business in the state where the Property is located and shall name both Lessor and Lessee as insureds as
their respective interests may appear. Insurance proceeds from casualty losses shall be payable solely to the Lessor, subject to the
provisions of Paragraph 9, Lessee shall, upon request, deliver to Lessor evidence of the required coverages together with premium
receipts and each insurer shall agree to give Lessor writlen notice of nonpayment of any premium due and ten (10) days' notice
prior to canceIlation or alteration of any such policy. Lessee shall also carry and require any other person or entity working on, in er
about the Property to carry workmen's compensation insurance covering employees on, in or about the Property. In the event Lessee
fails, for an)' reason, to comply with the requirements of this Paragraph, Lessee shall indemnify and save I~armless, and, at Lesson's
sole expense, defend Lessor and its agents, employees, officers and directors and the Property against all risk of loss not covered by
insurance.
~.1. Indemnification, Lessee shall indemnify and save harmless Lessor and its agents, employees, officers and directors
from and, at Lessee's expense, defend Lessor and its agents, employees, officers and directors against all liability, obligations, losses,
damages, penalties, claims, actions, costs and expenses (including but not limited to reasonable attorneys' fees) of whatsoever kind or
nature which in any way relate to or arise out of this Agreement or the ownership, rental, possession, operation, condition, sale or
return of the Property. All amounts which become due from Lessee under this Paragrapb 11 shall be credited with any amounts
received by the Lessor from insurance provided by the Lessee and shall be payable by Lessee within thirty (30) days following
demand therefor by Lessor and shall survive the termination or expiration of this Agreement.
12. NO Warranty. EXCEPT FOR REPRESENTATIONS, WARRANTIES AND SERVICE AGREEMENTS RELATING TO THE PROP.
ER'FY MADE OR ENTERED iNTO BY THE MANUFACTURERS OR SUPPLIERS OF THE PROPERTY, ALL OF WHICH ARE HEREBY
ASSIGNED TO LESSEE, LESSOR HAS MADE AND MAKES NO REPRESENTATION OR WARRANTY. EXPRESS OR IMPLIED, AND
ASSUMES NO OBLIGATION WITH RESPECT TO THE TITLE, MERCHANTABILITY, CONDITION, QUALITY OR FITNESS OF THE PROP-
ERTY DESCRIBED IN EXHIBIT A FOR ANY PARTICULAR PURPOSE OR THE CONFORMITY OF THE PROPERTY TO SPECIFICATIO;,IS
OR PURCHASE ORDER, iTS DESIGN, DELIVERY, INSTALLATION OR OPERATION. All such risks shall be borne by Lessee without in
any way excusing Lessee from its obligations under this Agreement and Lessor shall not be liable to Lessee for any damages on
account of such risks. All claims or actions on any warranty so assigned shall be made or prosecuted by Lessee, at its sole expense,
upon prior writ[eh notice to Lessor. Lessor may, but shatl have no obligation whatsoever to, participate in such claim or action en
such warranty, at Lessor's expense. Any recovery under such a warranty shall be made payable jointly to Lessee and Lessor,
13. Option to Purchase. Provided Lessee has compged with the terms and conditions of this Agreement, Lessee shall have
the option to purchase not less than all of the Property which is then subject to this Agreement "as is" at the payment date and
for the Option to Purchase Values set forth in Exhibit B or such adjusted Option to Purchase Value as may have been determined in
accordance with Paragraph 9 hereof by giving written notice to Lessor not less than sixty (60) days prior to the date specified in
Exhibit B for the exercise of such option; provided that upon Lessee's timely payment of ali payments specified in Exhibit B and
the Final Purchase Option Price, Lessee shall be deemed to have properly exercised its option to purchase the Property and shall
be deemed to have acquired all of Lessor's right, title and interest in and to the Property, free of any lien, encumbrance or security
interest except such bens, encumbrances or security interests as may be created, or permitted and not discharged, by Lessee but
without ottler warranties. Payment of the applicable Option to Purchase Value shall occur on the applicable purchase date specified
in Exhibit B hereto at which time Lessor shall, unless not required hereunder, deliver to Lessee a quitclaim bdl of sale transferring
Lessor's interest in the Propert)' to Lessee free from any lien, encumbrance or security interests except such as may be created, er
permitted and not discharged, b)' Lessee but without other warranties. Upon Lessee's actual or constructive payment of the Option
to Purchase Value and Lessor's actual or construcUve delivery of a quitclaim bill of sale covering the Property, this Agreement shall
terminate except as to obligations or liabilities accruing hereunder prior to such termination.
14. Default and Lessor's Remedies.
(al The occurrence of one or more of the following events shall constitute an Event of Default, whether occurring volun-
tarily or involuntarily, by operation of Jaw or pursuant to any order of any court or governmental agency;.
(1) Lessee's failure to make any payment hereunder when due or within ten (10) days thereafter;,
(2) Lessee's failure to comply with any other covenant, condition or agreement of Lessee hereunder for a period
of ten (10) days after notice thereof;
(3*) Any representation or warranty made by Lessee hereunder ahalt be untrue in any material respect as of the
date made;
(4) Lessee shall make, permit or suffer any unauthorized assignment, transfer or other disposition of this Agree-
ment or any interest herein, or any part of the Property or any interest therein; or
(5) Lessee becomes insolvent or admits in writing its inabildy to pay its debts as they mature or applies for,
consents to, or acquiesces in the appointment of a trustee, receiver or custodian for the Lessee or a substantial part of its property;
or in the absence of such application, consent or acquiescence, a trustee, receiver or custodian is appointed for Lessee or a substan-
tial part of its property and is not discharged within sixty (60) days; or any bankruptcy, reorl=anization, debt arrangement, morator-
ium, or any proceeding under any bankruptcy or insolvency I~w, or any dissotution or liquidation proce;ding, is instituted by or
against Lessee and, if instituted against Lessee, is consented to or acquiesced in by Lessee or is not dismissed within sixty (60) days.
(b) Upon the Occurrence of any Event of Default specified herein Lessor may at its sole discretion exercise any or all
of the following remedies:
(]) Enforce this Agreemeot by appropriate action to collect amounts due or to become due hereunder, by acce!e*
ration or otherwise, or to cause Lessee to perform its other obligations hereunder in which event Lessee shall be liable for all costs
and expenses incurred by Lessor;
(2) Take poss, of the Property, without demand or notic vithout court order or any process of law,
and remove and reJet the same fo .o's account, in .which e~ent Lessee waive. ~nd all damages resulting therefrom and
shall be liable for all costs and expenses incurred by Lessor in connection therewith anc[ the difference, if any, between the amounts
to be paid pursuant to Paragraph I hereof and the amounts received and to be received by Lessor in connection with any such
reletting;
(3) Terminate this Agreement and repossess the Property, in which event Lessee shall be liable for any amounts
payable hereunder through the date of such termination and all coats and expenses incurred by Lessor in connection therewith;
(4) Sob the Property or any portion thereof for Lessor's account at public or private sale, for cash or credit, with-
out demand on or notice to Lessee of Lessor's intention to do so, or relet the ProperLy for a term and a rental which may be equal to,
greater than or less than the rental and term provided herein, if the proceeds from any such sale or rental payments received under
a new agreement made for the periods prior to the expiration of this Agreement are less than the sum of (i) the costs of such repos-
session, sale, relocation, storage, reconditioning, re!erring and to-installation (including but not limited to reasonable attorneys' fees),
(ii) the unpaid principal balance derived from Exhibit B as of the last p~eceding payment date specified in Exhibit B and (iii) any
past due amounts hereunder (plus interest on such unpaid principal balance at the rate specified in Exhibit B and interest on such
past due amounts at the rate specified in Paragraph ]9 hereof, prorated to the date of such sale), all of which shall be paid to
Lessor, Lessor shall retain all such proceeds and Lessee shall remain liable for any deficiency; or
(5) Pursue and exercise any olher remedy available at [aw or in equity, in which event Lessee shall be liable
for any and all costs and expenses incurred by Lessor in connection therewith. "Costs and expenses", as that term ~s used in this
Paragraph 14, shall mean to the extent allowed by law: (i) reasonable attorneys' fees if this Lease is referred for collection to
an attorney, not a salaried employee of Lessor or the holder of this Agreement; (ii) court costs and disbursements including such
costs in the event of any action necessary to secure possession of the Proper~y; and (iii) actual and reasonable out-of-pocket ex-
penses incurred in connection with any repossession or foreclosure, including cost of storing, reconditioning and resel;ing the Prop-
er[y, subject to the standards of good faith and commercial reasonableness set by the applicable Uniform Commercial Code. Lessee
waives all rights under oil exemption Jaws.
(6) Under no circumstance shall Lessee be liable under paragraph 14 (b) for any amount in excess of the sum
appropriated pursuant to paragraph ] hereof for the previous and current fiscal years, less all amounts previously due and paid
during such previous and current fiscal years from amounts so appropriated.
].5. Termination. Unless Lessee has properly exercised its option to purchase pursuant to Paragraph 13 hereof, Lessee shall,
upon the expiration of the term of this Agreement or any earlier termination hereof pursuant to Paragraph 14 hereof, deliver the
Property to Lessor unencumbered and in at. toast as good condition and repair as when delivered to Lessee, ordinary wear and tear
resulting from proper use a;one excepted, by loading the Property, at Lessee's sote expense, on such carrier, or deIivering the
Property to such location, as Lessor shall provide or designate at or within a reasonable distance from the general location of the
Property. If Lessee fails to deliver the Property to Lessor, as provided in this Paragraph I5, on or before the date of termination of
this Agreement, Lessee shalt pay to Lessor upon den]and, for the hold-over period, a portion of the total payment for the applicable
period as set forth in Exhibit B prorated from the date of termination of this Agreement to the date Lessee either redelivers the
Property to Lessor or Lessor repossesses the Property. Lessee hereby waives any right which it now has or which may be acquired
or conferred upon it by any law or order of any court or other governmental authority to terminate this Agreement or its obligations
hereunder, except in accordance with the express provisions hereof.
16. Assignment and Sublease,
(a) Without the prior written consent of Lessor, Lessee shall not () assign, transfer, p}edge or hypothecate or other-
wise dispose of this Agreement, t e Property, or any part thereof or any interest therein, (i) sublet the Property or any part thereof,
or (iii) permit the Property to be used for any purpose not perm tted by Paragraph 5 hereof.
(b) Lessor shall be entitled with or without notice to, or the consent of, Lessee to sol, assJ n or r
part of its right, t~tle and interest m, to and under th~s Agreement 0ncluding, without limitation, rights in tg~e Pr a~lr
meats of any kind due or which are to become due to Lessor hereunder) and any such purchaser(s), assignee(s) or transferee(s)
shall thereafter (Jointly, if more than one) be deemed to be the Lessor hereunder, except that Lessor and Lessee agree and acknow-
ledge that any such purchaser(s), assignee(s) or transferee(s) will have made no representation or warrant~, and therefore will
assume ~o obligation, with respect to the title, merchantability, condition, quality or fitness of the Property for any particular put-
pose, or for the enforcement of any warranties or service agreement made or assigned to Lessee by the initial Lessor named herein.
Upon Lessee's receipt of wriHen notice of Les.~or's sale, assignment or transfer of eli er any part of its interest hereunder, Lessee
agrees to attorn to and recognize any such purchaser(s), assignee(s) or transferee(s) (iointly, if more than one) as the Lessor(s)
under this Agreement. Upon written request Lessee agrees to execute and deliver such certificates or other instruments as may reas-
onably be requested, including, but not limited to, a separate acknowledgement of assignment and attornment certificate in the
customary form as to any purchaser's, assignee's or transferee's right, title and interest in, to and under this Agreement, the Properbj
and the payments thereafter due and payable pursuant to this Agreement.
]7. Personal Property. The Property is and shall at all times be and remain personal property.
18. Lessor's Right to Perform for Lessee. If Lessee fails to make any payment or perform or comply with any of its cove-
neats or obligations hereunder, Lessor may, but shall not be required to, make such payment or perform or comply with such
covenants and obligations on behalf of Lessee and the amount of any such payment and the expenses (including but not limited
to reasonable attorneys' fees) incurred by Lessor in performing or complying with such covenants and obligations, as the case may
be, together with interest thereon at the highest lawful rate, shall be payable by Lessee upon demand.
19. Interest on Default. if Lessee faiis to pay any payments specified in Paragraph 1 hereof within ten (10) days after the
due date thereof, Lessee shall pay to Lessor interest on such delinquent payment from the due date untd paid at the highest lawful
rate,
20. Notices. Any notices to be given or to be served upon any pady hereto in connection with this Agreement must be in
writing and may be given by certified or registered mail, and shall be deemed to have been given and received forty-eight (48)
hours after a registered or certified letter containing such notice, postage prepaid, is deposited in the United States mail, and if
given otherwise shall be deemed to have been given when delivered to and received by the party to whom it is addressed. Such
notice shall be given to the part[es at their respective addresses designated on the signature page of this Agreement or at such other
address as either party may hereafter designate.
21. Security Interest. As security for Lessee's covenants and obligations hereunder Lessee hereby grants to Lessor, and its
heirs, successors, assigns and personal representatives, a security interest in the Property, all accees~ons thereto and proceeds
therefrom, and, in addition to Lessor's rights hereunder, all of the rights and benefits of a secured party under the Uniform Com-
merciaJ Code as in effect from time to time hereafter in the state in which the Property is located or any other state which may
have jurisdiction over the Property. Lessee agrees to execute, acknowledge and deliver to Lessor !n recordable form upon request
financing statements or any other instruments with respect to the Property or this Agreement considered necessa~ or desirable Dy
Lessor to pertect and continue the security interest granted herein in accordance with the laws of the applicable jurlsd~ction.
22, Misceganeous.
(a) Lessee shall, whenever requested, advise Lessor of the exact location and condition of the Property and shall give
Lessor immediate notice of any attachment or other judicial process affecting the Prope~y, and indemnify and save Lessor harmless
from any loss or damage caused thereby. Lessor may, for the purpose of inspection, at all reasonable times enter upon any job,
building or place where the Property and the books ~nd records cf the Lessee with respect thereto are located,
(b) Time is of the essence No covenant or obligations hereunder to be performed by Lessee may be waived except
by the written consent of Lessor and a waiver of any such convenant or obligation or a forbearance to invoke any remedy on any
occasion shall not consbtute or be treated as a waiver of such covenant or obligation or any other covenant or obligation as to any
other occasion and shall not preclude Lessor from invoking such remedy at any later time prior to the Lessee's cure of the condition
giving rise to such remedy. Lessor's rights hereunder are cumulative and not alternative.
(c) T~ls Agreement ab ~nstrued and governed ;n acce~ance with ' s of ~e S~te in which Le~s~ Is ~at~,
~r~men~
IN WITNESS WHEREOF, ~e ~i~ h~e ~ ~is Asr~ment as of ~e day ~ 19.
LESSOR; LESSEE:
The Colony Ba~ ~ty of The Colony, Texas
(Name) Dan i e 1 bl. Savage, dr.
(Name)
~Ue) city Manager
5200 Paiqe Road
(Add.ss of Lessor) 5576 N. C~nv ~l]levard
{Address 0~ Le~s~
The Celeny, Denten~ Texas~ 75056 ~%e Celos~ Den[on, Te~s, ?5056
(ci~, Co~n~. S~e, ~p ~e) (Ci~, ~n~. S~ate. g~p ~e)
~[.~ ~z/~/~'~/~:of. City o~ ~e Colony known ~ m- ,*
G~ven und~ my hand and S.I of omc. thi~/~ day of ~ iV' 19~~ 7
0 ~ ~blic in and for '
THE ~ATE OF
~UN~ OF- )
Before me, the underslgn~ a~o~, on this d~ ~r~nally appeare~
~u~,
OPINION OF COUNSEL
'" ' /' / ~ ,; ,
'" /' /' r/', ', '( / ?,
(Name)
F-50SO (Rev. 5-81) Attorney for Lessee
EXHIBIT A
DESCRIPTION Of PROPERTY
Description: One (1) Superior Southwest Type II Ambulance
Original Cash Sale Price: $35,556.00
F-5050-1 (ld0)
Date: 07/01/82 THE CO~Ny BANK
Interest Rate: 12.95
First Payment In Advance
EXHIBIT B
PYMT. DUE
BA/~ANCE OF
NO. DATE PAYMENT INTEREST PRINCIPAL PRINCIPAL
35,556.00
1 07/08/82 1,671.52 -- 1,671.52 33,884.48
2 08/08/82 1,671.52 365.67 1,305.85 32,578.63
3 09/08J82 1,671.52 351.58 1,319.94 31,258.69*
YEAR
ENDING 09/82 5,014.56 717.25 4,297.31
4 10/08/82 1,671.52 337.33 ' 1,334.19 29,924.50
5 11J08/82 t, 671.52 322.94 1,348.58 28,575.92
6 12/08/82 1,671.52 308.38 1,363.14 27,212.78
7 01/08/83 1,671.52 293.67 1,377.85 25,834.93
8 02~08/83 1,671.52 278.80 1,392.72 24,442.21
9 03/08/83 1,671.52 263.77 1,407.75 23,034.46
10 04/08~83 1,671.52 248.58 1,422.94 21,611.52
11 05/08/83 1,671.52 233.22 1,438.30 20,173.22
12 06/08/83 1,671.52 217.70 1,453.82 18,719.40
13 07/08/83 1,671· 52 202.01 1,469.51 17,249.89
14 08/08/83 1,671.52 186.16 1,485.36 15,764.53
15 09/08/83 1,671.52 170.13 1,501.39 14,263.14'
YEAR
ENDING 09/83 20,058.24 3,062.69 16,995.55
16 10/08/83 1,671.52 153.92 1,517.60 12,745.54
17 11/08/83 1,671.52 137.55 1,533.97 11,211.57
18 12/08/83 1,671.52 120.99 1 t 550.53 9,661.04
19 01/08/84 1,671.52 104.26 1,567.26 8,093.78
20 02/08/84 1,671.52 87.35 1,584.17 6,509.61
21 03/08/84 1,671.52 70.25 1,601.27 4,908.34
22 04/08/84 1,671.52 52.97 1,618.55 3,289.79
23 05/08/84 1,671.52 35.50 1,636.02 1,653.77
24 06/08/84 1,671.52 17.75 1,653.77 0.00
YEAR
ENDING 06/84 15,043.68 780.54 14,263.14
TOTALS
40,116.48 4,560.48 35,556.00
*Option to purchase price after payment of amount otherwise due on date indicated.
CERTIFICATE OF ACCEPTANCE
~.e&se-Purchese A'greement (Ihe "Agreeman,
By end Between
~o Pc~l~y R~nk (Le~
C~ty o~ The Colony, Texas
(Le~)
Dat~
1. ACCE~ANCE: In a~ance with the Agreemen~ Less~ hereby codifies that elf of the pro~ d~H~d there{n (~ has
~en r~eived by Lasso. (ii] ha~ ~en ~ho*ough~y examined and inspected ~o the complete ~isfa~Jo~ of Le~e~
fou nd by Less~ to ~ in g~ ope ra~ing order, re;air and cond~tlo~ (i~ h as bee n found to be of the siz e, des~ ;ual{~ ~ and
manufacture s~fied by Lessee, (v) has been found to ~ and ~s who~Jy suitable ~o* Lessee's pu~se, and (v0 ;s hereby
unconditionally s~ep[ed by Lessee, In the condition r~ei~e~/or ail our~ses of the
2. EQUIPMENT:
3. USE: The prima~ uae of the property la as follows;
4. PROPERTY LOCATION:
5. PAYMENTS: Invoicing shall be lo the following address;
6. INSURANCE; Lessee certifies that property and liability insurance have been secured In accordance with the Agreement
and such coverage will be maintained In full force fo* the term of the Agreement. will be
designated loss payee until Lessee is notified, in writing, to substitute a new loss payee.
--.Company insured, copy of policy endorsement attached
Elect to se]f-insure in accordance with Paragraph 10 of the Lease-Purchase Agreement
7. MAINTENANCE; In accordance with Section 5 o~' the Agreement, Lessee agrees to, at its own ex~nse, se,vice, reoaJr and
maintain the property fo* the term of the Agreement as follows;
.Maintemance contract, copy attached
~ t~
LESS~(~.V o~= The
ACCEPTED AS OF THiS 8~': '_'i~-~,~%,-',~ ~, ~(~ ~ ~,~..
/
Daniel M. Savage, Jr.
the_ dayo~_ ~ 19
(name typed or printed)
F'~7 R~'~. 1 ~.St City Manaqer
(title)
BILL OF SALE
For value recelved in the amount of $ 35,556.00 , the receipt of which is acknowledged,
Superior Southwest, Inc. (hereinafter "SELLER")
hereby sells and transfers its right(s), title{s), and interest(s) in the items Of Property described below to
The Colony Bank
(hereinafter referred to as
NO. OF ITEMS DESCRIPTION MODEL SERIAL NUMBER_
One ( 1 ) Superior Southwest
Type II A~oul~u~ce
SELLER hereby represents and warrants to BUYER that SELL ER is the absolute owner of said Property, that said
Property is free and clear of all liens, charges, and encumbrances and that SELLER has full right, power and authority
to sell said Property, and to execute this Bill of Sale.
Dated as of , 19
SELLER: Super±or Southwest, Thc.
By
(Name)
(Title)
STATE OF _)
) ss
County of )
On this day of , 19 before me,'the undersigned
notary public, personally appeared ~ "
. known to me to be the person whose name is subscribed to the within instrument and
acknowledged that he executed the same for the purposes therein contained.
IN WITNESS WHEREOF, I hereunto set my hand and official seal.
My commission expires: Notary Public
NOTICE or
The equipment Lee~e-Purchase kgreement ham certain
contractural obligationa for insurance requtrementa ~hieh
· hould be revieved by your ~gento
~L.F.A~E FORWARD MIS NOTE ~D CERTIFICATE ~ ~OUR ~E~ ~
N0~ TO INS~ ACEhW
Your Insured has signed an equipment Lease-Purchase
Aqreement with The Colony Bank which ha~ the following pro-
visions relating to insurance on the property.
9. D~n-mge to or D~.~Uon of Propes~y. L~e,e ~s]l bear t~e entire ~sk of ~o~s, damage, theft~ ar destruction of
ll. Indernn)f~.aUon. Lessee shall indemnify and ~e hsrrnles~ Lessor and [ts agents, mmpkryees, ofticlr~ and direct=rs