06221955 Regular Meeting - Laserfiche WebLink

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J I I JOO.OO) is evidenced by one promissory note of even date here1NithJl signed as maker bJ the Cit:/ of San Nal'cos-, payable to the ()rder of Dulaney Service Company, bearing interest at nle rate of four (11-;1,) per cent per annum, the principal payable -l.n month1:; installments of Five Hundred (~i500.00) Dollars each, the first such installment to fall due and payable on July 15, 1955, and subsequent insta 11ments of principa 1, each for the saE1e aIHount, to fall due and pac'able on the 15th day of each aucceedin:~ month until payment in full of this note. On ea.ch prinCipal installment payment date, all unpaid matured interest shall be paid in addition to the said installment of principal. Lessee acknowledges the receipt of said equipment, in good condition, and upon the termination of this lease, u;'11ess Lessee exercises its option to pur.chase the sa rJ"le , Lessor shall be entitled to the possession of the same, in good con- di tion, ordi_nary wear' and tea r excepted. Lessee sha 11 have the riGht to make any reasonable use of said equipment and at its own expense shall make all nece,;sary rep2irs and replacements. Lessee agrees tha t Lessors shall not be liable in darnages to any person, firm, or corpor- ation arising out of the use and operation of said equipment by Lessee. Lessor hereby gives and grants unto Lessee, tne option to purchase said equipment frat!: Lessor, in its tilen condition at any time during the term of this lease, upon the paycent of the s8id sum oJ.' :~7,37J.60, with interest 2t the rate of 4)';; from the date of this contract, until the date of said purchase, and upon S2 j.d pUy'ciiase price Lessee sha 11 ha ve cred it for all payments, principal and interest, theretofore made, including the said cash pa;;n,ent of :~l,T(O.60, the receipt of vihich payment 18 owroby expressly acknowledged, and all payrr,ents made upon said 000.00 noto. 2