Fort Walton Beach Council agenda — 06-09-09 regular — reading text

j) any guarantor of Your in the conduct of Your business and to property house and store the Equipment when not obligations under this Agreement or any Schedule dies, does not perform such Deleted: A in use; not to allow any lien, encumbrance or security interest ( other than as created guarantor' s obligations under the guaranty, or becomes subject to one of the events ; r pursuant to a Loan or Lease, if any) attach to any Equipment nor rent or sub -lease the listed in clause ( d), ( e), ( f), (g), ( h) or ( i) above or ( k) any letter of credit required under I Deleted: Equipment without Our prior written consent except as described in section 17; to pay all this Agreement or any Schedule is breached, canceled, accelerated, terminated or not „ , I license and registration fees and all sales, use, excise, property and all other federal, renewed for any reason. state and local taxes assessable against any Loan or Lease transaction and/ or any 10. Remedies. If a Default occurs, We may do one or more of the following: ( a) We may Formatted: Strikethrough Equipment, including without limitation, its use or operation; to reimburse Us, upon cancel or terminate this Agreement and any Schedule or any or all other agreements that demand, as additional rent, the amount of any such taxes or costs paid by Us; to comply We have entered into with You; ( b) We may declare the entire unpaid balance of all Deleted: ; with all laws and regulations relating to the possession, operation and use of the Payments due under the terms of any Schedule or all Schedules immediately due and Equipment; and to maintain the Equipment and to repair any damage thereto. With payable without notice or demand and require You to immediately pay Us, as Deleted: No WaFiranty. You agree respect to each Lease, upon the expiration or termination of the Lease, You agree to compensation for loss of Our bargain and not as a penalty, a sum equal to ( i) all make available for pick up the Equipment covered by such Lease to Uslpnd in the same delinquent Payment amounts and interest thereon plus ( ii) the unpaid balance of all condition as when delivered, ordinary wear and tear excepted, free of any lien, lsaymen& due under the ferns of the Schedufe plus ( 1iii) -a1T other amounts clue of thaf Formatted: Strikethrough encumbrance or security interest claimed by any person. You will not in any event subject become due under this Agreement and each Schedule; ( c) We may require You to Deleted: the Equipment to any abrasive, corrosive or abnormal working conditions or any deliver the Equipment to Us as set forth in Section 2; (d) We or Our agent may peacefully ` environmentally hazardous substance ( under any applicable federal, state or local law, repossess the Equipment without court order and You will not make any claims against rule or regulation) without Our prior written consent. You shall notify Us of any change in Us for damages or trespass or any other reason; ( e)__ e_may_charge You interest on all l Formatted: Strikethrough the state of Your location ( as such term is defined in the Uniform Commercial Code) not monies due to Us at the rate of 1. 75% per month from the due date thereof until paid but more than twenty ( 20) days following each change. In addition to all other amounts Deleted: We may appeint -a in no event more than the maximum rate permitted by law; ( g) We may advise any or all payable hereunder, for each Lease, You hereby agree to pay to Us, upon demand, all account parties and any of Your renters, lessees and borrowers of the Equipment to It reseiverimanager; (f) charges for the late return of any Equipment, all charges incurred by Us to repair any make all rental, lease and loan payments to Us and/or direct them to return the { Formatted: Strikethrough excessive wear and tear to any Equipment ( including but not limited to repair or Equipment to Us upon the expiration of the rental, lease or loan term; and ( h) We may l replacement of engine, drive train, glass, metal work and trim, rips, tears, tires in an exercise any other right or remedy available at law or in equit)i)f We_take possession_of Deleted: unsafe condition and any other unsafe or abnormal condition of the Equipment)=_ You any Equipment, We may sell, re -lease or otherwise dispose of it with or without notice, at ' -, agree to be responsible for and to pay the entire cost of all necessary maintenance and a pu6fc or private sale, onYour premises or elsewhere andappfy the net proceeds (after ter, " repair of the Equipment. In maintaining and repairing any Equipment, You shall conform We have deducted all costs related to the sale or disposition of the Equipment and the { Formatted: Strikethrough to the recommended practices and procedures of the manufacturer of the Equipment, residual amount We assigned to the Equipment, as indicated by our records) to the l and, if the Schedule is a Lease, shall not, without Our approval, effect any modification or amounts that You owe Us. You agree that if notice of sale is required by law to be given, { Deleted: plus an amount equal to alteration of or to any Equipment. For each Lease, all replacement parts and 10 days' notice shall constitute reasonable notice. 3[ f_You fail_to deliver the Eguipment improvements incorporated into any Equipment shall become Our property. Should any upon demand by Us or fail to return the Equipment in a timely manner, as determined by Il Lease be terminated prior to the expiration of the Term, the applicable Hours of Use Us, upon the termination or expiration of this Lease or upon Default and We do not Formatted: Strikethrough During Lease Term will be prorated by multiplying this unit total by the actual lease term recover the Equipment, then You shall be additionally liable to Us for the fair market r in months divided by the Term in months and the Rate Per Excess Hour will apply to all value of the Equipment at the time of Default or the termination or expiration of this Deleted: YOU Will Femain responsible units of use in excess of this prorated unit total. We may, at any reasonable time, access Agreement or the applicable Lease. The remedies provided by this Agreement in favor of the premises where the Equipment is located so that We may inspect the Equipment's Us shall not be deemed exclusive, but shall be cumulative and in addition to all other existence, location, installation, condition and /or maintenance. remedies in Our favor existing at law or equity or by statute or otherwise, and may be Formatted: Strikethrough AAC 4833 —golf (04/09) Page 2 of 4  enforced concurrently or separately. No failure or delay on Our part in exercising any 18. Financial and Credit Information. You authorize Us to obtain credit bureau reports right or remedy shall operate as a waiver thereof or modify the terms of this Agreement or and make other credit inquiries that We determine are necessary and agree that without Deleted: 12- indemnK"Gatuen. any Schedule. A waiver of default shall not be a waiver of any other or subsequent further notice We may use or request additional credit bureau reports to update Our You are respensible for any losses default. Our recovery hereunder shall not exceed the maximum recovery permitted by information so long as You have any outstanding indebtedness or obligations owed to law. damages, penalties, Glaiirn, suits aind Us, including without limitation, when You request We consider a new Schedule. You 11. Purchase Option. Each Lease may grant You an option ( a " Purchase Option ") to further agree to provide Us, promptly after request therefor by Us, such income purchase all ( but not less than all) of the Equipment at the end of the Term at the statements, balance sheets and other financial statements and information and such purchase option price ( plus any applicable taxes) and in accordance with the terms and federal and state income tax returns concerning You that We determine are necessary. ( GOliertively "Glaims"), whether based conditions specified in the Lease. You must give Us at least 60 days written notice 19. Facsimile. This Agreement may be executed by a party and transmitted by facsimile on a 1111180Fy Of 6tFiGt liability OF before the end of the original Term of each Lease that You will purchase the Equipment or electronic mail. You agree that a copy of this Agreement and each Schedule bearing in accordance with any applicable Purchase Option or that You will return the Equipment otherwise Gaused by or related te4a) to Us. Your signature which was transmitted by facsimile or printed from an electronic file shall the FnanufaGture, *nstallatfon, Until You give Us such written notice: ( a) the applicable Lease( s) will 1: be admissible in any legal proceeding as evidence of its contents and its execution by the owneirship, operation, use, lease, automatically renew on a month -to-month basis (each a " Renewal