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Home My WebLink AboutRESOLUTION 25-91CCRESOLUTIONNO.25-91WHEREAS,theBoardofTrusteesoftheTowiofEstesParkhasdeterminedthatitisinthebestinterestoftheTownofEstesParktopurchaseanaerialfiretruck;andWHEREAS,inordertoaccomplishthepurchaseofsaidvehicleandnecessaryequipment,theTownofEstesParkhasnegotiatedanEquipmentLease—PurchaseAgreementbetweentheTownofEstesParkasLesseeandTheEstesParkBankasLessor,acopyofwhichisattachedheretoasExhibit“A”andincorporatedhereinbyreference.NOW,THEREFORE,BEITRESOLVEDBYTHEBOARDOFTRUSTEESOFTHETOWNOFESTESPARK,COLORADO.1.TheEquipmentLease—PurchaseAgreementbetweenTheEstesParkBankasLessorandtheTownofEstesParkasLesseeisherebyapprovedandtheappropriateofficersoftheTownofEstesParkareherebyauthorizedtoexecutesaidAgreement,includingallnecessaryfinancingstatementsandUCCfilings,ascalledforbysaidagreement.INTRODUCED,READANDPASSEDTHIS/ôDAYOFXVece,,J,)199f.TOWNOFESTESPARKBy:__NyorATTEST:TownClerk 0Exhibit“A”QEQUIPMENTLEASE-PURCHASEAGREEMENTLESSOR:THEESTESPARKBANKADDRESS:P.O.Box2270,EstesPark,Colorado80517LESSEE:TOWNOFESTESPARKADDRESS:P.O.Box1200,EstesPark,Colorado80517LessoragreestoleasetoLesseeandLesseeagreestoleasefromLessor,theEquipment(the“Equipment”)describedinExhibit“A”tothisEquipmentLease—PurchaseAgreement(the“Lease”)uponthefollowingtermsandconditions:1.DeliveryandAcceptance.TheEquipmenthasbeendeliveredandacceptedbyLessee.2.Term.ThisLeasewillbecomeeffectiveupontheexecutionhereofbyLessor,and,unlessearlierterminatedasexpresslyprovidedforinthisLease,willcontinueuntilDecember31,1992,unlessnoticeisgivenbyLesseetoLessortorenewforanadditionaltermofone(1)year.Likewise,theLeaseshallterminateattheendofeachone(1)yearrenewalterm,unlessnoticeisgiventorenewforanadditionalperiodsofone(1)yeareach.Saidwrittennoticeshallbegivenonorbeforethirty(30)dayspriortotheendofeachyear.LesseeshallbeentitledtorenewthisLeaseforadditionalone(1)yeartermsthroughthefinalLeasePaymentsetforthonExhibit“3”.3.Rent.LesseeagreestopaytoLessororitsassigneetheLeasePaymentsspecifiedinExhibit“B”.TheLeasePaymentswillbepayableattheofficeoftheLessor(orsuchotherplaceasLessororitsassigneemayfromtimetotimedesignateinwriting),andwillcommenceonthefirstLeasePaymentdateassetforthinExhibitBandthereafteronthedatessetforthinExhibitB.Anypaymentsreceivedlaterthanten(10)daysfromtheduedatewillbearinterestatfourteenpercent(14%)perannumfromtheduedate.ExceptasspecificallyprovidedinSection4hereof,theLeasePaymentswillbeabsoluteandunconditionalinalleventsandwillnotbesubjecttoanyset—off,defense,counterclaim,orrecoupmentforanyreasonwhatsoever.LesseeherebydeclaresitscurrentneedfortheEquipment.ItisherebydeclaredtobethepresentintentionandexpectationoftheLesseethatthisLeasewillbecontinuedannuallyuntilallLeasePaymentshavebeenmade;butthisdeclarationshallnot 0beconstruedascontracturallyobligatingorotherwisebindingtheLessee.TheLesseeherebyagreesanddeterminesthattheLeasePaymentshereunderduringtheleasetermrepresentthefairvalueoftheuseoftheEquipment,andthatthepurchaseoptionpricerepresentsthefairpurchasepriceoftheEquipmentatthetimeofexerciseofthepurchaseoption.TheLesseeherebydeterminesthattheleasepaymentsdonotexceedareasonableamount,soastoplacetheLesseeunderaneconomiccompulsiontocontinuethisLeaseannuallyortoexerciseitsoptiontopurchasetheEquipmenthereunder.Inmakingsuchdeterminations,theLesseehasgivenconsiderationtothecostofEquipment;theusesandpurposesforwhichtheEquipmentwillbeemployedbytheLessee;thebenefitstothecitizensandinhabitantsoftheLesseebyreasonoftheacquisitionoftheEquipment;theuseoftheEquipmentpursuanttothetermsandprovisionsofthisLeaseAgreement;andtheLessee’soptiontopurchasetheEquipment.TheLesseeherebydeterminesanddeclaresthattheperiodduringwhichtheLesseehastheoptiontopurchasetheEquipment,i.e.,(themaximumtermofthisLease),doesnotexceedtheusefullifeoftheEquipment.4.PaymentstoConstituteCurrentlyBudgetedExpendituresoftheLessee.TheLessorandtheLesseeacknowledgeandagreethattheLeasePaymentshereundershallconstitutecurrentlybudgetedexpendituresoftheLessee.TheLessee’sobligationsunderthisAgreementshallbesubjecttotheLessee’sannualrighttoterminatethisAgreement,andshallnotconstituteamandatorychargeorrequirementinanyensuingfiscalyearbeyondthethencurrentfiscalyearoftheLessee.NoprovisionofthisLeaseshallbeconstruedorinterpretedascreatingageneralobligationorotherindebtednessoftheLesseewithinthemeaningofanyconstitutionalorstatutorydebtlimitation.NoprovisionofthisAgreementshallbeconstruedorinterpretedascreatingadelegationofgovernmentalpowersnorasadonationbyoralendingofthecreditoftheLesseewithinthemeaningsofSections1or2ofArticleXIoftheConstitutionoftheStateofColorado.ThisLeaseshallnotdirectlyorindirectlyobligatetheLesseetomakeanypaymentsbeyondthoseappropriatedfortheLessee’sthencurrentfiscalyear.TheLesseeshallbeundernoobligationwhatsoevertoexerciseitsoptiontopurchasetheEquipment.NoprovisionsofthisLeaseshallbeconstruedtopledgeortocreatealienonanyclassorsourceofLessee’smoneys,norshallanyprovisionofthisLeaserestrictthefutureissuanceofanyLessee’sbondsoranyobligationspayablefromanyclassorsourceoftheLessee’smoneys.5.LimitationandWarranties.LesseeacknowledgesandagreesthattheEquipmentisofasize,design,andcapacityselectedbyLessee,thatLessorisneitheramanufacturernoravendorofsuchequipment,andthatLESSORHASNOTMADE,ANDDOES—2— 00NOTHEREBYMAKE,ANYREPRESENTATION,WARRANTY,ORCOVENANT,EXPRESSORIMPLIED,WITHRESPECTTOTHEMERCHANTABILITY,CONDITION,QUALITY,DURABILITY,DESIGN,OPERATION,FITNESSFORUSE,ORSUITABILITYOFTHEEQUIPMENTINANYRESPECTWHATSOEVERORINCONNECTIONWITHORFORTHEPURPOSESANDUSESOFLESSEE,ORANYOTHERREPRESENTATION,WARRANTY,ORCOVENANTOFANYKINDORCHARACTER,EXPRESSOFIMPLIED,WITHRESPECTTHERETO,ANDLESSORSHALLNOTBEOBLIGATEDORLIABLEFORACTUALINCIDENTAL,CONSEQUENTIAL,OROTHERDAMAGESOFORTOLESSEEORANYOTHERPERSONORENTITYARISINGOUTOFORINCONNECTIONWITHTHEUSEORPERFORMANCEOFTHEEQUIPMENTANDTHEMAINTENANCETHEREOF.LessorherebyassignstoLesseeduringtheLeaseTerm,solongasnoEventofDefaulthasoccurredhereunderandiscontinuing,allmanufacturer’swarranties,ifany,expressedorimpliedwithrespecttotheEquipment,andLessorauthorizesLesseetoobtainthecustomaryservicesfurnishedinconnectionwithsuchwarrantiesatLessee’sexpense.6.AuthorityandAuthorization.Lesseerepresents,covenantsandwarrants,andasrequestedbyLessor,willdeliveranopinionofcounseltotheeffectthat:(i)LesseeisafullyconstitutedpoliticalsubdivisionoftheStateofColorado;(ii)theexecution,deliveryandperformancebytheLesseeofthisLeasehasbeendulyauthorizedbyallnecessaryactiononthepartoftheLessee;and(iii)thisLeaseconstitutesalegal,validandbindingobligationoftheLesseeenforceableinaccordancewithitsterms;and(iv)LesseehasbudgetedandappropriatedsufficientfundstopayallamountsduehereunderforthefiscalyearendingDecember31,1992.7.Title.UponacceptanceoftheEquipmentbyLesseehereunder,titletotheEquipmentwillvestinLessee;provided,however,that(i)intheeventofterminationofthisLeasebyLesseepursuanttoParagraph17hereof;or(ii)upontheoccurrenceofanEventofDefaulthereunder,andaslongassuchEventofDefaultiscontinuing,titlewillimmediatelyvestinLessororitsassignee.S.SecurityInterest.Inordertosecurea1J.ofitsobligationshereunder,Lesseehereby(i)grantstoLessorafirstandpriorsecurityinterestinanyandallright,titleandinterestofLesseeintheEquipmentandinalladditions,attachments,accessions,andsubstitutionsthereto,andonanyproceedstherefrom;(ii)agreesthatthisLeasemaybefiledasafinancingstatementevidencingsuchsecurityinterest,and(iii)agreestoexecuteanddeliverallfinancingstatements,certificatesoftitleandotherinstrumentsnecessaryorappropriatetoevidencesuchsecurityinterest.—3— 09.Use,Repairs.LesseewillusetheEquipmentinacarefulmannerfortheusecontemplatedbythemanufacturerfortheEquipmentandshallcomplywithalllaws,ordinances,insurancepoliciesandregulationsrelatingto,andwillpayallcosts,claims,damages,feesandchargesarisingoutofitspossession,useormaintenance.Lessee,atitsexpense,willkeeptheEquipmentingoodrepairandfurnishallparts,mechanismsanddevicesrequiredtherefor.10.Alterations.Lesseewillnotmakeanyalterations,additionsorimprovementstotheEquipmentwithoutLessor’swrittenconsentunlesssuchalterations,additionsorimprovementsmaybereadilyremovedwithoutdamagetotheEquipment.11.Location;Inspection.TheEquipmentwillnotberemovedfromtheEstesParkareawithoutLessor’spriorwrittenconsentwhichwillnotbeunreasonablywithheld.LessorwillbeentitledtoenterupontheEquipmentlocationorelsewhereduringreasonablebusinesshourstoinspecttheEquipmentorobserveitsuseandoperation.12.LiensandTaxes.LesseeshallkeeptheEquipmentfreeandclearofalllevies,liensandencumbrancesexceptthosecreatedunderthisAgreement.Lesseeshallpay,whendue,allchargesandtaxes(local,stateandfederal)whichmaynoworhereafterbeimposedupontheownership,leasing,rental,sale,purchase,possessionoruseoftheEquipment,excludinghowever,alltaxesonormeasuredbyLessor’sincome.IfLesseefailstopaysaidcharges,andtaxeswhendue,Lessorshallhavetheright,butshallnotbeobligated,topaysaidchargesandtaxes.IfLessorpaysanychargesortaxesforwhichLesseeisresponsibleorliableunderthisAgreement,LesseeshallreimburseLessortherefor.13.RiskofLoss,Damages;Destruction.LesseeassumesallriskoflossofordamagetotheEquipmentfromanycausewhatsoever,andnosuchlossofordamagetotheEquipmentnordefectthereinnorunfitnessorobsolescencethereofshallrelieveLesseeoftheobligationtomakeLeasePaymentsortoperformanyotherobligationunderthisLease.IntheeventofdamagetoanyitemofEquipment,Lesseewillimmediatelyplacethesameingoodrepairwiththeproceedsofanyinsurancerecoveryappliedtothecostofsuchrepair.IfLessordeterminesthatanyitemofEquipmentislost,stolen,destroyedordamagedbeyondrepair,LesseeattheoptionofLessorwill:either(a)replacethesamewithlikeequipmentingoodrepair;or(b)onthenextLeasePaymentdate,payLessor:(i)allamountsthenowedbyLesseetoLessorunderthisLease,includingtheLeasePaymentdueonsuchdate;and(ii)anamountequaltotheapplicableRemainingBalancesetforthinExhibit“B”.IntheeventthatLesseeisobligatedtomakesuchpaymentwithrespecttolessthanalloftheEquipment,LessorwillprovideLesseewiththeprorataamountoftheLeasePaymentandtheRemainingBalancetobemadebyLesseewithrespecttotheEquipmentwhichhassufferedtheeventofloss.—4— C14.Insurance.Lessee,will,atitsexpense,maintainatalltimesduringtheLeaseTerm,fireandextendedcoverage,publicliabilityandpropertydamageinsurancewithrespecttotheEquipmentinsuchamounts,coveringsuchrisks,andwithsuchinsurersasshallbesatisfactorytoLessor,or,withLessor’spriorwrittenconsent,mayself—insureagainstanyorallsuchrisks.InnoeventwilltheinsurancelimitsbelessthantheamountofthethenapplicableRemainingBalancewithrespecttosuchEquipment.EachinsurancepolicywillnameLesseeasaninsuredandLessororitsassignsasanadditionalinsuredandlosspayee,andwillcontainaclauserequiringtheinsurertogiveLessoratleastthirty(30)dayspriorwrittennoticeofanyalterationinthetermsofsuchpolicyorthecancellationthereof.TheproceedsofanysuchpolicieswillbepayabletoLesseeandLessororitsassignsastheirinterestsmayappear.Uponeachinsurancerenewaldate,LesseewilldelivertoLessoracertificateevidencingsuchinsurance.IntheeventthatLesseehasbeenpermittedtoself—insure,LesseewillfurnishLessorwithaletterorcertificatetosucheffect.Intheeventofanyloss,damage,injuryoraccidentinvolvingtheEquipment,LesseewillpromptlyprovideLessorwithwrittennoticethereofandmakeavailabletoLessorallinformationanddocumentationrelatingthereto.ThepartiesheretounderstandandagreethatLesseeisrelyingon,doesnotwaiveorintendtowaive,byanyprovisionofthisLeasePurchaseAgreement,themonetarylimitations,presently($150,000.000perpersonand$400,000.00peroccurrence)oranyotherrights,immunitiesandprotectionsprovidedbytheColoradoGovernmentalImmunityAct,¶24—10—101,et.seq.,C.R.S.,asfromtimetotimeamended,orotherwiseavailabletoLessee,itsofficers,agentsoremployees.15.PurchaseOption.Uponthirty(30)dayspriorwrittennoticefromLesseetoLessor,andprovidedthatthereisnoEventofDefault,oraneventwhichwithnoticeorlapseoftime,orboth,couldbecomeanEventofDefault,thenexisting,LesseewillhavetherighttopurchasetheEquipmentontheLeasePaymentdatessetforthinExhibit“B”bypayingtoLessor,onsuchdate,theLeasePaymentthenduetogetherwiththeRemainingBalanceamountsetforthoppositesuchdate.UponsatisfactionbyLesseeofsuchpurchaseconditions,Lessorwilltransferanyandallofitsright,titleaninterestintheEquipmenttoLesseeasis,withoutwarranty,expressorimplied,exceptthatLessorwillwarranttoLesseethattheEquipmentisfreeandclearofanylienscreatedbyLessor.16.Assignment.WithoutLessor’spriorwrittenconsent,Lesseewillnoteither(i)assign,transfer,pledge,hypothecate,orgrantanysecurityinterestinorotherwisedisposeofthisLeaseortheEquipmentoranyinterestinthisLeaseorthe—5— CEquipment,or(ii)subletorlendtheEquipmentorpermitittobeusedbyanyoneotherthanLesseeorLessee’semployeesorvolunteers.Lessormayassignitsrights,titleandinterestinandtothisLease,theEquipmentandanyotherdocumentsexecutedwithrespecttothisLeaseand/orgrantorassignasecurityinterestinthisLeaseandtheEquipment,inwholeorinpart.AnysuchassigneesshallhavealloftherightsofLessorunderthisLease.NoassignmentorreassignmentofanyofLessor’sright,titleorinterestinthisLeaseortheEquipmentshallbeeffectiveunlessanduntilLesseeshallhavereceivedaduplicateoriginalcounterpartofthedocumentbywhichtheassignmentorreassignmentismade,disclosingthenameandaddressofeachsuchassignee;provided,however,thatifsuchassignmentismadetoabankortrustcompanyaspayingorescrowagentforholdersofcertificatesofparticipationintheLease,itshallthereafterbesufficientthatacopyoftheagencyagreementshallhavebeendepositedwithLesseeuntilLesseeshallhavebeenadvisedthatsuchagencyagreementisnolongerineffect.Subjecttotheforegoing,thisLeaseinurestothebenefitofandisbindinguponthesuccessorsandassignsofthepartieshereto.NofurtheractionwillberequiredbyLessororbyLesseetoevidencetheassignment,butLesseewillacknowledgesuchassignmentsinwritingifsorequested.17.Termination.ThisLeaseshallautomaticallyterminateonDecember31stofacalendaryearinwhichtheLesseefailstorenewtheLeaseforanadditionaltermasprovidedinParagraph2ofthisLease.UpontheterminationofthisLeasepriortopaymentofallLeasePaymentsortheRemainingBalanceassetforthonExhibit“B”,LesseeshallpromptlyreturntheEquipmenttoLessoronorbeforeDecember31stoftheapplicableyear,orLessor,atitsoptionmayenteruponthepremiseswheretheEquipmentislocatedandtakeimmediatepossessionofandremovethesamefollowingDecember31stofsaidyear.18.EventsofDefault.Theterm“EventofDefault”,asusedherein,meanstheoccurrenceofanyoneormoreofthefollowingevents;(a)LesseefailstomakeanyLeasePayment(oranyotherpayment)asitbecomesdueinaccordancewiththetermsofthisLease,subjecttotheprovisionsofParagraph5,andanysuchfailurecontinuesforten(10)daysaftertheduedatethereof;(b)Lesseefailstoperformorobserveanyothercovenant,condition,oragreementtobeperformedorobservedbyithereunderandsuchfailureisnotcuredwithintwenty(20)daysafterwrittennoticethereofbyLessor;or(c)ThediscoverybyLessorthatanystatement,representation,orwarrantymadebyLesseeinthisLeaseorinanywritingeverdeliveredbyLesseepursuantheretoorinconnectionherewithisfalse,misleading,orerroneousinanymaterialrespect.—6— ‘0o19.Remedies.UpontheoccurrenceofanEventofDefault,andaslongassuchEventofDefaultiscontinuing,Lessormay,atitsoption,exerciseanyoneormoreofthefollowingremedies:(a)BywrittennoticetoLessee,declareanamountequaltoallamountsthendueunderthisLeaseandallremainingLeasePayments,forwhichtheLesseehasbudgetedandappropriatedinthecurrentfiscalyear,dueandpayable.(b)BywrittennoticetotheLessee,requestLesseeto(andLesseeagreesthatitwill),atLessee’sexpense,promptlyreturntheEquipmenttoLessor;orLessor,atitsoption,mayenteruponthepremiseswheretheEquipmentislocatedandtakeimmediatepossessionofandremovethesame.(c)Exerciseanyotherright,remedyorprivilegewhichmaybeavailabletoitunderapplicablelawsoftheStateofColorado,oranyotherapplicablelaworproceedbyappropriatecourtactiontoenforcethetermsofthisLeaseortorecoverdamagesforthebreachofthisLeaseortorescindthisLeaseastoanyoralloftheEquipment.Inaddition,LesseewillremainliableforallcovenantsandobligationsunderthisLeaseandforalllegalfeesandothercostsandexpenses,includingcourtcosts,incurredbyLessorwithrespecttotheenforcementofanyoftheremedieslistedaboveoranyotherremedyavailabletoLessor.20.Notices.AllnoticestobegivenunderthisLeaseshallbemadeinwritingandmailedbycertifiedmail,returnreceiptrequested,totheotherpartyatitsaddresssetforthhereinoratsuchaddressasthepartymayprovideinwritingfromtimetotime.Anysuchnoticeshallbedeemedtohavebeenreceivedthree(3)dayssubsequenttomailing.21.SectionHeadings.AllsectionheadingscontainedhereinarefortheconvenienceofreferenceonlyandarenotintendedtodefineorlimitthescopeofanyprovisionofthisLease.22.GoverningLaw.ThisLeaseshallbeconstruedinaccordancewith,andgovernedbythelawsoftheStateofColoradowithvenueinLarimerCounty,Colorado.23.DeliveryofRelatedDocuments.Lesseewillexecuteorprovide,asrequestedbyLessor,suchotherdocumentsandinformationasarereasonablenecessarywithrespecttothetransactioncontemplatedbythisLease.AttherequestofLessor,LesseewillfurnishLessorannualfinancialstatementsofLesseewithinforty—five(45)daysaftertheendofLessee’sfiscalyear.—7— C.024.EntireAgreement;Waiver.ThisLeaseandtheattachmentshereto,andotherdocumentsorinstrumentsexecutedbyLesseeandLessorinconnectionherewith,constitutetheentireagreementbetweenthepartieswithrespecttotheleaseoftheEquipment,andthisLeaseshallnotbemodified,amended,altered,orchangedexceptwiththewrittenconsentofLesseeandLessor.AnyprovisionofthisLeasefoundtobeprohibitedbylawshallbeineffectivetotheextentofsuchprohibitionwithoutinvalidatingtheremainderofthisLease.ThewaiverbyLessorofanybreachbyLesseeofanyterm,covenantorconditionhereofshallnotoperateasawaiverofanysubsequentbreachthereof.THEESTESPARKBANK,LESSORDate:___________________By:_____________________________TOWNOFESTESPARK,LESSEEDate:__________________By:_____MayorATTEST:TownClerk—8— 0EXHIBIT“A”One(1)Simon—LTIAS—75’AerialFireApparatusyin4S7sT9809Lc002638 EXIIIH1T“B”QAMORTIZATIONCfrPrincipat‘Loanloäte”tMaturityLoanNoCullCollateralWEcbo9tflôer!lniUatW$282,000.00‘j12—01—1998UN‘Rntprp,irninIt,,’chnriprlIronirnfortnnrlrn’slV-ooniyarid,!,riotiir,iiltinnppiirihriityofthisIrrir,nnrilhonuypsitrum,ivanoritemBorrower:TOWNOFESTESPARK/AERIALF1RCTRUCKLender:THEESTESPARKDANKESTESPARK,CO50517383EASTELKHORNAVENUEP.O.BOX2270ESTESPARK,CO80517—2270DisbursementDate:December13,1991RepaymentSchedule:InstallmentinterestRate:5.950CalculationMethod:365/360PaymentPaymentPaymentinkiestPrincipalRemainingNumberDateAmountPaidPaidBalance106—01—199224,948.597,970.0215,978.57265,021.43212—01—199224,948.598,015.7916,932.80248,088631992TOTALS:49,597.1515,985.8133,911.37306—01—199324,948.597,462.6617,485.95230,602.66412—01—199324,948.596,9742717,973.82212,628.861993TOTALS:49,897.1814,431.4135,469.77506—07—199424,948.596,395.9910,552.60194,07626612—01—199424,948.595,870.0019,078.59174,997.671994TOTALS:49,897.1812,265.9937,631.19706—01—199524,948.595,264.0319,684.56155,313.11812—01—199524,948.594,697.5720,251.02135,062.091995TOTALS:49,897.189,961.6039,935.58906—01—199624,948.594,085.0720,863.52114,198.571012-01—199624,948.593,454.0321,494.5692,704.011996TOTALS:49,897.181,539.1042,358.08II06—01—199724,948.692,7885922,160.0070,544.011212—01—199724,948.592,133.6622,814.9347,729.081997TOTALS;49,897.184,9222544,974.931306—01—199824,948.591,435.7223,512.8724,216.211412—01—199824,948.65.7314424,216210.001998TOTALS:‘49,897242,168.1647,729.08TOTALS:349,280.3267,280.32282,000.00NOTICE:This5anestimatedloanamodizalionschedule.ActuatAmountsmayvaryitpaymentsaremariaonditlerenldatesorindiliprontamounts.LASLOPRO(mm)Ver.3.’3(C)I901CFIOjnkerServ,CeGroup.Inc.