1981 - 12-21-81 Regular Meeting - Laserfiche WebLink

Home Browse Search

.ZST w raaL MG: NAME AND ADDRESS OF BUYER LEE COUNTY -'.,NORTH CAROLINA ; IST i„UtNICIPAL LEASING CORPOR^T10N FMLC C1 7840 EAST BERRY PLACE A^_ .3332 ENGLEWOOD. COLORADO 80111 AGREEMENT AG REEMENT NV MBER Address for billing If different than for Buyer: QUANTITY- EXHIBIT A-DESCRIPTION OF EQUIPMENT (Include Name and Address of Vendor) 'SEE ATTACHMENT A Locatlon of Equipment FIRST MUNICIPAL LEASING CORPORATION (FMLC) subject to the terms of this Agreement and the terms of the purchase documents, purchases the Equipment rom the vendor or manufacturer under the purchase documents and simultaneously hereby conveys title to the Equipment to Buyer for and In consideration of the nutual Promises hereafter described, and Buyer hereby acquires from FMLC, upon the terms and conditions contained herein, the Equipment set forth above.' AGREEMENT TERM. TMs Agreement shall be effective as of the date of execution. - The term of this Agreement for the purposes of payments shall commence as of the date of execution by the Buyer of the Receipt Certificate, Exhibit C. and shall '.ontinue until the end of the Buyer's then fiscal Period with payments to be made by Buyer as set forth on Exhibit B attached hereto and made a part hereof.The agreement shall be automatically renewed on a year to year basis for the additional annual or biannual fiscal periods plus a concluding fractional fiscal Period needed o complete the anticipated total Agreement Term as set forth on Exhibit B. Buyer shall pay S1XtV (6~ayments in the amount of s 3 1 49 - 0 . A portion of each payment I5 paid as and represents payment of interest and ?xhlbit B sets forth the Interest component of each payment. All payments shall be made payable to FMLC at the address designated by FMLC on Its invoice. - The Agreement Term shall terminate when all payments, Including the option to terminate payment, as provided In Exhibit B, have been paid. Buyer shall have the right to exercise its option to terminate the Agreement upon payment of an amount equal to the option to terminate payment as of such date is set •nrth on Exhibit B, and upon the giving of notice to FMLC of such intention of Buyer at least thirty (30) days prior to the date upon which such right will be :x er f n any dispute between Buyer and Vendor or FMLC, Buyer shall make all payments when due and shall not old any payments or ns thereof rontl Inal al resolution of such dispute. Buyer hereby covenants it will not assert any right of setoff or r counterclaim against nst its obligation to make the he Payments rovided for In Exhibit B and that It will take such action as is necessary under the laws applicable to Buyer to budget for, seek o ton for, and Include and In to meet all payments due during the Agreement t Term m pursuant to provisions this Agreement. naiMaain in funds sufficient and available to discharge Its obligations manta FMLC may assign its right and interest In and to the payments and Equipment without notice t Buyer. Such assignee shall have full benefit of ASSIGNABILITY. ill the covenants made by Buyer and all rights and remedies of FMLC contained herein. Buyer shall not nave the right to assign Its rights, duties and obligations under his Agreement either In part or in whole without prior written consent of FMLC or Its assignee. BILLING INSTRUCTIONS. Buyer requests that FMLC send Its invoices for payment to the above address within Thirty (30) -days prior to the due data of )aymenl. COVENANTS OF BUYER. Buyer represents, covenants and warrants that It is a public body corporate and politic and is authorized by the constitution and laws of he State of North Carolina to enter Into the transactions contemplated by this Agreement and to carry out its obligations hereunder. Buyer has reen duly authorized to execute and deliver this Agreement and agrees that It will do or cause to be done all things necessary to preserve and keep its existence In full cute and effect. Buyer further represents, covenants and warrants that all procedures have been met so that this Agreement is enforceable and Buyer has complied with ill bidding requirements If required- SECURITY AGREEMENT. To secure the payment of the foregoing payments, and any and all liabilities, direct, Indirect; absolute, contingent, due or to become lue now existing or hereafter arising of the Buyer to FMLC, the undersigned Buyer grants to FMLC as the Secured Party a security Interest In and to all of the property ncluded In Description of Equipment above, together with all additions, attachments, accessions, substitutions and proceeds with respect thereto and Equipment )ereafter acquired to be maintained at the address of the Buyer. Buyer agrees, If requested by FMLC or its assignee, to execute and deliver to FMLC or Its assignee "inancing statements or other similar Instruments furnished by FMLC or Its assignee. - MISCELLANEOUS. The waiver by FMLC of Buyer's breach of any term, covenant or condition hereof shall not be a waiver of any subsequent breach of the same )r any otherterm, covenant orcondillon. This Agreement, together with Exhlbitshereto, constitutes the entire agreement between the parties and shall snot be modified, emended, altered, or Changed except In writing. This Agreement shall be governed by the laws of the State of North Carolina and any PtovHion of this Agreement found to be prohibited by law shall be Ineffective to the extent of Such prohibition without invalidating the remainder of this agreement. Buyer shall cause to be executed an opinion of its counsel In the form as set forth below. THE ADDITIONAL PROVISIONS ON THE REVERSE SIDE HEREOF WHICH HAVE BEEN READ BY BUYER ARE INCLUDED IN AND MADE A PART -IEREOF. INWITNESSW HEREOF, Buyerhascaused this Agreementto beezecuted by Its duly authorized officerthis day of 19:3. witness or Attest: - TEE COUNTY - NORTH CAROT TNA , Buyer By Rented Name, ACCEPTED .19 FIRST MUNICIPAL LEASING CORPORATION, FMLC , attest: 3y. BY Secrolary Resident "WIN OF COUNSEL As Counsel for Buyer, 1 acknowledge that 1 have reviewed this Agreement, the extract of any enabllrp minutes, and all necessary pro- asdYngs taken by the Buyer to authorize and execute this Agreement, and therefore, I am of the opinion: (a) The Buyer is a duly constituted public corporation and political subdivision of the State referred to above, and (b) This Agreement has been duly authorized. executed and delivered by an authorized representative of the Buyerand Isenlorceable against the Buyer In accordance with Its terms and conditions, and (c) This Agreement Is a legal, valid and binding obligation of the Buyer. Counsel for Buyer Rented Name