HomeMy Public PortalAbout2019.09.12 CAT Hydraulic Excavator LeaseAttachment D - Payment Schedule
Transaction Number 3735348
CAS
Financial
LESSOR (ire): LESSEE (you):
CATERPILLAR FINANCIAL SERVICES CORPORATION CITY OF MCCALL
2. PAYMENT SCHEDULE
Payment Dates
SIGNATURES
LESSOR CATERPILLAR FINANCIAL SERVICES
CORPORATION
Signature
Name {print} Chi,ann Shing Wejl
Documentation Manager
Title
Date i "I
Payment Numbers
1-5
FINAL PAYMENT OF
Payment Amounts bug
$9,592.30
$40,0W00
LESSEE CITY OF MCCALL
Signature
Name (print�
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Title A,. --
Date
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Governmental Equipment Lease -Purchase Agreement
Transaction Number 3735348
LESSOR ["we", "us", or "aur'): LESSEE ("you" or "your"):
CATERPILLAR FINANCIAL SERVICES CORPORATION CITY OF MCCALL
2120 West End Avenue 216 EAST PARK STREET
Nashville, TN 37203 MCCALL, Ib 83638
Calm
Financial
In reliance on your selection of the equipment described below {each a "Unit" j, we have agreed to acquire and lease the Units to you, subject to the
terms of this Agreement. Until this Agreement has been signed by our duly authorized representative, it will constitute an offer by you to
enter into this Agreement with us on the terms stated herein.
2. DESCRIPTION OF
DESCRIPTION OF UNITS SERIALMIN ANNUAL FINAL LEASE DELIVERY DATE
Whether the Unit is new or used, the Unique fD number for LEASE PAYMENT PAYMENT Enter date machine was
model number, the manufacturer, this Unit. This is due per deWered to you
and the model name. perlod, as stated below in section 4. 1 _
(t) New 305E2CR Caterpillar Hydraulic Excavator N5M1yr5 $9.592.34
1060
Lease Payments; Current Expense You will pay us the lease payments,
including the final lease payment set forth above (collectively, the "Lease
Payments"), provided however, that your obligation to pay Lease Payments
extends only from the effective date of this Agreement until expiration of your
current fiscal year and thereafter if you renew this Agreement. In the event
you desire to renew this Agreement, you shall specifically appropriate funds
in the budget adopted by you to make the scheduled Lease Payments. Lease
Payments shall be paid by Lessee to Lessor according to the attached
payment schedule; provided that all amounts owing hereunder shall be due
by the final lease payment date. A portion of each Lease Payment
constitutes interest and the balance of each Lease Payment is payment of
principal. The Lease Payments wilt be due without demand. You will pay
the Lease Payments to us at Caterpillar Financial Services Corporation; P.0 -
Box 100647; Pasadena, CA 91189-0647 or such other Iocatlon that we
designate in writing. Your obligations, including your obligation to pay the
Lease Payments due in any fiscal year, will constitute a current expense of
yours for such fiscal year and will not constitute an indshtedness of yours
within the meaning of the conslitu[ion and laws of the State of Idaho. Nothing
In this Agreement will constitute a pledge by you of any taxes or other
moneys, other than moneys lawfully appropriated from time to time for [he
payment of the "Payments" {as defined in the last sentence of this Sectlon}
owing under this Agreement. You agree that, except as provided in
Section 7, your duties and IiabII[ties under this Agreement and any
associated documents are absolute and unconditional. Your payment
and performance obligations are not subject to cancelation, reduction,
or setoff for any reason. You agree to settle ail claims, defenses,
setoffs, counterclaims and other disputes you may have with the
Supplier, the manufacturer of the Unit, or any other third party directly
with the Supplier, the manufacturer or the third party, as the case may
be. You will not assert, allege or make any such claim, defense, setoff,
counterclaim or other dispute against us or with respect to the
payments due us under this Agreement. As used in this Agreement,
"Payments" will mean the Lease Payments and any other amounts required
to be paid by you.
The portion of the Lease Payments constituting principal will bear interest
(comp uled on the basis of actual days elapsed in a 360 day year) at the rate
of 3,85% per annum.
$40,000.00
�. Late Charges If we do not receive a Payment on the date it is due, you will
pay to us, on demand, a late payment charge equal to the lesser of five
percent (5%) of such Payment or the highest charge allowed by law.
5. Security Interest To secure your obligations under this Agreement, you
grant us a continuing first priority security interest in each Unit (including any
Additional Collateral), including all attachments, accessories and optional
features (whether or not installed on such Units) and all substitutions,
replacements, additions, and accessions, and the proceeds of all the
foregoing, including, but not limited to, proceeds in the form of chattel paper.
You authorize the filing of such financing statements and will, at your
expense, do any act and execute, acknowledge, deliver, file, register and
record any document, which we deem desirable to protect our security
interest in each Unit and our rights and benefits under this Agreement. You,
at your expense, will protect and defend our security interest In the Units and
will keep the Units free and clear of any and all claims, liens, encumbrances
and legal processes however and whenever arising.
6. Disclaimer of Warranties WE HAVE NOT MADE AND DO NOT MAKE
ANY WARRANTY, REPRESENTATION OR COVENANT OF ANY KIND,
EXPRESS OR IMPLIED, AS TO THE UNITS. AS TO US, YOUR LEASE
AND PURCHASE OF THE UNITS WILL BE ON AN "AS 1S" AND "WHERE
IS" BASIS AND "WITH ALL FAULTS"_ Nothing In this Agreement Is
Intended to limit, waive, abridge or atherwise modify any rights, claims,
or causes of action that you may have against any person or entity
other than us.
7. Non -Appropriation You have an immediate need for, and expect to make
immediate use of, the Units in the ordinary course of your business and
maintenance of property. This need Is not temporary or expected to diminish
during the term of this Agreement. To that end, you agree that your budget
for the current fiscal year Includes a sufficient amount to permit you to
discharge your obligations under this Agreement. You also agree that your
primary business official currently intends, to the extent permitted by law, to
include in your budget far approval by your governing board for each
successive fiscal year during the term of this Agreement, a sufficient amount
to permit you to discharge your obligations under this Agreement. In the
event your governing board faits or refuses to appropriate monies sufficient
to make the Payments due during your next succeeding fiscal year, this
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Agreement will not be renewed for such fiscal year and you shall return to
us, no later than the last day of the last fiscal year for which appropriations
were made for the Payments (the "Return Date"), all of the Units, at your
sole expense, in accordance with Section 14, and this Agreement will
terminate on the Return Date without penalty or expense to you and you will
not be obligated to pay the Lease Payments beyond the last fiscal year for
which a ppropriatl ons were made; provided, that you will pay all Payments
for which moneys have been appropriated or are otherwise available; and
provided further, that you will pay month to -month rent at the rate set by us
for each month or part of any month that you fail to return tha Units.
8. Tax Warranty You will, at all times, do and perform all acts and things
necessary and within your control to ensure that the component of the Lease
Payments received by us that, for the purposes of Federal income taxation,
is treated as interest will be excluded from our gross income. You will not
permit or cause your obligations under this Agreement to be guaranteed by
the Federal Government or any branch or instrumentality of the Federal
Government. You will use the Units for the purpose of performing one or
more of your governmental functions consistent with the scope of your
authority and not In any trade or business carried on by a person other than
you. You will report this Agreement to the Internal Revenue Service by filing
Form BD38G, 8038GC or 8038, as applicable. Failure to do so will cause
this Agreement to lose its tax exempt status. You agree that if the
appropriate form Is not filed, or if you are in breach of any other tax warranty
in this paragraph, the interest rate payable under this Agreement will be
raised to the equivalent taxable interest rate. If the use, possession or
acquisition of the Units is determined to be subject to taxation, yeu will pay
when due all taxes and governmental charges assessed or levied against or
with respect to the Units.
9, Assignment You may not, wlthe ut our prior written consent, by operation of
law or otherwise, assign, transfer, pledge, hypothecate or otherwise dispose
of your right, title and interest in and to this Agreement and/or the Units
and/or grant or assign a security interest in this Agreement and/or the Units,
In whole or in part. We may not transfer, sell, assign, pledge, hypothecate,
or otherwise dispose of our right, title and interest in and to this Agreement
and/or the Units andlor grant or assign a security interest in this Agreement
and/or the Units, in whole or In part.
10. Indemnity To the extent permltted by law, you assume liability for, agree to
and do indemnify, protect and hold harmless us and our employees, officers,
directors and agents from and against any and all liabilities, obligations,
losses, damages, Injuries, claims, demands, penalties, actions, costs and
expenses (inet uding reasonable attorney's fees), of whatsoever kind and
nature, arising out of the use, condition (including, but not limited to, latent
and other defects and whether or not discoverable by you or us), operation,
ownership, selection, delivery, storage, leasing or return of any item of Units,
regardless of where, how and by whom operated, or any failure on your part
to accept the Units or otherwise to perform or comply with any conditions of
this Agreement.
Insurance; loss and Damage You bear the entire risk of loss, theft,
destruction or damage to the Units from any cause whatsoever. No loss,
theft, destruction or damage of the Units will relieve you of the obligation to
make Lease Payments or to perform any obligation owing under this
Agreement. You agree to keep the Units insured to protect all of our
interests, at your expense, for such risks, in such amounts, in such forms
and with such companies as we may require, including but not limited to fire
and extended coverage insurance, explosion and collision coverage, and
personal liability and property damage liability insurance. Any insurance
policies relating to loss or damage to the Units will name us as loss payee as
our Interests may appear and the proceeds may be applied toward the
replacement or repair of the Units or the satisfaction of the Payments due
under this Agreement. You agree to use, operate and maintain the Units in
accordance with all laws, regulations and ordinances and in accordance with
the provision of any policies of insurance covering the Units, and will not rent
the Units or permit the Units to be used by anyone other than you. You
agree to keep the Units in good repair, working order and condition and
house the Units in suitable shelter, and to permit us or our assigns to inspect
the Units at any time and to otherwise protect our interests in the Units. If
any Unit is customarily covered by a maintenance agreement, you will fumish
us with a maintenance agreement by a party acceptable to us.
12. Default; Remedies An "Event of OefauIt" will occur if (a) you fail to pay any
Payment when due and such failure continues for ten (10) days after the due
date for such Payment or (b) you fail to perform or observe any other
covenant, condition, or agreement to be performed or observed by you under
this Agreement and such failure is not cured within twenty (20) days after
written notice of such failure from us. Upon an Event of Default, we will have
all rights and remedies available under applicable law. In addition, we may
declare all Lease Payments due or to become due during the fiscal year In
which the Event of Default occurs to be immediately due and payable by you
and/or we may repossess the Units by giving you written notice to del lver the
Units to us in the manner provided in Sectlon 14, or 1n the event you fail to do
so within ten (10) days after receipt of such notice, and subject to all
applicable laws, we may enter upon your premises and take possession of
the Units. Further, if we financed your obligations under any extended
warranty agreement such as an Equipment Protection Plan, Extended
Service Contract, Extended Warranty, Customer Service Agreement, Total
Maintenance and Repair Agreement or similar agreement, we may cancel
such extended warranty agreement on your behalf and receive the refund of
the extended warranty agreement fees that we financed but had not received
from you as of the date of the Event of Default.
13. Miscellaneous This Agreement may not be modified, amended, altered or
changed except by a written agreement signed by you and us. In the event
any provision of this Agreement is found Invalid or unenforceable, the
remaining provisions will remain in full force and effect. This Agreement,
together with exhibits, constitutes the entire agreement between you and us
and supersedes all prior and contemporaneous writings, understandings,
agreements, solicitations, documents and representations, expressed or
implied. Any terms and conditions of any purchase order or other documents
submitted by you in connection with this Agreement which are in additlon to
or inccnsIstent with the terms and conditions of this Agreement will not be
binding on us and will not apply to this Agreement. You agree that we may
correct patent errors in this Agreement and fill in blanks including, for
example, correcting or filling in serial numbers, VIN numbers, and dates. Any
notices required to be given under this Agreement will be given to the parties
in writing and by certl Fed mail at the address provided in this Agreement, or
to such other addresses as each party may substitute by notice to the other,
which notice will be effective upon its receipt.
14. Title; Return of Units Legal title to the Units is vested in us. Upon the
payment of all amounts due hereunder, legal title to the Units will pass to you
without the necessity of further action by the parties, and we will have no
further interest in the Units. If we are entitled to obtain possession of any
Units or if you are obligated at any time to return any Units, then you will, at
your expense, promptly deliver the UniI to us properly protected and in the
condition required by Section 11. You will deliver the Unit, at our option, (i) to
the nearest CaterplIla r deafer selling equipment of the same type as the Unit;
or (ii) on board a carrier named by us and shipping the Unit, freight collect, to
a destination designated by us. If the Unit is not in the condition required by
Section 11, you must pay us, on demand, all costs and expenses incurred by
us to bring the Unit into the required condition. Until the Units are returned
as required above, all terms of this Agreement will remain in full force and
effect including, without limitation, your obligation to pay Lease Payments
and to insure the Units.
15, Other Documents In connection with the execution of this Agreement, you
will cause to be delivered to us (i) either (A) a certified copy of your
authorizing resolution substantially in the form attached as Attachment B and
a copy of the minutes of the relevant meeting or (B) an opinion of your
counsel substantially in the form attached as Attachment C; (ii) a Verification
of Insurance substantially in the form attached to this Agreement; (iii) a copy
of the signed Form filed with the Intemal Revenue Service required in
Section 8 above as Attachment D; and (iv) any other documents or items
required by us.
18. Applicable Law This Agreement will be governed by the laws, excluding
the laws relating to the choice of law, of the State of Idaho.
SIGNATURES
LESSOR
CATERPILLAR FINANC L CES CORPORATION
LESSEE
CITY OF MCCALL
47
gyre
Signature
e
Chianti Shing Weir
me(print)
Name {print)
Von 10
n
ocur en/ 8 iofl manager
Title
Title
1, 3g
Date
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Date
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F -W 00VLFA9EIU
5317V3 hN pi �=19 181 rM CT
E X H I B I T 2
C o n c l u d i n g P a y m e n t S c h e d u l e t o
G o v e r n m e n t a l A g r e e m e n t
Quote number 644-0892. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dated _____________________, 20____
between
Caterpillar Financial Services Corporation
and
CITY OF MCCALL - 305E2
Description of Unit: 1 Caterpillar 305E2CR serial # H5M10275
Number
of
Payments Beginning Payment Interest Concluding
Date Due Made Balance Amount Balloon 3.85000%Payment (*)
Jan-15-20 1 77,650.00 9,592.30 0.00 0.00 68,057.70
Jan-15-21 2 68,057.70 9,592.30 0.00 2,620.22 61,085.62
Jan-15-22 3 61,085.62 9,592.30 0.00 2,351.79 53,845.11
Jan-15-23 4 53,845.11 9,592.30 0.00 2,073.04 46,325.85
Jan-15-24 5 46,325.85 9,592.30 0.00 1,783.54 38,517.09
Jan-15-25 6 38,517.09 0.00 40,000.00 1,482.91 0.00
t o t a l 47,961.50 40,000.00 10,311.50
(*) Does not include any rent payment or other amount then due.
Initialed: ____________
(Lessee)
644-0892 Caterpillar Financial Services Corporation Page 1