Laserfiche WebLink
EQUIPMENT LEASE/PURCHASE AGREEMENT (ESCROW ACCOUNT) <br />This Equipment Lease/Purchase Agreement (the “Agreement”) dated as of July 21, 2016, <br />is entered into between Bank of America, National Association, a national banking association <br />(“Lessor”), and the City of San Leandro, a charter city existing under the laws of the State of <br />California (“Lessee”). <br />W ITNESSETH: <br />WHEREAS, Lessee desires to lease and acquire from Lessor certain Equipment (as such <br />term is defined herein), subject to the terms and conditions hereof; <br />WHEREAS, Lessee is authorized under the constitution and laws of the State to enter into <br />this Agreement for the purposes set forth herein; <br />NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby <br />acknowledged, and in consideration of the premises hereinafter contained, the parties hereby <br />agree as follows: <br />ARTICLE I <br /> Section 1.01. Definitions. The following terms will have the meanings indicated below <br />unless the context clearly requires otherwise: <br />“Acquisition Amount” means $[5,295,455]. The Acquisition Amount is the amount <br />represented by Lessee to be sufficient, together with other funds of the Lessee (if any) that are <br />legally available for that purpose, to acquire and install the Equipment. <br />“Acquisition Period” means the period ending five (5) business days prior to <br />____________. <br />“Agreement” means this Equipment Lease/Purchase Agreement, including the exhibits <br />hereto, together with any amendments and modifications to the Agreement pursuant to <br />Section 13.04. <br />“Code” means the Internal Revenue Code of 1986, as amended. Each reference to a <br />Section of the Code herein shall be deemed to include the applicable United States Treasury <br />Regulations proposed or in effect thereunder. <br />“Commencement Date” means the date when Lessee’s obligation to pay rent commences <br />hereunder, which shall be the date on which the Acquisition Amount is deposited with the <br />Escrow Agent. <br />“Contract Rate” means the rate identified as such in the Payment Schedule. <br />156