09-I Lease Purchase Vehicle - Laserfiche WebLink

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2.CIA Inc agrees that the aforesaid vehicle will be used in the performance of a pilot program of residential trash recycling of various designated residential waste materials as described in said program, and on such terms and conditions as shall be mutually agreeable between the City and CIA Inc. 3.That the aforesaid truck shall be purchased by CIA Inc. on a lease-purchase basis, the aforesaid truck having an appraised and agreed value of $1,000.00 payable to the City under said lease-purchase arrangement in five equal monthly installments of $166.66, with the final and sixth monthly payment of $166.70, with each payment due and payable beginning January th 30, 2005, and continuing on the 30 day of each month thereafter with the final payment being due and payable on June 30, 2005. The parties further agree that should CIA Inc. desire to terminate the pilot recycling service for any reason, before the end of the six (6) month term of the lease purchase agreement as described herein, then the truck shall be returned to the City of Paris, all payments made by CIA Inc. to the date of return of the vehicle shall be retained by the City of Paris, but CIA Inc. shall no longer be obligated for the remainder of the payments as described herein. 4.That the City of Paris shall transfer title to and possession of the aforesaid vehicle to CIA Inc. within ten (10) days of the final execution of this agreement by both parties, with the City of Paris retaining a first lien on the title of said vehicle until such time as the full amount of the lease payments as provided herein are paid, at which point the City shall convey clear title of the vehicle to CIA Inc. 5.That during the term of this Lease-Purchase Agreement, CIA Inc shall maintain full and adequate liability insurance, in amounts and subject to such conditions as the City and CIA Inc. shall agree, and that the City shall be named as an additional insured on said policy during the term of this Lease-Purchase Agreement. 6.That CIA Inc. shall and does hereby agree to indemnify and hold harmless the City of Paris, its officers, agents, employees and elected public officials against any and all claims, including personal injury and property damage claims, or any other claim arising in tort, contract, or otherwise, including claims of negligence, intentional acts, or other asserted claims, arising out of or associated with this Lease-Purchase Agreement, the transfer or use of the vehicle specified herein, the use of said vehicle in said pilot recycling program, or otherwise. 7.CIA Inc. agrees and acknowledges its obligation to utilize the vehicle as described herein in full conformance with all state and local laws and ordinances as the same shall apply. 8.CIA Inc. covenants and agrees that in the use of the vehicle as described hereunder CIA Inc. shall not be considered an agent, representative, employee, or otherwise directly associated with the City of Paris, but shall for all purposes be considered an independent contractor and purchaser at will.