1988-084-RES WHEREAS, the City Council did at it's regular meeting on January 11, 1988, in Resolution No. 88-001,

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Lease Number Date of Lease Acceptance Date: 880715 July 15, 1988 ,; City First Financial Company Municipal Equipment Lease-Purchase Agreement Lessor: Address: City First Financial Co. P. O. Box 10531 Conway, Arkansas 72032 Lessee: Address: City of Paris P. O. Box 1037 Paris, Texas 75460 Lessor agrees to lease to Lessee and Lessee agrees to items of equipment (the "Equipment") described in Exhibit Equipment Lease-Purchase Agreement (the "Lease"), upon the conditions: lease from Lessor the A attached to this following terms and 1. DELIVERY AND ACCEPTANCE. Lessee or, if Lessee so requests, Lessor will cause the Equipment to be delivered to Lessee at the location specified in Exhibit A (the "Equipment Location"). Lessee will pay all transportation and other costs, if any, incurred in connection with the delivery of the Equipment. Lessee will accept the Equipment as soon as it has been delivered and is operational or, in the event that the manufacturer or vendor allows a pre-acceptance test period, as soon as the test period has expired. Lessee will evidence its acceptance of the Equipment by executing and delivering to Lessor an Acceptance Certificate (herein so called) in the form provided by Lessor. 2. TERM. This Lease will become effective upon the execution hereof by Lessor. The term of this Lease will commence on the date the Equipment is accepted pursuant to Section 1 above and, unless earlier terminated as expressly provided for in this Lease, will continue until the Expiration Date set forth in Exhibit B attached hereto (hereinafter the "Lease Term"). 3. RENT. Lessee agrees to pay to Lessor or its assignee the Lease Payments (herein so called), including the interest portion, equal to the amounts specified in Exhibit B. The Lease Payments will be payable without notice or demand at the office of the Lessor (or such other place as Lessor or its assignee may from time to time designate in writing), and will commence on the first Lease Payment Date as set forth in Exhibit B and thereafter on the dates set forth in Exhibit B. Any payments received later than ten (10) days from the due date will bear interest at the highest lawful rate from the due date. Except as specifically provided in Section 4 hereof, the obligation of the Lessee to make Lease Payments will be absolute and unconditional in all events and will not be subject to any set-off, defense, counterclaim or recoupment for any reason whatsoever. Lessee reasonably believes that funds can be obtained sufficient to make all Lease Payments during the Lease Term and hereby covenants that it will do all things lawfully within its power to obtain, maintain and properly request and pursue funds from which the Lease Payments may be made, including making provisions for such payments to the extent necessary in each budget submitted for the purpose of obtaining funding, using its bonafide best efforts to have such portion of the budget approved and exhausting all available administrative reviews and appeals in the event such portion of the budget is not approved.