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Res. No. 166-01-11314
RESOLUTION NO.1 66-01 -11314 A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF SOUTH MIAMI,FLORIDA,RELATING TO THE LEASE/CONTRACT WITH MBCC ATLANTIC TRUCK AND MERCEDES BENZ CREDIT CORP,THE LEASING COMPANY FOR THE PARKS AND RECREATION F250 PICK UP TRUCK'S REMAINING FOUR YEAR LEASE IN AN AMOUNT NOT TO EXCEED $23,658.00 TO BE PAID IN ANNUAL PAYMENTS OF $5,914.31 FOR THE REMAINDER OF THE LEASE TERM AND CHARGING THE DISBURSEMENT TO ACCOUNT NUMBER 2050-519-4455,"LEASE PURCHASE TRUCKS",AND PROVIDING FOR AN EFFECTIVE DATE WHEREAS,pursuant to article III,Section 5,H,of the City Charter requires bids and resolutions be obtained for services and or purchases of items over $5,000.00;and WHEREAS,the City Commission approved resolution Number 214-00-11107 on October 17,2000 authorizing the City Manager to sign a five-year contract for the purchase/lease ofan F250 forthe Parks and Recreation division inan amount of $5,914.31 for the first year;and WHEREAS,Lease contract provides for the first lease payment tobe made to Atlantic Truck,which is the dealer,and the subsequent four payments tobe made to Mercedes Benz Credit Corporation the leasing company;and WHEREAS,this resolution isto authorize the City Manager to make annual payments in the amount of $5,914.31 for the remainder of the lease/purchase contract of four years. NOW,THEREFORE,BE IT RESOLVED BY THE MAYOR AND CITY COMMISSION OF THE CITY OF SOUTH MIAMI,FLORIDA THAT: Section 1.The City Manager be,and hereby is authorized to make payments forthe remainder four years ofthe contract/lease term inan amount not to exceed $23,657.24 to Mercedes Benz Credit Corporation,the leasing company and charging to account 001-2050-519-44.55 "Lease purchase trucks". Year 2001/2002 $5,914.31 Year 2002/2003 $5,914.31 Year 2003/2004 $5,914.31 Year 2004/2005 $5,914.31 Section 2.This resolution shall take effect immediately upon approval. PASSED AND ADOPTED this 6TH day of November 2001. ATTEST^a APPROVED: READ AND APPROVED AS TO FORM: ^uS e$,&c//*y- CITY ATTORNEY MAYOR Commission Vote: Mayor Robaina: Vice Mayor Feliu: Commissioner Wiscombe: Commissioner Bethel: Commissioner Russell: 5-0 Yea Yea Yea Yea Yea HTUOo '50 Y;;,ID .?Hv%HO r:OTSai!4KO::.(YTID £HA &CYAM HH?'SO r*or?UJ02*H A ::IT:?AJTA :vjaM HTIW TDASTttOO\38ASJ 3ri'J OT OiUTAJ3«tACI«G:.n[,IMAIM 5»r?£0\i YWtfTMCO OHZBASJ.3HT ,q£00 TIQHHO KWSa SiiGaCtfiSM 3WA XOn.'nT ;?-Y;Y £0O'3 SMIMIAMKfc 3 '20!JET 1U HOIS Oc£^WOITAiyi^Si?GHA SX^A^I ,1-UMVvA HI GIA,rJ S&OT 00.6.V.3,££?C1330X3 OT TOW THUOMA HA Kt 'iZA&£ avak ^st ssaem ikt '30 aaaniAi-iaa sht no"le.M^cS ^o aTTisHJTAs 3?A.~J.",c.ifrH-9ia-020S tfSiT^utf TMU0D3A OT THSMJSfl'LTSaia 2HT OMIOHAHD STAG SVITOS'raE --/A K0*SHICiXVOflra GMA ."rOJDUST SSAKUviUq 5o '.-.v.-;j.i:/.'JC •:'".'ofi-i s,l)T>J-v7.£'Y i.-".bf.:hire'--.••.{^rcrii^rzon but ;tia so'::!!.;;.'.?". b,<a \00.000^:?-;:•/::sp;;---j. :?:•;VO ;.i"i-n:.':-.',:'i -sec'/tj;•!!n.o:::v.;.-;-.•-•::r-vo'-qq^ncic-v.i:r#-o''.";v~ir;or.j ..BAZASXV! ::c"'•.ju"•:.!.'•'.'..o ::.-:sv~fjv ;.'•;>!};.'<:.•:.'isp^a-;;-t Y-•"•-'«--"^'T^'Si :-.:-.i.it;£0'.'';i.,~f.\scio.r.O n.-n.r.i-rc-''iij'-'i.t'r..v:;.:s.:^o?^'.:/.::.*r±\?r\<-:.c\i zr:l fU'.;^ah lio *2.>:\?.:s:.c-rfcuq s.i:: i'.cu-j l.;r,-'Y .7-.'i-:i eri:.".:.~I £.&i r vc $-"*i •:;•jr:r./-;-T:s ••:-br.;::•:..:;or ::.::c-;:.-•,;•:>a s:^:^l •;?.":i:l :rr:i ioi >Dbivo::q j">c-^,.s^<vr.:a:-j X£A3SS.HW •><'•'••;;•"•'...or-':-:!•;»•;.^r^^roi'.-".ciu-'-.o:::;.b.,.c-,r.„js~n sr:~•r..f n:.M.iw ,>foi:7.T ••.'•.•..jnsi.lA o:.: :.•:<£:\'rr>.-.tfrr-.••.:,p;j:e^•:1 :?>rr::ioir 'ccmroD j.:^e^:';sn^'?«.-?;•..do;:cM "'~•-•r-oir :>a:V:•:.::-.jViinsK 'w 0 r<V7 or bioiljf,:-a:'-;.:nciJ:.iioe.$~i Bi.rl^%SASH2MK -;:j ir •.-•;•::.,o';:.->:j.t ..'.I :.'•..;"•l<.'.^.i^xc •?ir;:J;;t/.-;;:,?v:rlj us.?...'nsaivf,q l^.j.-n? .:>.*"3;*3','jr.-0-""":O rr:.'.!"'.':i*>'*.cl7;fi-.r '1 'I;JC'-''•t'l'-2.•?,&.' •UC yT.""0 3KT '-iO HOISSj.t'2.1C0 YTirj OWA .iCYAM 3HT Y3 a3VJ03?^T;:H3 va?IO:;^!J=lSHT .^Ovt :TAHT AQT^OJ'a ,IKAIM HTUO?. :!J.:'^-r:•--.'•:.:•,.-~c ..:!'(•.••.•oq ::::'.>:;ij;,5.-.';•'."•,v:.-;.^d ^.::tt:i»OAe^.cj i-^.v^^.C^-^i.^-3::':-:?oi jc:"i !:r:.A.i.{:,f>:COO;;:CCOS."2tv?7 :•:...»!€',:.:::r.nosxccns ?.^.v j-.ms .•:;;.t-uo£v:i'o:;i.-•.:-'/* •Ku.-\./e.'f'cii::•:>'Tfii-.i•_.-'L"???^S...::li.O::>"rfoi:.';;io::;j:>i cin'T .S rro.t^osK r _^ .i.3 ./.COS 'iocisrw-^i "in </^b HT5 sxrb C73TqOGA ©lA Cu-iSS/^ -,'•••••-tOSVO.riSA -,',:Tc^I?T-: ...•..,-''..•-."••v-,\---.,..x:^,.„..„....„::r\._..,.,•;.,,:V.-...-_=T.T.,.,...:VV^1:^,,.o:mX :avoV ;;o.ia3XiTt)y.oO :1^'0":OT BA Q'3YOJT9<3fA Gf-i'A 0/.3M .:•r:;;r.ac/:'.ic»v>*-iJ« ;jj.h '••'•"t;.;i:>'/&'-r -OD.iV -.;•.._ :••i.ij.if•:>:::'^.H'-:*:;-.'aoJ:s.-:hr-'noV •.,.."-.;-••.. ;Lei'JrioE t:-.:c.i:^?.i :vncJ _•"•'.••...•*»;'-\•_-[•'"'•'••';rv_ . CITY OF SOUTH MIAMI INTER-OFFICE MEMORANDUM To:Mayor andCity Commission Date:November 6,2001 Agenda Item # From:CharlesScurr Re:Comm.Mtg.11/06/200 City Manager Truck lease 1 REQUEST Approvalof:AnnualpaymentstoMercedesBenzCredit Corporation fortheremainder of theleaseterm. BACKGROUND AND ANALYSIS The Mayor and City Commission approved resolution number 214-00-11107T fortheleases of anF-250 pickup truck,fortheParksandRecreation Department on October 17,2000. Resolution #214-00-11107 provided authorizationforthesigning of the 5-year leaseandonlyforthefirst annual payment of theleaseterm. Thelease contract provides forthefirstlease payment tobemadetoAtlantic Truck,whichisthe dealer, andthesubsequentremainingpaymentstobemadetoMercedesBenzCredit Coiporation,theleasing company. TheattachedresolutionauthorizestheCitymanagertomakeannualpaymentsfortheremainingterm of the contract to Mercedes Benz Credit Corporation inannual amounts of $5,914.31. Fundsto Purchase/Lease thispickuptruckwouldbe disbursed from account number 001-2050-59-4455. Lease Purchase Trucks. Available account balance is 512.500.00 RECO.MM EN DATION I recommend approval. w .W W Equipment Installment Sales Contract and Security Agreement SEUJER:Atlantic Ford Truck Sales,Inc PURCHASER:City of South Miami 2565 West State Road 84 6130 Sunset Drive Ft.Lauderdale,FL 33312 Miami,FL 33143 This Equipment Installment Sales Contract and Security Agreement (hereinafter "Contract")is entered into on the first day of March,2001,by and between Atlantic Ford Truck Sales,Inc (the "Seller")and City of South Miami (the "Purchaser"). Terms and Conditions Credit Sale of Equipment Seller hereby sells to Purchaser and Purchaser hereby purchases from Seller the equipment described in Schedule Aof this Contract,together with all attachments and accessories thereto (the "Equipment").The sale of the Equipment isona credit sales basis,subject to the terms and conditions of this Contract Promise to Pay.Purchaser promises to pay to Seller the Principal Amount Financed indicated on Schedule Aof this Contract,together with interest at the disclosed interest rate from the date this Contract is signed,until this Contract is paid in full.Following the assignment of this Contract to Mercedes-Benz Credit Corporation (the "Holder"),Purchaser agrees to make all payments directly to Holder at the address provided to Purchaser,with Holder having alloftherightsand remedies available toSellerunderthe Contract. Interest.Interest will be assessed on the unpaid principal balance of this Contract ona 365/360 basis;that is,by applying the ratio of the annual interest rate over a year of 360 days,multiplied by the outstanding principal balance,multiplied by the actual number of days the principal balance is outstanding.Unpaid late charges and other fees*and charges will be added to the unpaid principal balance of this Contract subject to interest Under no circumstances willtheinterestratebemorethanthemaximumrateallowedbyapplicablelaw,itbeingHolder's intent to strictly comply with all laws relating to interest and usury.Accordingly,notwithstanding any provision of this Contract tothe contrary,Purchaser is-:not obligated to pay,nor will Holder accept payment of,interest in excess of that allowed by applicable law in any form and in any amount.Should Holder receive interest in excess of that allowed by applicable law,Holder may,at Holder's option,refund the amount erroneously paid,or Holder may creditthatamounttoothersumsthat Purchaser maythenoweHolder... Repayment Provisions.Principal and interest under this Contract are repayable in accordance with the amortization schedule provided on Schedule Aof this Contract.Purchaser's final payment will beinthe amount of principal,unpaid interestandotherfeesandchargesthen outstanding underthis Contract.All payments willbe madedirectlytoHolderatHolder'sabove address;ortosomeotheraddressasadvised1>y theHolder. '•*LatePayment.IfPurchaserfailstopayany installment under mi*Contractinfullwithin fifteen (15)days ofwhendue,PurchaseragreestopayHolderalatepaymentfeeinanamountequalto5%ofthedelinquentamount, orifapplicablelawdoesnotpermitlatechargesinsuchamount,PurchasershallpayHolderalatechargeinthe maximum amount allowed. Returned Check Charges.IntheeventthatPurchasermakesanypaymentunderthisContractby check, andPurchaser'scheckisreturnedunpaidforanyreason,PurchaseragreestopayHolderareturnedcheckfeeinan amountequalto5%ofPurchaser'sdishonoredcheck,orifapplicablelawdoesnotpermitreturnedcheckfeesin such amount PurchasershallpayHolderareturnedcheckfeeinthemaximumamountallowed. Prepayment Purchasermayprepayunpaidprincipalandthenaccruedinterestunderthis Contract andall otheramountsthenowed,infull,atanytimeandwithoutpenalty. W'.<J Grant of Security Interest.Tosecurethepromptand punctual paymentandsatisfaction of Purchaser's obligations underthisContract Purchaser grants Holdera first priority,continuingsecurityinterestinthe Equipment andinallaccessories,attachments,accessions,replacementsandadditionstotheEquipmentandinall proceeds of theEquipment,includingwithoutlimitation,all insurance proceedsandrefunds of insurance premiums, ifany,and all sumsthatmaybedue from third parties whomaycause damage tothe Equipment,or from any insurer, whetherdueto judgment,settlement orotherprocess.All of theforegoingarereferredtounderthisContractasthe "Collateral".Holder's securityinterestintheCollateraladditionallysecures:(a)Purchaser'sobligationunderany otherloans,leases,orindebtednessthat Purchaser maynowandinthefutureowetoorincurinfavor of Holder, whetherdirectorindirect,of every natureandkind;(b)alladditionalfundsthatHoldermayadvanceonPurchaser's behalfasprovidedinthisContract;and(c)Holder'scostsandexpensesincurredinenforcingthisContractandin exercisingHolder'srightsagainsttheCollateral,includingHolder'sreasonableattorneys'feesandexpenses of both in-houseandoutsidecounsel(tothe extent permittedbyapplicablelaw)andcourtcosts. With regardtotitling,registrationandlicensing of theEquipment:(a)the Equipment shallbetitledinthe name of Purchaser andHoldershallbeshownonthecertificate of titleasthefirstprioritylienholder;(b)the EquipmentisandshallatalltimesremaintitledandregisteredinthestateinwhichPurchaserislocated;and(c)all originaltitle documents shallbeforwardedbyPurchasertoHolderuponPurchaser'sreceiptthereof. Filing and Perfection.PurchaseragreestoexecuteanddelivertoHolderanyfinancingorotherstatement requiredtobefiledtoperfect Holder's securityinterestintheCollateral,andtodoallotherthingsnecessarytocause Holder'ssecurityinteresttobenotedontheEquipmentcertificate of title.Purchaser agreesandauthorizesHolderto perfectitssecurityinterestinthe Collateral byfilinganoriginal of thisContractor of a UCC-1 financing statement, oralternativelybyfilingacarbon,photocopy,facsimileorothercopy of thisContractor of aUCC-1financing statementinlieu of filinganoriginal.Purchaser agreesthatHoldermayretainpossession of theEquipment certificate of titlesolongasHolder'ssecurityinterestremainsineffect.Purchaser agreestoreimburseHolderforall filingcostsandperfectionexpenses,aswellasforallcosts of amending,continuingandterminatingsuchfilings. Purchaser herebyappointsHolderasPurchaser'sattorney-in-facttodoandperformallactsthatHoldermaydeemto benecessaryandpropertoperfectandcontinuetheperfection of Holder'ssecurity interest Purchaser authorizes Holdertocorrectanypatenterrorsinthis Contract ' *Covenants.Purchaser agrees that Holder's security interest inthe Collateral will continue untilall of Purchaser'sobligationssecuredhereunder are fully paidandsatisfied.Purchaseragreesnottosell,lease,transferor assign theEquipmentorto assign Purchaser's obligations under this Contract orto allow any other security interest orlientobeplacedonortoattachtotheEquipment,withoutHolder'spriorwrittenconsent.Notransfer,renewal, extensionorassignment of thisContract,oranyinterestherein,oranyloss,damage,injuryordestruction of the Equipmentwill release Purchaser from any of its obligations under this Contract.Purchasec maynotmakeany material changesor alterations totheEquipmentwithoutHolder's prior writtenconsent(including replacements, additions,accessories or substitutions).Anything which is attached tothe Equipment shall becomea component part ofthe Equipment,and will be subject to Holder's security interest.Purchaser agrees to make all necessary repairs to, and notto abandon,the Equipment,and to abide byall laws,rules and regulations with respect to.theuse and operation ofthe Equipment,and with respect tothe transport of goods and persons,i^the Equipment.Unless otherwise inuse elsewhere,the Equipment willbekeptat Purchaser's address indicated on Schedule Aofthis Contract Purchaser agrees notto remove the Equipment from the state injvhich Purchaser is located for a period in excess of sixty (60)consecutive days without first obtaining Holder's prior written consent Purchaser agrees to obtain all permits and licenses necessary to use and operate the Equipment in all jurisdictions where such permitting and licensing are required.Purchaser agrees that Holder shall have the right to inspect the Equipment at reasonable times.Purchaser agrees to promptly pay all taxes,assessments and governmental charges (if any)that may be assessed against the Equipment and to furnish Holder with evidence that such taxes,assessments and charges have been paid.Purchaser agrees to maintain insurance on the Equipment atits expense in amounts and with such deductible limits,and insuring such risks,all as more fully set forth on Schedule Ato this Contract,which insurance must be issued bya financially responsible insurance company or companies acceptable to Holder.Purchaser agrees to designate Holder as a non-contributory lender loss payee beneficiary under Purchaser's insurance policy or policies,which shall require at least twenty (20)days advance written notice to Holder before such insurance may lapse,orbe reduced,orbe canceled or terminated for any reason.Purchaser agrees to provide Holder with original copies ofits insurance policies along with evidence that Purchaser has paid the policy premiums and all renewal premiums.Purchaser agrees that Holder shall have the right to receive payment on all insurance policies covering the Equipment directly from the insurance company or companies insuring the Equipment,and that Holder may mr apply the insurance proceeds tothe unpaid balance ofthePurchaser's obligations hereunder.Should Purchaser fail to purchase and maintain insurance on the Equipment,or fail to pay taxes,assessments and governmental charges (if any),when due,or should Purchaser allow any otherlienor security interest toattachtothe Equipment,or should Purchaserfailtomaintainandrepairthe Equipment,orshouldPurchaserfailtodowhateverelseisrequiredof PurchaserunderthisContract,thenHoldershallhavetheright(at Holder's soleoption,andwithoutany responsibility or liability todoso)to purchase insurance of such type and coverages,andin such amounts as Holder deems acceptable,topaysuch taxes,assessments and governmental charges (if any),to satisfy any liens or encumbrances againstthe Equipment,to make suchrepairstothe Equipment andtodosuchotheractsasHolder may deem,within its sole discretion tobe necessary and proper.Purchaser agrees to immediately reimburse Holder forall additional sumsthatHolder may advance forsuch purposes,together with interest thereon atthe interest rate provided in Schedule A to this Contract,from the date of each advance until Purchaser repays Holder in full.All such additional sums shallbe secured bythe Collateral.Any insurance thatHolder may purchase onPurchaser's behalf may,atHolder'soption,beinthe form ofsingleordual interest insurance,oranyother types of coverages, which Holder may electto purchase to protect its interests.Purchaser understands and agrees that insurance that Holder may purchase on Purchaser's behalf may notbeatthe lowest available rate.Holder may retain a portion of thecostofsuchinsurance.PurchaserauthorizesHoldertoreleasetothirdpartiesanyinformationnecessaryto facilitate insurance andtax monitoring and insurance placement.Any refund of unearned insurance premiums received by Holder will be credited to Purchaser's then obligations under this Contract.These credits will be applied to as many installment payments as they will cover beginning with the final installment.Holder will notify Purchaser ofhowthese credits willbeapplied. DefaultandAcceleration.Holderhastherightatitsoptiontoinsiston immediate payment infull(to accelerate the maturity)of this Contract upon any one or more of the following events:(a)other than resulting from non-appropriation of funds as provided in the section of this Contract entitled "Appropriation of Funds"which shallnotconstituteadefaulthereunder,ifPurchaserfailstomakeanypaymentunderthisContractwhendue;or(b) ifPurchaserisindefaultunderanyotherprovisionofthisContract;or(c)ifPurchaserisindefaultunderanyother loan,extension of credit,lease,or obligation that Purchaser may now andin the future oweto Holder;or(d)if Purchaser should ceasetoexist;or(e)if Purchaser should become insolvent,orapplyfor bankruptcy orotherrelief from creditors.'• *Default Remedies.Should Purchaser default under this Contract,and Holder elects to accelerate payment underthisContract,PurchaseragreesthatHoldermayexercise all.of therightsandremediesavailabletosecured partiesgenerallyundertheUniform Commercial Code";ineffectinthestatewheretheEquipmentisthenlocated. Specificallyandunconditionally,PurchaseragreestoturnoveranddelivertheEquipmenttoHolderat Purchaser's expense,atthetimeandatthelocationHoldermaydemandofPurchaser.Alternatively,Holdermayentertheplace where the Equipment may be located,and take possession of the Equipment,arid all other property then located on orinthe Equipment,provided thatHolderisabletodoso without breach of #the peace:Holdermaythensellthe Equipment withoutwarrantyatpublicorprivatesale,andapplythesaleproceedstothe satisfaction of Purchaser's securedobligations.Holderhasnoobligationtoclean-up,repair,orpreparetheEquipmentforsale.Purchaser agreesthatany requirement that Holder notify Purchaser of thesale of the Equipment willbe satisfied if Holder sendsPurchaserawrittencommunicationatleastten(10)daysinadvanceofthedateonwhichapublicsaleis scheduled,orwithinten(10)daysinadvanceofthetimeafterwhichaprivatesalemaytakeplace.Anyrequired publicnoticeofsuchasaleshallbesatisfiedbyaone-timepublication in^newspaper*ofgeneralcirculationinthe community inwhichthesaleistotakeplace.Purchaser understands that,if me salesproceeds(afterdeductingallof Holder's enforcement attorney'sfees,andHolder'sothercostsandexpensesofcollection,foreclosureandsale,and suchother amounts asmaybepayableoutofthesalesproceeds)aregreaterthantheamountofPurchaser'ssecured obligations,Holder will payany surplus tothe Purchaser.However,ifthenet sales proceeds (after deducting Holder's enforcement attorney'sfees,andHolder'sothercostsand expenses of collection,foreclosure andsale,and suchother amounts asmaybe payable outofthesale proceeds)arelessthanPurchaser's secured obligations, Purchaser will remain liabletoHolderforany deficiency. Purchaser agrees that:(a)Holder may disclaim any warranties of title,fitness or any similar warranties upon the sale of any Equipment;(b)Holder may comply with any applicable state or federal law requirements in connection with the Equipment andthe disposition thereofandsuch compliance will notbe considered to adversely affect the commercial reasonableness of any saleofthe Equipment;(c)retention of the Equipment in either full or partial satisfaction ofPurchaser's liability resulting from a default hereunder may be made by Holder,atits election, under and pursuant to the procedures established inthe UCC;and(d)the proceeds of any saleofthe Equipment that ismadeonacreditbasis(orofanyre-leasingofthe Equipment)will beappliedagainstPurchaser'sliabilityresulting from a default hereunder,only tothe extent installments under such credit sales (or rents under such leases)are actuallyreceivedbyHolderfromthepurchaserornewlesseeoftheEquipment. Enforcement of Attorney's Fees and Expenses.If Holder hastosue Purchaser,orif Holder refers this Contract toan attorney for collection or enforcement against the Collateral,Purchaser agrees topay Holder's reasonable attorneys'fees and collection expenses of both in-house counsel and outside counsel tothe extent permitted by applicable law. Waivers.Purchaser waives presentment and demand for payment,protest and notice of protest and non payment.Purchaser further agrees that discharge or release of any party,orof any Collateral securing this Contract, or any extension of time for payment,or any delay in enforcing Holder's rights,will not cause Holder to lose any rights under this Contract. Appropriation of Funds.So long as this Contract remains in effect,Purchaser agrees to use its good faith efforts to appropriate,on an annual fiscal year basis,or otherwise,sufficient funds to make periodic installment payments hereunder to Holder.If for any reason,despite its good faith efforts.Purchaser is unable to appropriate sufficient funds to pay Holder hereunder,Purchaser agrees to immediately notify Holder of such circumstances,but in no event later than ninety (90)days prior to commencement of the ensuing fiscal period for which funds were not appropriated by Purchaser for payments hereunder.Should Purchaser,despite its good faith efforts,be unable to appropriate sufficient funds to make periodic installment payments to Holder hereunder,Purchaser may discharge its then remaining obligations to Holder for purchase of the Equipment by:(a)immediately paying to Holder all remaining funds that have been appropriated by Purchaser for payments hereunder;and (b)selling,assigning,and transferring ownership,and delivering possession of the Equipment,and delivering all other Collateral then in Purchaser's possession,to Holder,at Purchaser's expense,and at such location as Holder may designate.Payment of the principal amount financed under this Contract,together with interest thereon,shall be only from funds arising from sources other than ad valorem taxation.. Notwithstanding the foregoing,Purchaser agrees (a)if any-funds are appropriated in any fiscal period of Purchaser for the Equipment or other equipment performing functions similar to the Equipment,Purchaser will fulfill its payment obligations hereunder to the extent of suchtunds are appropriated for such purpose;and (b)that it will not,so long asany payments aredue hereunder,give priority jn application of funds to any other equipment performing functions similar to the Equipment.This Section shall not be construed soasto permit Purchaser to fail topay the indebtedness hereunder inorderto purchase,lease,rentor otherwise acquire theuseof any other equipmentperformingfunctionssimilartotheEquipment. NoAgency Relationship;NoRightto Assert Claimsand Defenses.§eller,the manufacturer ofthe Equipment,andtheir employees,arenotHolder's partner's,agents,or representatives,andhavenorightto commit, bind or obligate Holder inany way.Purchaser's obligations to Holder under this Contract,,are absolute and unconditional,andPurchaserhasnorighttoassertagainstHolderanyclaimordefensethatPurchasermayhave against theSellerorthe Equipment manufacturer,ortheir employees,with respectto the>condition or performance of the Equipment or otherwise. Special Representations,Warranties and Covenants of Purchaser;Tax Assumption.(A)Purchaser represents,covenants andwarrantsas of thedate hereof anduntil satisfaction of Purchaser's obligations hereunder that:(i)Purchaser isastateorafully constituted political subdivision thereof,orits obligations hereunder constitute obligationsissuedonbehalfofastateorapoliticalsubdivisionthereof,suchthatanyinterestderivedunderthis Contract willqualifyfor exemption from Federal incometaxesunder section 103 of theInternal Revenue Code of 1986,asamendedfromtimetotime(the"Code"),andthatitwilldoorcausetobedoneallthingsnecessaryto preserveandkeepinfullforceandeffectbothitsexistenceandthisContract;(ii)theexecution,deliveryand performancebyPurchaserofthisContractandall documents executedinconnectionherewith,including,butnot limited to,any schedules executed hereunder and attached hereto andany delivery and acceptance certificate requiredbySellerorHolder(collectively,the"ContractDocuments")havebeendulyauthorizedbyallnecessary actionon behalf of Purchaser;(iii)the Contract Documents each constitute alegal,validand binding obligations of Purchaser enforceable in accordance withtheir respective terms;(iv)no additional governmental orders, permissions,consents,approvalsorauthorizationsarenecessaryandnoregistrationsordeclarationsarerequiredto befiledin connection withthe execution anddelivery of the Contract Documents;(v)theuse of the Equipment by V Purchaserisessentialtoandwillbelimitedtothe performance byPurchaserofoneormore governmental functions of Purchaser consistent with the permissible scope of Purchaser's authority;(vi)no portion of the Equipment will be used directly or indirectly in any trade or business carried on by any person other than Purchaser;(vii)no portion of the Equipment will be used by an organization described in section 501(c)(3)of the Code;(viii)this Contract does not constitute an arbitrage obligation within the meaning of section 148 of the Code and is not federally guaranteed within the meaning of section 149(b)of the Code;and (ix)the legal name of Purchaser is the name set forth at the beginning of this Contract. (B)Purchaser shall deliver to Holder an opinion of Purchaser's counsel in form and substance acceptabletoHolder. (Q Purchaser covenants that it will:(i)not take any action which results,directly or indirectly,in the interest portion of any payment not being excludable from Federal gross income pursuant to section 103 ofthe Code and will take any reasonable action necessary to prevent such result;and (ii)execute and file with the Internal RevenueService either IRSForm 8038-G orIRS Form 8038-GC,as applicable. (D)If Purchaser breaches the covenants contained in this Section,the interest component of the payments due to the Holder hereunder may become includable in Holder's gross income for federal and state income tax purposes retroactive to the date of this Contract In such event Purchaser agrees to pay promptly after any such determination of taxability and on each payment date thereafter to Holder,but only from appropriated funds,an additional payment determined by Holder to compensate Holder for the loss ofsuch excludability (including,without limitation,compensation relating to interest expense,penalties or additions to tax),which determination shall be conclusive (absent manifest error). (E)Purchaser acknowledges that if any representation,warranty or covenant herein is false,or if Purchaser takes any action or omits to take any action which causes any such representation,warranty or covenant to be false orto be breached,Holder may suffer adverse consequences.Accordingly,Purchaser agrees that ifit breaches any such representation,warranty or covenant or if the same shall be or become false,this Contract shall be deemed tobein default and Purchaser shall be liable to Holder in the manner and for the amounts specified in the section entitled "Default Remedies"inthis Contract. Indemnification.Purchaser shall indemnify Holder against and shall hold Holder harmless from anyand all claims,actions,proceedings,expenses,damages or liabilities,including attorneys*fees of both in house and outside counsel and court costs,arising in connection with the Equipment,including but riot limited toits selection, purchase,delivery,possession,use,operation,rejection or return and the recovery of claims under insurance policies thereon.This indemnification shall continue in full force and effect notwithstanding the full payment ofall obligations under this Contract orthe termination of this Contract for any reason. Notices.All notices required tobe given to Purchaser shall be properly given if mailed^to Purchaser at its addressshownonpage1 of this Contract '../„ Assignment.Purchaser agrees that Holder may assign this Contract to one or more third persons without notice toPurchaser.^^' WaiverofRighttoJury Trial.Purchaser expressly waives anyrighttoajurytrialinany dispute regarding this Contract. Governing Law.This Contract shall be governed and construed under the laws of the State of Florida. Miscellaneous.In thisContractthe words "Holder"means Mercedes-Benz Credit Corporation,andits successors,transferees and assigns.All schedules executed in connection with this Contract shall become part of this Contract This Contract and any such schedules constitute the entire agreement between the parties.No modification or amendment ofthis Contract shall be effective unless in writing signed byall parties.All provisions ofthis Contract that are prohibited by applicable law shall be ineffective solely to the extent of such prohibition without invalidating the other provisions of this Contract.Any waiver of Holder's rights and remedies under this Contract shallbe effective onlyif specifically agreedbyHolderin writing. Limitation of Warranty.PURCHASER ACKNOWLEDGES AND AGREES THAT THE EQUIPMENT IS OF A DESIGN AND CAPACITY SELECTED BY PURCHASER AND THAT NEITHER SELLER NOR HOLDER IS THE PRODUCER,MANUFACTURER OR DESIGNER OF THE EQUIPMENT,AND THAT NEITHER SELLER NOR HOLDER MAKES ANY WARRANTIES,EXPRESS OR IMPLIED,WITH RESPECT TO THIS CONTRACT OR THE EQUIPMENT,INCLUDING, WITHOUT LIMITATION,WARRANTIES OF MERCHANTABILITY OR FITNESS FOR PARTICULAR PURPOSE OR INTENDED USE.PURCHASER ACCEPTS THE EQUIPMENT "AS IS".SELLER AND HOLDER SPECIFICALLY DISCLAIM ANY AND ALL LIABILITY FOR CONSEQUENTIAL DAMAGES.TO THE EXTENT SELLER OR MANUFACTURER HAS PROVIDED ANY SEPARATE WARRANTIES TO PURCHASER,SUCH WARRANTIES ARE BINDING UPON THE SELLER OR MANUFACTURER BUT NOT BINDING UPON HOLDER OR ANY OTHER ASSIGNEE OF THIS CONTRACT. Severability.IfanyoftheprovisionsofthisContractareprohibitedbyorheldinvalidunderapplicable lawsorregulations of anyjurisdictioninwhichthisContractissoughttobeenforced,thenthatprovisionshallbe consideredinapplicableandomittedbutshallnotinvalidatetheremainingprovisions. Headings.Headingsatthebeginningofeachsectionaresolelyfortheconvenienceofthepartiesandshall notbeconsideredwheninterpretingthisContract. BY SIGNINGBELOW,PURCHASER ACKNOWLEDGES THAT SELLER'S SIGNATURE ONTHIS CONTRACT WILL HAVE THE EFFECT OF ASSIGNING ALL RIGHT,TITLE AND INTEREST OF SELLER INANDTOTHISCONTRACTANDTHEEQUIPMENTTOMERCEDES-BENZCREDITCORPORATION, AND THAT PURCHASER ACCEPTS THE TERMS AND CONDITIONS OF THIS CONTRACT. Purchaser: •CityofSouthMiami '.•'.''.BY SIGNING BELOW,SELLER ACCEPTS THE TERMS AND CONDITIONS OF THIS CONTRACT AND ASSIGNS ALL RIGHT,TITLE AND INTEREST INANDTOTHIS CONTRACT AND THE EQUIPMENT TO MERCEDES-BENZ CREDIT CORPORATION PURSUANT TO THE TERMS OF THE EQUIPMENT RETAILFINANCEAGREEMENTBYANDBETWEEN'SELLER.AND MERCEDES-BENZ CREDIT CORPORATION.' Accepted:Seller Adantic FordTruck Sales,Inc -, By:''«• Tide:m < V SCHEDULE A(page1of2) This Schedule and Certification of Delivery,Inspection,and Acceptance is executed and delivered under and pursuant to the terms of that certain Equipment Installment Sales Contract and Security Agreement dated March 1,2001 (the "Contract"),by and between the undersigned Seller and Purchaser. DESCRIPTION OF EQUIPMENT Year and Make Model ,'i ii ii,i ii '••• Serial Number Delivery Date 2001 Ford F250 1FTNX20F61EB93263 02/15/2001 •, •- BaseLocationofEquipment(City,County,State): Miami,Dade,Florida Payments -Purchaser hereby agrees and promises to make payments to Holder as set forth on the amortization schedule attached hereto. Certificate of Delivery and Acceptance and Date of Placement in Service -Purchaser hereby certifies to Seller that on and asofthedate described above as "Delivery Date",the Equipment described herein:(1) is tangible personal property and (2)has been delivered to,isin thejDOSsession -of,and has been placed in service by Purchaser. VerificationofEssentialUse-PurchaserwarrantsandverifiesthattheEquipmentisessentialforthe functioning of Purchaser andis immediately needed by Purchaser.Funds are expected to come from the general fundsof Purchaser. GovernmentalUnitto use.Equipment:CityofSouthMiami SpecificUseofEquipment: RatificationandAffirmationofOtherRepresentations,WarrantiesandCovenants-Purchaser hereby agreesthatitswarrantiesandcovenantsmadeintheContractareapproved,ratified,andaffirmedinall respectsasofthedate of this Schedule andconfirmsthatthe representations madeinthe Contract are,as ofthedateofthisSchedule,true,accurate,andcompleteinallrespects. e SCHEDULE A (page 2 of 2) SCHEDULE OF INSTALLMENT PAYMENTS Principal Amount Financed:$26,245.00 Interest Rate:6.35%per annum Date of Final Payment:03/01/2005 Commencement Date:03/01/2001 PurchaseragreestomakeperiodicpaymentstoSellerassetforthontheattachedamortizationschedule. INSURANCE REQUIREMENTS Fireandtheftandcollision insurance are required untiltheContractispaidin full.Purchaser understands thatithastherighttochoosetheagentorbrokerandthe company through whom the vehicle physicaldamageinsurance required underthis Contract istobe obtained. •Collision andone of thefollowing: $Deductible •Comprehensive,or $Deductible •Fire,Theft and CAC $Deductible Annual Premium:$ Total Premium:$ SELLER AND PURCHASER HEREBY ACKNOWLEDGE THAT SELLER'S SIGNATURE ON THIS SCHEDULE SHALL CONSTITUTE AND ASSIGNMENT OF ALL OF SELLER'S RIGHTS,TITLE, ANDINTERESTINANDTOTHISSCHEDULEAND TrJE EQUIPMENTTOMERCEDES-BENZ CREDIT CORPORATION PURSUANTTOTHETERMSOFTHEEQUIPMENT INSTALLMENT SALES CONTRACT AND SECURITY AGREEMENT BY AND BETWEEN SELLER AND MERCEDES-BENZ CREDIT CORPORATION. v Atlantic Ford Truck Sales,Inc City of South Miami (SELLER)(PURCHASER^ By: Title:Title: \\FSNAMCF6\rTN_PLAN\Q_PUBLIC\Kline\flainstK.doc DVANCE AMORT -ANNUAL PAYMENTS SaleArm $26,245.00 City of South Miami Trade 0.00 March 01,2001 Down Payment 0 Security Agreement Amortization Schedule Amt Fin $26,245.00 Term-YEARS 5 Amortization "Schedule A'attachment to security agreement dated March 1,2001 Payment $5,914.31 Cash Row &IRR 6.35%•Pmt Date Beginning Balance Scheduled Payment 29,571.55 Interest 3,326.55 Principal Ending Balance 1 (20,330.69)03/01/01 $26,245.00 5,914.31 0.00 5,914.31 20,330.69 2 5914.31 03/01/02 20,330.69 5,914.31 1,290.93 4,623.38 15,707.31 3 5914.31 03/01/03 15,707.31 5,914.31 997.36 4,916.95 10,790.35 4 5914.31 03/01/04 10,790.35 5,914.31 685.15 5,229.16 5,561.19 5 5914.31 03/01/05 5,561.19 5,914.31 353.12 5,561.19 1.00 s .I. w City of South Miami 6130 Sunset Drive Miami FL 33143 A 40 Pay Proceeds Affidavit To:Mercedes BenzCredit Corporation ("MBCC"): Wehaveappliedtoyouforaloanintheamountof$26,245.00****(the"PayProceeds"),which willbesecuredbyafirstlieninyourfavoroncertainequipmentownedbyus.Weagreeto execute documentation insuchformasyoumayrequireto accomplish the foregoing. Bythis letter,we authorize you to disburse thePay Proceeds inthe following manner: $26,245.00******for payment on invoice To:Atlantic Ford Truck Sales,Inc Address:2565 West State Road 84 City/State/Zip:Ft.Lauderdale,FL 33312 IN WITNESS WHEREOF,the undersigned has executed this Agreement asofthe day of ,2001. <J<3^<W7 C'7-y /wfhrttix^ •'- By:. Seller -*% Title: ft?* "wc2otsocctscBQcnw*a IF" rJ.«fc*" Resolution No.214-QQ-i 110 7 A CONTRACT'WITH iSkcC NATONA^^TOUCK O^rp ^o^EWER INT°TRUCK,AND CHARGING THE DISBlT^^^OFFICE'F0R LEASING A LandscaSfonis S&22 JnT """^*""^^°f the P^and WHEREAS.The City has contracted with MBCC National Truck Office;and •*«S!^-^a5year .ease need cuS^^"*°'S°"*Miami Pa*S &Rec~Department is in great Section 1 That a purchase order be established to MBCC National Truck Section^This resolution shall take effect immediately upon approval. PASSED AND ADOPTED this _J7th_day of October 2000. ATTEST: CITY CLERK <L READ AND APPROVED AS TO FORM: CITY ATTORNEY ~~^~~-MBCC N*aa-j|tta»i 0/&,200WO0I rjwqj APPROVED: MAYOR COMMISSION VOTE: Vice Mayor Feliu: Commissioner Bethel • Commissioner Wiscombe Commissioner Russell: 4-0 Yea Yea Yea Yea Yea