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MUNICIPAL LEASING ASSOCIATES. INC.
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MUNICIPAL LEASING ASSOCIATES. INC.
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Last modified
5/20/2025 4:53:30 PM
Creation date
9/18/2024 1:36:17 PM
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Contracts
Company Name
MUNICIPAL LEASING ASSOCIATES. INC.
Contract #
A-1996-078
Agency
Police
Council Approval Date
7/1/1996
Destruction Year
2005
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material -way by anyone other than Lessee or Lessee's employees. Consent <br />to any of the foregoing prohibited acts applies only in the given <br />instance and is not a consent to any subsequent like act by Lessee or <br />any other person. Corporation shall not assign its obligations under <br />this Lease with the exception of its obligation to issue default <br />notices and its obligations pursuant to Section 28. Corporation may <br />assign its right, title and interest in this Lease, the Rental Payments <br />and other amounts due hereunder and the Property in whole or in part to <br />one or more assignees or subassignees at any time, without the consent <br />of Lessee. Corporation may also assign all of its rights, title and <br />interest in and to this Lease, the Rental Payments and other amounts <br />due hereunder to an agent on behalf of owners of certificates of <br />participation which may be issued by such agent in this Lease. Lessee <br />shall cooperate with Corporation either now or hereafter by <br />acknowledging any agreement relating thereto which in no way will alter <br />or affect the terms and conditions of this Lease and the assignment of <br />this Lease by Corporation. No such assignment shall be effective as <br />against Lessee unless and until Corporation shall have filed with <br />Lessee written notice thereof. Lessee shall pay all Rental Payments <br />hereunder pursuant to the direction of Corporation or the assignee <br />named in the most recent assignment or notice of assignment filed with <br />Lessee. During this Lease term, Lessee shall keep a complete and <br />accurate record of all such notices of assignment. Subject always to <br />the foregoing, this Lease inures to. the benefit of, and is binding <br />upon, the heirs, legatees, personal representatives, successors, and <br />assigns of the parties hereto. <br />SECTION 27. Ownership. The Property is and shall at all times <br />be and remain the sole and exclusive property of Corporation, and <br />Lessee shall have no right, title, or interest therein or thereto <br />except as expressly .set forth in Section 29. Lessee shall take all <br />actions necessary to insure that legal title to all Property being <br />acquired by Lessee hereunder, whether by the Lessee or by a third party <br />acting on behalf of Lessee, is vested in Corporation. <br />SECTION 28. Personal Property. The Property isand shall at all <br />times be and remain personal property notwithstanding that the Property <br />or any part thereof may now be or hereafter become in any manner <br />affixed or attached to or imbedded in, or permanently resting upon, <br />real property or any building thereon, or attached in any manner to <br />what is permanent by means of cement, plaster, nails, bolts, screws or <br />otherwise. <br />SECTION 29. Purchase O tion. If Lessee is not in default of any <br />term, condition or payment specified hereunder, Lessee may exercise <br />options to prepay this Lease and purchase not less than all of the <br />Property in "as -is" and "where -is" condition on the specified dates and <br />for the specified amounts set forth in the Schedule annexed hereto. <br />Each purchase option payment specified for a particular date is <br />exclusive of the Rental Payment due on the same date. <br />SECTION 30. Release of Liens. Upon Lessee either making all of <br />the Rental Payments scheduled herein or making a purchase option <br />payment, Corporation, its successors or assigns shall cause i) legal <br />0 <br />
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