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Res 2003-027
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Res 2003-027
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Last modified
11/7/2003 1:05:59 PM
Creation date
9/9/2003 4:41:13 PM
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City Clerk
City Clerk - Document
Resolutions
City Clerk - Type
Lease
Number
2003-27
Date
2/10/2003
Volume Book
151
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sum of the following: (1) the amount of all rent and other amounts payable by Lessee hereunder due but unpaid as of such <br />date, plus (2) the amount stated in the Supplement or an exhibit thereto as the Ten'ninafion Balance, plus (3) an amount equal <br />o the applicable purchase price set forth in Exhibit A less (4) unaccmed interest. <br /> <br />Jpon the occurrence of an Event of Default and at any time thereafter, Lessor may exercise any one or more of the remedies <br />listed in this Section as Lessor in its sole discretion may lawfully elect; provided, however, that upon the occurrence of an <br />Event of Default specified in Section 20 (d), an amount equal to Lessor's Loss as of the date of such occurrence shall <br />automatically be and become immediately due and payable without notice or demand of any kind. Lessor must attempt to <br />mitigate Lessor's Loss and damages. <br /> <br />A. Lessor may, by written notice to Lessee, terminate this Lease and declare an amount equal to Lessor's Loss as of the date of <br />such notice to be immediately due and payable, and the same shall thereupon be and become immediately due and payable <br />without further notice or demand, and all rights of Lessee to use the Equipment shall terminate but Lessee shall be and remain <br />liable as provided in this Section 21. Lessee shall at its expense promptly deliver the Equipment to Lessor at a location or <br />locations within the continental United States designated by Lessor. Lessor may also enter upon the premises where the <br />Equipment is located and take immediate possession of and remove the same with or without instituting legal proceedings. <br /> <br />B. Lessor may proceed by appropriate court action to enforce performance by Lessee of the applicable covenants of this <br />Lease or to recover, for breach of this Lease, Lessor's Loss as of the date Lessor's Loss is declared due and payable hereunder; <br />provided, however, that upon recovery of Lessor's Loss from Lessee in any such action without having to repossess and <br />dispose of the Equipment, Lessor shall transfer the Equipment to Lessee at its then location upon payment of any additional <br />amount due under clause (C, D, E) below. <br /> <br />C. In the event Lessor repossesses the Equipment, Lessor shall either retain the Equipment in full satisfaction of Lessee's <br />obligation hereunder or sell or lease each item of Equipment in such a manner and upon such terms as Lessor may in its sole <br />discretion determine. The proceeds of such sale or lease shall be applied to reimburse Lessor for Lessor's Loss and any <br />additional amount due under clause (D, E) below. Lessor shall be entitled to any surplus and Lessee shall remain liable for <br />any deficiency. For purposes of this subparagraph, the proceeds of any lease of all or any part of the Equipment by Lessor <br />shall be the amount reasonably assigned by Lessor as the cost of such Equipment in determining the rent under such Lease. <br /> <br />D. Lessor may recover interest on the unpaid balance of Lessor's Loss from date it becomes payable until fully paid at a rate <br />of 8% per aunurn, but in any event not more than permitted by applicable law. <br /> <br />E. Lessor may exemise any other right or remedy available to it by law or by agreement, and may in any event recover legal <br />fees and other expenses incurred by reason of an Event of Default or to the exercise of any remedy hereunder, including <br />expenses of repossession, repak, storage, transportation, and disposition of the Equipment. <br /> <br />No remedy given in this section is intended to be exclusive, and each shall be cumulative but only to the extent necessary to <br />permit Lessor to recover amounts for which Lessee is liable hereunder. No express or implied waiver by Lessor of any Event <br />of Default shall constitute a waiver of any other Event of Default. <br /> <br />22. NOTICES. Any written notice hereunder shall be deemed to have been given when delivered personally or deposited in <br />the United States mail, by certified mail, return receipt requested, addressed to the party's address set forth above or at the <br />pmy's last known address. <br /> <br />23. NET LEASE AND UNCONDITIONAL OBLIGATION. This Lease is a completely net lease and Lessee's obligation to <br />pay the rant and amounts payable by Lessee under Sections 15 and 21 is unconditional and not subject to any abatement, <br />reduction, setoff or defense of any kind except as expressly provided herein. <br /> <br />24. PREPAYMENT. This lease and any related supplement can be prepaid in full, but not in part, on any payment date for an <br />amount equal to the "After Payment Termination Value" on the attached Exhibit A. to said Supplement. <br /> <br />25. NON~CANCELLABLE LEASE. This Lease cannot be canceled or terminated except as expressly provided herein. <br /> <br />26. SURVIVAL OF INDEMNITIES. Lessee's obligations under Sections 10 and 11 shall survive termination of this Lease to <br />the extent the obligations arose before termination. <br /> <br /> <br />
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