HomeMy WebLinkAboutCAG2000-0980 - Original - Bank of the West - Municipal Lease-Purchase Agreement for Riverbend Golf Course Toro Mowers - 05/23/2000 �'v- oostr`/G -OCi
MUNICIPAL LEASE-PURCHASE AGREEMENT
THIS MUNICIPAL LEASE-PURCHASE AGREEMENT (t smatter referred to as•Agreement?by and between BANK OF THE WEST,a California
°orporabon.(hereinafter referred to as Lessor),and CITY Og �Z,
Wdshlntrhon (hereinafter referred to as Lessee) a Political subdivision Or agency of the State of
WITNESSETH in cons:defebon of the mutual covenants here+rafte set for
th,the parties hereto agree as follows
1 TERM AND PAYMENTS Lessor hereby leases to Lessee the Pcopenj described In Exh bit'A"hereto(hereinafter with all replacement pz s,
amousubsnts to b proceeds,Increases,addrbons,accessions,repairs and accessones incorporated therein or affixed thereto referred to as the
amounts to the
Paid s the sums(the lease payments)and on the dates set rcrh In Exhibit S hereto Except as s
any sekon of the Lessee to make the tease Payments called for In property) far the
any set-0ff,detense,counterdaim or recou �'cift B rsrelo shad be absolute and uncondNonal Inntall events e d s,aSeCtll r,t be able t to
respectively,as set forth in Pment for any reason A Pccion cr each lease Payment is paid as,acid represents a ,
proQerC/by Lessee(or acceptance by Lessee f payments The l>_m of ire lease hereunder shall commence upon the acceptance of posse of the
y Lessee of delivery of lice feel tt_m of Property if this Agreement tnvotves multiple items of P°yt of,interns,and pnnapal
until the end ore the Lessee's current fixa7 period and thereafter for sr_ch adc,;ional fiscal periods ri are note
Le so forth in Exhibit B unless earLer terminated as provided herein,=e
Lessor a Certificate Of Acceptance in the form provided b scary to complete the anf�)and shall continue
ssz-Wall evidence Its acceptance of the Property by exectt r g and ere Nenng tpated total lease term y Lessor
AeRAg eement during s ONAPP�ROP odALesOee agreesethas hat a e_r-onE' d the funds necessa
steps and make a time) a ro nation of rurtds m order to arnents fy to make all installments of tease payments wren due u the
annual appropnahons Omdatidn imposed u i succeeding fiscal year during the term of this Aymentsgreement when dueit will take all necessary rider
P Pon Lessee under state taw Inl the evertof lthat despitehe Lease athe best ee(orts of Lessee,as the Lessee determ ned V,der Exhibit a ub
run ds for any installment t lease payments under this Agreement w•d net to available or cannot be Obtained during any suceeedlrg fiscal perod,
terminate this Agreement prior to the commencement of such rent %.Z_in that
to
determination at least s n s that
notice of termination on the(50)day ore i oroapp a First a b f sucsuCeedxsg periodperiod by giving written notice to Lessor or its successor of such lessee may
g a for Which an appropnabon shall not be made by Lessee.The written
Y e sInte rrciude a certificate signed by a duly authorized officer or Lessee ewdencin th
at such event of nonapprapnafon is not the result or related to any itentcn b Le
functions similar re those ore the subsequent
PrOa y or which provide srmdar be^efi`s b Lessee and that no other(have of Lessee have been or shall to a
such u Y sane to acgvve(or have the beneficial use)of items o/ roe 9 e tact
Purpose during the subsequent fiscal period Such failure to 0 calm Prcer aporopnation and approval of the full amount of n o s nodes-property having
andinst Interest
o/lease payments when due hereunder during any fsr�,Pencd subsequent to the current f scat period shall term
all of necessary
to a ttldeer
and interest in and obligations under the Agreement and to all ire pro err ry t0 pay
payment ore an installment of lease payments was groped P 1 eFfectnz on the last day of the last fiscal period for which appropriation of thrive for
y abl kited
3 TAXES in addition tothe lease payments to be made pursuant 5 See cn 7 he noon Lessee agrees to indemnify and hold Lessor harmless from and
against and le pay Lessor,as add,00nal rent,on demand,an arrour,equal;c all L�nse,assessments,sales,use,real or persona, rc er:
°thee taxes,levies,imposts,dupes or charges if any,together inch ary pe-alhes fees or interest thereon imposed against ar on Lessor,
Pr°Petty by any governmental authorrty upon of with respect to trte FropeSr or the purchase ownership,rental,possession,openu n Petfrn see ore of,orY,gross
or
rece-Pt of payments for the Property, except any Federal or state IFCome Lessee or L`n
or
Payment proy,ded such contest does not involve any nsk of sa'e ( > ,axes'dam• a
1 Payable by Lessor Lessee may contest any such taxes pnor to
e ur„cr loss cf the property or any interest therein
4 LESSEE'S COVENANTS AND REPRESENTATIONS Lessee covenants and represents as follews-
(a)Lessee represents and vnll provide an opinion of Its coun�l to t-e effect;nat d has full pourer and authority to enter in'e tnis Agreement whsh has
been duly authorized,executed and and peed by Lessee,and is a v d a^o brndirc ebhgt has full
Lessee and authors m accordance With its terms,and all
re:uvements for execution detrvery and performance Of this Agree^;=n;`eve been Or will be complied With in a timely manner
(b)nc action ante respect to any state Federal or other Sove^.,raer,;z7 authcrt/or agency is required with respect to the exacubon, delivery or
Performance by Lessee ore this Agreement
(e)All to the extent
hereunder have been and wilt the duly author-ized and pz+e ashen due out of funds then on hand and toga,y available for such Purpose
Lessee volt,r the extent permitted by state law antl other terms arc?ccnc tons of tail n rue
sul
during the term of this Agreement a(Linda
10 o amount i permit Lessee tc discha,ge all Its Obligations hereunder,and.Lessee has budgeted and ava;labfe for
the current fiscal period suefiecent funds le comply Agreement include m its budget for each successive fiscal period
pyunh its ern,'Lessee
hereunder
(d)T t}'here are no pending or threatened la runes pursuant to this Agreement law-suits or adr.,;mstrave
expend of
other Proceedings contesting the authority for,author2ation or performance of,an
(e tnfafmation supplied and
and correct. made by Lessee in any financet statement or current budget prior to Jr to or contemporaneouslyW t
i this Agreement are true
(f)Lessee has an Immediate need for,and expects to make'smmec:ate use of,sutuanhaily air the Property,C,mimsh in the foreseeable(flute,specifically, Lessee wall not give pro"y or partly in the appropnauon of funds for the acgwsnten er use of any addi6onat
Property for the r e excel or Future.
p similar to Ili P rty,which need is not temporary or exeeted to
ace of the Property.
19)Thee are no circumstances presently affecttng the Lessee that could reasonab be expected
for the Property or adversely affect its ablhly or vnlhngness to budget(vacs ror the a
tyUMSdu to after its foreseeable.and need
(h)Lessee's n payment of sums due hereunder,and fight to terminate this Agreement as specified in Se•_..en 2 heleo{was not an independentlybargained for coley for the purpose or complying with the regwrements of the taws of the sate in which L essee is located, � n °cns+deraaon,but was mcludec
Page 1
5 USE AND LICENSES Lessee shall pay and discharge all operating expenses and shall cause the property to be operated by competent persons only
Lessee shall use the Property only for ks proper purposes and vnll not Install,use,operate or maintain the Property Improperly,carelessly,or in violation of any
applicable law,ordinance,rule or regufabon of any governmental authority,or In a manner contrary to the nature of the Property or the use contemplated by its
manufacturer Lessee shall keep the P=perty at the location stated on the Certificate Of Acceptance executed by Lessee upon delivery of the Property until
Lessor in writing permits its removal,and the Property shall be used soley in the conduct of the Lessees operations Lessee shall obtain,at its expense,all
registrations,permits and licenses,if any,required by law for the Installation and operation of the Property Any license plates used on the Property shall be
Issued in the name of the Lessee If a certificate of title Is tesuable with respect to the Property,it shall be delivered to the Lessor showing the Interest of the
Lessor
6 MAINTENANCE Lessor shall ncc be obligated to make any repairs or replacements At its awn expense,Lessee shall service,repair and maintain the
Property in as good condition,repair,appearance and working order as when delivered to Lessee hereunder,ordinary wear and tear from proper use alone
accepted,and shall replace any and a3 parts thereof which may from time to time become worn out,lost,stolen,destroyed or damaged beyond repair or
rendered unfit for intended use,for any reason whatsoever,all of which replacements shall be free and clear of all liens encumbrances and claims of others
and shall become part of the Proper,v slid subject to this Agreement Lessor may,at its option,discharge such costs,expenses and Insurance premiums
necessary for the repair,maintenance and preservation of the Property,and all sums so expended shall be due from Lessee in addition to rental payments
hereunder
7 ALTERATIONS (a) Lessee may,a`its cv,n expense,install or place in or on,or attach or affix to,the Property such equipment or accessories as
may be necessary or convenient to use the Property for its Intended purposes,provided that such equipment or accessones do not Impair the value or utlltty of
the Property All such equipment and accessories shall be removed by Lessee upon termination of this Agreement,provided that any resulting damage shall
be repaired at Lessees expense Any such equipment or accessories not removed shall become the property of Lessor
(b)Without the written consent of Lessor, Lessee shall not make any other alterations,modifications or Improvements to the
Property except as required or pemid'`d hereunder Any other alterations,modifications or Improvements to the Property shall Immediately become part of the
Property,subject to the provisions hereof Without the prior written consent of Lessor,Lessee shall not affix or attach any of the Property to any real property
The Property shall remain personal property regardless of whether it becomes affixed or attached to real property or permanently rests upon any real property
or any improvements thereon
8 LIENS Lessee shall not directly or mdrectly create incur,assume or suffer to exist any mortgage,security interest,pledge,lien,charge,encumbrance or
claim on or with respect to the Prope:y,title thereto 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,damage,theft,or destruction of the Property from
any and every cause whatsoever,and no loss damage,destruction or other event shall release Lessee from the obligation to pay the full amount of the rental
payments or from any other obligatior under this Agreement In the event of damage to any item of the Property.Lessee will immediately place the same in
good repair with the proceeds of any insurance recovery applied to the cost of such repair If Lessor determines that any item of Property is lost stolen,
destroyed or damaged beyond repair Lessee at the option of Lessor vrli either(a)replace the same with like property in good repair or(b)on the next Lease
Payment date,pay Lessor(i)all amcr_nts then owed by Lessee to Lessor under this Agreement,including the lease payment due on such date,and(IQ an
amount equal to the applicable Opter.to Purchase Value set forth in Exhibit 6 whereupon Lessee shall be entitled thereto on an'AS-IS.WHERE-IS-bass
with no warranties whatsoever
10 INSURANCE Lessee shall be either self Insured with regard to the Property or shall purchase and maintain Insurance with regard to the Property
Lessee shall indicate to Lessor its election to be self insured or company Insured with regard to the Property Whether Lessee is self insured or company
insured,Lessee shall,for the term of:his Aareement at its c.vn expense provide comprehensive liability Insurance vnth respect to the Property,Insuring
against such risks and such amounts as are customary for lessees of property at a character similar to the Property In addition,Lessee shall,for the term of
this Agreement at its own expense Dravida casua',y insurance with respect to the Property,insunng against customary nsks,coverage at all times not less
than the amount of the unpaid pnnc.'al porton of the Lease Payments required to be made pursuant to Section 1 as of the last preceding Payment Dale
specified in Exhibit 8 on which a lease payment vrzs made If insurance policies are provided vnth respect to the Property,all insurance policies shall be with
insurers authorized to do business ir.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 soley to the Lessor subject to the provisions of Section 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 written notice of nonpaymen,
of any premium due and ten(10)da.s notice prior to cancellation or alteration of any such policy Lessee shall also carry and require any other person or emit
worlung on,in or about the Property to carry worlkneri s compensation covering employees on the Property In the event Lessee fails,for any reason,to comp
with the requirements of this Sectic-Lessee shall indemnify,save harmless and,at Lessees sole expense,defend Lessor and its agents,employees,
officers and directors,and the Prope::y against all risk of loss not covered by insurance
11 INDEMNIFICATION Lessee shall,as far as legally permitted,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 anse
^' All amounts which become due from Lessee
under this section 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 therefore by Lessor and shall survive the termination or expiration of this agreement
J a5 , v es Lt l
(fi Ix ,oKnku
U to L4 '�I
Page 2
12 NO WARRANTY LESSEE ACKNOWLEDGES THAT THE PROPERTY AND THE SUPPLIER THEREOF HAVE BEEN SELECTED BY THE
LESSEE AND THAT LESSOR IS NOT THE MANUFACTURER OF THE PROPERTY,NOR A DEALER THEREOF,AND THAT LESSEE LEASES THE
PROPERTY ON AWAS-IS' BASIS EXCEPT FOR REPRESENTATIONS,WARRANTIES,AND SERVICE AGREEMENTS RELATING TO THE
PROPERTY 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 PROPERTY DESCRIBED IN
EXHIBIT A FOR ANY PARTICULAR PURPOSE OR THE CONFORMITY OF THE PROPERTY TO SPECIFICATIONS OR PURCHASE ORDER,ITS
DESIGN,DELIVERY,INSTALLATION OR OPERATION All such nsks shall be bome by Lessee without anyway excusing Lessee from its obligations
under this agreement,and Lessor shall not be liable to Lessee for any damages on account or such nsks.AD claims or actions on any warranty so assigned
shall be made or prosecuted by Lessee,at its sole expense,upon prior written notice to Lessor Lessor may,but shall have no obligation whatsoever to,
participate in such claim or action on 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 comolied with the terms and condt,ens of this agreement Lessee shall have the option to purchase
not less than all cf the property which is then subject to this agreement.'as is at the payment date,for the Option To Purchase Values set forth in Exhibit B
by giving written notice to Lessor not less than sixty(60)days prior to the date specified in Exhibit B for the exerc.se of such option,provided upon Lessees
timely payment of all lease payments specified in Exhibit B,Lessee shall be deemed to have property exeresed its option to purchase the property and shall be
deemed to have acquired all of Lessor's right,Ltle and Interest in and to the Propery,free of any lien a^cusmbrznce or security interest except such liens,
encumbrances or security Interests as may be crated,or permitted and not discharged,by Lessee but wnt.Sout other warranties Payment of the applicable
Option To Purchase Value shall occur on the applicable lease payment date specifed in Exh,bit B hereto at which time Lessor shall,unless not required
hereunder,deliver to Lessee a quitclaim bill of sale transferring Lessor's interest in the Property to Lessee free from any lien,encumbrance,security Interest
except such as maybe created,or permitted and not discharged,by Lessee but without other warranties Upon Lessee's actual or constructive payment of the
Option To Purchase Value and Lessors actual or constructive delivery of a quitclaim bill of sale covering Lie Properly,this Agreement shall terminate except
as to obligations or liabilities accruing hereunder prior to such termination
14 DEFAULT AND LESSOR'S REMEDIES
(a) The occurrence of one or more of the following events shall constitute an Event Of DefaufL whether cecurncg voluntany,or involuntarily,by operation of
law or pursuant to any order of any court or government agency
(1) Lessee fails to make any payment hereunder when due or within ten(10)days trereafter,
(2) Lessee fails to comply with any other covenant,condition or agreement of Lessee hereunder for a period or the ten(10)days after notice thereof,
(3) Any representation or warranty made by Lessee hereunder shall be untrue in any material rescect as of the date made,
(4) Lessee makes,permits or suffers any unauthorized assignment,transfer or other disposition or this Agreement or any interest herein,or any part
of the Property or any interest therein or
(5) Lessee becomes insolvent,or admits in writing its inability to pay its debts as they mature cr applies for,consents to or acquiesces in the
appointment of a trustee,receiver or custodian for the Lessee or a substantial par-,or its property or,in tl�absence of such applicat,on,consent or
acquiescence a trustee,custodian or feceiver is appointed for Lessee or a substantial part of its property and is not discharged within sixty(60)days,or any
bankruptcy reorganization,debt arrangement,moratorium,or any proceeding under any bankruptcy or irsolvency law,or any dissolution or liquidation
proceeding is instituted by or against Lessee and,if instituted against Lessee,is consented to or acquiesced in by Lessee or is not dismissed within scdy(60)
days
(b) Upon the occurrence of any Event Of Default specified herein. Lessor may at its sole c,scretion exercise any or all of the following remedies
(1) Enforce this Agreement by appropriate action to collect amounts due or to become due hereunder,by acceleration or otherwise,for the current
fiscal year,or to cause Lessee to perform its other obligations hereunder in which event Lessee shall be table for ail costs and expenses incurred by Lessor
(2) Take possession of the Property,without demand or notice and without court order or any pmcess of law,and remove and relet the same for
Lessee's account,in which event Lessee waives any and all damages resulting therefrom and shall be frble for all costs and expenses incurred by Lessor in
connection therewith and the difference if any,between the amounts to be paid pursuant to Section 1 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 DaLie for any amounts payable hereunder through the
date of such tenninabon and all costs and expenses incurred by Lessor in connection herewith,
(4) Sell the Property or any portion thereof for Lessor's account at public or prime sale,for cash or credit without demand on or notice to Lessee of
Lessor's intention to do so,or relet the Property for a term and a rental which maybe equal to,greater tl2n or less than the rental and term provided herein It
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 repossession sale,relocation,storage,reconditioning,reletting,and reirstallabon(including but not limited to reasonable
attorneys fees).(i)the unpaid principal balance derived from Exhibit B as of the last preceding Lease Payment Date specified in Exhibit B,and ut any past
due amounts hereunder(plus interest on such unpaid principal balance at the rate specified in Section 19 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 arty def5ciency,or
Page 3
(5) Pursue and exercise any other remedy available at law or in equity,in wtuch event Lessee shall he liable for any and all costs and expenses
incurred by Lessor in connection therewith,"Costs and expenses,as that term is Lsed in this Section 14,shall mean,to the extent allowed by lavr n
reasonable attorneys fees if this Agreement Is referred for collection to an ahomey not a salaried employee of Lessor or the Holder of this Agreement,Cii court
costs and disbursements Including such costs In the event of any action necessary to secure possession of the Property,and(it)actual and reasonable out of
pocket expenses Incurred in connection with any repossession or foreclosure,inclLcLng costs of storing,reconditioning and reselling the Property,subject to
the standards of good faith and commercial reasonableness set by the applicable Uniform Commercial Code Lessee waives all rights under exemption Yaws
15 TERMINATION Unless Lessee has properly exercised its option to purch-sa pursuant to section 13 hereof,Lessee shall,upon the exPlraban of the
term of this Agreement or any earlier termination hereof pursuant to Section 14 hereof deliver the Property to Lessor unencumbered and in at least as good
condition and repair as when delivered to Lessee,ordinary wear and tear resu'ting`rom proper use alone excepted,by loading the Property,at Lessees sole
expense,on such tamer,or delivering the Property to such location,as Lessor sbz!]provde or designate at or within a reasonable distance from the general
location of the Property If Lessee falls to deliver the Property to Lessor,as provided in this;Section 15,on or before the date of termination of this Agreement,
Lessee shall pay to Lessor upon demand,for the hold-over penod,a portion of the total payment for the applicable period as set forth in Exhibit 8,prorated
from the date of termination of this Agreement to the date Lessee either rederrvers the Prcoe try 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�,w or order of any court or other governmental authority to terminate
this Agreement or its obligations hereunder,except in accordance with the express pr vie.ons hereof Lessee has the ngnt pursuant to Anzona Revised
Statutes(ARS)'1 38-511 to cancel this contract
16 ASSIGNMENT Without Lessors prior written consent,Lessee will not eiti`er(p assign,transfer,pledge,hypothecate,grant any secunty interest In or
otherwise dispose of this Agreement or the Property or any interest in this Acreerent or the Property,or(u)sublet or lend the Property or permit it to be used
by anyone other than Lessee or Lessee's employees Lessor may assign its rghts t31e and interest in and to this Agreement,the Property and any other
documents executed with respect to this Agreement andlor grant or assign a secs y ir'e'est in this Agreement or the Property,in whole or in par,Any such
assignees shall have all the rights of Lessor under this Agreement Subject to the for_ycmg,this Agreement inures to the benefit of and is binding upon the
heirs,executors,administrators,successors and assigns of the parties hereto No assignment or reassignment of any of Lessors rights,title or interest in this
Agreement or the Property shall be effective with regard to Lessee unless and unzil Lessee shall have received a copy or the document by which the
assignment or reassignment is made,disclosing the name and address of s;,ch ass-gree No further action will be required by Lessor or by Lessee to
evidence the assignment,but Lessee will acknowledge receipt of such assignments in r,ntmg if so required During the term of this Agreement,Lessee shall
keep a complete and accurate record of ail such assignments in form necessary n cor;ly with the United States Internal Revenue Code of 1986,section 149
(a),and the regulations,proposed or existing,from time to time promulgated,heremde,
17 OWNERSHIP This a lease and Lessee's rights to the Property are those solely of a lessee subject to terms and conditions hereof
18 LESSOR'S RIGHT TO PERFORM FOR LESSEE If Lessee fails to make_any payment or perform or comply with any of its covenants 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 rct limi'-d to reasonable attorneys fees)incurred by Lessor in performing or
complying with such covenants and,obligations,as the case may be,together int-est hereon at the highest lawful rate,shall be payable by Lessee upon
demand
19 LATE CHARGES If Lessee fails to pay any Lease Payment specded in Section 1 hereof within ten(10)days after the due date thereof,Lessee shall
pay to Lessor an interest penalty fee on such delinquent payment as provided by taw .:add,twn,Lessee'shall pay a service charge equal to fi+e percent(5%)
of any amount which is not paid within ten(10)days after the due date lhe•a'cf,tc core=-nsate Lessor for additional administrative expenses .'hich are likely to
result from such late payment '
20 NOTICES Any notices to be given or to be served upon any party hereto in correction with this Agreement must be inventing and maybe given by
certified or registered mail,and shall be deemed to have been given and raceaed forr�-ght(48)hours after a registered or certified letter containing such
notice,postage prepaid,is deposited in the United Slates mail,and if given cthe-Arse stall be deemed to have been given when delivered to and receved by
the party to whom it is addressed Such notice shall be given to the parties at the re=_:<_clive addresses designated on the signature page of this Agreement
or at such other address as either party hereafter may designate
21 SECURITY INTEREST As security for Lessees covenants and cclgations he,eunder.Lessee hereby grants to Lessor,and its successors,a
security interest in the Properly,all accessions thereto and proceeds lhere'rom and :,addrion to Lessors rights hereunder,all of the rights and benefits of a
secured party under the Uniform Commercial 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,ackninviedce and deliver to Lessor in recordable form upon request financing
statements or any other instruments with respect to the Property or this Agreer�nt c=,,sidered necessary or desirable by Lessor to perfect and continue the
security interest granted herein in accordance with the laws of the applicable lursdictcn
ediot_�i'n ORB 1966 f Lhe'cde" -, lhg current _
q '* on o DRgenera 1:0151 _ ..
a total
u F
Paige
23 MISCELLANEOUS
(a)Lessee shall,whenever requested,ad Ase Lessor of the exact location and condition of the Property and shall give the Lessor immediate notice of
any attachment or other judicial process affecting the Property,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 lob,building or place where the Property and the books and records of the Lessee
with respect thereto are located,
(b)Lessee will take no action that would cause the interest portion of the Lease Payments to become includable in gross mc=a of the recipient for
federal income tax purposes under the Internal Revenue Code of 1986(the'code�and Treasury Regulations promulgated thereunder(the'Regulations'),
and Lessee vall take and will cause its officers,employees and agents to take all affirmative actions legally wtt}un its power necessary to ensure that the
interest portion of the Lease Payments does not become includable in gross income of the recipient for federal income tax purposes under the code and
regulations
(c)Lessee agrees to equitably adjust the payments payable under this Agreement if there is a determination for any reason tt• t the interest payable
pursuant to this Agreement(as incorporated within the schedule of payments)is not excludable from income in accordance with the Internal Revenue Code of
1986,as amended,such as to maze Lessor and its assigns whale
(d)Time is of the essence No covenant or obligations hereunder to be performed by Lessee maybe waived except by the vrr3ten consent of Lessor,
and a waiver of such covenant or obligation or a forteamrice to invoke any remedy on any occasion shall not corisLtule or be treated as a waiver of such
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 Lessors rights hereunder are cumulative and not alternative
(e)This Agreement shall be construed in accordance vital,and governed by,the laws of the State Of Arizona
(f)This Agreement censtdutes the entire agreement between the parties and shall not be modified,waived,discharged,ternmated,amended,altered
or changed in any respect except by written document signed by both Lessor and Lessee
(g)Any term or provision of this Agreement found to be prohibitive by law or unenforceable shall be ineffective to the extent of such prohibition or
unenforceability without.to the extent reasonably possible,invalidating the remainder of this Agreement
(h)The Lessor hereunder shall have the right at any time or times,by ne6ce to Lessee,to designate or appoint any person or entity to act as agent or
trustee for Lessor for any purposes hereunder
(i)All transportation charges shall be borne by Lessee Lessee will immediately nobly Lessor of any change occurring in or to the Property,of a
change in Lessees address or in any fact or circumstance vraranted or represented by Lessee to Lessor,or it any Event of Defaur occurs
(I)Use of the neuter gender herein is for purposes of cc rive mence only and shall be deemed to mean and include the masccTine or feminine gender
whenever and wherever appropnale
(k)The captions set forth herein are for convenience of references only and shall not define or limit any of the terms or provis.ons hereof
(I)Except as otherwise provided herein,this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs,
executors,administrators legal representatives, successors and assigns,where permitted by this Agreement
IN WITNESS HEREOF the parties have executed this Agreement as of the day of r -7
LESSOR BANKOF THE W�ES/T
TITLE <1' p
1450 Treat Blvd
Walnut Creek,Ca 94596
LESSEE CITY OF KENT
i
TITLE '1�Jj�-8✓' �,�.Il �✓1!I
ADDRESS 220 4th Avenue South
Kent, WA 98032
Page 5
23 MISCELLANEOUS
(a)Lessee shall,whenever requested,advise Lessor of the exact location and condition of the Property and shall give the Lessor immediate notice of
any attachment or other judicial process affecting the Property,and indemnity,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 and records of the Lessee
with respect thereto are located,
(b)Lessee will take no action that would cause the interest portion of the Lease Payments to become includable In gross income of the recipient for
federal Income tax purposes under the Internal Revenue Code of 1986(the'code')and Treasury Regulations promulgated thereunder(the'Regulations),
and Lessee will take and will cause its officers,employees and agents to take all affirmative actions legally vAthin its power necessary to ensure that the
interest portion of the Lease Payments does not beccme includable in gross income of the recipient for federal income tax purposes under the code and
regulations
(c)Lessee agrees to equitably adjust the payments payable under this Agreement if there Is a determination for any reason that the interest payable
pursuant to this Agreement(as incorporated within the schedule of payments)is not excludable from income in accordance with the Intemal Revenue Cade of
1988,as amended,such as to make Lessor and its assigns whole
(d)Time is of the essence No covenant or obligations hereunder to be performed by Lessee r gay be waived except by the written consent of Lessor,
and a waiver of such covenant or obligation or a forbearance to invoke any remedy on any occasion sh-II net constitute or be treated as a waiver of such
covenant or obligation as to any other occasion and shall not preclude Lessor from invoking such remedy at any later time prior to the Lessees cure of the
condition giving rise to such remedy Lessor's rights hereunder are cumulative and not alternative
(e)This Agreement shall be construed in accordance with,and governed by,the lays of the Sete Of Arizona
(f)This Agreement constitutes the enure agreement between the parties and shall not be mo<Uted,waived,discharged,terminated,amended,altered
or changed in any respect except by written document signed by both Lessor and Lessee
(g)Any term or provision of this Agreement found to be prohibitive by law or unenforceable slmll be ineffective to the extent of such prohibition or
unenforceabihty without.to the extent reasonably possible,invandatmg the remainder of this Agreement
(h)The Lessor hereunder shall have the nght at any time or times,by notice to Lessee,to desionate or appoint any person or entity to act as agent or
trustee for Lessor for any purposes hereunder
(I)All transportation charges shall be borne by Lessee Lessee will immediately notify Lessor of any change occurring In or to the Property,of a
change in Lessee s address or in any fact or circumstance warranted or represented by Lessee to Lessor,or if any Event of Default occurs
(I)Use of the neuter gender herein is for purposes of convenience onPy and shall be deemed b mean and Include the masculme or feminine gender
whenever and wherever appropriate
(k)The captions set forth herein are for con lenience of references only and shall not de`r,e cc Lmd any of the terms or provisions hereof
(I)Except as otherwise provided herein,th,s Agreement shall be binding upon and Inure to the benerit of the parties hereto and their respective heirs,
executors administrators,legal representatives,successors and ass,gns,where pem lAed by this A=ement r
IN WITNESS HEREOF the parties have executed this Agreement as of the day of� O�,
LESSOR BAN OFTHEWEST J LL!!
8Y K i
TITLV S
1450 Treat Blvd
Walnut Creek,Ca 94596
LESSEE CITY OF KINT
BY
TITLE m Ve+/' O&J �o�T
ADDRESS 220 4th Avenue South
Kent, VM 98032
Page 5
EXHIBIT "A"
LEASE NO.: 80-0054163-001
LEASE DATE:
Quantity Description
WESTERN EQUIPMENT DISTRIBUTORS, INC.
20224 Both AVE.SOUTH
KENT, WA 98032
2 TORO GREENSMASTER MOWERS, 325D W172" CONTOUR DECK, DELUXE SEAT,
SEAT ADAPTER,WEIGHT KIT
2 TORO REELMASTER 5500D MOWERS,W110 7-BLADE REELS W/ROLLERS, 2 4-POST
ROPS WICANOPY
1 TORO WORKMAN 3200 GAS UNIT,WIAUTO TAILGATE RELEASE, BEDLINER, HAND
THROTTLE, REMOTE HYDRAULICS,TACHISPEEDO, CH.ADAPTER KIT, 200 GAL-
SPRAYER, PUMP, APU CLUTCH,APU, ELECTRIC SPRAYER SYSTEM, BOOM, EXT.
PIPES, ELEC. HOSE REEL WI150' HOSE
PROPERTY LOCATION:
RIVERBEND GOLF COMPLEX
2019 W. MEEKER STREET
KENT, WA 98032
Lessor. Lessee
BANK OF THE WEST CITY OF KENT
' p
By: By. /
Its: V 6 Its* _41 ✓/)✓' G/LD �fi/�7
Date: Date: �Ir3�nr,
Page 1 0l
EXHIBIT"B"
80-0054163-001
SCHEDULE OF PAYMENTS &OPTION TO PURCHASE PRICE
LESSEE: CITY OF KENT
PMT PMT DATE TOTAL INTEREST PRINCIPAL OPTION TO PURCHASE
NO. MO/DWR PAYMENT PAID PAID after pmt an this line
1 06/01/2000 3,110.18 0.00 3,110.18 122,304.22
2 06/01/2000 3,110.18 0.00 3,110.18 119,194.04
3 07/01/2000 3,110.18 958.52 2,151.66 117,042.38
4 08/01/2000 3,110.18 941.22 2,168.96 114,873.42
5 09/01/2000 3.110.18 923.77 2.186.41 112,687.01
610/01/2000 3,110.18 906.19 2,203.99 110,483.02
7 11/01/2000 3,110.18 888.47 2,221.71 108,261.31
8 12/01/2000 3,110.18 870.60 2,239.58 106,021.73
2000 Totals 24,881.44 5,488.77 19,392.67
9 01/01/2001 3,110.18 852.59 2,257.59 103,764.14
10 02/01/2001 3,110.18 834.44 2,275.74 101,488.40
11 03/01/2001 3.110.18 816.14 2,294.04 99,194.36
12 04/01/2001 3,110.18 797.69 2,312.49 96,881.87
13 05/01/2001 3,110.18 779.09 2,331.09 94,550.78
14 06/01/2001 3,110.16 760.35 2,349.83 92,200.95
15 07/01/2001 3,110.18 741.45 2,368.73 89,832.22
16 08/01/2001 3,110.18 722.40 2,38778 87,444.44
17 09/01/2001 3,110.18 703.20 2,406.98 85,037.46
18 10/01/2001 3.110.18 683.84 2,426.34 82,611.12
19 11/01/2001 3,110.18 664.33 2,445.85 80,165.27
20 12/01/2001 3,110.18 644.66 2,465.52 77,699.75
2001 Totals 37,322.16 9.000.18 28,321.98
21 01/01/2002 3,110.18 624.84 2,485.34 75,214.41
22 02/01/2002 3,110.18 604.85 2,505.33 72,709.08
23 03/01/2002 3,110.18 584.70 2,525.48 70,183.60
24 04/01/2002 3,110.18 564.39 2,545.79 67,637.81
25 05/01/2002 3,110.18 543.92 2,566.26 65,071.55
26 06/01/2002 3,110.18 523.28 2,586.90 62,484.65
27 07/01/2002 3,110.18 502.48 2,607.70 59,876.95
28 08/01/2002 3,110.18 481.51 2,628.67 57,248.28
29 09/01/2002 3,110.18 460.37 2,649.81 54,598.47
30 10/01/2002 3,110.18 439.06 2,671.12 51,927.35
31 11/01/2002 3,110.18 417.58 2,692.60 49,234.75
'32 12/01/2002 3,110.16 395.93 2,714.25 46.520.50
2002 Totals 37.322.16 6.142.91 31,179.25
33 011OU2003 3,110.18 374.10 2,736.08 43,784.42
34 02/01/2003 3,110.18 352.10 2,758.08 41,026.34
35 03/01/2003 3,110.18 329.92 2,780.26 38,246.08
36 04/01/2003 3.110.18 307.56 2,802.62 36,443.46
37 05/01/2003 3,110.18 285.02 2,825.16 32,618.30
38 06/01/2003 3,110.18 262.31 2,847.87 29,770.43
39 07/01/2003 3,110.18 239.40 2,870.78 26,899.65
40 08/01/2003 3,110.18 216.32 2,893.86 24,005.79
41 09/01/2003 3,110.18 19305 2,917.13 21,088.66
42 10/01/2003 3,110.18 169.59 2,940.59 18,148.07
43 11/01/2003 3,110.18 145.94 2,964.24 15,183.83
44 12/01/2003 3,110.18 122.10 2,988.08 12,195.75
2003 Totals 37,322.16 2,997.41 34,324.75
45 01101/2004 3,110.18 98.07 3,012.11 9,183.64
46 02/01/2004 3,110.18 73.85 3,035.33 6,147.31,
47 03/01/2004 3,110.18 49.43 3,060.75 3,086.56
48 04/01/2004 3,110.18 24.82 3,085.36 1.00
49 05/01/2004 1.00
LESSEE. CITY OF KENT
I /
(TO BE PREPARED ON LESSEE'S COUNSEL LETTERHEAD)
OPINION OF COUNSEL
Re: Lease/Purchase Agreement dated 19 (the "Agreement")
Gentlemen:
As Counsel for ^ata C_"
I have examined the duly executed original Agreement between Lessee_ and
-_}t LV and its assignee (s) ("Lessor") , and
the proceedings taken by the Lessee to authorize and execute the Aq_-ee-ent.
Based upon such exanination of law and fact as I have deemed appropriate, I
an of the opinion that-
(1) Lessee is a public body corporate and politic, duly organized, legally
existing under the laws of the State of (LZ/ 5�thtjC-w9j
(2) The Agreenent has been duly authorized, executed and delivered ht the
Lessee pursuant to Constitutional, statutory and/or hone rule trovi-
sion wh;cn authorizes this transaction in accordance with its terns
and condit!ons .
(7) This Agreement 1c- a legal , valid and binding obligation of Lessee,
enforceable ir-•_ accordance with Its terms . In the event the Lessor
obtains ]udaement against Lessee in money damages , as a resu_t of an
event of default under the Agreement, Lessee will be obligated to pay
sucn judgement.
(z) Applicable public oidding requirements have been complied with .
(5) No litigation is pending or, to the best of my knowledge, threatened
in any court or otner tribunal, state or Federal , in any way cuestion-
ing or affecting the validity of the resolution or the Agree-e-t.
( 61 The signature of the official of Lessee whicn anpears on the `_ _reement
is true and genuine ; I know said official and know him/her to 01c the
office set forth below his/her came .
(7) The ecuin- ent leased pursuant to the Agreement constitutes personal
property and when sub3ected to use by Lessee will not be or become
fixtures under applicable law.
� 0� = L TnY rn�l D cry r �p l o�,d a an .C�e�7 •.�r,�-cr.-�..
RQquLati ,nrand - - - L -
pa,^ n e -=a6e by--Lessee-a _i_ng--h r
men— araigt� ll a lLd-L;� FedelFe
-ell.__-_
L
Fe
21\� COUNSEL FOR LESSEE t
c-t-
(Typed name of Counsel)
C
RESOLUTION OF GOVERNING BODY
EXTRACT OF MIN-JTES
LESSEE:
LESSOR:
DATE OF LEASE/PURCHASE AGREEMENT:
At a duly called meeting of the governing bosv of Lessee (as d ined in the
Lease/Purchase Agreement) held on the day of
the following resolution was introduces ara adopted.
RESOLVED, whereas the governing body of Lessee has det - lined that a true
and very real need exists for the acauisit ion of the E ipnent described in
the Lease/Purchase Agreement presented to this meetin and
WHEREAS , the governing body of Lessee has ta'.cen the _ ecessary steps, inclu-
ding anv legal bidding reguirenents , under appli able law to arrange for
the acquisition of such equipment.
BE IT RESOLVED, by the governing body of Les ee that the terms of said
Lease/Purchase Agreement are in the best _nte st of Lessee for the accui-
sition of sucn equipment, and the gover- n. body of Lessee designates and
confirms the following uersons to execute a c deliver, and to witness (or
attest) , respectively, the Lease/Purcn se Agreement and any relates
docuneats necessary to the consummatio-, _ the transactions contemplated by
the Lease/Purchase P.greenent.
Further, BE IT RESOLVED, that pur ant, to Section 265 (b) 3 (D) of the
Internal Revenue Code, as amended y t=e ^ax Reform Act of 1986 , the
governing body of Lessee hereby de gnate=- this Lease/Purchase Aareement a=-
ccmprisinc a portion of the $10 r Ilion in aggregate issues designated as
"qualified tax-exempt obligation ' eligible for the exception contained in
section 265 (b) 3 (D) of the C de allowing for an exception to the general
rule of the Code which provide for a total disallowance of a deduction for
interest expense allocaale to the carrying of tax-exempt obligations . _ae
governing body of the Lesse further certifies that it does not reasonably
contemplate issuing nor than $10, 000 , C00 of "aualifi=_d tax-exempt
obligations" , as defined 1 the Code, during 1987 .
(Name of Party to Exec ,te (Title)
Lease/Purchase Agreem . t)
(Name of Party to test. or (Title)
Witness Lease/Pur ase Agreement)
The undersigne further certifies that above resolution has not bee
repealed or ended and remains in fu 1 force and effect and furthe
certifies the the above and foregoing Lease/Purchase Agreement is the sa:
as presented t said meeting of the aoverning body of Lessee.
Date
Secretary/Clerk
ESSENTIAL USE LETTER
Bank Of The West
1450 Treat Blvd.
Walnut Creek, Ca. 94596
R= : Municipal Lease-Purchase Agreement dated as of
Gentlemen
This letter is being written with respect to the use of the Property (therein so called) to be
leased to the undersigned under the above-referenced Lease-Purchase Agreement. The Property
wail be used by the undersigned for the following purposes .
----�'—�-- ---L G!M1S_C---------------------------------------
Our source of funds for payments of the rent due under the Agreement for the current year is .
r-----------
The undersigned expects to make immediate use of substantially all of the equipment, which need
is not temporary or expected to diminish in the foreseeable future, and represents that the use
of the Property is essential to its proper, efficient and economic operation
Sincerely ,
LESSEE CPI'Y OF SENT
BY
TITLE �/! /�12 �/Ll7 TT-: ✓Y1
EXHIBIT "A"
LEASE NO.:
LEASE DATE:
Quantity Description
WESTERN EQUIPMENT DISTRIBUTORS, INC.
20224 80th AVE.SOUTH
KENT, WA 98032
2 TORO GREENSMASTER MOWERS, 325D WR2" CONTOUR DECK, DELUXE SEAT,
SEAT ADAPTER,WEIGHT KIT
2 TORO REELMASTER 5500D MOWERS,WI10 7-BLADE REELS WIROLLERS, 2 4-POST
ROPS WICANOPY
1 TORO WORKMAN 3200 GAS UNIT,WIAUTO TAILGATE RELEASE, SEDLINER, HAND
THROTTLE, REMOTE HYDRAULICS,TACHISPEEDO, CH. ADAPTER K]T, 200 GAL
SPRAYER, PUMP, APU CLUTCH, APU, ELECTRIC SPRAYER SYSTEM, BOOM, EXT.
PIPES, ELEC. HOSE REEL WI150' HOSE
PROPERTY LOCATION:
RIVERBEND GOLF COMPLEX
2019 W. MEEKER STREET
KENT, WA 98032
Lessor. Lessee
BANK OF THE WEST CITY OF KENT
By: By. 11
Its: Its: /�7f1 '✓rrJ;2 PLED ? /17
Date: Date:
T� page I of
CERTIFICATE OF ACCEPTANCE
Municipal Lease-Purchase Agreement ( the °Agreement")
By and Between
BANK OF THE WEST ( Lessor)
and
CITY OF KENT ( Lessee )
i
Dated as of JIZT
1. ACCEPTANCE : In accordance with the Agreement, Lessee hereby certifies that a:l of the Property
described herein (I) has been received by Lessee, (u) has been thoroughly examined and inspected to the
complete satisfaction of Lessee, (w) has been found by Lessee to be In good operating order, repair and
condition, (Iv) has been found to be of the size, design, quality, type and manufacture specified by
Lessee, (v) has been found to be and is wholly suitable for Lessee's purpose, and (vl) is hereby uncond-
itionally accepted by Lessee, in the condition received, for all purposes of the Agreerent.
2. DESCRIPTION OF PROPERTY : ____ SEE EXHIBIT "A" ATPP12IED
3. PROPERTY LOCATION ;2019 W. M=R S FEEP, i=, Uk 98032
4. PAYMENTS : Inv=ng shall be to the follovnng address : CITY OF 1:=
The first payment is due on
LESSEE : CITY OF KENT
BY
TITLE : _ 141w nil PU7,15V4
I
ACCEPTED the a3 day of /J"bO XR-2 o
INSURANCE COVERAGE REQUIREMENTS
BANK OF THE WEST ( Lessor )
1450 Treat Blvd.
Walnut Creek , Ca. 94596
1. In accordance with Paragraph ten (10 ) of the Lease-Purchase Agreement, we have
instructed the insurance agent named below ( please fill in name, address anti t-AlAnh^. . u�
-----------------—
to issue
�J
a. All risk physical damage insurance on the leased equ
Insurance and Long Form Loss Payable Clause namint
b Public Fiability insurance evidenced by a Certificate
Assigns as an Additional Insured
or
2. Pursuant to Paragraph ten (10) of the Lease-Purchase Agreement, we are self-insured for.
( check to indicate coverage )
a All risk physical damage in an amount not less than the unpaid principal payments
_ b Public Liability coverage of : $ 500,000 per person
$1,000,000 aggregate bodily injury liability
$ 500,000 property damage liability
3 Proof of insurance will be provided to you prior to the time that the equipment is delivered
to us.
LESSEE : CITY OF tUM
By
DATE : TITLE :
INSURANCE COVERAGE REQUIREMENTS
BANK OF THE WEST ( Lessor )
1450 Treat Blvd.
Walnut Creek , Ca. 94596
1 In accordance with Paragraph ten (10 ) of the Lease-Purchase Agreement, we have
instructed the insurance agent named below ( please fill in name, address and telephone k)
---------------------------------------
---------------------------------------
---------------------------------------
to issue
a All risk physical damage insurance on the leased equipment evidenced by a Certificate Of
Insurance and Long Form Loss Payable Clause naming Lessor or its Assigns as Loss Payee
b Public liability insurance evidenced by a Certificate Of Insurance naming Lessor or its
Assigns as an Additional Insured
or
2. Pursuant to Paragraph ten (10) of the Lease-Purchase Agreement, we are self-insured for:
( check to indicate coverage )
a All risk physical damage in an amount not less than the unpaid principal payments
b Public Liability coverage of . $ 500,000 per person
$1 ,000,000 aggregate bodily injury liability
$ 500,000 property damage liability
3. Proof of insurance will be provided to you prior to the time that the equipment is delivered
to us
LESSEE CITY oF�—_—____________
/ BY
DATE a!a Z 0 0 TITLE ��A[���2 �/2r1 =/9r
INSURANCE COVERAGE REQUIREMENTS
BANK OF THE WEST ( Lessor )
1450 Treat Blvd
Walnut Creek , Ca. 94596
1 In accordance with Paragraph ten (10 ) of the Lease-Purchase Agreement, we have
instructed the insurance agent named below ( please fill in name, address and telephone m)
---------------------------------------
---------------------------------------
---------------------------------------
to issue
a All risk physical damage insurance on the leased equipment evidenced by a Certificate Of
Insurance and Long Form Loss Payable Clause naming Lessor or its Assigns as Loss Payee
b Public liability insurance evidenced by a Certificate Of Insurance naming Lessor or its
Assigns as an Additional Insured.
a
2 Pursuant to Paragraph ten (10) of the Lease-Purchase Agreement, we are self-insured for-
check to indicate coverage )
—f'<_ a All risk physical damage in an amount not less than the unpaid principal payments
b Public Liability coverage of $ 500,000 per person
$1 ,000,000 aggregate bodily injury liability
$ 500,000 property damage liability
3 Proof of insurance will be provided to you prior to the time that the equipment is delivered
to us
LESSEE . —CITY OF—LENT ---------_
BY � 4 _
DATE ✓ /0 0 TITLE . �1x Y0te- A/d h
EXHIBIT"B"
SCHEDULE OF PAYMENTS &OPTION TO PURCHASE PRICE
LESSEE CITY OF KENT
PMT PMT DATE TOTAL INTEREST PRINCIPAL OPTION TO PURCHASE
NO MO/DY/YR PAYMENT PAID PAID after pint on this line
1 06/01/2000 3,11018 000 3,11018 122,304 22
2 06/01/2000 3,11018 000 3,11018 119,194 04
3 07/01/2000 3,11018 95852 2,15166 117,042 38
4 08/01/2000 3,11018 94122 2,16896 114,87342
5 09/01/2000 3,11018 92377 2,18641 112,687 01
6 10/01/2000 3,11018 90619 2,203 99 110,483 02
7 11/01/2000 3,11018 888.47 2,22171 108,26131
8 12/01/2000 3,11018 87060 2,23958 106,021 73
2000 Totals 24,881 44 5,48877 19,392 67
9 01/01/2001 3,11018 852.59 2,25759 103,76414
10 02101/2001 3,11018 83444 2,27574 101,488 40
11 03/01/2001 3,11018 81614 2,29404 99,194.36
12 04/01/2001 3,110.18 79769 2,31249 96,881 87
13 05/01/2001 3,11018 77909 2,331 09 94,550.78
14 06/01/2001 3,11018 76035 2,34983 92,200 95
15 07/01/2001 3,11018 74145 2,36873 89,83222
16 08/01/2001 3,11018 72240 2,38778 87,444 44
17 09/01/2001 3,11018 70320 2,40698 85,037 46
18 10/01/2001 3,11018 68384 2,42634 82,611 12
19 11/01/2001 3,11018 66433 2,44585 80,165 27
20 12/01/2001 3,11018 64466 2,46552 77,699 75
2001 Totals 37,32216 9,00018 28,321 98
21 01/01/2002 3,11018 62484 2,48534 75,214 41
22 02/01/2002 3,11018 60485 2,50533 72,709 08
23 03/01/2002 3,11018 58470 2,52548 70,183 60
24 04/01/2002 3,11018 564.39 2,54579 67,637 81
25 05/01/2002 3,11018 54392 2,566.26 65,071 55
26 06/01/2002 3,110.18 523.28 2,58690 62,484.65
27 07/01/2002 3,11018 50248 2,60770 59,876.95
28 08/01/2002 3,11018 481.51 2,62867 57,248 28
29 09/01/2002 3,110.18 46037 2,64981 54,598 47
30 10/01/2002 3,11018 43906 2,671 12 51,927.35
31 11/01/2002 3,110.18 41758 2,69260 49,234.75
32 12/01/2002 3,11018 39593 2,714.25 46,520 50
2002 Totals 37,32216 6,142.91 31,17925
33 01/01/2003 3,11018 37410 2,73608 43,78442
34 02/01/2003 3,11018 352.10 2,758.08 41,026.34
35 03/01/2003 3,11018 329.92 2,78026 38,246.08
36 04/01/2003 3,11018 30756 2,80262 35,443 46
37 05/01/2003 3,11018 28502 2,82516 32,618 30
38 06/01/2003 3,11018 262.31 2,84787 29,770 43
39 07/01/2003 3,11018 23940 2,870.78 26,899.65
40 08/01/2003 3,110.18 21632 2,89386 24,005.79
41 09/01/2003 3,11018 19305 2,91713 21,088 66
42 10/01/2003 3,11018 169.59 2,94059 18,148 07
43 11/01/2003 3,11018 145.94 2,96424 15,183 83
44 12/01/2003 3,11018 12210 2,98808 12,195 75
2003 Totals 37,322 16 2,99741 34,324 75
45 01/01/2004 3,11018 9807 3,01211 9,18364
46 02/01/2004 3,11018 7385 3,03633 6,14731
47 03/01/2004 3,11018 49.43 3,06075 3,08656
48 04/0112004 3,11018 2482 3,08536 100
49 05/01/2004 1 00
LESSEE: CITYY OF KENT
,A�
BY-
TITLE:_ Z XLXgi4 62/ 7-E/j7 Page I of
t EXHIBIT"B"
SCHEDULE OF PAYMENTS & OPTION TO PURCHASE PRICE
LESSEE CITY OF KENT
PMT PMT DATE TOTAL INTEREST PRINCIPAL OPTION TO PURCHASE
NO MO/DY/YR PAYMENT PAID PAID after pint on this line
1 08/01/2000 50261 000 50261 19.765.10
2 08/01/2000 50261 0.00 502.61 19,262.49
3 09/01/2000 50261 154.90 347.71 18,914 78
4 10/01/2000 502.61 152.11 35050 18,564.28
5 11/01/2000 502.61 149.29 35332 18,210.96
6 12/01/2000 502.61 146.45 356.16 17,854.80
2000 Totals 3,015.66 602.75 2,41291
7 01/0112001 502.61 143.58 359.03 17,495 77
8 02/01/2001 502.61 140.70 36191 17,13386
9 03/01/2001 502.61 137.78 364.83 16,769 03
10 04/01/2001 502.61 134.85 367.76 16,401 27
11 05/01/2001 502.61 131.89 370.72 16,030.55
12 06/01/2001 502.61 128.91 373.70 15,656.85
13 07/01/2001 50261 125.91 376.70 15,280 15
14 08/0112001 502.61 122.88 379.73 14,900.42
15 09/01/2001 502.61 11982 38279 14,517.63
16 10/01/2001 50261 116.75 38586 14,131.77
17 11/01/2001 502.61 113.64 388.97 13,742 80
18 12/01/2001 502.61 110.52 392.09 13,35071
2001 Totals 6,031.32 1,527.23 4,50409
19 01/01/2002 502.61 10736 39525 12,955 46
20 02/01/2002 502.61 10418 39843 12,557 03
21 03/01/2002 502.61 100.98 40163 12,155.40
22 04/01/2002 50261 97.75 40486 11,750 54
23 05/01/2002 50261 94.49 408.12 11,342.42
24 06/01/2002 50261 9121 41140 10,931.02
25 07/01/2002 502.61 87.90 414.71 10,516.31
26 08/01/2002 50261 84.57 41804 10,098.27
27 09/01/2002 502.61 81.21 421.40 9,676.87
28 10/0112002 502.61 77.82 42479 9,252.08
29 11101/2002 502.61 74.40 428.21 8.823.87
30 12/01/2002 502.61 7096 431.65 8.392.22
2002 Totals 6,031.32 1,072.83 4,95849
31 01/01/2003 50261 67.49 435.12 7,957.10
32 02101/2003 502.61 63.99 438.62 7,51848
33 03/01/2003 502.61 60.46 442.15 7,076.33
34 04/01/2003 502.61 56.91 44570 6,630.63
35 05/01/2003 502.61 53.32 449.29 6,181.34
36 06/01/2003 502.61 49.71 452.90 5,728.44
37 07/01/2003 502.61 46.07 456.54 5,271.90
38 08/01/2003 50261 42.39 460.22 4,811.68
39 09/01/2003 502.61 38.69 463.92 4,347.76
40 10/01/2003 502.61 34,96 467.65 3,880.11
41 11/01/2003 502.61 3120 471.41 3.408.70
42 12/01/2003 50261 27.41 475.20 2,933,50
2003 Totals 6,031.32 572.60 5,45872
43 01/01/2004 502.61 2359 47902 2.454.48
44 02/01/2004 502.61 19.74 482.87 1,971.61
45 03/01/2004 50261 15.86 486.75 1,48486
46 04/01/2004 502.61 11,94 490.67 994.19
47 05/01/2004 502.61 7.99 49462 499.57
48 06/01/2004 502.61 4.02 498.59 098
49 07/01/2004 1.00
LESSEE CITY OF KENT
BY'
TITLE: / d�lt)I /92Z TE'yl-1 Page I of l