HomeMy WebLinkAbout750578.tiff /r'
RESOLUTION Jfjit
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WHEREAS, it is the desire of the Board of County Commissioners,
Weld County, Colorado, to lease purchase from the FIRST NATIONAL BANK
OF WINDSOR, Windsor, Colorado, a Colorado corporation, the following
equipment:
1- New KOEHRING Backhoe, Model 1066C
21 yard, Serial No. C16183,
including all attachments, as per lease purchase and option agreement
attached hereto and made a part hereof by reference, for a total purchase
price of One Hundred Thirty Two Thousand Fifty-six and no/100 Dollars
($132, 056. 00), and in accordance with said lease purchase payment plan as
evidenced in EQUIPMENT LEASE AGREEMENT, identified as Exhibit A, and
as evidenced in EQUIPMENT LEASE SCHEDULE, identified as Exhibit B,
and as evidenced in LEASE PAYMENT SCHEDULE, identified as Exhibit
C, all attached hereto and made a part hereof by reference, and
WHEREAS, the County of Weld has been given the option to
purchase said equipment with all rental payments to be applied to the
purchase price as contained in the aforementioned Equipment Lease
Agreement, Equipment Lease Schedule and in Lease Payment Schedule.
NOW, THEREFORE, BE IT RESOLVED, that the County of Weld,
State of Colorado, agrees to lease purchase from the FIRST NATIONAL
BANK OF WINDSOR, Windsor, Colorado, the above-mentioned equipment,
with all attachments, and all as hereinabove recited.
Dated this 5th day of February, A.D., 1975.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
y � 1
�A /dot X/Z'Sp
ATTEST
.71
Weld County Clerk and Recorder
and Clerk to the Bo
By av7/�:Cc
Deputy o y ler
PPROVE AS 1c:F M:
ounty Attorney
2-Nie 246(5 u o o o r5''" 750578
EXHIBIT "A"
EQUIPMENT LEASE AGREEMENT
This Lease is made this 5th day of February, 1975 between
the FIRST NATIONAL BANK OF WINDSOR, a Colorado corporation (Lessor)
and the BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, State of
Colorado (Lessee).
RECITALS
A. By Resolution No. , adopted
1975, copies of which are attached hereto and by this reference incorporated
herein and made a part hereof, the Lessee has found and determined that the
equipment and facilities which are the subject of this Agreement are needed
County improvements which should be paid for out of current revenues; that
it is in the best interests of the County and its inhabitants that the costs of said
improvements be paid from the Road and Bridge Fund heretofore created and
established and be payable solely from current revenues from the tax levy
heretofore established in connection with said Fund; and that the costs of said
improvements shall be paid from current revenues without incurring any in-
debtedness or other obligation on the part of the Lessee which might be deemed
a general obligation debt of the Lessee provided in the Constitution and Statutes
of Colorado.
B. Lessor is engaged in the business of owning and leasing machinery,
equipment, facilities and other items of personal and real property. The Lessor
has agreed to purchase the items of equipment and facilities which the Lessee
has determined to be needed for County purposes and which are the subject of
this Agreement, and to lease the same to Lessee for 36 months all upon the terms
and conditions set forth in this Agreement and the Equipment Lease Schedules and
other documents attached hereto or referred to herein.
NOW, THEREFORE, in consideration of the premises as set forth in
the foregoing Recitals, and in further consideration of the mutual covenants and
promises herein set forth, the parties agree as follows:
1. LEASE. Lessor hereby leases to Lessee, and Lessee hereby
leases and hires from Lessor, the property, machinery and equipment
("equipment") described in the Equipment Lease Schedule or Schedules
executed by the parties concurrently herewith or hereafter and made a part
hereof.
2. TERM. The term of this Lease respecting each item of equip-
ment is set forth in the Equipment Lease Schedule executed by the parties
hereto with respect to each item of equipment leased by the Lessor to the
Lessee under this Agreement.
3. RENT. The rent for each item of equipment shall be the amount
designated in the Equipment Lease Schedule covering such equipment. Lessee
shall pay Lessor said rent in advance, in the amounts and at the times set
forth in the Schedule, at the office of Lessor in Windsor, Colorado, or to such
other person and/or at such other place as Lessor may from time to time
designate in writing. Said rent shall be payable from the Road and Bridge Fund
of Lessee.
4. USE. Lessee shall use the equipment in a careful and proper
manner and shall comply with all applicable governmental laws, ordinances and
regulations in anywise relating to the possession, use or maintenance of the
equipment. If at any time during the term hereby Lessor supplies Lessee with
labels, plates or other markings, stating that the equipment is owned by Lessor,
Lessee shall affix and keep the same upon a prominent place on the equipment.
5. LESSEE'S INSPECTION: CONCLUSIVE PRESUMPTIONS. Lessee
shall inspect the equipment within forty-eight (48) hours after receipt thereof.
Unless Lessee within said period of time gives written notice to Lessor, spec-
ifying any defect in or other proper objection to the equipment, Lessee agrees
that it shall be conclusively presumed, as between Lessor and Lessee, that
Lessee has fully inspected and acknowledged that the equipment is in good con-
dition and repair, and that Lessee is satisfied with and has accepted the equipment
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in such good condition and repair. LESSOR MAKES NO WARRANTIES,
EITHER EXPRESS OR IMPLIED, AS TO THE CONDITION OF THE EQUIP-
MENT OR ITS FITNESS FOR ANY PARTICULAR PURPOSE INCLUDING
ANY USES MADE FROM TIME TO TIME BY THE LESSEE.
6. LESSOR'S INSPECTION. Lessor shall at any and all times
during business hours have the right to enter into and upon the premises
where the equipment may be located for the purpose of inspecting the same
or observing its use.
7. ALTERATIONS. Without the prior written consent of Lessor,
Lessee shall not make any alterations, additions or improvements to the
equipment.
8. REPAIRS. Lessee, at its own cost and expense, shall keep
the equipment in good repair and condition and shall bear all expenses of the
maintenance and operation cif the equipment.
9. INSURANCE; LOSS AND DAMAGE; AGREED OPTION PRICE.
Lessee shall keep the equipment insured againstA it risks of loss or damage
by fire and such other risks as are covered by endorsement commonly known
as supplemental or extended coverage for the fair market value thereof and
for not less than the "Agreed Option Price" as set forth in the Equipment Lease
Schedule with respect to such equipment. Lessee shall also carry public lia-
bility and property damage insurance covering the equipment in amounts not
less than $200, 000 in respect of bodily injury or death to any one person, not
less than $500, 000 in respect of any one accident, and not less than $100, 000
in respect of property damage. All such insurance shall insure both Lessor
and Lessee. The Lessee may effect such coverages under itsblanket policies.
No loss or damage to the equipment or any part thereof shall impair any obli-
gation of the Lessee under this Lease which shall continue in full force and
effect. In the event of loss or damage of any kind whatever to any item of
equipment, the proceeds of such insurance shall be applied, at the option of
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Lessor, to any item of equipment:
(a) To place the same in good repair, condition and working order,
or replace the same with like equipment in good repair, condition and working
order; or
(b) If in the reasonable judgment of Lessor, any item of equipment
is determined to be lost, stolen, destroyed or damaged beyond repair, Lessee
shall pay Lessor therefor in cash, to the extent the insurance proceeds may be
sufficient, the balance of the "Agreed Option Price" set forth in the Equipment
Lease Schedule determined as of the date of the last rental payment under such
Schedule. Upon such payment this Lease shall terminate with respect to such
item of equipment so paid for and Lessee thereupon shall become entitled to
such item of equipment as-is-where-is without warranty, express or implied,
with respect to any matter whatsoever.
10. TAXES. In the event any assessments, charged or taxes (muni-
cipal, state or federal) shall now or hereafter be imposed upon the equipment,
Lessee agrees to pay the same and to keep the equipment free and clear of
liens and encumbrances.
11. LESSOR'S PAYMENT. In case of the failure of the Lessee to
procure or maintain insurance on the equipment as herein specified, Lessor
shall have the right, but shall not be obligated, to effect such insurance, and
the cost thereof shall be repayable to Lessor with the next installment of rent.
12. DEFAULT. If the Lessee shall fail to pay the rent due and pay-
able under any Equipment Lease Schedule attached to this Lease within ten (10)
days after the same is due and payable, or if the Lessee shall fail to observe,
keep or perform any other provision of this Lease (or of any Equipment Lease
Schedule attached or to be attached hereto) for a period of ten (10) days after
receipt of written notice thereof, Lessor shall have the right to exercise any
one or more of the following remedies:
(a) To terminate this Lease as to any Equipment Lease Schedule and
to sue for and recover all rents and other payments then accrued and unpaid
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thereunder.
(b) To retain all rentals and to take possession of any or all
items of equipment under any Equipment Lease Schedule, without further
demand or notice and without any court order or other process of law and
either to remove the same or to lease the same to others.
13. ASSIGNMENT. Without the prior written consent of Lessor,
Lessee shall not assign, transfer, pledge or hypothecate this Lease, the
equipment or any part thereof, or any interest therein. It is understood
that Lessor contemplates assigning this Lease or interests in the equipment
and that said Lessor's assignee may also assign the same. All rights of
Lessor hereunder may be assigned, transferred, or otherwise disposed of,
either in whole or in part, without notice to Lessee, PROVIDED, HOWEVER,
that no assignment of this Lease or any interest therein shall be made except
subject to the rights granted to the Lessee by virtue of this Lease; and PRO-
VIDED FURTHER, that no assignee of Lessor shall be obligated to perform
any duty, covenant or condition required to be performed by Lessor under
the terms of this Lease.
14. PERSONAL PROPERTY. The equipment is, and shall at all
times be and remain, personal property notwithstanding that the equipment
may be affixed or attached to, or imbedded in, or permanently resting upon,
real property or any building thereon, or attached in any manner to what is
permanent as by means of cement, plaster, nails, bolts, screws or otherwise.
15. INTEREST Should Lessee fail to pay any part of the rent herein
reserved or any other sum required by Lessee to be paid to Lessor, within ten
(10) days after the due date thereof, Lessee shall pay to the Lessor interest on
such delinquent payment from the due date until paid at the rate of 9%
per annum.
16. OPTION. Provided the Lessee is not in default in its perfor-
mance of its obligations hereunder, Lessee shall have the option, at any time
after February 5, 1975 to purchase the equipment described in each
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Equipment Lease Schedule at the balance of the "Agreed Option Price" thereof
set forth in each sum Schedule at the date of the last preceding rental pay-
ment. Such option to purchase said equipemnt shall be exercised by the pay-
ment of the "Agreed Option Price" to the Lessor at Lessor's office in Windsor,
Colorado, at any time, If the Lessee exercises the option to purchase the
equipment, title hereto shall thereupon become vested in the Lessee and Lessor
will thereupon execute and deliver to the Lessee a bill of sale of all of its right,
title and interest in the equipment as evidence of said transfer of title.
17. EXPIRATION. If the Lessee shall comply with all provisions
of this Lease on its part to be kept and performed, then upon the expiration of
this Lease, all the right, title and interest of the Lessor in the equipment shall
vest in and become the property of the Lessee, and the Lessor covenants that
it will thereupon execute to the Lessee a bill of sale of all of its right, title and
interest in and to said equipment as evidence of said transfer of title.
18. TAX EXEMPTION. The "Rent", "Interest", "Agreed Option
Price" and other computations set forth in each of the Equipment Lease Schedules
attached or to be attached hereto, have been fixed and computed upon the assump-
tion and in the belief that the amount designated as "Interest" will be exempt
from federal income taxation in the hands of the Lessor and its assignees.
19, CLAIMS. The Lessor hereby appoints and constitutes Lessee as
its agent and attorney-in-fact during the term of this Lease to assert and enforce,
at the sole cost and expense of the Lessee, whatever claims=and rights the Lessor
may have as owner of the equipment against any vendors, manufacturers, sup-
pliers or contractors in respect thereof.
20. NON-WAIVER. No waiver of any of the Lessee's obligations
under this Lease or the Equipment Lease Schedule or Schedules attached or to
be attached hereto shall be deemed to take place unless such waiver has been
made in writing and signed by the Lessor. Failure to exercise any remedy
which Lessor may have under this Lease or any Equipment Lease Schedule
attached hereto or any other acquiescence by the Lessor in any default by the
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Lessee shall not constitute a waiver of any obligation of Lessee hereunder,
including the obligation as to which Lessee is in default.
21. CONCURRENT REMEDIES. No right or remedy conferred
upon or reserved to the Lessor in this Lease or in any Equipment Lease
Schedule or Exhibit attached hereto is exclusive of any other right or remedy
provided or permitted herein by law or equity; but each shall be cumulative
of any other right or remedy given hereunder, or now or hereafter existing
at law or in equity or by statute or otherwise, and may be enforced concur-
rently therewith, or from time to time.
22. MODIFICATION. This Equipment Lease Agreement and the
Equipment Lease Schedules and Exhibits hereto attached or to be attached
constitute the entire Agreement between Lessor and Lessee and shall not be
amended, altered or modified except in a writing signed by the parties hereto.
23. NOTICES. All notices required or permitted hereunder or
under any Equipment Lease Schedule shall be sufficient if delivered personally
or mailed to the parties at the address hereafter set forth or at such other
address as either party may designate in writing from time to time. Any such
notice shall be effective 48 hours after it has been deposited in the United States
mail, duly addressed and with postage prepaid.
24. GOVERNING LAW. This Agreement and all Equipment Lease
Schedules and other instruments or documents executed by the parties hereto,
and the rights and duties of the parties hereto shall be construed and enforced
in accordance with the laws of the State of Colorado.
25. TIME. Time is of the essence of this Lease and each and all
of its provisions.
IN WITNESS WHEREOF the parties hereto have executed this Lease
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the day and year first above written.
FIRST NATIONAL BANK OF WINDSOR
WELD COUNTY, COLORADO
By _U
ATTE Presic nt - Lesso
2-kYtte6? (11-19,
Secretary
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
o _
ATTEST: s % essee
eZiCe
Weld County Clerk and Recorder
and Clerk to the Boar.
(By'
. ._.-. Deputy C. y Clerk/
` - •0 D AS 0 7ORM:
my Attorney
ATTACHMENTS:
Resolution No. of the Board of County Commissioners of Weld
County, Colorado.
Equipment Lease Schedule
Certificate of Acceptance
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EXHIBIT "B"
EQUIPMENT LEASE SCHEDULE
A. EQUIPMENT LEASED
One new Koehring Model 1066C Hydraulic Hoe, 2+ yards,
Serial No. C16183.
B. TERM: Unless sooner terminated as set forth in the Lease, the term
of this Lease respecting each item of equipment listed on this schedule
shall commence on Feb. 5, 1975 and shall expire on February 4.
1978
C. RENT: As rent for said equipment, Lessee shall pay Lessor the sum
of $132, 056. 00, payable in installments as follows:
Refer to Exhibit C
commencing Feb. .5 1975, which said installments of rental include
interest at the rate of 9% per annum on the Agreed Option Price.
D. LOCATION: The above described equipment shall be located in Weld
County, Colorado, and shall rnt be removed therefrom without the prior
written consent of Lessor.
APPROVED AND AGREED TO this 5th day of February, 1975, as a
schedule to that certain Lease dated the 5th day of February, 1975.
FIRST NATIONAL BANK OF WINDSOR BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO WELD COUNTY, COLORADO
By Net./i �� 6.4d By
dssor
.. EXHIBIT "C"
LEASE PAYMENT SCHEDULE
Designated Reduction of 1111.004.02 46rNd
Lease Month Rent Interest Agreed Option Price Option' Price
Initial Cost $132,056.00
1 $4199.35 $ 990.42 $3208.93 $128,847.07
2 4199.35 966.35 3233.00 125,614.07
3 4199.35 942.11 3257.24 122,356.83
4 4199.35 917.68 3281.67 119,075.16.
5 4199.35 893.06 3306.29 ` 115,768.87
6 4199.35 868.27 3331.08 112,437.79
7 4199.35 843.28 3356.07 109,081.72
8 4199.35 818.11 3381.24 105,700.48
9 4199.35 792.75 3406.60 102,293.88
10 4199.35 767.20 3432.15 98,861.73
11 4199.35 741.46 3457.89 95,403.84
12 4199.35 715.53 3483.82 91,920.02
13 4199.35 689.40 3509.95 88,410.07
14 4199.35 663.08 3536.27 84,873.80
15 4199.35 636.55 3562.80 ,81,311.00
16 4199.35 609.83 3589.52 77,721.48
17 4199.35 582.91 3616.44 74,105.04
18 4199.35 555.79 3643.56 70,461.48
19 4199.35 528.46 3670.89 66,790.59
20 4199.35 500.93 3698.42 63,092.17
21 4199.35 473.19 3726.16 59,366.01
22 4199.35 445.25 3754.10 55,611.91
23 4199.35 417,09 3782.26 51,829.65
24 4199.35 388.72 3810.63 48,019.02
25 4199.35 360.14 3839.21 44,179.81
26 4199.35 331.35 3868.00 , 40,311.81
27 4199.35 302.34 3897.01 36,414.80
28 4199.35 273.11 3926.24 32,488,56
29 4199,35 243.66 3955.69 28,532.87
30 4199.35 214.00 3985.35 24,547.52
31 4199.35 184.11 4015.24 20,532.28
32 4199.35 153.99 4045.36 16,486.92
33 4199.35 123.65 4075.70 12,411.22
34 4199.35 93.08 4106.27 8,304.95
35 4199.35 62.29 4137.06 4,167.89
36 4199.15 31.26 4167.89 0.00
CERTIFICATE OF ACCEPTANCE
The undersigned hereby certifies that it has inspected, received,
approved and hereby accepts delivery of the following equipment upon the
terms and conditions set forth herein and in that Equipment Lease Agree-
ment dated February 5th , 1975, between the undersigned and the
First National Bank of Windsor, a Colorado corporation:
1. Description of Equipment: One new Koehring Model 1066C
Hydraulic Hoe, 24 yards, Serial No. 616183
2. Cost: The cost of the equipment is $132, 056. 00.
The undersigned further certifies that the foregoing equipment is
in good order and condition, and conforms to:the;epeaifteati.ons applicable
thereto, and warrants that the equipment was new at the time of its delivery
to Lessee and that no original use thereof had commenced prior to the date
Lessee took delivery of the equipment.
The execution of this Certificate will in no way relieve or decrease
the responsibility of the manufacturer of the equipment for any warranties it
has made with respect to the same.
Dated: February 5. 1975
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
By��k.'yEG
L see
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BIL ,L L L OF SALE
For value received, the undersigned does hereby sell , assign
and convey unto Weld County
Greeley, CO. 80631
the following described property:
One Koehring Model 1066 C Hydraulic Hoe SN C16183
and hereby warrants same to be free and clear of all liens
and encumbrances.
PONE E UIPMENTCOMPANY
itle
State of Colorado
Subscribed and sworn to before me
_ This>f day of s4 demi,nt ,19 77
Ni a uP blic
ye.
.Co�T,II,& on Expires July 8 1081
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