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CN <br /> LEASE WITH OPTION TO PURCHASE #06-048-AF <br /> This LEASE WITH OPTION TO PURCHASE dated July 18, 2006 (this <br /> "Lease") is by and between MUNICIPAL FINANCE CORPORATION, <br /> ("Corporation") a corporation duly organized and operating under the <br /> laws of the State of California as lessor and CITY OF REDLANDS, a <br /> municipal corporation duly organized and existing under the laws of the <br /> State of California ("Lessee") as .lessee <br /> RECITALS : <br /> WHEREAS, Lessee deems it essential for Lessee to acquire the property <br /> described herein for its own public purposes, and <br /> WHEREAS, it is intended that this Lease be treated as a tax-exempt <br /> obligation of Lessee for federal income tax purposes, and <br /> WHEREAS, Lessee and Corporation agree to mutually cooperate now and <br /> hereafter, to the extent possible, in order to sustain the intent of <br /> this Lease and the bargain of both parties hereto <br /> WITNESSETH <br /> NOW, THEREFORE in consideration of the mutual covenants <br /> hereinafter set forth, the parties hereto agree as follows <br /> ti <br /> SECTION 1 Lease Corporation hereby leases to Lessee, and <br /> Lessee hereby leases and hires from Corporation all property (the <br /> "Property" ) described in the schedule or schedules (collectively, the <br /> "Schedule" ) executed by the parties concurrently herewith and hereafter <br /> and made a part hereof Hereinafter, reference to Corporation means <br /> Corporation and Corporation' s assigns for those rights, interests and <br /> obligations that may be assigned by Corporation <br /> SECTION 2 Term The terms and conditions of this Lease shall <br /> become effective upon the authorized execution of this Lease by the <br /> parties hereto The rental term of the Property .leased hereunder <br /> commences and terminates on the dates specified in the Schedule <br /> SECTION 3 Representations, Covenants and Warranties of <br /> Lessee Lessee represents, covenants and warrants to Corporation that <br /> (a) Lessee is a municipal corporation and political subdivision, <br /> duly organized and existing under the Constitution and laws of the <br /> State of California with authority to enter into this Lease and to <br /> perform all of its obligations hereunder <br /> (b) Lessee ' s governing body has duly authorized the execution and <br /> delivery of this Lease and further represents and warrants that all <br /> E <br />