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bank® Five Star Semen Guaranteed * Municipal Lease APPLICATION NO. CONTRACT NO. Purchase Agreement )6�2ox L�cnQ e�✓r2� f,��CSI�7S Term in Months r c o Payments of $ + (plus applicable fazes) Lease Payment Period is Monthly $ Unless Otherwise Indicated (mos.) (plus applicable taxes) Received THIS IS A NONCANCELABLE I IRREVOCABLE AGREEMENT, THIS AGREEMENT CANNOT BE CANCELED OR TERMINATED EXCEPT AS PROVIDED HEREIN. We hereby lease to You, the personal property (the "Equipment ") described above, on any attached Exhibit A, or In any subsequent schedules which may hereinafter be made a part hereof, upon the following terms and conditions: 1. TERM AND RENT: The term of, and the rental amount ('Rental Amount") due under this Municipal Lease Purchase Agreement ( "Agreement') shall begin on the Acceptance Date noted below or as specified on an attached Property Acceptance Certificate (Exhibit C) and, continue for the term set above unless earlier terminated per paragraph 18 and end on the date all payments on Exhibit 8, or In any subsequent schedules which may hereafter be made a part hereof, have been made, This Agreement will be deemed automatically renewed by You each year (Your fiscal year) unless earlier terminated by You due to non - appropriation as provided in Paragraph 18 herein. The Rental Amount includes specified amounts of principal and interest due on a spedfic date. Upon full payment by You of the entire Rental Amount Including interest due on this Agreement, the security Interest held by Us and Our successors or assigns shall be released. if any payment (or portion thereof) is not paid when due, it will incur a monthly late charge of 1.5% of the payment amount or the maximum amount permitted by law, whichever is less. You covenant to pay all Rental Amounts when due, and to perform all other covenants contained in this Agreement Lease payment obligations are absolute and unconditional and are not subject to cancellation, reduction, setoff or counterclaim except as provided In Paragraph 18 herein. 2. COVENANTS OF LESSEE: You warrant and represent as follows: (a) You are a body politic and have statutory authority to enter into this transaction and carry out its obligations; (b) You have authorized the execution of this Agreement by Your appropriate officials; (c) You have, in accordance with the requirements of law, fully budgeted and appropriated sufficient unexhausted and unencumbered funds for the current budget year and to meet Your other obligations under this Lease for the current budget year, and those funds have not been expended for other purposes: (d) the Equipment is essential to Your proper, efficient, economic and continuing operation and will be used for Your general business.; (e) You have never failed to appropriate or otherwise make available funds sufficient to pay rental or other payments coming due under any lease purchase, installment sale or other similar agreement; (f) You warrant this Lease as a 'bank qualified tax- exempt obligation" as defined In Section 265(b)(3XB) of the Internal Revenue Code and represent that the aggregate face amount of all lax- exempt obligations (excluding private activity bonds other than qualified 501 (C)(3) bonds) issued or to be issued by You and Your subordinated entities during the calendar year in which We fund this Lease is not reasonably expected to exceed $10,000,000; and (g) You and all of Your subordinate entities will not issue in excess of $10,000,000 of qualified tax - exempt obligations (including this Lease but excluding private activity bonds other than qualified 501 (C) (3) bonds) during the calendar year in which We fund this Lease without first obtaining an opinion of national recognized counsel in the area of tax- exempt municipal obligations acceptable to Us that the designation of this Lease as a'bank qualified tax - exempt obligation will not be adversely affected. Your Initials (Continued on the reverse side) PRINT NAME DATED: CUSTOMER: SIGNATURE „ TITLE PRINT NAME You certify that all the equipment listed above has been furnished, that delivery and installation has been fully completed and satisfactory. Further, all conditions and terms of this Agreement have been reviewed and acknowledged. Upon your signing below, your promises herein will be irrevocable and unconditional in all respects except as provided herein. You understand and agree that we have purchased the equipment from the supplier, and you may contact the supplier for your warranty rights, which we transfer to you for the tern of the Agreement. Your approval as indicated below of our purchase of the equipment from the supplier is a condition precedent to the effectiveness of this Agreement. DATED: CUSTOMER: SIGNATURE A TITLE This document is written in "Plain English ". The words You and Your refer to the customer. The words Lessor, We, Us and Our refer to U.S. Bancorp Business Equipment Finance Group. Every attempt has been made to eliminate confusing language and create a simple, easy -to -read document. CUST OMER • ' • FULL LEGAL NAME OF CUSTOMER STREET ADDRESS , U.S. Bancorp DATED: LESSOR: Business Equipment Finance Group SIGNATURE TITLE