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MUNICIPAL LEASING ASSOCIATES, INC.
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MUNICIPAL LEASING ASSOCIATES, INC.
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Last modified
5/19/2025 2:36:44 PM
Creation date
9/18/2024 2:38:34 PM
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Contracts
Company Name
MUNICIPAL LEASING ASSOCIATES, INC.
Contract #
A-1991-054
Agency
Finance & Management Services
Destruction Year
2000
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CORPORATION shall have filed with CITY a copy thereof. CITY shall.pay all <br />rentals due hereunder to or at the direction of CORPORATION or ASSIGNEE <br />named in the most recent assignment or notice of assignment filed with <br />CITY. During the Lease term,'CITY shall keep a complete and accurate <br />record of all such assignments. Subject always to the foregoing, this <br />Lease inures to the benefit of, and is binding upon, the heirs, legatees, <br />personal representatives, successors, and assigns of the parties hereto. <br />22. OWNERSHIP. The Property is and shall at all times be and remain the <br />sole and exclusive property of CORPORATION, and the CITY shall have no <br />right, title, or interest therein or thereto except as expressly set forth <br />in the paragraph herein entitled "Purchase Option". <br />23. PERSONAL PROPERTY. The Property is and shall at all times be and <br />remain personal property notwithstanding that the Property or any part <br />thereof may now be or hereafter become in any manner affixed or attached <br />to or imbedded in, or permanently resting upon, real property or any <br />building thereon, or attached in any manner to what is permanent as by <br />means of cement, plaster, nails, bolts, screws or otherwise. <br />24. NON -WAIVER. No covenant or condition of this Lease can be waived <br />except by the written consent of CORPORATION. Forbearance or indulgence <br />by CORPORATION in any regard whatsoever shall not constitute a waiver of <br />the covenant or condition in question. Until complete performance by CITY <br />of said covenant or condition, CORPORATION shall be entitled to invoke any <br />remedy available to CORPORATION under this Lease or by law or in equity <br />despite said forbearance or indulgence. <br />25. PURCHASE OPTION. If CITY is not in default hereunder, CITY shall be <br />granted options to purchase not less than all the Property in as -is <br />condition on -the dates and for the amounts set forth on the Schedule by <br />depositing with CORPORATION on the date of exercise an amount equal to all <br />rentals and other amounts then due or past. due (excluding only the rental <br />due on the date of exercise) and the applicable purchase option price. <br />The scheduled purchase option prices are exclusive of any applicable sales <br />tax. <br />26. EARLY TERMINATION. Upon written notice to CORPORATION given not later <br />than thirty (30) days prior to the end of any fiscal year of CITY, CITY <br />may terminate the Lease in its entirety as of the end of that fiscal year <br />based solely upon the CITY'S failure to appropriate funds for the <br />subsequent years' rental payment(s) after exercising reasonable efforts to <br />appropriate funds from any and all of its legally available sources. Upon <br />termination before the full term of the Lease, CITY, at its expense, shall <br />redeliver the Property to the CORPORATION at a location designated by <br />CORPORATION within the same county as the premises where the Property is <br />located in as good a condition as when received, normal wear and tear <br />excepted. If CITY terminates the Lease, CORPORATION may retain all <br />amounts previously paid by CITY and may collect and retain any amounts due <br />and unpaid as of the date of such termination. <br />27. EXTRAORDINARY COSTS. In the case of litigation, the prevailing party <br />shall be entitled to recover from the opposing party all costs and <br />expenses, including attorneys' fees, incurred by the prevailing party in <br />M. <br />
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