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<br />Lease Numher : <br />Date of Lease: <br />Accepted as of: <br /> <br />890419 <br />April 19, 1989 <br /> <br />City First Financial Company <br />Municipal Equipment Lease-Purchase Agreement <br /> <br />Lessor: <br />Address: <br /> <br />City First Financial Company <br />P. O. Box 36 <br />Conway, Arkansas 72032 <br /> <br />Lessee: <br />Address: <br /> <br />City of Paris <br />135 1st Street <br />Paris, Texas 75640 <br /> <br />Lessor agrees to lease to Lessee and Lessee agrees to lease from Lessor the items of equipment (the "Equip. <br />ment")described in Exhibit A attached to this Equipment Lease.PurchaseAgreement (the "Lease"), upon <br /> <br />the following terms and conditions: <br /> <br />1. Dl!LIVERY AND ACCEPTANCB. Lesseeor, if Lessee so <br />requests. Lessor will cause the Equipment to be delivered to <br />Les~ee III the location specified in Exhibit A ( -the Equipment <br />Location"). Lesseewill pay all transportation and otbercosts. if <br />any. incurred in connection with the delivery orthe Equipment. <br />Lesseewill accept the Equipment assoon as ithas been delivered <br />and is operational or, in the event that the manufacturer or <br />vendor allows a pre-acceptance test period, as soon as the test <br />period has expired. lessee will evidence its acceptance of the <br />Equipment bycxecutingand delivering to tessoran Acceptance <br />Certificate (herein so called) in the form provided by Lessor. <br /> <br />2. THRM. This lease will become effective upon the execution <br />hereof by Lestwr. The term of this lectsc will commence on the <br />date the Equipment is accepted pursuant toSection 1 above and. <br />unless earlier terminated as expressly provided for in thisLease, <br />will continue until the Expiralion Date set forth in Exhibit B <br />ilHached hereto (hereinafter the "Lease Term"). <br /> <br />3. RBNT. lessee agrees to pay to L.essor or its assignee the <br />Lease Payments (herein so called), including the interest por- <br />lion, equal to the amounts specified in Exhibit B. The Lease <br />PaymenlSwill be payable without notice or demand at the office <br />of the lessor (or such other place as Lessor or its assignee may <br />from time to time designate in writing),commencingon the first <br />Lease Payment Dale as set forth in Exhibit B and thereafter on <br />thedatessetforth in Exhibit B.Any payments received later than <br />ten (10) days from the due date will bear interest from the due <br />date at the highesl lawful rate. Except as specifically provided <br />in Section 4 hereof. the obligaLion of Lessee to make l.ease <br />Payments will be absolute and unconditional in all events and <br />will not be subject to any set-off, defense, counterclaim or re- <br />coupment for any reason whatsoever. <br /> <br />Lessee reasonably believes that funds ('an he obtained sufficient <br />to make all Lease Payments during the 1 case Term and hereby <br />covenants thal it will do alllhlngs lawfully within Its power 10 <br />obtain, maintain and properly request and pursue funds from <br />which the Lease Payments may be made, including mak.ing <br />provisions for such payments 10 the extent necessary in euch <br />budget submiLled for the purpose of.Qbtainingfunding, using <br />its bona fide best efforts to have such portion of the budget <br />approved and exhausting all available administrative reviews <br />and appeals in Ihe event such portion of the budget is 1I0t ap- <br />proved. It is lessee's intent 10 make l.ease Payments for the <br />full Lease Term if funds are legally available therefore. and ill <br />that regard Lessee represents that the use of the EquipmenL is <br />essential to its proper, efficient and economic operation. <br /> <br />4. NONAPPROPRIATION OF PUNDS. In the event no <br />funds or insufficient funds are appropriated and budgeted or <br />are otherwise available by any means whatsoever in any fiscal <br />period for Lease Payments under this Lease, then Lessee will <br />immediately notify Lessor or its assignee of sucb occurrence, <br />and this Leaseshall terminate on the last dayofthefiscal period <br />for which appropriations were received without penalty or <br />expense to lessee of any kind whatsoever, except as to the <br />portions of Lease Payments otherwise available. In the event <br />of such termination, Lessee agrees to peaceably surrender <br />pm,session of the Equipment to Lessor or its assignee on the <br />date of such termination. packed for shipment in accordance <br />with manufacturer specificatioolli and freight prepald and in~ <br />sured to any location in the continental United States desig- <br />nated by Lessor. Lessor will have all legal and equitable rights <br />and remedies to take possession of the Equipment. <br /> <br />Notwithstanding the foregoing, Lessee agrees that: Ii) it will <br />Dol cancel this Lease under the provisions of this Section if any <br />funds are approprjated to it, or by it, for the acquisition, <br />retention or operation of the Equipment or other equipment <br />performing functions similar to the Equipment for the fiscal <br />period in which such termination occurs or the next succeeding <br />fiscal period thereafter and (HJ it will notduringlhe LeaseTerm <br />give priority in the application of fllnds to any other functionally <br />similar equipment. This paragraph will not be construed so as <br />to permit Les!ioee to terminate this Lease in ordc:rto acquire any <br />other equipment or to allocate funds directly or indirectly to <br />perform essentially Ihe same application for which the Equip- <br />ment is intended. <br /> <br />S. LIMITATION ON WARRANTIES. Lesseeacknowledge. <br />and agrees that the Equipment isof a size, design, and capacity <br />selected by Lessee, that Lessor is neither a manufacturer nor <br />a vendor of such equipment and that LESSOR HAS NOT <br />MADE.AND DOES NOT HEREBY MAKE ANY REPRESEN. <br />TA nON. WARRANTY. OR COVENANT. EXPRESS OR <br />IMPt.IED. WtTH RESPECrTOTHE MERCHANTABILITY, <br />CONDITION. QUALITY . DURAlIILlTY, DESIGN.OPERA. <br />TION. FITNESS FOR USE. OR SUtTABLlLITY OF THE <br />EQUIPMENT tN ANY RESPECT WHATSOEVER OR IN <br />CONNECTION WtTH OR FOR THE PURPOSES AND <br />USES OF THE l.ESSEE. OR ANY OTHER REPRESENTA. <br />TlON, WARRANTY OR COVENANT Of ANY KIND OR <br />CHARACTER. EXPRESS OR IMPt.IED. WITH RESPECT <br />THERETO, AND LESSOR SHALL NOT BE OBLIGATED <br />OR LIABLE FOR ACTUAL. INCIDENTAL. <br />CONSEQUENTIAL OR OTHER DAMAGES OF OR TO <br />