LEASE AGREEMENT FOR A 1981 ROYAL - MOTOR NO. RCJT002
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LEASE AGPEE:'1E:~T
THIS AGREEMENT made this
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I r day of
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, 1982,
between CLEARWATER TROLLEY LEASING PARTNERSHIP, hereinafter called
the Lessor, and THE CITY OF CLEARWATER; hereinafter called the
Lessee.
1. Subject. The Lessor hereby leases to the Lessee, and
the Lessee hereby hires from the Lessor, subject to the terms and
conditions hereinafter set forth, the following property, as set
forth in the itemized list in this paragraph, hereinafter referred
to as the equipment:
Year
and Motor Value of Property
Make :-lode 1 No. Equipment _;;ttached
Roya 1 1981 RCJTOO2 $95tOOO none
2. TERI\1 AND RENT. Il'This lease 1S for the term of 6 months
conunenc1ng 15f!J~r(e 8:)., and ending I t.jd, 'D.a::. 19fp' for the
total rent of $9,000.00, to be paid by the Lessee to the Lessor 1n
6 equal monthly installments of Sl,500.00 each on the first day of
each month during the term hereof.
The Lessor shall, upon receipt of payment from the Lessee, submit said
payment by the tenth day of each month to Central Pinellas Transit Authority
until an obligation in the amount of $8103.92 is paid in full. Failure to
make said payments shall be grounds for termination of fuis agreement.
3. TITLE. This agreement creates a lease or bail~ent only
of the equipment and not a sale thereof or the creation of a
security interest therein. The Lessor shall remain the sole owner
of the equipment and nothing contained herein or the payment of
rent hereunder shall enable the Lessee to acquire any right, title
or other interest 1n or to the equipment other than that of a
bailee for hire.
4. DELIVERY AND INSCRIPTION. The equipment shall be
delivered by the Lessor to the Lessee at the Lessor's place of
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this lease the inscriPttn, "CLEARWATER TROLLEY LEASING ,ARTNERSHIP, LESSOR,"
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indicating the name of the owner of the equipment, or words of similar import
in the event the lease is assigned by the Lessor, and the Lessee shall not
remove, obscure, deface, or obliterate such inscription or suffer any other
person to do so.
5. MAINTENANCE AND REPAIR.
The Lessee shall pay all operating expenses
such as fuel, oil, tires, etc., and at the Lessee's sole cost and expense keep
the equipment in good repair, mechanical condition, and running order. The
Lessee shall at all times provide suitable garage facilities and appropriate
service for the equipment including washing, polishing, cleaning, greasing,
inspection, and storage space and, at the end or other expiration of this
lease, shall return the equipment to the Lessor at the address specified at
that time by the Lessor in operating order and in the same condition and state
of repair as it was at the date of delivery, ordinary wear and tear excepted.
6. INSURANCE.
The Lessee hereby indemnifies and shall hold the Lessor
harmless from all loss and damage the Lessor may sustain or suffer by reason of:
(a) The loss of or damage to the equipment because of fire, theft,
collision, lightning, flood, windstorm, explosion, or other casualty; or
(b) The death of or injury to the person or property of any' third
person as a result, in whole or part, of the use or maintenance of the equipment
during the term of this lease; and the Lessee shall either through its self
insurance program or through procurement, at the Lessee's cost and expense a
policy or policies of insurance issued by a company satisfactory to the Lessor
with premiums prepaid thereon, insuring the Lessee against the risks and hazards
specified in (b) above in minimum amounts of $300,000/$500,000 personal injury
liability and $50,000 property damage liability. Such policy or policies shall
name the Lessor as loss payee and not as co-insured, shall be delivered to the
Lessor simultaneously with or prior to the delivery to the Lessee of the equipment
leased hereunder, and shall carry an endorsement by the insured either upon the
policy or policies issued by it or by an independent instrument that the Lessor
will receive 30 days' written notice of the alteration of cancellation of such
policy or policies. Failure by the Lessee to procure such insurance shall not
affect the Lessee's obligations under the terms, covenants, and conditions of this
Lease, and the loss, damage to, or destruction of the equipment shall not terminate
this Lease nor, except to the extent that the Lessor is actually compensated by
insurance paid for by the Lessee, as herein provided, relieve the Lessee from the
Lessee's liability hereunder. Should the Lessee fail to procure or maintain the
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insurance provided for lerein, the Lessor shall have th1 option, but not the
obligation, to do so for the account of the Lessee. In the event payment for
procuring or maintaining such insurance is made by the Lessor, the Lessee shall
reimburse the Lessor within seven days after receipt of an invoice therefor, and
the failure to make such reimbursement when due shall be deemed a default within
paragraph 9 hereof.
7. OPERATORS.
The Lessee shall employ and have absolute control and
supervision over the operator or operators of the equipment and will not permit
any person to operate the equipment unless such person is a competent and careful
licensed driver.
8. DEFAULT.
In the event the Lessee fails to perform any of the terms,
conditions, and covenants contained herein in the manner and at the time or times
required hereunder, including, but not limited to, the payment in full of any
rental payment or the reimbursement of the Lessor for a disbursement make
hereunder the Lessee shall be deemed to be in default under this agreement, and
the Lessor shall have the right to exercise either of the following remedies:
(i) to declare the balance of the rental payable hereunder to be due and payable
whereupon the same shall become immediately due and payable, or (ii) the right
to retake and retain the equipment without demand or legal process free of all
rights of the Lessee, in which case the Lessee authorizes the Lessor its agents
to enter upon any premises where the equipment may be found for the purpose of
repossessing the same and the Lessee specifically waives any right of action it
might otherwise have arising out of such entry and repossession whereupon all
rights of the Lessee in the equipment shall terminate immediately. If the Lessor
retakes possession of the equipment and at the time of such retaking there shall
be in, upon, or attached to the equipment any property, goods, or things of value
belonging to the Lessee or in the custody or under the control of the Lessee, the
Lessor is hereby authorized to take possession of such property, goods, or things
of value and hold the same for the Lessee, or place such property, goods, or
things of value in public storage for the account of, and at the expense of, the
Lessee.
9. WAIVER. Forbearance on the part of the Lessor to exercise any right or
remedy available hereunder upon the Lessee's breach of the terms, covenants, and
conditions of this agreement or the Lessor's failure to demand the punctual
performance thereof shall not be deemed a waiver (1) of such right or remedy or
(b) of the requirement of punctual performance or (c) of any subsequent breach or
default on the part of the Lessee.
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10. ASSIGNMENT. Ir) Neither this lease nor the L~see's rights hereunder
shall be assignable by the Lessee without the prior written consent of the Lessor.
In the event that the Lessor consents to an assignment, the assignee shall
become bound by all the terms, covenants, and conditions of this lease on the
Lessee's part to be performed.
(b) The Lessor shall have the right to sell or assign this lease
including its right, title, and interest to the equipment. In the event of
any such assignment by the Lessor, the assignee shall thereupon acquire all of
the rights and remedies possessed by or available to the Lessor. Upon receiving
proper notice of any such assignment, the Lessee shall thereafter make rental
payments and redelivery of the equipment as therein directed.
11. ENTIRE AGREEMENT. This instrument contains the entire agreement
between the parties and shall be ginding on their respective heirs, executors,
administrators, legal representatives, successors, and assigns. This agreement
may not be amended or altered except by a writing signed by both parties.
IN WITNESS WHEREOF the parties hereto have executed this agreement this
day and year first above written.
CLEARWATER TROLLEY LEASING PARTNERSHIP
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CITY OF CLEARWATER, FLORIDA
By:
By:
to form and
ATTEST:
By: 1n~ LL~ X~J IOrl
City C r~ ;
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