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Agenda Package - 03-21-11
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Agenda Package - 03-21-11
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6/20/2011 2:24:22 PM
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p -9G <br />EQUIPMENT LEASE <br />THIS EQUIPMENT LEASE ( "Lease ") is made and entered as of the 16 day of March, 2011 by and <br />between LEE COUNTY, a North Carolina county and body politic ( " Lessor ") and FRONTIER <br />SPINNING MILLS, INC., a North Carolina corporation <br />In consideration of the representations and covenants herein contained, the parties agree as follows: <br />1. Lease of Equipment Lessor hereby rents and leases to Lessee, and Lessee hereby rents and leases <br />from Lessor the equipment described below (the " Equipment "): <br />Approximately 8,500 sets of plastic pallets used for shipping yam, each set to be one shippable unit, to <br />be purchased by Lessor from a responsible, responsive, and qualified vendor at a cost of not more than <br />$120.00 each not to exceed a total cost of $1,000,000, including sales tax paid by the Lessor. <br />2. Term. This Lease shall be for an initial term of five years, commencing March 16, 2011 and <br />ending April 17, 2016. . <br />3. Rent. As rental for the Equipment, Lessee agrees to pay Lessor Thirteen Thousand Two Hundred <br />Ninety and 69/100 Dollars (13,290.69) per month on the 16" day of each month during the term of this <br />Lease. All payments required to be made to Lessor hereunder shall be made at Lessor's principal office or <br />as may be otherwise directed by Lessor. <br />4. Late Charges Should Lessee fail to pay all or any portion of the rent required to be paid to Lessor <br />within ten (10) days after the due date thereof, Lessee shall pay a late payment charge equal to four percent <br />(4 %) of the late rental payment or late portion of the rental payment. <br />5. No Abatement of Payments There shall be no abatement or reduction of payments by Lessee for <br />any reason, including without limitation, any defense, recoupment, set -off, counterclaim, or any claim <br />arising out of or related to any defects, damages, malfunctions, breakdowns or infirmities of the Equipment. <br />Except as set forth below in Section 6 (Risk of Loss), Lessee assumes and shall bear the entire risk of loss <br />and damage to the Equipment from any cause whatsoever, it being the intention of the parties that the rental <br />payment shall be made in all events. <br />6. Risk of Loss Lessor agrees that if any of the Equipment is lost or damaged (including lost or <br />damaged in shipment to or from customers of Lessee), Lessee will report such loss or damage to Lessor_ <br />Lessor agrees to replace any lost or damaged Equipment by purchasing and providing to Lessee new <br />Equipment of the same make and manufacture (or such other make and manufacture as are agreed on by <br />Lessor and Lessee) up to a maximum cost of Forty Seven Thousand Four Hundred Forty One Dollars <br />($47,441.00) during the tern of the Lease. For any loss or damage of Equipment in excess of the amounts <br />set forth above, Lessor shall not be obligated to replace the Equipment (and there shall be no adjustment to <br />the rent payments), and Lessee shall bear the entire risk of loss or damage to the Equipment from any cause <br />whatsoever occurring during the lease term or the transportation of the Equipment to and from Lessee <br />except for the risk allocated to Lessor under this paragraph.. No such loss or damage shall relieve Lessee's <br />obligations hereunder. <br />7. Use of Equipment The Equipment shall be used only for lawful business purposes, for purposes <br />for which it was designed or intended and in compliance with all laws, rules and regulations of all <br />governmental entities or agencies and insurers of the Equipment. Lessor acknowledges that Lessee will use <br />the Equipment for the purpose of shipping yarn, with the Equipment to be returned to Lessee by Lessee's <br />• <br />nu 1 W499e1 vs <br />
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