HomeMy WebLinkAboutbocc.con.052.1991 cy
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: - ' GOVERNMENTAL LEASE-PURCHASE
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��� '3 7._._.. MASTER AGREEMENT ' �
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Name and Address of Lessee: l.essor:
Pitki�County Norwest Investment Services,lnc.
506 East Maln Street Slxth and Marquette " -
Aspen,CO 81611 Mlnneapolls,MN 55479-0148 � .�y �'
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1.LEASE,Lessor hereby agreae to lease to Lassee,and Lessee hxeby agreaa to leasa irom lessor.the personal roperty •
described in a SuD lement,or Supplemants to thie Mastar Lease from time to time si ned by Lessor and Lessee apon t�ie terms �� '
and conditions se�forth in tha related,Supplement `wch property,together wiUi all redacements, repairs and add'aions
incorporated therein or affixed thereto be �afarred to harein as Eqmpme�Y).The kasa of tha items described in a panicular
Supolemmt shall ba considered a separate�essa pursuant to the terms of the Master teasa and the Supplement the same as if a
single lease agreement containing�uch terms F�ad baen exeeuted covering such iteme.The execution by lassee oF each
_ Supplament shap evidenee a detarmmation by the Lessea that the Equipment covered thereb�!is eamntial lo� its proper.eHiae�t :' �
and eeorqmie oparation nd.that Lsssee desres t onter into that Supplement for the aequis�6on ot that Equipment under the
terms hereot.that tha Eq�npment is necessary�or the govemmental functions of lessea, and that Lessor ie neicher the yi
manufactyrar nor a dealar or merchant of said Eqwpment,but has a9reed to pravide tha tundiny tcr and on bahalf of lessea fw
. the acquis�tion of said Eqwpment under the terms hereof at:he speeit�e request ot Lessea. .;, � .
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2.DE�py MID ACCEPTANCE Lessee will evidence iu acceptance ol the Equipment by executiny and delivedng to Lessor a '%.i �.
DeGvery and Axaptance CeRiliute p�erein sa called)in the fortn to be provided by Lassor. ;�i;,'r..
3.TERM.The term of this Lease with respaet to each jtem of EquipmeM shalf beqin on the date it is aaepted by tessee and shall
continue from th6 ren`commencemant date shown in the retated Suppieme�t unless earlier terminated u provided herein.The
rent tommencement date is the Aaeptance Date as recorded on the Acceptanee Cartitipte.
4.RENT.Lessee shall pay as 6asic rent ior,the tull term ol tbis Lease the amount shown in th4 related Suyplertwrt as Total Rent.
and a portion of eadf rert payment ro pa�d as,a�rapresenta the payment of interest.and Exhibit"A attached to the related
Supplement sets torth the mtereslcpmponen[of each rent paymeM during tha term.The Total Rent shaH be payabla in �
. installmantt aach in the amount at,th.e 6asic rentat paym ent set torth in tha related Supplement plua any ap licable sales and use ' i �
. tax thereon.Lasme shall pay rent�n mstallments as shown in the Re4ated Supplement Exeept assp eafi�y provided in Section ��, � .
5 hareot,the rental paymenu will be absoluta and unconditional in all evenu and witl not be subjact w any setroH,defense.
wunter da+m or recoupment for any reason whatsoever.
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/�s of the date of this Lease Lessee reasonably beliaves that funds can be pbSained suffrcient to maka all rent pa ents during the ;�
� term ot the Lease and here�,6y covenants that rt will do all tt�in�s IawfW�w�thin iu power ta o6tain,maintai�an�propery request .y��
and purgue tunda from which the rent payments may be ma e. The ief ezecuUve oH'�cer of the unjt shall request the required <-t.:
appropnatiqn from tha governug board and exhaust a11 available adminisvatire rev�ewe and appeala in the awnt wch portion of
the 6udgeUSnotapproved. ��"
5.NONAPPROPRfATfON OF f'UNDS.M Lessee periadically requests from rts legislative body or funding authoriry lunds to be paid �• j
m leuor under this Lease and.notwithstanding the making in good faith of such request in axorda�e wilh apDrapriate '+�y�
, p�ocedurea and with the exerase 4f r9asonable caro and dilige�e,such legislaUVe body or funding authorrty does not approve
tunds ta he paid to Lessor tor th!Eqwpmem.Lessee may,upon pnor wrinen notioe to Les9or effectrve 6Q da atter the gmng of ��;•
such notiee a upon tha exhausuon of tha fundim�authartzed for the then cunaM appropnatianpenod,wh�iaver is la[er,return r:;��
tha Equipment to Lessor at Lasseeb axpens*and thereupon be released of in obl' atian to make alI rentalp a nu io lessor ;;� i
due thereaher,but in no eam shall any obh atwn eztend,bayond lesseea arcen�fiscalyev provided: 41 1�ia Eqwpment�s
retumed w Lessar heigM prepaid an d mwred�to a focauon m the roimnental UnKed Statea��,��ated by Lessor�n the same �
condition as when fint delrvxed w Leuw reawna6�waar and taar•esuhing solely hom authoriza�use thareof exeepted.Gil Na
foregoing twtisa tM ftilwa of Uu�egi�{ative body w tunding auU+onry to propriate tha nacessary tundo as reawn!or � i
eancellauon.y���notiw a aceompamad by paymept of all amounq then�w to under thi Laasa. M the event
Lessee retume th�,�pment pursuant to the terms of thn Section 5.Lessor shaN retain�wme paid�reunder by Lessee
ineluding any saeunty deposit ptid hereunder.ar�d in addidon,Lessea ahall pay to Lessor the terminauon charge,if any,spoeified
in tha applicabk Schaduk heroW. .
b.AEPAESEHTATIONS AND WARRANTIES OF LESSEE.Lessee represents and warrenU and,sa long as this Leasa ia in eftect or
. arry part ot Lassee a obligations to lessor remain unfulfilled.shall continue to wartant at all umes,thaC .
(a Lessee is a Stau,a Territary or apouession ot tha Uni2ed SWtes.the District of Columbia a a pditieal wbdivision ol `,�;, '
a�y of the�oregqin within the meani ot Sectran iO3(al ol the Intemal Aevenue Code of,1986,u amarded,and Treasury !,. ;
RegWations and Fiu�inga relatad thereW�lessee is mrnrporated,it is�luly organized and ex�srong undx the Constitutiqn and laws ��
af ns juris�fictwn ot inco ration and w�ll do or cause to be done all things necessary to preserva and keep wch organaation and ' '%;
exiriena m tull tora an�etteet ��•
(b)Lessee has bean duly authori2ed by the Constitutioe�and lavn ai ehe applieable jurisdietion and by a resolution of its �_�:+
. gov6ming body(whieA reseluGon if requested by Lessa,is attaehed hereto)W exeeute and deliver Nia Lease and each r 1
supplement and to carry out i»obligationa hareunder, ,:j%`
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� (c1 A{I requinma�q hava bean met and procedurei hars accunad in ader to insure the entorcsability ot thi�Lease,
� � against Lesse�aad Les�ar haa compliad with�ucfi pubiie 6idding requiremertu.N any,a�may be applicapb to ttie tranaactiom
ee ar
cantemplated by thi�l.easa.
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(�Tha EpuipmeM w�ll,be ussd by Lqssae only tar tM purposa ot per}omrin pna ot mOr6 govemmental or proprietary � . .
funetioro af Lesse�eonzstw+t wnh tha peonissible xope of i.essae s authorty and wii�not be used m a vade er businesa ot any '
person a entiry otha fhan Laswa. .
(a)Iassw has iunds availa6la�o pay rent until tfie end ot ib arcrant a�propriation period,and it will raquest tunds to •
maka payments in each appropriadon penod,trom now unul the and of the term o this Laase.
the respe t�w t�wm�i�h�er��tuta�°valid,legat and binding obliqation af Lessee en�aceable agairut Lessee in axordance with ..
:�:.Y .
and Le�and ite�s,ssigru aie snaded to V xt�tdMe inteie.�yt�poR o� n o�he pa�enaetotbe made ha er�im�aa�e e8mpt trom te�deral
. income tazes under Secnon)03 W of ths Intemal Flevenue coda of 1986.ae amended. ' ._'`;`t%-
lh)I.essea,shall maiMain records relating to tha Lessor and ita na sulficient to comply with tfie registration .
raquirementt af Secdon 149(a)of the Internal Revenue Code ot 1986,as amand�
G�Lessea does not reasonably a�ticipate that it wiii issue tax exempt obligatione I�ot ineluding'prrvata activrty bonds '"�
as dafined cn Section 141 af the Internal Pevenue Code oi 1986,aa amendedj�n an.aqgregate amount m exeess of;10 million �
during the calendar yeaz in which this Leaso term commenees.and this Lsasa�s des�gnated as a qualified tax axemDt oWigation •�
. tor purposea of Seetron 265(b)(3)ot the lntemal Pevenua Code of S9H6 relating to deduetibility of interest by finaneial�nsiitutions. "�.� ' �
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G)This lease is irot and shall not 6ecame a"private activiry boad'within the meaning of SeMiaf 141 of ihe Intemal ;, �
fievenue Cade of 1986.as amended, w.
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(k)Lassee shall comply with all provisions ot the Intemal Aevenue Code of 1988 which are necqssary,to presarve the taz �� „:,
exempt status of the inteiest eomponent of the a ants made and to ba made under this Lease,ineludmg,wnhout Gmitation,the
investment and rebata provisiona of Saction�14�the prohf6ition against/edenl guarantias under Secuon 149 Ibl and ths
iniormation reportinq requuamenu of Section 149 fe).
7.WARR4NTiES.Lessae agreea that it haa seleeted each ieem of Eq i ment by�u�pgn its o�w�n�.t�� ment and di�aims an
retian up4n an statemen�q w�repre santatia+n made by Lesmr.�S�SOH MAKES NO WARRaNT7�TH RESPEC7 TO TH�
EOUI�MErvT.EJC�RESSED OR IMPUto AND 1ES50H SPECIFlCA LY DISCLAIMS AMf WAflRANTY OF MERCHANTABIUTY AND
OF FlTNESS FOR A PARTICt1LAR PURF�OSE AND ANY LIABIUTY�Ofl CONSE�UEN7IAL OAMAGES ARIStNQ OUT OF THE USE -
OF OR THE INABII,IZY TO USE THE EOUIPMENT.t,esma aqraea to mab rental and othet paymann required hereunder without
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ragard to the�ond'nian of the Equipme�t and to iook only to persom other tAan Lessar such aa the manutacwrer,vendor or carcier � '
� thereol should any item of Eqwpment for any reason ba defective.So lorx�as no Event of Default has occurred and is continuing
Lessor agraes.to the extent they are assi9nable.to assgn Yo Lessee.w�uwut any recourse W Leasor,arry wananty received by
Lessor.
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8.TRIE Upon aaceptance ot the Equipment by Lessee hsreunder,title to the Equipment vest in�e l�ssee;provided.
however,that,G)upon 1he nccuvence of an Event of Oetault as that term is defined in Sectian 2D�ereof,or Gi)in the event that the
purchase nort,d any,has not been exercised prior to the expiration date thereof,title will immediately vest in Lessor or its
' assignea.F�or as lor�g ps title to�he uipment vests m Lassee.Lessea at its expense shall protect and deland tha title and kee it ���
free o1 all claims and 6ens other than i nghts of Lessea hereunder and daime and iie�.s aeated by or ansing th�o Lessor.7�ie �j
Equipment shatl remtin persanal praparty reg�rdlesa of its attachment to,realty.and Le3�e agraes to take su�action xt ds
expense ae may be necassary to prevent any tMrd pariy trom acquiring atry interest in tha E.quipmont u a rewlt ot its attachment
• to realty.
� 9.SECUPoT`(AGREEMENT;FURTFIER ASSURANCES.To secure the performance of all lessee's obPgatiane hareundar.Lessea ��
hereby granu to leswr a s�cu�'yinterest constituting a first lien on the Equipmant and pn all adduona,attachments,repairs. �'
replaeamenu and modifiuLOns fhuwto a}herefore,t�luding aN after aeqwred Equipmenl ot Lessor,and on any proceeds �
i ther�lrom.Leasee agrees to executp or delrver such,ad�tionat doeumenu.u�duding,rvlhout limitation,fmanci�g statements. �:.
' opinroru af eounsel,not�es and simdar msWmenn.m form sausfaetory w lesmr,wh�ch Lessor desms neeessary,or appropriate
ta estaWi�h and mainta�n ita securM interest in the Equi ment w lor tha wnCmmaJtion or perfaMiort ot its seeurrty interest and (
� leasa�nghte hereunder.Lesmr ia bereby authorized to�le finandn staumena�gned on�y by lessor�accordance with tha t
Unitorm Commaicial Code w signed by Leswr as lessee's attomey in�act ti
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10,IAWS AND TAXES.l.a�sae shaY�ompy with all lavn and re utations rolatin to the�qu me�x and iis use and shall promptly
( pay when duo all salaa,use.property.excis�q and othet taxes an�all licensa and9registraqon�eea now w hereafter imposed by any �
grnemmentai body or agancy upon the quipment a rts use or the rentala hareunder exduding,however.any taxes on.or
i measured 6y Les�ors net income,Upon request by Lessa,lsssee st�a!I prepare and file all tax retume relating to taxes fa which
Lessee is responsibl�i�ereunder whirh Lessee ia pertnittec!to file under 1hs larvs of the applicabla tatting�unsdiction. .
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1 11.INDEMNfiY.To the exte�t permitted by law.Lassee hereby indemnifie�and agraea to eavs Le�sor harmless from any and all �'
Gab'tlity and axpense uising out al the ordering,awne�ship,use,eondition or openlion of each item of Equipment during the term
� of thia Lease,induding liabd"�ty ta death M inryry to persona.damage topr op�rry IiabiGty undar tha laws or judieial deeisions
i of any ptate ot ihe Unned SWie,and I�gal axpensae,in dafending any tlaim"bro� t to eniores�ny such liabdrty or expensa.but
� ezcludx�g arry liability for which l�.essae is not rospons�bk under Section 10.
� 12 ASSIGNMENT.Without lassors priu written�onsent Lessee wiN not sell,assign,sublet,pledge.w athanrise encumber or
�ermit a lien arisin�thrqugh Lassea to ewst on or,against any interest in thie Leasa gr the Equipmen{or remove the Equivmen[ ,
.j rom iu locadon ra eaed tc abova.Lessor may ass�gn iu intarest in thia Lsase and seN a grant a secunty mtarast"n all or ao part
,� of the aquipment lasseas consent Lessee agreas not to assert ayainst ury a�gnaa ot Lessw any�aim or de�e�sa
Lessea may hava againat xor.
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t3.INSPECTION.18uor may inspect the Equipmant at any lime and irom tima to timo during regular busines�houn.
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14.REPAIRS.Lesse�wili usa tfi�,equipmairt with dw care and Ior tho Pwpoaa 1or which it ia intended.Lessea will mti�tain tha !"';•"-':�`�lr,`�:
• Eguipment in good repair,wndiuon and wakin ordu and wiA fumish aN parts and aerviCea reyuired therefore,all at ttn eMpensa. �
, Nt wch parta whan fumished shall immediataly�bewm�th�praparty of Isssor and part ot tha Equipment for a11 purposee hareot.
15.LOSS OR DAMAGE Lpssaa shatf maimain adeqwtr insunnce az daxribad in Sactian 16.
i 16,INSURANCE.Lsmw ahaR obtain and maintsin on or wRh respect to th�Equi pme�rt at itt own ezpenar{�liabiliry insuranea , ,
aqainst lia¢ility for bodi�injury and D�operty damage witb a minimum Gmit ol Y1W.000 per xeunenp and ID physical damaga
insurancs insuring against bsa a damage tn tha Equipmant in an amount n9t lesa{han tMe tuU ropiuement va(ue ol the � � '
EGUipm.t a the amount sUted m the SuPPbment u an e�ibit tharetq a�the 7arminauon Balanp.l.essee shall(umish Lessor •
with�ta ot inwrana evidendny tha�ssuana ot a pohcy apa daea to tssse�in at least the mimmum amounu raquired
herein,naming Lesao�aa an addition�f insurad thoreu er far the,fiabiiity wvangs and as loss payae ta the propeA��y dam,aga
coverage.Each such policy shall be x�sucA torm with wch insuren aa may ba eatisfactory to Lessor.and snau contain a ' '
dausa reyuiring the insurer m giw w Leswr at lean 10 days prior writteo nouc�oi arry aharstion m�Iw teRm of such poli�y a the -
wneallauon thereof.and a dwsa speaying that no acuon or misrepresannuon by Lassea shall mvatidat�weh poliry.Leswr
stull be under no duty to ascsnain the ews2enca o!a to examina ury wcF�po licy or tq advisa lessea m the event any such odicy --
shall n t aomply with the raquiramant tharoot.p�the event that lessea hae 6een pertnitted to seltinsure.Lessae will tumish Cessor _
with a�etter or certificate to wch eNxt. , r 4
17,RENRN OF THE EOUIPMENT.Upon the ezp'eation or aarlier tarminaticn ot thia Lease,unfesa aff payme�ts.are made u
described in the Supplement the Lessae wiq immadiatey deliwr the Eq4�t to Lessor in the same condition as when '
deliye�ed to Lessee.wd'maN wear and tear exeepted,at such location wi n the continantal Unitad Swtee as Lessor shalt � 1���y(�� �
desgnate.Leaseo sFwN pay aU uansportation and cther expenses relating to wch deGvary.
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18.ADDff10NAl ACTION.Lessea wifl ptomptly ezecute and detiver to Lesaoi weh fiud+er dxumenu and taka sueh fuMer action
as Lessa may request in order to moro aRactivaly carry out the intent and purposa af thia Lease,induding Ihe eMecution and
delivery of ap�opiate Gnancing statementa ro fullv protect lessw's imterest he�eunder in aecordanca with the Unitorm � . �
Commercial code o(othet aDPbcabla law.Lessas vnll tutnish,from tima to Oma on requesL a Copy ot Lessee's lalest annual
baianca shoet and incorm statement •
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19.IATE CNAI�3ES,M any instaUmont ol buie rent is nbout�paid whea dw u withie 5 daye thareahx.LessQr may impose a late !
thereaher�ePce�i�vesd�+all�be applied fini io dol�qu°nt Ins[allmen�tsYand t�hen to c^'wr�ent in�sta�tlmentsd by appbcable law.Payments y, �
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Z0.DEFAUIT.Each of il�e tollowing evoms shall consthute an'Event of Default hereundx.!�Except u provided under Seetion 5 �,,.t_
herein.Lessee shall fai!to pay wi�en due any installment on basic rent(b)18sse�shall fail t observ�or peAorm,any other
agrpement to be qrservadq�patormed by Lauaa hereundar and tiw conUnuanw theroof for 1t1 ealer�dar days lollow�n wririe�
nottce thareof by tesmr ro l.essw•(c1 airy warranry,representation or statemant mada u tumished to Lessor by on�iehaN ql
Lessee proveo w have baen falsa cr misleading in,a�material respecr,or(d)le;sea shall voluntarily hle,or have�iled a ainst n
involuntarily a tition fa fiquidation,reorganizauon.adjustment ot debt.a simdar reliaf under tha federal w state 8a�{cru tcy
Code or an ot�iar presant or futuro tederei a state bankroptry oi msolvenq law,or a wstee,receiver,or liquidator shalPbe
appointed o�it nr alf of a substantial part of iu assets.
' 21.REMEDIES.Leswr and Lessea agrea that(essors damages saNerad By reason of an Event of Oafauh are uneertaip and not
i capable o)exaat measurement at the time tfus Lease is executed,6ecause the value of the Equipm ent at the expvatron of dvs
Lease is uncer4aau� and theretare they agrae that 1a purposes of this Sectian 21'Lnssor�1„us;as of any date shall 6e the sum ot �
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�e folbwing:!1)the amount of all reM and other,amounts paYable by Lessee hereundar due but unpaid as of such date.plus(Zl
. the amount stated i�the SupD��i+ent a an exhibR thareto as the Tarmination 8alarav.plua!31 an amouM equal to the appficable
purchase pria set torth ia ihe Suppbment
Upon the occurrence of an Ev�nt ot,Detault and at any time thereaher lsszor may exercise arty one or more of the remedies Gsted
' beiow as ie�r�in its d�mat�on may lawfully elect;provided.�owaver,that upon the axurtarce of an Event ot Defauh
� speciGed in secuon 20 dl.an amount aqual to Lessors Loss as of the date ot such oxurtence shaN wtomatically ba and become
immediate(y due and payabbe without trotice or demand of any kind.
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. � A Lessor may.by written notia to Lesaae.terminate thie Lease and dadara an amount equal to I.essorq Lnsa as o1 the date of
such notica to be immediately due artd payable.and the same shall thefeupon be and become immed�auly due and payable [�
vnthout turther notice ot dwnand,and all rights ot I.assee io use Uu Equ�pment shap terminata but Lessee snall be and remain !;.
liable ao provided in thie SeMion 21.tessee aha9 at its azpemse promptly deliver the Equipment to Lessor at a locaaon or locatiores �
wiihin the cominental United SWteq d nated by lassm.Le�w may also entar upon the premiseq whero tha Equipment�s
� located and talie immediate possesswn o�f and remove the same with ot without instituting legal procaedinga
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! 8.Lessor may Proeaed by appropriate couK acuan to entorce peAom+anea by lesses of the appliea6la rnvenanta of this Lease or !
� ta recover.!or Weach ot thie Leasa,Lessors tosa as ot the date les�sorb inss u deciared due and payabla heraynder:provided, j
however,that upon recovery of��rq losa from lessee in any sud+xtion wtthout havin3 w repossess and dispasa ot the
daus�e l�td Lasmr�7anslet tt�e Equipment to Lassee at its then tacaticn upan payment ot any additional amount due under
� Fa �
i
, �� C.M the eve�t Lassa ra ssessea tha Equipmant Lessor�hal�eithw retai� the Equipment in fuU satisfaetion o(L,essea's
� obligation hereunderq�se I�a lease aaeh item ot Equipmerrt in sueh a manner and upon sueh tem�,s,a�lessor may in ns,sole +
Qiscretion determiaa.ihe proceeds of such sa�e w lease shall be applied to reimburse tsssor far Lessara lo and any addiuonal I ,
{ amount dua under elaus�(D,D bebw.Leswr shall be antided to arry surplw and tassee shaN ramain hab�ta any defieiency. ! .
; Fa purposes of thia�ubparagraph ths praeeed of ar,ry lease of aq or any part of tho Equipme�t by Lessor shall be the amoum
� reasonably assig�d by Lesaa as t{ie cost of su�Eqwpment in deEermining thr rent undw such Leas�. !
1 D.Lessor may recover interest o�the unpaid balan�e o(Lsssoi a l�ss irom date it becomee payabk untit Iutly paid at a rate ol B% ,
:'.� perannum.
�
! E.Lessor may exmdss ury other right ar romedy arailable w it by faw or by agreament and may in arry ev,ent recover legal lees '
and other e�nsea incurted Dy reason of an Evant af Default or to tha exercisa ot any remedy hereundor,inctuding expensas os
;:f repossession.rep�ir.stango.Vansportation.and dispositian of the Equipmant f '
� nerm�l�9�to r�e�ver a mu�u to tw�i�18ss�ee is liable he�r ureid�er,l o�expr�w�a pfadrtwa�iver�b�y�La�of any Ereni oi
�fault shall wnsututa awaner of airy other Erent ot Default
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��i • i�the�U rte�d SWiea mnails�pos age�prepaid addre e�edht�o�Lessee a'tt�.v aa'�s�m ion"�;��:"a i w�d�i o ha�i add�a�u�ae ma�jr b�a
• last known to Lessor. re
'; 23.NET IEASE AND UNCONDfTIONAL OBLJGATION.Thie Lease ia a oompkte net kas and Les�w's abGgation to pay tha nnt ;:,_'
and amounu payabla by Lesse�under Seetiona 15 and 21 ia uncandroonal not wbjKx to ury�batrrtwM.roduchon,setofl or . .
delens�of any lund exapt aa expressy provided harein. �
�� 24.NON•CANCELLABLE LE4SE This laase cannot ba cancelad ar terminated axcapt a axpraaayr previd�d haroin.
... i .
25.SURVNAL OF{NDEMNITIES.Lassee s obligationa under Sectiona 10 and 11 shall wrvivs twmination of this Leasa. ; : ;
�: 26.MISCELLANEOUS;ExwPt with respect to Section 5.any provision of ihia Laasa which is unenforcea�bl�in u,ry,jurisdictipn shaq, �
' as to jwisdi be meNearva W ths exten�of sueh unenlorceability without invalidating th�remainmg proaaron#of th kass. ' :.'j- ...
nd any unenforceability in a jurisdictwn shall nat randx nentorceabla�yehprohawn m ury othx junedieuon. M�qn � •.
a+ �is lound to be unenlorceabfe,thi�eass shall be,mill and void.�his I.easa�hall in afl re�pset�b�govamad by,and eonsuued m
m
axordance with.the substantiva laws of the atate u�which the Lassae ia located. ,��=.
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Dated• :G�.:� /Z,/990 Y'�
:,} . .,
Lessee: PITKIN COUNTY,COLORADO
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By: � - ' �t, � .
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_� ItS:��� airman, Board of County Commissioners A ''��.
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� Lesso • ORWEST INVESTMENT SERVICES,INC.
BY: � ,
.�, ��.l.l��-- .' '
i Its Vice PresideM ' '
- .�� ATTEST: i�i .
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Count Clerk and Recorder ��;�'
-�$�i`- Y I;;'�"
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APPROVED AS TO FROM: . �� �
¢ �;� ('_. � a. ,_•y ►
Couat�y A to ey
�� RECOMMENDED FOR APPROVAL: ��
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Administrative Services Director �� ?' ' -
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; MANAGERS APPROVAL: • ,:.�"'�t
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Pitkin County nager '
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Norwest investment Services,�aa SUPPLEMENT TO MASTER LEASE �"`��-�"F'�,�'"i
j�..�w��.y.. a:
' Sbcth and Marquetta
Mtnneapolii,MN 55479-0146
Name and addre�of Le3see: Supplement# o282—oot -
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� Pitkin Count�, Colorado ' �
. 506 EasC Main Streee
Aspen, CO 8L611
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IThis Is a Supplement to ihe Govemmental Lease-Purohase Master AgreemeM identified above between '�r ,.
Lessor and Lessee(the'Master Lease'�. Upon the execution and delivery by Lessor and Lessee of this :
SupplemeM,Lesso�hereby agrees to lease to iessee,and Lessea hereby agrees to lease hom lessor,tha `�,��';:�' "
Properly described below upon the terms and conditions of this SupplemeM and the Master Lease. -`• .
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PROPEflTY DESCRIPTION ;':'i:
Quan' Serial Number .1
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� Equipment as described on atcached Schedule I. � .,
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l ocation ot propa�ty Gt diffwant lrom leeswb addrenl SCNEDULE OF RENT PAYMENTS
i �
! Basic rental #of Paymenu ?dvanw �
iS pay,,,e�,u paymenb
i Rent commenwment dam __ �` �
j Apri1 t2, 1991 $67,059.67 14
� iertn in monthe hom ront oommaneamant Plua apDtica6la sala� Frst Paymant Data Paymant due on
94 months °f�� �9���g�s�� ',�� ,.
I __ Oct. 12,199 � �R`� •
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j ReMal paymeM period(eheck one) �;'
i [ 7M«,tn�y I 1�+��h
i [ ]Quarte�lY I 10thet—sea additional
FlNANCEAMOUNTS 740,000.00 ';, �
- ! [X�Semiannualy provisions �
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� ' TOTALREMS938,835.38 � 1
AddiUonal?ravisions:
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� Le � N estlnvestm ntServlees,lne. IESSEE pitkin County. Colorado
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. �. By By /� � _ '*'�_.
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i (ts Vfce President It! ��-�--� ��- �'�h' �(�
� Date'�� DatB' Aor i 1 }9 1991 �
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I SCHEDULE I
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�` Equipment List �
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Pi[kin County, Colorado ' �`��
� 506 East Hain Street
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. t Aspen, CO 81611 i�u`
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� Computer–aided radio dispatch system with :
8 stations � �-;:
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� 911 Emergency Telacommunications Computer System �-; �
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with 4–position PBX '•
Dump Truck (single axle) �
- Motor Grader ��
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- Normal Date Periods/Yea lst Yayment 2nd Paymwt Level Payment Average Li[e " .
o[Paymmt 2 Oct 12,1991 Apr IZ,1992 567,059.67 4.02 yeers ' -
� � �2� �.�.m0��9 . , . .
Coats Funded Rate Closlag Date #ot Payments Closing Fen
5940 000.00 6.690% A 1991 14 50.00 �
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iPaymmt Terminadou �`1'V
Numbe Pa t Inieres Princi Valae Due Da
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Apc llry 1991 i�.,'.''-'�.:•
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� 1 567,059.67 524,753.00 542,306b7 Oct 12,2991
2 567,059.67 523,337.84 543,7Z1ffi Apr 12,1992 �' "•
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3 567,05967 521,87535 545,18432 5608,78719 Oct 12,1992 3 r
i 4 567,059.67 $20,363.43 546,695.74 5562,091.45 Apr 12,1993 �i � ;' :
5 569,059.67 518,801.96 f48,Z57.71 5513,833.74 Oct 12,1993
}. •...' ;;
} S67,D59.67 517,187.74 Sd9,871.93 5463,961.81 Apr 12,1994
t
i 7 567,059.67 S15,51952 $51,59U15 5412,421.66 Oct 12,1994 � k
S6T,059.67 513,74551 553,264.16 5359,15750 Apr]2,]995 ��
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56 9,0 59.67 512,013.82 555,045.85 5304,211.55 Oct 12,1995
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] 567,059.67 510,17254 556,887.13 5247,22451 Apr 12,1996 •�� ,,
-�s 11 a6T,059.67 58,269.66 S58,790.01 5188,43451 Oct 12,1996
' IZ 56T,059.67 56�03.13 S6D,756S4 5127,677.97 Apr 1Z,1997
P 13 567,059.67 54,270.83 362,788.84 564,889.13 Oct 12,1997
� 14 $67 059.67 5217054 S64 9.13 51.00 A r 1Z 1998
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FINAL PURCHASE OPTION PRICE: 1.00 � �
Pitkiu County, Colorado
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� DELlVERY AND ACCEPTANCE CERTiFICATE �
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TO: NORWEST INVESTMENT SERV(CES,INC. ��,',� ` ��
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_ RE: LEASEAGREEMENTDATE� nvrii i9, 1991
-
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� FOf�: Equipment described on Schedule i
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� While not ail of the property described in the above LEASE(the'Property') �
1, has been delivered to us,we hereby request funding for the LEASE so that Partial �
� payments can be made to the Property vendoc(s) and Property delivenes or
instailations completed. We hereby accept the Property pursuant to the LEASE,
� agree to have the LEASE commence, and acknowledge that all the terms of the
. , � LEASE are in fu!!force and effect. We understand that,Section 6(g)of the LEASE �
� notwithstanding, ff the funding procesds, $ �ao.000.00 , are not
- � completely disbursed by October co, 1991 ,the LEASE may +
� become subject to the investment and rebate (i.e., arbitrage) provisions of IRS
Code Section 148 and we will comply with ali reporting and,if appiicable,rebate
� requirements thereto. �
�
� LESSEE: Pitkin County, Colorado
�
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� BY: /«t �i��..-t _�.r�'���-� �G���
. ;� -/�- . �tie)
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� (Acceptance Date)
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Adv.Funding 12/89 t
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