Res 1999-052 - Laserfiche WebLink

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~. EQUIPMENT LEASE-PURCHASE AGREEMENT Lease No. 31473 Lessee: (Name and Address) City of San Marcos 630 East Hopkins San Marcos, TX 78666 Lessor: (Name and Address) Associates Commercial Corporation 300 E. John Carpenter Freeway Irving, TX 75062 Lessor agrees to lease to Lessee and Lessee agrees to lease from Lessor the Equipment described in Schedule A now or hereafter attached hereto ("Equipment") in accordance with the following terms and conditions of this Equipment Lease-Purchase Agreement ("Lease"). 1. TERM This Lease will become effective upon the execution hereof by Lessor. The term of this Lease will commence on the date the Equipment is accepted or funds are deposited into a Vendor Payable Account is established in connection with this Lease pursuant to Section 3 hereunder and. unless earlier terminated as expressly provided for in this Lease, will continue until the expiration date (the "Expiration Date") set forth in Schedule A attached hereto (the "Lease Term"). 2. RENT. Lessee agrees to pay to Lessor or its assignee the Lease Payments, including the interest portion, equal to the amounts specified in Schedule A The Lease Payments will be payable without notice or demand at the office of Lessor (or such other place as Lessor or its assignee may from time to time designate in writing), and will commence on the first Lease Payment Date as setforth in Schedule A and thereafter on the subsequent dates set forth in Schedule A Any payments received later than ten (10) days from the due date will bear interest at the highest lawful rate from the due date. Except as specifically provided in Section 6 hereof, the obligation of Lessee to make the Lease Payments hereunder and perform all of its other obligations hereunder will be absolute and unconditional in all events and will not be subject to any setoff, defense, counterclaim, or recoupment for any reason whatsoever including, without limitation, any failure of the Equipment to be delivered or installed, any defects, malfunctions, breakdowns or infirmities in the Equipment or any accident, condemnation or unforeseen circumstances. Lessee reasonably believes that funds can be obtained sufficient to make all Lease Payments during the Lease Term and hereby covenants that it ,,".'ill do all things 13':AuIlY'lAthI" its pO'.ver ts obtain, maintain lb and properly req\;lest and pursue funds from wflicA tt:le Le:lse Payments may be made, including making PfG','jSiOAS for such payments to the extent necessary in each budget submitted for the purpose of obtaining filRdiAg, using its Q~ bona fide best efforts to have such portion of the budget approved and exhaustiA9 all available administrative revie'....s and appeals in the event such portion of the budget is not approved. It is lessee's intent to make Lease Payments for the full Lease Term if funds are legally available therefor and in that regard Lessee represents that the use of the Equipment is essential to its proper, efficient and economic operation. lessor and Lessee understand and intend that the obligation of Lessee to pay Lease Payments hereunder shall constitute a current expense of Lessee and shall not in any way be construed to be a debt of Lessee in contravention of any applicable constitutional or statutory limitation or requirement concerning the creation of indebtedness by Lessee. nor shall anything contamed herein constitute a pledge of the general tax revenues, funds or monies of lessee. 3. DELIVERY AND ACCEPTANCE; VENDOR PAYABLE ACCOUNT. Lessee shall order the Equipment, cause the Equipment to be delivered and installed at the location specified on Schedule A ("Equipment Location") and pay any and all delivery and installation cost in connection therewith. Lessee will accept the Equipment as soon as it has been delivered and inspected. Lessee will evidence its acceptance of the Equipment by executing and delivering to Lessor a Partial or Final Delivery and Acceptance Certificate (in the form provided by LeSSOr) upon delivery of the Equipment. If a Vendor Payable Account is established in connection with this Lease and the acquisition of the Equipment. and Lessor agrees to deposit in the Vendor Payable Account sufficient funds to acquire the Equipment ("Initial Funds.) to be leased hereunder. Lessee understands that, except as provided herein, no disbursements from the Vendor Payable Account shall be made by Lessor without the receipt from Lessee of an executed Vendor Payable Account Payment Request Form and an executed Partial Delivery and Acceptance Certificate. Accordingly, upon final acceptance of all the Equipment, Lessee shall deliver to Lessor an executed Final Delivery and Acceptance Certificate in conjunction with the last Vendor Payable Account Payment ReQuest Form. Upon the earliest of Lessor's receipt of an executed Final Delivery and Acceptance Certificate by Lessee or one year from the establishment of the Vendor Payable Account, any funds remaining in the Vendor