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<br />, .~....,,- '~""'~".'''' .~..x,..,,... :';'"-,1' <br /> <br />" <br /> <br />LCllse# 851105 <br />Date of Lease September 1, 1985 <br />Acceptance Date <br /> <br />T. J. Ri\NEY &:. SONS, INC. <br /> <br />INVESTMENT BANKERS <br /> <br />MUNICIPAL EQUIPMENT LEASE-PURCHASE AGREEMENT <br /> <br />Lessor: T. J. Raney & Sons, Inc. <br />Address: 3600 Cantrell Road <br />Little Rock, Arkansas 72202 <br /> <br />Lessee: <br /> <br />City 01 Paris <br /> <br />Addre ,s: 135 First Southeast <br />Paris, Texas 75460 <br /> <br />Lessor agrees to lease to Lessee and Lessee agrees to lease from j,essor the <br />items of Equipment (the "Equipment") described in Exhibit A attached to this Equipment <br />Lease-Purchase Agreement (the "Lease"), upon the following terms and conditions: <br /> <br />1. DELIVERY AND ACCEp!'ANCE. Lessee or, if Lessee so requests, Lessor will <br />cause the Equipment to be delivere(j to Lessce at tlle location specified in Exhibit A (the <br />"Equipment Location"). Lessee will pay all transportation and other costs, if any, <br />incurred in connection with the delivery of the Equipment. Lessee will accept the ment <br />as soon as it has been delivered and is operational or, in tile event that the manufacturer <br />or vendor allows a pre-acceptance test period, as soon as tile test period has expired. <br />Lessee will evidence its acceptance of tile Equipment by executing and delivering to <br />Lessor an Acceptance Certificate (herein so called) in the form provided by Lessor. <br /> <br />2. TERM. This Lease will become effective upon the execution hereof by <br />Lessor. The term of this Lease will commence on the date the Equipment is accepted <br />pursuant to Section I above and, unless earlier terminated as expressly provided for in <br />this Lease, will continue until the Expiration Date set forth in Exhibit B attached hereto <br />(hereinafter the "Lease Term"). <br /> <br />3. RENT. Lessee agrees to pay to Lessor or its assignee the Lease Payments <br />(herein so called), including the interest portion, equal to the amounts specified in <br />Exhibit B. The Lease Payments will be payable without notice or (jemand at the office of <br />the Lessor (or such other place as Lessor or its assignee may from time to time designate <br />in wl'itinl;), and will eommenee on the first Lease Payment date us setforth in Exhibit B <br />and thereafter on the dates set forth in Exhibit B. Any payments received later t.mn ten <br />(l0) days from the due date will bear interest at the highest lawful rate from the due <br />date. Except as specifically provided in Section 1 hereof, the Obligation of the Lessee to <br />make lease payments will be absolute and unconditional in all events and will not be <br />subject to any set-off, defense, counterclaim, or recoupment for any reason whatsoever. <br /> <br />Lessee reasonable believes tllat funds can be obtained sufficient to make all <br />Lease Payments during the Lease Term and hereby covenants that it will do all things <br />lawfully within its power to obtain, maintain and pl'operly request and pursue funds from <br />which the Lease Payments may be made, including making provisions for such payments <br />to the extent necessary in each budget submitted for the purpose of obtaining funding, <br />using its bonafide best efforts to have such portion of the budget approved and <br />exhausting all availble administrative reviews and appeals in the event such portion of <br />