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Agmt 2005 Banc of America Leasing & Capital LLC
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Agmt 2005 Banc of America Leasing & Capital LLC
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Last modified
8/5/2009 3:45:53 PM
Creation date
7/30/2009 11:00:04 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
5/2/2005
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PERM
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Reso 2005-050
(Approved by)
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\City Clerk\City Council\Resolutions\2005
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ARTICLE IX <br />Section 9.01. Disclaimer of Warranties. Lessor makes no warranty or <br />representation, either express or implied, as to the value, design, condition, merchantability <br />or fitness for particular purpose or fitness for use of the Equipment, or any other <br />warranty or representation, express or implied, with respect thereto and, as to Lessor, <br />Lessee's acquisition of the Equipment shall be on an "as is" basis. In no event shall Lessor <br />be liable for any incidental, indirect, special or consequential damage in connection with <br />or arising out of this Agreement, any Lease, the Equipment or the existence, furnishing, <br />functioning or Lessee's use of any item, product or service provided for in this Agreement <br />or any Lease. <br />Section 9.02. Vendor's Warranties. Lessor hereby irrevocably appoints Lessee its <br />agent and attorney-in-fact during each Lease Term, so long as Lessee shall not be in default <br />under the related Lease, to assert from time to time whatever claims and rights (including <br />without limitation warranties) relating to the Equipment that Lessor may have against <br />Vendor. Lessee's sole remedy for the breach of such warranty, indemnification or <br />representation shall be against Vendor of the Equipment, and not against Lessor. Any <br />such matter shall not have any effect whatsoever on the rights and obligations of Lessor <br />with respect to any Lease, including the right to receive full and timely payments under a <br />Lease. Lessee expressly acknowledges that Lessor makes, and has made, no representations <br />or warranties whatsoever as to the existence or the availability of such warranties relating <br />to the Equipment. <br />ARTICLE X <br />Section 10.01. Purchase Option. Lessee shall have the option to purchase all of the <br />Equipment listed in a Lease, at the following times and upon the following terms: <br />(a) In the event of substantial damage to or destruction or condemnation of <br />substantially all of the Equipment listed in a Lease, on the day specified in Lessee's notice <br />to Lessor of its exercise of the purchase option (which shall be the earlier of the next <br />Rental Payment date or 60 days after the casualty event) upon payment in full to Lessor <br />of the Rental Payments then due under such Lease plus the then applicable Purchase Price; <br />or <br />(b) Upon the expiration of the Lease Term, upon payment in full of all Rental <br />Payments then due and all other amounts then owing under the Lease, and the payment of <br />$1.00 to Lessor. <br />After payment of the applicable Purchase Price, Lessee will own the related <br />Equipment, and Lessor's security interests in and to such Equipment will be terminated. <br />#219845v12A (Gov't Entity Master Lease) 14 <br />
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