HomeMy WebLinkAboutCC RESO 7592RESOLUTION NO. 7592
RESOLUTION APPROVING CONTRACT
Be it resolved by the City Council of the City of National
City as follows:
That certain Lease and Option Agreement between City of
National City and KCY Tractor Co., Inc. dated the $th day of
September, 1959, a copy of which is hereto attached and made a
part hereof by reference, is hereby approved and accepted, and
the Mayor is authorized and directed to execute the same for and
on behalf of City of National City.
PASSED AND ADOPTED this /1 day of September, 1959.
MAYOR
ti
ATTEST;'
CITY CLERK
LEASE AND OPTION AGREEMENT
THIS AGREEMENT, made and entered into this 41.1
KCY TRi
day of Sap 1959, by and between
hereinafter called "Lessor" and CITY OF NATIONAL CITY, a
_municipal corporation in the
County of
State of California, hereinafter called "Lessee".
1111
itttessrtil:
San Diego
That Lessor hereby leases unto the Lessee and Lessee hereby hires of and from Lessor the following described property,
to -wit:
One (1) .ca eazo i4odol )toot Terre Loader, 1 1/4 yd.
Ser. e3I2L5',A.
for the period of 17" months from and including the firat day of October ,i959
to and including the day of June
19 , the rental for said period is to be
$4,4*5 GO , of which $ t7;(:1:7"'YU is paid herewith and the balance of $ d• C 1:71* for
said period is to be paid by Lessee to Lessor in
commencing on
'...:,vomtxrar
(Monthly -Quarterly -Semiannual)
monthly nn
payments of $
(Number, Monthly -Quarterly -Semiannual)
19) ,and ronthIv
thereafter until said balance of
rental is paid in full.
In consideration of said rentals and agreements on the part of Lessee hereinafter contained, Lessee shall have and is hereby
granted an irrevocable option to renew this lease for the period of 4." months from and including the ; -SI day of
v
for the rental of
"
, 19 , to and including the - day of
net kt t• r,drcd 1.7r,rsrt
dollars, ($
); said amount to be paid to Lessor in
tklg. NO equal ,, ,...,,,t f,.. 1 ,.
payments of F-0...‘r ft!,-,/rmerra r*,,..
v ' dollars
(Monthly -Quarterly -Semiannual)
each, beginning 1, 7 ,s,, 7,
19 ' ; and an irrevocable option to renew same for another '-:1:- I lie months
.t I
period thereafter, from and including the day of ;19C, to and
If "It^
including the day of , 19 for the rental of Seven-Thooaand
Four Hundrec! 7,yenty-Flve--
dollars ($ 7 r • °° );
said last named amount to be paid to Lessor ins I ''''.-W‘*1=1. equal payments of
(Monthly -Quarterly -Semiannual)
Jul
Hundred Nirqtf-F4ie
-
dollars ($ J) each, beginning y 1
and one "cinai ,,Iyeont on or before June ZIC0 PO'a2 of o1,1j60.00#
a. In the event the Lessee defaults in the payment of any amount due or to become due under the terms of said lease or defaults
in the performance of any of the terms and conditions thereof, all the Lessee's rights hereunder are terminated and the Lessor shall
become entitled to possession of the property and to retain all rentals.
b. Lessee agrees that the said property will be used by Lessee for the ordinary and usual work for which it is designed. It is
further stipulated and agreed that during the term of this lease Lessee shall be responsible for and shall pay all charges for upkeep
and/or storage of said property and shall make, at its own expense, any and all repairs and supply and pay for any and all parts and
accessories needed to maintain and operate said property in proper condition and good running order, and that at the end of aforesaid
term or any other termination thereof, as aforesaid, the Lessee shall redeliver said property, to Lessor, in as good condition as when
delivered to Lessee, reasonable wear and tear excepted; but any and all damage or depreciation caused by accident, negligence,
fire,
the elements or other casualty, or by failure or neglect to make repairs as needed, is not excepted; provided, however, if said Lessee
shall exercise its option to renew this lease as is herein provided, then and in that event said property shall not be redelivered to
Lessor but shall be retained by Lessee.
c. Lessee agrees to oe liable for, and to pay and satisfy every claim and liability, arising against said property, during the term
of this lease, and, as additional rental, assumes hereunder all taxes and charges and the penalties of the laws of the State of California
or any other jurisdiction in which said property is, or may be operated, during the term of this lease, and Lessee agrees to defend at
Lessee's own expense, any and all actions brought against either or both of the parties hereto for damages to persons, or property,
caused by said property, or by its operation, and to hold Lessor free and harmless of and from any and all claims and demands, which
may arise or, be occasioned to any person, or to any property, by or through the use of said property, during the term of this lease,
or any renewal thereof; upon request Lessee will obtain and keep in force insurance protecting Lessor against such claims and de-
mands and against loss or damage to said property by fire or other hazard, in form, amount and companies satisfactory to Lessor.
d. Lessor covenants that it is the sole owner of said property and that no other person, party, firm or corporation has any right,
title, or interest in or to same and that during the term of this lease or any renewal thereof said Lessor will not sell or encumber
said property, or any interest therein, except subject to the rights given the Lessee by virtue of this lease.
e. In the event that Lessee shall exercise all options to renew this lease and shall comply with all the provisions of this lease
on its part to be kept and performed, then and in that event upon the termination of said option renewal of said lease all the right,
title and interest of said Lessor in and to said property shall vest in and become the property of said Lessee and said Lessor cove-
nants that it will thereupon execute to Lessee, a bill of sale of all its right, title and interest in and to said property as evidence of
said transfer of title, anything in this lease to the contrary notwithstanding.
f.
Paragraph f.
must be
completed
when prop-
erty to be
leased is a
Motor Vehicle
as defined in
Section 2981
of the
Civil Code.
2. The amount of lessee's down payment
rental is
Cash $
valued at $
3. The amount of unpaid rentals on the
cash price is $
4. The cost to lessee of any insurance
the premium for which is included in
the contract balance is $
5. Amounts paid to any public officer as
fees in connection with the transaction
which are included in the contract
balance (itemize below)
$
1. The cash price of said property is . . $ 6. The amount of the unpaid balance of
rentals, sum of items 3, 4 and 5 . . . $
7. The amount of the time price
differential
8. The lease contract balance owed by
the lessee —sum of items 6 and 7 ... $
9. Number of instalments required to
pay lease contract balance
Amount of each rental
instalment
Date for payment of the
rental instalments
$
$
g. The items in paragraph f above are set forth in compliance with Sections 2981-2982 of the Civil Code of California and such
compliance shall not, for any purpose whatsoever, be construed to make this agreement anything other than a lease of personal
property. Lessee acknowledges receipt of an exact copy of this agreement.
h. THIS AGREEMENT shall, in every respect, be binding on the parties hereto, and their respective successors and assigns.
IN WITNESS WHEREOF, the parties hereto have hereunto set their hands and seals the day and year first above written.
tti
Lessor
see
By�"��
By By
Approved for Lessee
By
Title
ASSIGNMENT
For value received, the undersigned does hereby sell, assign and transfer to the Bank of America National Trust and Savings
Association, hereinafter called the Bank, his, its or their right, title and interest in and to the within lease agreement, the property
therein described and all moneys to become due thereunder. In consideration of the purchase of this lease agreement, the undersigned
agrees, in the event the Lessee defaults in making any payment due under said lease, at the time and in the manner therein specified,
or in the event that the Lessee fails to renew the said lease, to pay on demand to the Bank the rentals due or to become due under
the said lease, together with all rentals which would have become due had all the options in said lease been exercised. Upon payment
of said sums by undersigned, the Bank of America National Trust and Savings Association agrees to reassign the lease and any
rights to the property derived by virtue hereof or by virtue of said lease. The undersigned hereby consents that the Bank, or its
successors or assigns, may without notice extend the time for payment under said agreement, waive the performance of such terms
and conditions as it, or they, may determine, and make any reasonable settlement thereunder, without affecting or limiting the under-
signed's liability hereunder. The undersigned waives the provisions of Section 2845, 2849 and 2850 of the Civil Code of California.
DATED at , 19
Lessor sign here
TPi.-511 (REVISED) 9.53