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Home My WebLink AboutAddendum to Municipal Govermental Lease Purchase Agreement Augusta Richmond GA DOCUMENT NAME: Adc/crc1um 10 H un'C i-pA I I uovevrnYlta..1 leo:::c vu.V-CJra5C A g rcemt'Vl t DOCUMENT TYPE: ~y~nt-- YEAR: '}ODO BOX NUMBER: q FILE NUMBER: \ ~ l5 5"' NUMBER OF PAGES: 5 " .... " Copy ., ., i" / ADDENDUM TO MUNICIPAL/GOVERNMENTAL LEASE PURCHASE AGREEMENT This Addendum to Municipal/Governmental Lease Purchase Agreement (the "Addendum") is entered into as of the 20 day of May, 2000 between Deere Credit, Inc., a Delaware corporation (the "Lessor") and the City of Augusta, a Municipal Corporation or political subdivision of the State of Georgia (the "Lessee"). . RECITALS A. Lessee wishes to acquire certain equipment from the Lessor pursuant to a Municipal/Governmental Lease Purchase Agreement, which Agreement is supplemented by the provisions of a Payment! Amortization Schedule (the Municipal/Governmental Lease Purchase Agreement as supplemented by the Payment! Amortization Schedule shall be referred to herein as the "Agreement"); B. Lessee is concerned regarding certain provisions ofthe Agreement and wishes to enter into this Addendum to clarify the provisions of the Agreement and Lessor is willing to enter into such Addendum for the purposes of providing such clarification; and NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which is expressly acknowledged, the parties agree as follows: 1. Capitalized terms not defined in this Addendum shall have the meaning given to them in the Agreement. . 2. Section 2 ofthe Agreement is amended to read in its entirety as follows: . . In addition to the Lease Payments to be made pursuant to Section 1, Lessee agrees to pay all license, sales, use, personal property or other taxes, penalties, fines, interest or charges of any kind that may be assessed or charged against the Equipment or use thereof. 3. Section 7.2.2 of the Agreement is amended to read in its entirety as follows: "Terminate this Agreement and repossess the equipment in which event Lessee shall be liable for any amo~ts payable hereunder through the date of such termination and all costs and expenses incurred by Lessor in connection therewith." 4. The second sentence.ofSection 7.2.3 ofthe Agreement is amended to read in its entirety,as follows: "In the event the proceeds of such sale, less the costs of repossession and the costs of sale and less any past due Lease payments or interest owing by Lessee (the . ~~ .. -; "disposition credit") do not equal the applicable Termination Value on the current Lease Payment date, thenLesseeshall be liable for the difference between said disposition credit and stich Termination Value. 5. Section 7.2.4 of the Agreement is amended to read in its entirety as follows: "Pursue and exercise and other remedy available at law, including any right to receive reasonable attorneys' fees or in equity, in which event Lessee shall be liable for any and all costs and expenses incurred by Lessor in connection herewith." . 6. Section 8 of the Agreement is amended to read in its entirety as follows: "If Lessee fails to pay any Lease Payment(s) specified in Section 1 within thirty (30) days after the date due, Lessee shall pay Lessor interest on such delinquent Lease Payment(s) from the due date until paid at the lower of twelve percent (12%) per annum or the highest rate permitted by law." 7. The Agreement is amended to add Section 13.4, which shall read in its .entirety as follows: . "The parties acknowledge that pursuant to a risk retention policy, Lessee shall comply with the requirements of this Section 13 through self-insurance. If, at any time during the term ofthis Agreement, Lessee shall cease to self-insure similar equipment through the risk retention policy, Lessee shall carry insurance policies that shall comply with this Section 13." 8. The parties hereto agree that the column of the schedule attached to this Addendum as Exhibit A entitled "Termination Value" shall for all purposes be the Termination Value applicable to the Agreement. 9. Except as expressly modified by this Addendum, the terms and conditions of the Agreement remain in full force and effect. Only a written instrument signed by both. parties hereto may modify this Addendum. This Addendum may be executed in any number of counterparts, each of which shall be an original and all of which, when taken together, shall constitute one and the same instrument. This Addendum shall be governed by and construed in accordance with the laws of the State of Georgia. ~ .. , , IN WITNESS WHEREOF, the parties have entered into this Addendum as of the date first above written. DEERE CREDIT, INC. By: Title: Date: ~ .~: oQucJJs fip)B~ 7fVt ~Titl~ M Date' ' ff!kst: ~ , ~ . . 0'5/10/2000 pqge 1 MUNICIF'AL GOVERNME~TAL LEASE PURCHASE AGREEMENT EXHIBIT B PAYMENT/AMORTIZATION SCHEDULE CITY OF AUGUSTA / 2 - JD 770CH 5#575175 &575219 Nominal Annual Rate ....: 7.365 % CASH FLOW DATA Event Start Date Amount Number Period End Date 1 Loan OS/20/2000 258,257.12 1 2 Pc:lyment OS/20/2000 3,586.89 36 Monthly 04/20/2003 3 Payment OS/20/2003 _177,000.00 1 AMORTIZATION SCHEDULE - Normal Amortization Date Payment 'I'ERM:rnATION VAIlJE Loan OS/20/2000 258,257.12 1 OS/20/2000 3,586.89 254,670.23 2 06/20/2000 3,586.89 252,646.38 3 07/20/2000 3,586.89 250,610.11 4 08/20/2000 3,586.89 248,561.34 5 09/20/2000 3,586.89 246,500.00 6 10/20/2000 3,586.89. 244,426.00 7 11/20/2000 3,586.89 242,339.27 8 12/20/2000 3,586.89 240,239.74 9 01/20/2001 3,586.89 238,127.32 10 02120/2001 3,586.89 236,001.94 11 03/20/2001 3,586.89 233,863.51 12 04/20/2001 3,586.89 231,711.96 13 OS/20/2001 3,586.89 229,547.20 14 06/20/2001 3,586.89 227,369.16 15 07/20/2001 3,586.89 225,177.75 16 08/20/2001 3,586.89 222,972.89 17 09/20/2001 3,586.89 220,754.50 18 10/20/2001 3,586.89 218,522.49 19 11/20/2001 3,586.89 216,276.78 20 12/20/2001 3,586.89 214,017.29 21 01/20/2002 3,586.89 211,743.93 22 02/20/2002 3,586.89 . 209,456.62 23 03/20/2002 3,586.89 207,155.27 24 04/20/2002 3,586.89 204,839.80 25 OS/20/2002 3,586.89 202,510.11 26 06/20/2002 3,586.89 200,166.13 27 07/20/2002 3,586.89 197,807.76 28 08/20/2002 3,586.89 195,434.92 29 09/20/2002 3,586.89 193,047.51 30 10/20/2002 3,586.89 190,645.45 31 11/20/2002 3,586.89 188,228.65 32 12/20/2002 3,586.89 185,797.01 c?~ " . -'\ 05i10/2009 P,age 2 CITY OF }\UGU5TA /2 ~ JD 770CH 5#575175 & 575219 DatB 33 01/20/2003 34 02/20/2003 35 03/20/2003 36 04/20/2003 37 OS/20/2003 Grand Totals Payment. 3,586.89. 3,586.89 3,586.89 3,586.89 177,000.00 306,128.04 TERMINATION VAilJE . 183,350.45 180,888.87 178,412.19 175,920.30 0.00 - CPb cp)