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LEASE WITH OPl'IOB TO PURCHASE AGREEMEN'l' BETWEEN ALLIANCE CREDIT CORPORATION, Lessor MID CITY OF SAN MARCOS , as Lessee Dated as of March 24, 1992 THIS LEASE WITH OPTION TO PURCHASE AGREEMENT dated as of March 24 _, 1992 (the Lease), by and between ALLIANCE CREDIT CORPORATION, a corporation duly organized and existing under the laws of the state of Delaware as lessor (Lessor) whose address is 9130 Jollyville Road, Suite 320, Austin, Texas 78759i and the City of San I.larcos, a political subdivision of the state of Texas as lessee (Lessee), whose address is 630 East Hopkins, San Marcos, Texas 78666: WITHESSETH: WHEREAS, Lessee is authorized by law to acquire such items of personal property as are needed to carry out its governmental functions, and to acquire such personal property by entering into lease with option to purchase agreementsi and WHEREAS, Lessee has determined that it is necessary for it to acquire under this Lease certain items of personal property described herein as Equipmenti and WHEREAS, Lessor is willing to acquire such items of Equipment and to lease them to Lessee pursuant to this Leasei NOW THEREFORE, in the joint and mutual exercise of their powers, and in consideration of the mutual covenants herein contained, the parties hereto recite and agree as follows: ARTICLE I DEFINITIONS AND EXHIBITS Section 1.1. Definitions. Unless the context otherwise r~quires, the terms defined in this Section shall, for all rposes of this Lease, have the meanings herein specified. Additional Terms: The terms of one year's duration or less for which this Lease shall remain in effect unless discontinued by Lessee, each of which shall commence at the end of the Original Term or a prior Additional Term and continue for a period of twelve months or such lesser period within which all of the Rental Payments specified in the attached Exhibit B will have been paid, and which shall be fixed by Lessor and shown on Exhibit B as provided in section 4.1. COmJIencement Date: The date upon which Lessee's obligation to make Rental Payments accrues as evidenced by the issuance to Lessor of the Certificate of Acceptance attached hereto as Exhibit C. Contractor: Each of the manufacturers or vendors from whom Lessee (or Lessor at Lessee's request) has ordered or will order or with whom Lessee (or Lessor at Lessee's request) has contracted or will contract for the manufacture, delivery and/or installation of the Equipment. Equipment: The personal property described in the attached Exhibit A which is being leased with option to purchase by Lessee pursuant to this Lease. Independent Counsel: An attorney duly admitted to the practice of law before the highest court of the state who is not a full-time employee of Lessor or Lessee. Interest: The portion of any Rental Payment designated as and comprising interest as shown in the attached Exhibit B. Net Proceeds: Any insurance proceeds or condemnation award, paid with respect to any Equipment, remaining after payment therefrom of all expenses incurred in the collection thereof. Original Term: The period from the CODlllencement Date until the end of the fiscal year which includes the Commencement Date. Payment Date: The date upon which any Rental Payment is due and payable as provided in Exhibit B. 1 4