Res 1999-069 - Laserfiche WebLink

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AGENCY & NO ARBITRAGE SCHEDULE ADDENDJM Dated As Of March 17, 1999 Lease Schedule NO.1 000094642 Lessee: City of San Marcos, TX Reference is made to the above Lease Schedule as amended ("Schedu en) to the Master Lease-Purchase Agreement identified in the Schedule as amended ("Master Lease") by and between Bane One Leasing Corporation ("Lessor") and the above lessee ("Lessee"), As used herein, "Lease" shall mean the above Schedule and the Master Lease, but only to the extent that the Master Lease relates to the Schedule. This Addendum amends and modifies the terms and conditions of the Lease and is hereby made a part of the Lease. Unless otherwise defined herein, capitalized terms defined in the Master Lease shall have the same meaning when used herein. NOW, THEREFORE, as part of the valuable consideration to induce the execution of the Lease, Lessor and Lessee hereby agree to amend and supplement the Lease as follows: 1, DEPOSIT OF MONIES: Deposit: $310,440.00 Deposit Date: March 24, 1999 On the above Deposit Date, Lessor shall cause the above Deposit to be paid to Lessee in cash or other immediately available funds. Such Deposit shall be set aside by Lessee in a separate account and used by Lessee exclusively for acquisition and installation costs of the Equipment pursuant to this Addendum. The Lease Term of the lease shall commence on the earlier of the date specified in the Payment Schedule to the Schedule or the above Deposit Date. 2. APPOINTMENT OF AGENT; EXPENDITURE OF FUNDS. (a) Lessor hereby appoints Lessee as its agent to carry out all phases of the acquisition and installation of the Equipment in accordance with any contracts necessary for the completion of the Equipment, and to apply the Deposit monies for that purpose. Lessee, as agent of Lessor, assumes all rights, duties, liabilities and responsibilities of Lessor regarding the acquisition and installation of the Equipment, and the installation of any property related thereto, except as limited herein. The Equipment shall be acquired and installed in all respects in accordance with the provisions of the Lease. (b) Lessee hereby agrees that it will cause the work under all purchase orders and contracts to be diligently performed after the Deposit is paid to Lessee, and that the Equipment will be completed in accordance with the specifications therefor by such dates as shall be necessary so that no less than 95% of the Deposit shall be expended for costs of the Equipment within 6 months following the Deposit Date and that the entire Deposit shall be expended (or applied to the payment of rent) within 12 months following the Deposit Date. Upon completion of acquisition and installation of the Equipment in a manner satisfactory to Lessee, but in any event not later than thirty (30) days following completion of such acquisition and installation, Lessee shall deliver to the Lessor a Certificate of Acceptance in form attached hereto as Exhibit A (and said Certificate will include a complete description of the Equipment) together with a copies of all invoices, bills of sale and other documents confirming the sale and installation of the Equipment and proof of payment of the entire purchase price of the Equipment. (c) If the Deposit is not expended as set forth above, Lessee agrees that it will take such actions as may be necessary to retain the tax-exempt status of the interest component of the Rent Payments and Lessee agrees that any such amounts not expended by Lessee for such purposes ("Unspent Deposit") shall no later than 12 months after the Deposit Date be paid by Lessee to Lessor and that the Unspent Deposit shall be applied by Lessor for benefit of Lessee either: (1) toward the principal portion of the Rent Payment next coming due under the Lease; or (2) toward a partial prepayment of the principal amount remaining due under the Lease and thereupon Lessor shall prepare and deliver to Lessee a revised Payment Schedule reflecting such partial prepayment of principal. 3. CONTRACTS AND PAYMENTS. Lessee, as agent for Lessor, may enter into any contracts which are reasonably necessary for the completion of the acquisition and installation of the Equipment. Lessee shall be authorized to make payments for the costs of acqUisition and installation of the Equipment from the Deposit or other funds provided by Lessee, In the event that the Deposit is not sufficient to pay the entire cost of acquiring and installing the Equipment, Lessee (muniagn2.doc)