HomeMy Public PortalAbout163-2019 - Finance - First Bank Richmon... Fire Truck - Contract No.178-2018EQUIPMENT FINANCE CONTRACT
CREDITOR R SECURED PARTY LEGAL NAME AND ADDRESS OF DEBTOR(S) SUPPLIER OF EQUIPMENT CONTRACT NO.
First Bank Richmond City of Richmond See Schedule -A attached hereto
50 N 5th St and made a part hereof. .146058
31 N 9th St Richmond, IN 47314-4247
Richmond, IN 47374
JOINTLY AND SEVERALLY RESPONSIBLE
FINANCED EQUIPMENT QUANTITY DESCRIPTION -- MODEL # SERIAL # OR OTHER IDENTIFICATION
See Schedule A attached hereto and made a part hereof.
EQUIPMENT LOCATIONS IF DIFFERENT MUST BE SHOWN ON SEPARATE DOCUMENTATION.
AMOUNT OF EACH PAYMENT I ADVANCE PAYMENT(S) TERM OF CONTRACT SECURITY DEPOSIT
TERMS 1 $54,601.78
$0.00 I 48 Months f $0.00
GUARANTY
To induce Creditor to enter into the Contract proposed hereon the undersigned
{jointly and severally, if more than one) unconditionally guarantees to Creditor the
prompt payment when due of all ❑ebtor's obligations to Creditor under the Contract.
Creditor shall not be required to proceed against Debtor or the Equipment or enforce
any other remedy before proceeding against the undersigned. The undersigned
agrees to pay all attorneys' fees and other expenses incurred by Creditor by reason
of default by the Debtor or the undersigned. The undersigned waives notice of
acceptance hereof and of all other notices or demands of any kind to which the
undersigned may be entitled. The undersigned consents to any extensions or
modification of the Contract and any indulgences granted to Debtor, including, but
not limited to, the release and/or compromise of any obligations under or any
collateral for the Contract. This is a continuing Guaranty and shall not be discharged
or affected by the death of the undersigned, shall bind the undersigned and the heirs,
administrators, representatives, successors and assigns of the undersigned, and
may be enforced by or for the benefit of Creditor or any assignee or successor
Creditor.
SIGNATURE X NIA NIA
PERSONAL GUARANTOR (SIGN WITHOUT TITLES) DATE
TYPE NAME: NIA
RES. ADDRESS: NIA
CITY, STATE, ZIP: NIA
TERMS AND CONDITIONS
1. 'The words' "you" and "your" refer to' the Debtor, its permitted
successors and assigns. The words "we" "us" and "our" refer to the
Creditor & Secured Party ("Creditor") its successors and assigns. Subject
to the terms of this Contract and any schedules or exhibits hereto, we
agree to offer financing to you as described in the "Terms" .Section. This
Contract and your obligations hereunder will be effective as of the date the
Contract is accepted and signed by you (Effective Date).
2. As Debtor, you promise to repay the amount financed hereunder
according to the terms of this Contract in the amounts and at the times set
forth in the "Terms" Section commencing on the Effective Date and
continuing as set forth therein without need of an invoice. In the event of
any conflict between the language of this Contract and any other
document referring to this Contract, the language of this Contract will
prevail.
3. Your obligation to make payments and pay other amounts due
under this Contract is absolute, unconditional, non -cancelable, and
not subject to abatement, reduction or set-off for any reason
whatsoever. This is solely a financing contract and you selected the
property to be financed, if any, and your supplier. You acknowledge
that no agent of your supplier or any intermediary is our agent and
that we have not and will not make any representation or warranty
with respect to the fitness, merchantability, suitability, environmental
compliance or value of such property relative to the Effective Date
hereof. There are no other written or oral agreements between the
parties hereto.
4. You hereby represent and warrant to us that the information you
provided for the underwriting of this Contract was full, true and correct in
all respects and the Contract contemplated herein is for business or
commercial purposes, will not be used to purchase real estate or an
interest therein, and is not for personal, family or household purposes.
5. You hereby grant us a lien upon and security interest under the Uniform
Commercial Code ("UCC") in the property set forth above or in Schedule A
("Collateral") including any and all property purchased with the proceeds of
this Contract and all accessions, additions, and replacements thereto.. You
represent that; (a) you are the owner of the Collateral and hold title to the
Collateral and will continue to be the owner of the Collateral hereafter
acquired, free of all security interests, liens and encumbrances other than
the security interest in favor of us and any existing liens we permitted by
accepting this Contract; (b) on your behalf, the signatory has full power and
authority to execute this Contract and to subject the Collateral to the
security interest created hereby; (c) all Collateral is located at the address
shown above or on Schedule A and may not be moved without our prior
written consent; (d) you agree to; (i) keep all tangible Collateral in good
condition and repair; (ii) give us at least thirty (30) days prior written notice
of a change in the Debtols name or ownership or of any material damage
to the Collateral; (iii) not permit any Collateral to be used or kept for any
unlawful purpose or in the Debtor's name or ownership or of any material
damage to the Collateral; ; (iii) not permit any Collateral to be used or kept
for any unlawful purpose or in violation of any federal, state or local law; (iv)
pay and perform all the obligations according to their terms; (v) permit us
access to the Collateral at all reasonable times; and (vi) be liable
for any expenditures we make to maintain and preserve the Collateral,
including without limitation, taxes, levies, insurance, repairs, attorney's and
accountant's fees and expenses, and for the collection, repossession,
holding, preparation, and sale or other disposition of the Collateral.
B. You agree to keep the Collateral insured in such amounts, against such
risks, with such companies, and in form acceptable to us. Such insurance
must name us or our assignee as an additional named insured and loss
payee and must include provision for thirty (30) days prior written notice to
us of cancellation. In the event you do not provide proof that you are
maintaining such property insurance, you agree that we may, at our sole
discretion; (a) elect to obtain insurance, in which event you agree to pay to
us a monthly insurance charge which includes all related premiums,
interest, charges, fees and profit to us or our agents for providing such
coverage, or (b) elect to charge you an administrative fee, which you agree
to pay to 'us, equal to five• (5) percent of each of your monthly payments
which does not provide insurance nor relieve you of any responsibility to
make all payments in the event of an uninsured loss. You hereby assign to
us, as additional security for the payment of the amounts due hereunder,
any and all proceeds and all other rights you have under all policies of
insurance covering the Collateral, and you hereby direct the issuer of any
such policy to pay directly to us any such monies. If you receive such
monies, you agree to hold them in trust for our benefit.
7. Your execution, delivery, and performance of this Contract and any
related documents and the grant of the security interest in the Collateral to
us, are not in contravention of law or the terms of your organizational and
governing documents, or any contract or agreement to which you are a
party. This Contract constitutes your legal, authorized, valid, and binding
obligation, enforceable in accordance with. its terms. There are no actions,
proceedings, or investigations pending or threatened against you, and there
are no judgments, federal or state tax liens or other liens, security interests
or encumbrances against you, or your assets except as disclosed herein.
INITIAL
THIS IS PAGE I - SEE PAGE 2 FOR ADDITIONAL TERMS AND CONDITIONS WHICH ARE PART of THIS CONTRACT Revised 4/2/12017
IMPORTANT: Vendor and its representatives are not the agents of the Creditor.
Contract No. 163-2019
EQUIPMENT FINANCE CONTRACT
B. If you at any time fail to perform or observe any agreement herein,
12. If any part of any amount due is not paid when due, you agree to pay a
we, in your name and on your behalf or, at our option in our own name,
late charge equal to the lesser of ten (10) percent of the past due amount, or
may perform or observe such agreement'and take any action, which we
the maximum amount permitted by applicable law. If you agreed to, but fail to
may deem necessary or desirable to cure or correct such failure. You
make your.payments via mandatory ACH or cause such ACH processes to be
irrevocably authorize us and grant us a limited power of attorney in your
discontinued, you agree that your monthly payment will be increased by a
name and on your behalf, or, at our option, in our own name, to take
service fee of ten dollars per payment. If you deposited a Security Deposit
any action we deem necessary to establish, perfect, protect or enforce
with us as security for the full performance of all the terms and conditions of
our security interest in and to the Collateral including, without limitation,
this Contract, we may apply all or a portion of the Security Deposit to any of
signing your name 'and, filing UCC-1 financing statements in the
your obligations hereunder. We shall deduct from the Security Deposit a non -
appropriate jurisdiction(s),
refundable processing and fling fee of one hundred and twenty-five dollars or
9. Any of the following will constitute an event of default hereunder; (a)
three hundred dollars if the Collateral includes titled equipment, unless such
you fail to pay us any amount when due; (b) you or any guarantor
fee is remitted by you at inception of this Contract.
hereto breaches any warranty or faits to perform any other material
13. You have no right to sell, transfer, assign, lease, or encumber the
covenants, promises or obligations under this Contract, or any other
Collateral or this Contract. We may sell, transfer, assign or encumber this
agreement entered into by you or any guarantor and held or serviced by
Contract. You agree that if we sell, assign, or transfer this Contract, any
us; (c) the existence of the Debtor is terminated or any actions
assignee will have the rights and benefits assigned, but the assignee will not
regarding the cessation or winding up of your business affairs are
be subject to any claims, defenses or set-off that you may have against us.
taken; (d) you default under any lease or mortgage applicable to the
14. This 'Contract shall be interpreted and all rights and liabilities of the
real estate where the Collateral is located; (e) you assign this Contract
parties hereto and hereunder shall be determined and governed as to validity,
or its Collateral without our prior written consent; (f) you fail to notify 'us
interpretation, enforcement and effect, by the laws of the state of Indiana.
thirty (30) days in advance of your intent to transfer a material portion of
Without limiting our right to bring any action or proceeding against you in the
your assets, or the effective control of the Debtor; (g) information you
courts of other jurisdictions, you hereby irrevocably submit to the jurisdiction of
provided for the underwriting of this loan proves to be less than full, true
any State or Federal court located in the County of Wayne, Indiana. Both you
and correct; (h) you change your name, state of incorporation, or chief
and we expressly waive.any right to a trial by jury. If any provision hereof or
executive office, without thirty (30) days written notice to us; (1) if there is
any remedy herein provided is found to be invalid under any applicable law,
any material deterioration, impairment, decline 'in value, or material
such provision shall be inapplicable and deemed omitted but all the remaining
adverse change in the assets or conditions of you or of any guarantor or
provisions and remedies shall be in effect in accordance with the 'intent
any part of the Collateral; 0) you attempt to terminate our financing
hereof. You agree that any delay or failure to enforce our rights under this
statement; or (k)you or any guarantor hereto becomes insolvent.
Contract or any Schedule does not prevent us from later enforcing any rights
10. If you are in default, at our election, we can; (a) accelerate and
we may have.
declare all sums due hereunder immediately due and payable in full,
15. You agree and acknowledge that; (a) the terms and conditions indicated
together with interest at 1.5% per month calculated on such amounts
above and on the first page are a complete and exclusive statement of our
until paid, as well as any commissions paid to third parties; (b) take
agreement and it may be modified only by a written agreement signed by all
possession of any Collateral without prior notice or process of law and
parties hereto and not by course of performance; (b) you have retained a full
sell such Collateral in a commercially reasonable manner and apply the
and complete copy of this Contract; (c) your obligations will be binding upon
proceeds to your obligations hereunder with you remaining liable for
your successors, assigns, heirs and legal representatives; (d) our waiver of
any deficiency; (c) require you to, assemble the Collateral, and make it
any provision hereunder on .any occasion shall not constitute a waiver at any
available to us at any location selected by us; (d) utilize any remedy
other time or of any other matter.
available under the Uniform Commercial Code or any other applicable
15. ANNUAL FINANCIAL STATEMENTS. On or before the first anniversary
law and if � ee pursue any or all such remedies, you agree to pay our
date of the commencement of this Contract, and each year thereafter- on the
reasonable attorney's fees and costs_, including repossession, storage,
anniversary date, until this Agreement expires, Creditor may require Debtor to
collection costs, non -sufficient funds charges, and similar charges; (e)
obtain and deliver to Creditor true and accurate financial statements for the
seize all books and records pertaining to the Collateral; and (f) you
prior fiscal year. If Debtor fails to obtain and deliver to Creditor its financial
hereby waive presentment, notice of dishonor, protest, notice of intent
statements, or if Creditor determines in good faith that a material adverse
to accelerate maturity and notice of acceleration in connection with this
change has occurred in Debtor's financial condition or that the prospect for
Contract, any note or other document.
payment is impaired for any reason, Creditor may declare this Contract in
11. -As security for the prompt and full payment of the amounts due
default. If Creditor declares this Contract in default under the provisions of this
under this Contract, and Debtor's complete performance of all of its
paragraph only, Creditor shall'send written notice to Debtor of the grounds of
obligations under this Contract, and any extension or renewal hereof,
said default. Debtor shall thereafter have ten (10) business days in which to
Debtor has deposited with Creditor the security amount set forth in the
cure said default, either by providing its financial statements or providing such
section shown as "Security Deposit." In the event any default shall be
additional information as to render the financial statements acceptable to
made in the` performance of any of Debtor's obligations under this
Creditor, in Creditor's sole discretion.
Contract, Creditor shall have the right, but shall not be. obligated, to
17. ELECTRONIC SIGNATURES: This Contract and any ancillary
apply the security deposit to the curing of such default. Within 15 days
agreements may be executed in one or. more counterparts, each of
after Creditor notifies Debtor that Creditor has applied any portion of the
which shall be deemed to be an original and all of which, when taken
security deposit to the curing of any default, Debtor shall restore said
together, shall be deemed to be one and the same agreement or
security deposit to the full amount set forth in the section shown as
document. A signed copy of this Contract or any ancillary agreement
"Security Deposit". On the expiration or earlier termination of this
transmitted by, facsimile, email or other means of electronic
Contract, or any extension or renewal hereof, provided Debtor has paid
transmission shall be deemed to have the same legal effect as delivery
all of the payments called for and fully performed all other provisions of
of an original executed copy of this Contract or such ancillary
this Contract, Creditor will treturn to. the Debtor any then remaining
agreement for all purposes.
balance of said security deposit, without interest.. Said security deposit
may be commingled with Creditor's other funds.
'
CREDITOR: First Sank Rich and
DEBTOR: C-4 of Richmond
SIGNATURE:
M,/
SIGNATURE: �, /r ,�
gY
4
Date
By
Date TYPE NAME: Vicki Robinson
TYPE NAME TITLE: President, Board
• L -
TITLE:
THIS IS PA — SEE PAGE 1 FOR ADDITIONAL TERMS AND CONDITIONS WHICH ARE PART OF THIS CONTRACT
IMPORTANT: Vendor and its representatives are not the agents of the Creditor.
ofFPublic Works
Revised 4/21/2017
r
NON -CANCELLABLE EQUIPMENT FINANCE -CONTRACT
ACKNOWLEDGEMENT
r
Contract Number: 146058 Date of Contract: 10122/201 9
SupplierlService Provider:
Spartan Motors USA
Debtor: -City of Richmond
Creditor: First Bank Richmond
• J
IN REFERENCE TO THE ABOVE MENTIONED NON --CANCELLABLE EQUIPMENT FINANCE
CONTRACT, THE FOLLOWING IS HEREBY ACKNOWLEDGED AND ACCEPTED BY THE
DEBTOR:
Should the Supplier of the Equipment (Supplier) or Provider of Services (Service Provider) fail to
deliver on any services or promises made to the Debtor, the Debtor will look solely to the Supplier
or Service Provider for rectification and -satisfaction. The Debtor will hold the Creditor of the
Contract or its assigns harmless.
The Contract signed on behalf of the Debtor is. non --cancellable. The Debtor will still be
responsible for the monthly payment due to the Creditor. or its assigns for the above referenced
Contract Number regardless of lack of performance or lack of delivery on behalf of the Supplier or
Service Provider.
ALL OTHER CONDITIONS AND.TERMS OF THE NON -CANCELLED EQU-IPMENT FINANCE
CONTRACT REMAIN INTACT.
I
Please sign and date where indicated below to acknowledge acceptance. .
• ACKNOWLEDGED AND ACCEPTED: r
Debtor: City of Richmond
BY.
• tee f DATE: 10122/2019
PRINTED NAME: TITLE:
Revised 8!1 /2019
J
3 � 1
r
SCHEDULE "A"
Contract Number: 146058
Creditor: First Bark Richmond
Debtor: City of Richmond
Se11er: Spartan Motors USA 75 Remittance Drive Dept 3012, Chicago , IL 60675-3012
Equipment Location:
50 N 5th St Richmond IN 47374-4247
Equipment List
1 20-19 2019 Spartan ER Star Pumper4S9ADEUB5KB419587
This Schedule "A" is attached to and a part of First Bank Richmond Contract Number 146058 and constitutes a
true and accurate description•of the equipment.
Debtor - -
Signature:
0122120 9
9
Name
Title
Revised 2/18/2017
10/22/2019 838:09 AM Page 1
Compound Period ......::. Monthly.
Nominal Annual Rate .... 1.630
CASH FLOW DATA
Event Date
Amount Number Period End Date
1 Loan
10/10/2019
212,096.00
1
2 Payment
02/01 /2020.
54,601.78
.4 Annual
02/01 /2023
AMORTIZATION SCHEDULE -Normal Amortization.
Date
Payment
Interest
'Principal
Balance
Loan 10/10/2019-
212,096.00 '
2019 Totals
0.00
0.00
0,00
1 02/01/2020.
545601.78
1;074.69
533527.09
158,568.91
2020 Totals
547601.78
15074.69
535527.09
2 02/01/2021
545601.78
2,1604.07
51,997.71
1063571.20
2021 Totals
54,601.78
23604.07
513997.71
3 02/01/2022
54,601.78
17750.15
523851.63
535719.57
2022 Totals
54,601.78
13750.15
.52,851.63
4 02/01/2023
54,601.78
882.21
533719,857
0.00
2023 Totals �
545601.78
882.21
53,719.57
Grand Totals
2183407.12 .
63311.12
2121096.00
10/22/2019 8:38:09 AM Page 2
Last interest amount increased by 0.01 due to rounding.
Contract
No.146058
Debtor Name: City of Richmond Creditor Name: First Bank Richmond
Address: 50 N 5th St Address: 31 N 9th St
L
Richmond, IN 47374-4247
City, State, Zip: City, State, Zip: Richmond, IN 47374
-Phone: 765-983-7218 Phone: 765-962-2581
EQUIPMENT LOCATION: 50 N 5th St Richmond IN 47374-4247
(if different from address above)
QUANTITY DESCRIPTION: Model No., Serial No., or other identification
* See Schedule A Attached hereto and made a part hereof.*
DELIVERY AND ACCEPTANCE RECEIPT
The undersigned Debtor hereby acknowledges receipt of the equipment described above or on any'attached schedule (the
"Equipment") fully installed and in good working condition, and Debtor hereby accepts the Equipment after full inspection thereof
as satisfactory for all purposes of the above referenced EFC. executed by Debtor with Creditor. Debtor certifies that Creditor has
fully and satisfactorily performed all covenants and conditions to be performed by Creditor under the EFC and has delivered the
Equipment selected solely by the Debtor in accordance with Debtor's directions.
DEBTOR AGREES THAT THE CREDITOR HAS MADE AND MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY
KIND OR NATURE, DIRECTLY OR INDIRECTLY, EXPRESSED OR IMPLIED, AS TO ANY MATTER WHATSOEVER,
INCLUDING THE SUITABILITY OF SUCH EQUIPMENT, -ITS DURABILITY, ITS FITNESS FOR ANY PARTICULAR
PURPOSE, IT MERCHANTABILITY, ITS CONDITION, AND/OR ITS QUALITY, AND AS BETWEEN DEBTOR AND
CREDITOR OR CREDITOR'S ASSIGNEE, DEBTOR HAS AN EFC ON THE EQUIPMENT "AS IS" AND DEBTOR AFFIRMS
THAT IT HAS NO DEFENSES OR COUNTER -CLAIM AGAINST CREDITOR OR CREDITOR'S ASSI_GNEE IN CONNECTION
WITH THE EFC.
Debtor represents and warrants that none of the equipment was delivered prior to the execution of the subject EFC unless
Creditor shall have previously consented thereto, in writing. Debtor understands that Creditor is relying upon this receipt as a
condition for making payment for the cost of the EFC Equipment to Vendor.. Debtor hereby authorizes the commencement, of
the EFC, including EFC payments.
DEBTOR: City of Richmond
SIGNATURE: awl
TYPE NAME:
'[mil ��►ti7 �ti� �����
TITLE: �►tiG� �-
DATE EQUIPMENT ACCEPTED:
Revised 4/21 /2017