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Governmental Equipment Lease -Purchase Agreement
<br />Contract Number 001-70007052
<br />CAT
<br />Financial
<br />1. PARTIES
<br />LESSOR ("we", "us", or "our"):
<br />CATERPILLAR FINANCIAL SERVICES CORPORATION
<br />2120 West End Avenue
<br />Nashville, TN 37203
<br />LESSEE ("you" or "your"):
<br />CITY OF REDLANDS
<br />35 CAJON ST
<br />REDLANDS CA 92373-4746
<br />In reliance on your selection of the equipment described below (each a 'Unit"), we have agreed to acquire and lease the Units to you, subject to the terms of
<br />this Agreement. Until this Agreement has been signed by our duly authorized representative, it will constitute an offer by you to enter into this
<br />Agreement with us on the terms stated herein.
<br />2. DESCRIPTION OF THE UNITS.
<br />DESCRIPTION OF UNITS
<br />Whether the Unit is new or used, the model
<br />SERIALIVIN
<br />Unique ID number for this
<br />ANNUAL
<br />LEASE PAYMENT
<br />This
<br />-FINAL LEASE
<br />PAYMENT
<br />DELIVERY DATE
<br />Enter date machine was
<br />number, the manufacturer and the model name
<br />Unit
<br />is due per period, as
<br />stated below in section 3.
<br />delivered to you.
<br />1 New 2020 Caterpillar D7R Track Type Tractor
<br />Medium
<br />SEE ATTACHMENT
<br />$1 00
<br />TERMS AND CONDITIONS
<br />3. Lease Payments, Current Expense You will pay us the lease
<br />payments, including the final lease payment set forth above
<br />(collectively the 'Lease Payments") Lease Payments will be paid
<br />by you to us according to the attached payment schedule; provided
<br />that all amounts owing hereunder will be due by the final lease
<br />payment date. A portion of each Lease Payment constitutes
<br />interest and the balance of each Lease Payment is payment of
<br />principal. The Lease Payments will be due without demand. You
<br />will pay the Lease Payments to us at CATERPILLAR FINANCIAL
<br />SERVICES CORP P O BOX 100647 PASADENA, CA 91189-
<br />0647 or such other location that we designate in writing Your
<br />obligations, including your obligation to pay the Lease Payments
<br />due in any fiscal year will constitute a current expense of yours for
<br />such fiscal year and will not constitute an indebtedness of yours
<br />within the meaning of the constitution and laws of the State in which
<br />you are located (the 'State") Nothing in this Agreement will
<br />constitute a pledge by you of any taxes or other moneys, other than
<br />moneys lawfully appropriated from time to time for the payment of
<br />the 'Payments' (as defined in the last sentence of this Section)
<br />owing under this Agreement. You agree that, except as provided
<br />in Section 7, your duties and liabilities under this Agreement
<br />and any associated documents are absolute and
<br />unconditional. Your payment and performance obligations are
<br />not subject to cancelation, reduction, or setoff for any reason.
<br />You agree to settle all claims, defenses, setoffs, counterclaims
<br />and other disputes you may have with the Supplier, the
<br />manufacturer of the Unit, or any other third party directly with
<br />the Supplier, the manufacturer or the third party, as the case
<br />may be. You will not assert, allege or make any such claim,
<br />defense, setoff, counterclaim or other dispute against us or
<br />with respect to the payments due us under this Agreement. As
<br />used in this Agreement, 'Payments' will mean the Lease Payments
<br />and any other amounts required to be paid by you.
<br />The portion of the Lease Payments constituting principal will bear
<br />interest (computed on the basis of actual days elapsed in a 360 day
<br />year) at the rate of 3.50% per annum.
<br />4. Late Charges If we do not receive a Payment on the date it is due,
<br />you will pay to us, on demand, a late payment charge equal to the
<br />lesser of five percent (5%) of such Payment or the highest charge
<br />allowed by law
<br />5. Security Interest To secure your obligations under this
<br />Agreement, you grant us a continuing first priority security interest in
<br />each Unit (including any Additional Collateral) including all
<br />attachments accessories and optional features (whether or not
<br />installed on such Units) and all substitutions, replacements,
<br />additions, and accessions, and the proceeds of all the foregoing,
<br />including but not limited to proceeds in the form of chattel paper
<br />You authorize the filing of such financing statements and will at
<br />your expense, do any act and execute, acknowledge, deliver file,
<br />register and record any document, which we deem desirable to
<br />protect our security interest in each Unit and our rights and benefits
<br />under this Agreement. You, at your expense, will protect and
<br />defend our security interest in the Units and will keep the Units free
<br />and clear of any and all claims, liens, encumbrances and legal
<br />processes however and whenever arising.
<br />6. Disclaimer of Warranties WE HAVE NOT MADE AND DO NOT
<br />MAKE ANY WARRANTY REPRESENTATION OR COVENANT
<br />OF ANY KIND EXPRESS OR IMPLIED AS TO THE UNITS. AS
<br />TO US YOUR LEASE AND PURCHASE OF THE UNITS WILL BE
<br />ON AN AS IS' AND 'WHERE IS' BASIS AND 'WITH ALL
<br />FAULTS' Nothing in this Agreement is intended to limit,
<br />waive, abridge or otherwise modify any rights, claims, or
<br />causes of action that you may have against any person or
<br />entity other than us.
<br />7 Non -Appropriation You have an immediate need for and expect to
<br />make immediate use of, the Units. This need is not temporary or
<br />expected to diminish during the term of this Agreement. To that
<br />end, you agree, to the extent permitted by law to include in your
<br />budget for the current and each successive fiscal year during the
<br />term of this Agreement, a sufficient amount to permit you to
<br />US Governmental Equipment Lease -Purchase Agreement
<br />4080554 22109/2020 12:16:07 PM Ref. 676890
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