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<br />LEASE
<br />
<br />TIME
<br />REGULATION
<br />
<br />INSTAllATION
<br />COST
<br />
<br />'LACEMENT
<br />'ICTIVE PARTS
<br />
<br />OPTION
<br />
<br />TITLE
<br />
<br />RENTAL,
<br />PAYMENT
<br />AND
<br />DISCOUNT
<br />
<br />DUNCAN PARKING METER CORPORATION
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<br />Lease Agreement
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<br />THIS AGREEMENT, executed in quadruplicate thiilf")"" day of ',['1'"" ~f:,':.~,";
<br />
<br />lRi~, between,-----Cit~Qi: ~)'-Lt1 ,->rt'l't-.~____________, of the State of [j\,,',(il'~ .-;:~.
<br />
<br />(hereinafter called the "City"), and DUNCAN PARKING METER CORPORATION, a New
<br />York corporation (hereinafter called the "Company"), witnesseth, that:
<br />
<br />THE COMPANY AGREES,:
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<br />1. To lease to the City'n-""c" (1](;""'(', :',',;;;j+',',,"',"" ( ,','c"'), or more if needed in
<br />
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<br />the opinion of the City officials, _.--ll",,,,,,,,~_,__,_parking meters (hereinafter called "meters"),
<br />
<br />,:,rt.J'~i~~~:::lL' )O/lUC --~-"'<-,J.{. le ~)~J. :i:j..sir::.;.;.'l,t~
<br />at an agreed value oLC,,,,_',,,,,-:~,,,, ~l'L;(--,"'l' Dollars ($.le. ,,';).:;per meter,
<br />
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<br />2. To furnish the meters with a mechanism regulated as to time and equipped with
<br />slots for coins as may be determined by the City, within the practicable limits of the meters
<br />currently produced by the Company.
<br />
<br />3, At the request of the City, to advance all costs in connection with the delivery,
<br />installation and installation supervision of the meters and at time of installation to give
<br />instruction to the City appointed maintenance man as to their maintenance, '~h,
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<br />4, To replace any defective part, on the return thereof to the factory, within;,O)).~;I,
<br />year 'from date of installation of that meter, '
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<br />5, Except as provided in paragraph fourteen (14) the City may lease additional meters
<br />for its use, at the same terms and at the agreed value in effect at that time. The City may
<br />exercise this privilege from time to time until the agreed value of the meters described in
<br />paragraph one (1) has been paid, The City need only indicate in writing to the Company
<br />its decision to lease additional meters under this Agreement. In determining whether the
<br />agreed value of any meters is paid, all rentals shall be averaged over all meters leased under
<br />this Agreement, whether they are the meters described in paragraph one (1) or additional
<br />meters leased hereunder,
<br />
<br />6, To give the City a bill of sale for the meters when the full agreed value thereof has
<br />been paid in cash to the Company.
<br />
<br />THE CITY AGREES:
<br />
<br />7, To lease the meters described in paragraph one (1), at s~id agreed value, to install
<br />them or permit their installation and to pay the following rentals for them: Thirty (30)
<br />days after the installation of the meters, and not later than the fifteenth (15th) day of
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<br />each calendar month thereafter, the City shall pay to the Company:;L ~Ci _pe))~l'cQ~~'C,:~,,,,I.'.~ '
<br />iofrth\preClilipts from said meters until the costs, if any, advanced under p:rxa1i~apl'tthr'ee".'
<br />"i~l:tli~i::\.~{~I?ii'-;v~Mlm}.pal\f or until the meters are removed under the provisions of
<br />paragraph eleven (11). Based upon the anticipated time that it will take to liquidate or pay
<br />the contract in full, the above price includes interest in the amount of five per cent (5 %) of
<br />the purchase price. For payment in full within sixty (60) days from date of installation, the
<br />City may take the above referred to interest as a cash discount on the purchase price.
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<br />}l'orm LA 2.64
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