October 15, 2012 - City of Laredo
October 15, 2012 - City of Laredo October 15, 2012 - City of Laredo
"Renewal Terms" means the renewal terms of this Agreement, each having a duration of one year and a term coextensive with Lessee's fiscal year. "Rental Payments " means the basic rental payments payable by Lessee hereunder pursuant to Section 4.01, consisting of a principal component and an interest component. "State " means the State of Texas. "Taxable Rate" means an interest rate equal to the Contr such that the total interest to be paid on any payment date would additions to tax) actually imposed thereon, equal the amou Equipment. "Vendor Agreement" means acquisition, installation, maintenance Lessee represents, covenants tate within the meaning of Section 103(c) nstitution and laws of the State, with full the transactions contemplated hereby and d the execution and delivery of this Agreement and the action of its governing body at a meeting duly called, (c) No event or condition that constitutes, or with the giving of notice or the lapse of time or both would constitute, an Event of Default exists at the date hereof. (d) Lessee will do or cause to be done all things necessary to preserve and keep in full force and effect its existence as a body corporate and politic. (e) Lessee has complied with such public bidding requirements as may be applicable to this Agreement and the acquisition by Lessee of the Equipment.
(f) During the Lease Term, the Equipment will be used by Lessee only for the purpose of performing essential governmental or proprietary functions of Lessee consistent with the permissible scope of Lessee's authority. Lessee does not intend to sell or otherwise dispose of the Equipment or any interest therein prior to the last Rental Payment (including all Renewal Terms) scheduled to be paid hereunder. (g) Lessee has kept, and throughout the Lease Term shall keep, its books and records in accordance with generally accepted accounting principles and practices consistently applied, and in subsection (g) shall be accompanied information relating to Lessee may be dis of their respective successors and assigns. expect the need for any item of the E any person other than than a state or lo r budget and actual, ents to the financial nancial statements and thereof is not directly or local governmental unit. No portion of the red into any management or other service contract with nd do any further act and execute, acknowledge, deliver, file, rights and benefits under this Agreement and the Acquisition Fund Agreement. (k) Lessee is the fee owner of the real estate where the Equipment is and will be located and has good and marketable title thereto, and there exists no mortgage, pledge, lien, security interest, charge or other encumbrance of any nature whatsoever on or with respect to such real estate.
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- Page 128 and 129: DATE: 10/15/2012 INITIATED BY: Carl
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"Renewal Terms" means the renewal terms <strong>of</strong> this Agreement, each having a duration <strong>of</strong><br />
one year and a term coextensive with Lessee's fiscal year.<br />
"Rental Payments " means the basic rental payments payable by Lessee hereunder<br />
pursuant to Section 4.01, consisting <strong>of</strong> a principal component and an interest component.<br />
"State " means the State <strong>of</strong> Texas.<br />
"Taxable Rate" means an interest rate equal to the Contr<br />
such that the total interest to be paid on any payment date would<br />
additions to tax) actually imposed thereon, equal the amou<br />
Equipment.<br />
"Vendor Agreement" means<br />
acquisition, installation, maintenance<br />
Lessee represents, covenants<br />
tate within the meaning <strong>of</strong> Section 103(c)<br />
nstitution and laws <strong>of</strong> the State, with full<br />
the transactions contemplated hereby and<br />
d the execution and delivery <strong>of</strong> this Agreement and the<br />
action <strong>of</strong> its governing body at a meeting duly called,<br />
(c) No event or condition that constitutes, or with the giving <strong>of</strong> notice or the lapse <strong>of</strong><br />
time or both would constitute, an Event <strong>of</strong> Default exists at the date here<strong>of</strong>.<br />
(d) Lessee will do or cause to be done all things necessary to preserve and keep in full<br />
force and effect its existence as a body corporate and politic.<br />
(e) Lessee has complied with such public bidding requirements as may be applicable<br />
to this Agreement and the acquisition by Lessee <strong>of</strong> the Equipment.
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