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HomeMy WebLinkAboutCity of Tamarac Resolution R-2023-082DocuSign Envelope ID: DEAFACAE-ADF4-44DD-873C-473AD2D66100 10. Warranties. The Equipment is warranted only in accordance with the manufacturer's warranty. EXCEPT AS EXPRESSLY PROVIDED IN THE MANUFACTURER'S WARRANTY, LESSOR DISCLAIMS ANY OTHER WARRANTY, EXPRESSED OR IMPLIED, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON -INFRINGEMENT AND NON-INTERFERENCE. 11. Alterations and Attachments. Lessee may, with Lessor's prior written consent, make such cosmetic modifications to the Equipment as Lessee may deem desirable in the conduct of its business; provided, however, that such alterations shall not diminish the value or utility of the Equipment, or cause the loss of any warranty thereon or any certification necessary for the maintenance thereof; and provided, further, that such modification shall be removable without causing damage to the Equipment. Upon return of the Equipment to Lessor, Lessee shall, if Lessor so elects, remove such modifications which have been made and shall restore the Equipment to its original condition, normal wear and tear and depreciation excepted. 12. Taxes. Lessee shall cooperate with Lessor in all reasonable respects necessary in order for Lessor to qualify for any exemption or exclusion from personal property tax on the equipment or sales or use tax on the leasing of the Equipment to Lessee hereunder. In the event that any such tax becomes payable by Lessor during the term of this Lease, Lessee shall pay to Lessor as additional rent, promptly on receipt of Lessor's invoice therefor, an amount equal to such tax. Lessee shall collect and remit any and all sales, use, and other taxes payable in any state, county, or city in respect of the rental or other use of the Equipment by Lessee. 13. Indemnity: Notice of Claim. To the extent permitted by applicable law, and subject to the limitations of Florida Statute 768.28, Lessee shall be liable for, and hereby indemnifies Lessor and holds Lessor harmless from and against, any and all claims, costs, expenses, damages, losses, and liabilities (including, without limitation, reasonable attorneys' fees and disbursements) arising in any way from the gross negligence or willful misconduct of Lessee or Lessee's agents or employees. Lessee shall give Lessor prompt written notice of any claim arising out of the possession, leasing, renting, operation, control, use, storage, or disposition of the Equipment and shall cooperate in all reasonable respects at Lessee's expense in investigating, defending, and resolving such claim. Nothing contained herein is intended nor shall be construed to waive City's rights and immunities under the common law or Florida Statute 768.28, as amended from time to time. 14. Return of Eciuioment. Upon the termination of an Equipment Schedule for any reason, unless Lessee is thereupon purchasing the Equipment from Lessor, Lessee shall make the Equipment available for inspection and pick up by Lessor or Dealer at Lessee's location at which the Equipment was used hereunder. The Equipment shall be returned to Lessor at the termination of this Lease in the same operating order, repair, condition, and appearance as when received by Lessee, less normal depreciation and wear and tear (which shall not include damaged or missing tires or wheels). 15. Defaults. The occurrence of any one or more of the following events shall constitute an "Event of Default" under this Lease: (a) Default by Lessee in the payment of any installment of rent or other charge payable by Lessee under any Equipment Schedule as and when the same becomes due and payable; or (b) Default by Lessee in the performance of any other material term, covenant or condition of this Lease or any Equipment Schedule or the inaccuracy in any material respect of any representation or warranty made by the Lessee in this Lease or any Equipment Schedule, or in any document or certificate furnished to the Lessor in connection therewith, which default or inaccuracy shall continue for a period of 10 days after notice; ; or (c) A petition under the Bankruptcy Code or under any other insolvency law providing for the relief of debtors shall be filed by or against Lessee; or (d) The voluntary or involuntary making of any assignment of a substantial portion of its assets by Lessee for the benefit of creditors shall occur; a receiver or trustee for Lessee or for Lessee's assets shall be appointed; or any formal or informal proceeding for dissolution, liquidation, settlement of claims against or winding up of the affairs of Lessee shall be commenced; or (e) Lessee shall default under any other lease or agreement between Lessee and Lessor [or any of its assignees hereunder]; or (f) Lessee shall suffer a material adverse change in its financial condition from the date hereof, and as a result thereof Lessor deems itself or any of the Equipment to be insecure. 16. Remedies. Upon the occurrence of an Event of Default, Lessor, at its option, may pursue any one or more of the following remedies, in such order or manner as Lessor determines, each such remedy being cumulative and not exclusive of any other remedy provided herein or under applicable law: (a) terminate all or any portion of the Equipment Schedules to this Lease; (b) with or without terminating this Lease, take possession of the Equipment, with or without judicial process, Lessee hereby granting Lessor the right and license to enter upon Lessee's premises where the Equipment is located for such purpose; (c) proceed by appropriate court action, either at law or in equity, to enforce performance by Lessee of the applicable covenants and terms of this Lease, or to recover from Lessee any and all damages or expenses, including reasonable attorneys' fees, which Lessor shall have sustained by reason of Lessee's default in any covenant or covenants of this Lease, or on account of Lessor's enforcement of its remedies thereunder; without limiting any other damages to which Lessor may be entitled, Lessor shall be entitled upon an Event of Default to damages in an amount equal to all Rent then due but unpaid, plus the aggregate amount of Rent thereafter coming due for the remaining term of this Lease, plus Lessor's costs and expenses of pursuing its remedies hereunder (including, without limitation, attorneys' fees), minus all amounts received by Lessor after using reasonable efforts to sell or re -lease the Equipment after repossession or from any guaranty by the Dealer or any third -party; and (d) sell the Equipment or enter into anew lease of the Equipment. It is hereby agreed that no delay by Lessor in pursuing any remedy shall be treated as a waiver of or limitation on such remedy or any other remedy. 17. Assignment. Lessee shall not transfer, assign, or sublease (except for rentals to players as contemplated hereunder in the ordinary course of business), or create, incur, assume, or permit to exist any security interest, lien, or other encumbrance on, the Equipment, this Lease, or any interest of Lessee therein. 18. Lessee's Representations and Warranties. Lessee represents and warrants to Lessor that: (a) Lessee has the authority under applicable law to enter into and perform this Lease and each Equipment Schedule and rider hereto; (b) Lessee has taken all necessary action to authorize its execution, delivery, and performance of this Lease and each Equipment Schedule and rider hereto; (c) the Lease and each Page 3 of 4 MLSE 0906 DocuSign Envelope ID: DEAFACAE-ADF4-44DD-873C-473AD2D66100 Equipment Schedule and rider hereto have been duly executed and delivered by an authorized signatory of Lessee and constitute Lessee's legal, valid, and binding obligations, enforceable in accordance with their terms; (d) adequate funds have been budgeted and appropriated to enable Lessee to make all payments required under each Equipment Schedule to this Lease during the first twelve months of the term hereof; and (e) interest paid on indebtedness of Lessee held by Lessor would be excluded from Lessor's income for U.S. federal income tax purposes. 19. Non -Appropriation of Funds. Notwithstanding anything contained in this Lease to the contrary, in the event no funds or insufficient funds are budgeted and appropriated or are otherwise unavailable by any means whatsoever for Rent due under the Lease with respect to a Equipment Schedule in any fiscal period after the period in which the term of the lease with respect to such Equipment Schedule commences, Lessee will immediately notify Lessor in writing of such occurrence and the Lessee's obligations under the Lease shall terminate on the last day of the fiscal period for which appropriations have been received or made without penalty or expense to Lessee, except as to (i) the portions of Rent for which funds shall have been budgeted and appropriated or are otherwise available and (ii) Lessee's other obligations and liabilities under the Lease relating to the period, or accruing or arising, prior to such termination. In the event of such termination, Lessee agrees to peaceably surrender possession of the Equipment to Lessor on the date of such termination in the manner set forth in the Lease and Lessor will have all legal and equitable rights and remedies to take possession of the Equipment. Notwithstanding the foregoing, Lessee agrees (i) that it will not cancel the Lease and the Lease shall not terminate under the provisions of this section if any funds are appropriated to it, or by it, for the acquisition, retention or operation of the Equipment or other equipment or services performing functions similar to the functions of the Equipment for the fiscal period in which such termination would have otherwise occurred or for the next succeeding fiscal period, and (ii) that it will not during the Lease term give priority in the application of funds to any other functionally similar equipment or to services performing functions similar to the functions of the Equipment. This section is not intended to permit Lessee to terminate the Lease in order to purchase, lease, rent or otherwise acquire the use of any other equipment or services performing functions similar to the functions of the Equipment, and if the Lease terminates pursuant to this section, Lessee agrees that prior to the end of the fiscal period immediately following the fiscal period in which such termination occurs, it will not so purchase, lease, rent or otherwise acquire the use of any such other equipment or services. 20. Binding Effect: Successors and Assigns. This lease and each Equipment Schedule and rider hereto shall be binding upon and shall inure to the benefit of Lessor and Lessee and their respective successors and permitted assigns. All agreements and representations of Lessee contained in this Lease or in any document delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Lease and the expiration or other termination of this Lease. 21. Notices. Any notice, request or other communication to either party by the other shall be given in writing and shall be deemed received only upon the earlier of receipt or three days after mailing if mailed postage prepaid by regular mail to Lessor or Lessee, as the case may be, at the address for such parry set forth in this agreement or at such changed address as may be subsequently submitted by written notice of either party. 22. Governing Law. This Lease and each Equipment Schedule and rider hereto shall be governed by and construed in accordance with the laws of the State where Lessee's principal administrative offices are located without giving effect to the conflicts of laws principles of such state. 23. Severabilily. In the event any one or more of the provisions of this Lease or any Equipment Schedule or rider hereto shall for any reason be prohibited or unenforceable in any jurisdiction, any such provision shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 24. Signed Counterparts. The parties agree that this Lease may be signed in counterparts, that delivery of an executed counterpart of the signature page to this Lease by fax, email or other electronic means shall be as effective as delivery of a manually executed counterpart, and any failure to deliver the original manually executed counterpart sent by fax, email or other electronic means shall not affect the validity, enforceability or binding effect of this Lease. Notwithstanding any other provision of this Lease, the sole original of this Lease shall be the Lease bearing the stamped or manually executed signature of the Lessor. The Lessee, by making any payment required under this Lease, ratifies all of the terms of this Lease/Agreement. 25. Article 2A. To the fullest extent permitted by applicable law, Lessee waives any and all rights and remedies conferred by Sections 2A- 508 through 2A-522 of Article 2A of the Uniform Commercial Code in effect in the state designated in Section 22 above, except to the extent that such right or remedy is expressly granted to Lessee herein. 26. Statute of Limitations. Any action by Lessee against Lessor or Dealer for any breach or default under this Lease must be commenced within one year after the cause of action accrues. 27. Entire Agreement. This Lease and all Equipment Schedules and riders hereto constitute the entire agreement between Lessor and Lessee with respect to the subject matter hereof, and there are no agreements, representations, warranties, or understandings with respect to such subject matter except as expressly set forth herein and therein. No alternation or modification of this Lease or any Equipment Schedule or rider hereto shall be effective unless it is in writing and signed by Lessor and Lessee. IN WITNESS WHEREOF, Lessor and Lessee have caused this Lease to be executed on the date first above written. CITY,er-miY�b67 eas Lessee i YAMAHA MOTOR FI � M.atp�l�.t, few By: �eer�_WW.._... By: Maxine Calloway Print Name: Print Name: CRAIG Title: Assistant City Manager Title: PRESI Page 4 of 4 MLSE 0906 DocuSign Envelope ID: DEAFACAE-ADF4-44DD-873C-473AD2D66100 EXHIBIT A EQUIPMENT SCHEDULE # 217347 Dated June 20, 2023 1. This Schedule covers the following property ('Equipment") 100-DR2E AC IRS LITHIUM GOLF CARS 2. Location of Equipment: COLONY WEST 6850 NW 88TH AVE TAMARAC, FL 33321 3. The Lease term for the Equipment described herein shall commence on October 15, 2023 and shall consist of. 60 months from the first day of the month following said date. 4. Rental payments (plus applicable taxes) on the Equipment shall be due according to the Schedule of Payments below: STARTING OCTOBER 2023 AND ENDING SEPTEMBER 2028. DUE THE 15TH DAY OF THE MONTH AS FOLLOWS: Oct-23 $10,564.99 Jan-24 $10,564.99 Jan-25 $10,564.99 Jan-26 $10,564.99 Jan-27 $10,564.99 Jan-28 $10,564.99 Nov-23 $10,564.99 Feb-24 $10,564.99 Feb-25 $10,564.99 Feb-26 $10,564.99 Feb-27 $10,564,99 Feb-28 $10,564.99 Dec-23 $10,564.99 Mar-24 $10,564.99 Mar-25 $10,564.99 Mar-26 $10,564.99 Mar-27 $10,564.99 Mar-28 $10,564.99 Apr-24 $10,564.99 Apr-25 $10,564.99 Apr-26 $10,564.99 Apr-27 $10,564.99 Apr-28 $10,564.99 May-24 $10,564.99 May-25 $10,564.99 May-26 $10,564.99 May-27 $10,564.99 May-28 $10,564.99 Jun-24 $10,564.99 Jun-25 $10,564.99 Jun-26 $10,564.99 Jun-27 $10,564.99 Jun-28 $10,564.99 Jul-24 $10,564.99 Jul-25 $10,564.99 Jul-26 $10,564.99 Jul-27 $10,564.99 Jul-28 S10,564.99 Aug-24 $10,564.99 Aug-25 $10,564.99 Aug-26 $10,564.99 Aug-27 $10,564.99 Aug-28 $10,564.99 Sep-24 $10,564.99 Sep-25 $10,564.99 Sep-26 $10,564.99 Sep-27 $10,564.99 Sep-28 $10,564.99 Oct-24 $10,564.99 Oct-25 $10,564.99 Oct-26 $10,564.99 Oct-27 $10,564.99 Nov-24 $10,564.99 Nov-25 $10,564.99 Nov-26 $10,564.99 Nov-27 $10,564.99 Dec-24 $10,564.99 Dec-25 $10,564.99 Dec-26 $10,564.99 Dec-27 $10,564.99 5. Interest Factor: 5.76 % 6. Other Terms: Lessee agrees to reimburse Lessor, who shall pay any assessed property taxes due on the equipment ]eased pursuant to Section 12 of the Master Lease Agreementdated June 20.2023 between the parties (the "Lease"). Yamaha Motor Corporation, U.S.A., Lessor and their respective subsidiaries are not obligated to perform or provide any maintenance or service, under any circumstances, under the terms of the Lease. Maintenance and service are the responsibility of the Lessee. Failure by Lessee to maintain or service the equipment consistent with the terms of the Lease shall not relieve Lessee of the responsibilities under the Lease. Signed Counterparts: The parties agree that this Exhibit A to the Lease may be signed in counterparts, that delivery of an executed counterpart of the signature page to this Exhibit A to the Lease by fax, email or other electronic means shall be as effective as delivery of a manually executed counterpart, and any failure to deliver the original manually executed counterpart sent by fax, email or other electronic means shall not affect the validity, enforceability or binding effect of this Exhibit A to the Lease. Notwithstanding any other provision of the Lease, the sole original of this Exhibit A to the lease and the Lease shall be the ones bearing the manually executed signature of the Lessor. The Lessee, by making any payment required under this Lease, ratifies all of the terms of this Exhibit A to the Lease and the Lease. Master Lease: This Exhibit A to the Lease, Equipment Schedule, are issued pursuant to the Lease. Capitalized terms used herein and not otherwise defined shall have the meanings given them in the Lease. All terms and conditions, representations and warranties of the Lease are hereby ratified and incorporated herein and made a part hereof as if they were expressly set forth in this Exhibit A, Equipment Schedule and this Exhibit A, Equipment Schedule, constitutes a separate lease with respect to the Equipment described herein. LESSEE: CITY OF TAMARAC DocuSigned by: -J� By: Signature Name: Maxine Calloway Type or Print Title: Assistant City manager LESSOR: YAMAHA MOTOR FINANCE CORPORATION, U.S.A. By: /—V � �Z-07 �-/ ef^a '01 F V— - W I Name: Craie Hewitt Title: President DocuSig Envelope ID DE-ADF4-44DD-873C-473AD2D66100-N SCHEDULE FOR MUNICIPALITY `�' i n m rn n n MUNICIPAL LEASE AGREEMENT FINANCIAL SERVICES LESSEE: COLONY WEST DS EQUIPMENT SCHEDULE # 217347 f -A COLONY WEST Initialed By Yield:5.760% Mon # Due Date Payment Interest 1 10/15/2023 10,564.99 3,847.48 2 11/15/2023 10,564.99 3,816.05 3 12/15/2023 10,564.99 3,784.48 4 01/15/2024 10,564.99 3,752.76 5 02/15/2024 10,564.99 3,720.88 6 03/15/2024 10,564.99 3,688.87 7 04/15/2024 10,564.99 3,656.70 8 05/15/2024 10,564.99 3,624.38 9 06/15/2024 10,564.99 3,591.90 10 07/15/2024 10,564.99 3,559.28 11 08/15/2024 10,564.99 3,526.51 12 09/15/2024 10,564.99 3,493.58 13 10/15/2024 10,564.99 3,460.49 14 11/15/2024 10,564.99 3,427.26 15 12/15/2024 10,564.99 3,393.86 16 01/15/2025 10,564.99 3,360.31 17 02/15/2025 10,564.99 3,326.61 18 03/15/2025 10,564.99 3,292.74 19 04/15/2025 10,564.99 3,258.72 20 05/15/2025 10,564.99 3,224.54 21 06/15/2025 10,564.99 3,190.19 22 07/15/2025 10,564.99 3,155.69 23 08/15/2025 10,564.99 3,121.03 24 09/15/2025 10,564.99 3,086.20 25 10/15/2025 10,564.99 3,051.21 26 11/15/2025 10,564.99 3,016.06 27 12/15/2025 10,564.99 2,980.74 28 01/15/2026 10,564.99 2,945.26 29 02/15/2026 10,564.99 2,909.61 30 03/15/2026 10,564.99 2,873.80 31 04/15/2026 10,564.99 2,837.81 32 05/15/2026 10,564.99 2,801.66 33 06/15/2026 10,564.99 2,765.34 34 07/15/2026 10,564.99 2,728.85 35 08/15/2026 10,564.99 2,692.19 36 09/15/2026 10,564.99 2,655.36 37 10/15/2026 10,564.99 2,618.36 38 11/15/2026 10,564.99 2,581.18 39 12/15/2026 10,564.99 2,543.83 40 01/15/2027 10,564.99 2,506.30 41 02/15/2027 10,564.99 2,468.60 42 03/ 15/2027 10,564.99 2,430.72 43 04/15/2027 10,564.99 2,392.66 44 05/15/2027 10,564.99 2,354.43 45 06/15/2027 10,564.99 2,316.02 46 07/15/2027 10,564.99 2,277.42 47 08/15/2027 10,564.99 2,238.65 48 09/15/2027 10,564.99 2,199.70 49 10/15/2027 10,564.99 2,160.56 50 11 /15/2027 10,564.99 2,121.24 51 12/15/2027 10,564.99 2,081.74 52 01/15/2028 10,564.99 2,042.05 53 02/15/2028 10,564.99 2,002.18 54 03/15/2028 10,564.99 1,962.11 55 04/15/2028 10,564.99 1,921.87 56 05/15/2028 10,564.99 1,881.43 57 06/15/2028 10,564.99 1,840.81 58 07/15/2028 10,564.99 1,799.99 59 08/15/2028 10,564.99 1,758.98 60 09/15/2028 10,564.99 1,717.78 Totals: 633,899.40 169,837.01 Yamaha Financial Services Page 1 of 1