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LEASE AGREEMENT
AGREEMENT OF LEASE entered into this 29th day of November,
1972, by and between WELD COUNTY, COLORADO, by and through its
County Commissioners hereinafter called the "Lessor", and WELD COUNTY
GENERAL HOSPITAL, by and through its Board of Trustees, hereinafter
called the "Lessee".
1. Lease Agreement. In consideration of their mutual rights and
undertakings, the Lessor leases to the Lessee and the Lessee hires from the
Lessor the equipment and the attachments described in the schedule attached
hereto, for the term of ten (10) years from the date of arrival and completion
of installation at the Lessee's hospital in Greeley, Colorado, upon the terms,
covenants, and conditions hereinafter set forth.
2. Rentals. The Lessee shall pay to the Lessor Three Thousand Sixty-
two and 50/100 ($3, 062. 50) a month for One Hundred Twenty (120) months for a
total rental of Three: Hundred Sixty-seven Thousand Five Hundred ($367, 500. 00)
Dollars. Payments shall be in advance and the first payment shall become due
on the 1st day of January, 1973. Future payments will become due on the 1st
day of each and every month.
3. Option to purchase. The Lessee shall have the option to purchase
the lease property at the end of the ten years lease term by paying to the
Lessor the sum of One ($1. 00) Dollar.
4. Transportation charges. The Lessor shall pay all transportation
charges, handling charges and similar expenses in connection with the delivery
of the leased property to the Lessee and its installation at Lessee's hospital.
5. Use of equipment. The Lessee shall exercise due and proper care
in the use and servicing of the leased property, and at all times and at its
expense shall keep and maintain the leased property in good working condition,
720482
order and repair. The Lessee shall make no alteration to the leased
property without the written consent of the Lessor.
6. Insurance. The Lessee shall keep the leased property insured
against loss by fire, theft, and all normal extended risk coverages in the
amount of Two Hundred Fifty Thousand ($250, 000. 00) Dollars, payable to
the Lessor and the Lessee as their interest may appear.
7. Assignment. The Lessee shall not part with possession of the
leased property or dispose of or in any manner encumber the leased property.
This lease cannot be assigned by the Lessee, even by operation of law,
without the prior written consent of the Lessor.
8. Right of inspection. The Lessor, and its agents, shall have the right
at any time during usual business hours to inspect the leased property and for
that purpose to have access to the place where the leased property then is.
The Lessee shall on request furnish such supplemental information as may be
reasonably necessary to determine whether or not Lessee is performing the
terms and conditions imposed upon by this lease.
9. Personal property. The leased property shall at all times during
the term of this lease be and remain personal property not withstanding its
attachment or affixation to any real estate. The Lessee shall be responsible
for any damage done to any real estate, building, or structure caused by the
installation or removal of the leased property.
10. Default. If the Lessee fails to comply with each and every condi-
tion of this lease, the lessor may declare that the lease is terminated. The
Lessee upon notification of the termination of the lease shall immediately
return at the Lessee's expense the equipment described in the attached
schedule to the Lessor at a place designated by the Lessor. Lessee shall be
liable for any expenses incurred by Lessor in obtaining possession of the
equipment.
WELD COUNTY GENERAL HOSPITAL WELD COUNTY BOARD
OF COUNTY COMMISSIONERS
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ATTEST:
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Weld County C rk and Recorder
BY: ,-„ �:
Deputy County Clerk
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