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Home My WebLink AboutGreater Bay CapitalRESOLUTION 2008-800 ADOPTED DOC ID: 4177 THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION NO. 2008-800 WAS ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON AUGUST 26, 2008: RESOLVED that the Town Board of the Town of Southold hereby authorizes and directs Supervisor Scott A. Russell to execute a lease/purchase agreement with Greater Bay Capital in connection with the Bri-Lin LMQII check folding pressure sealing equipment received from F & E Check Protector Sales Co. which includes 3 years of equipment maintenance, said agreement in the amount of $177 per month for 36 months with a $1 buyout and which is subject to the approval of the Town Attorney. Elizabeth A. Neville Southoid Town Clerk RESULT: ADOPTED [UNANIMOUS] MOVER: William Ruland, Councilman SECONDER: Vincent Orlando, Councilman AYES: Ruland, Orlando, Kmpski Jr., Wickham, Evans, Russell Greater Bay Capital ~Eingle 3ided Lease 300 Tri State International, Suile 400 Ag reement Lincolnshire, IL 60069 ~ LEGAL NAME DBA NAME PHONE ~ Town of Southold (63t) 765-4332 ~ ADDRESS CITY COUNTY STATE ZIP -~ 54375 Route 25 ' Southold Suffolk NY 11971-4646 EQUIPMENT INFORMATION ~ Quantity Manufacturer/Model/Description Serial Number E 1 Bidin LMQII Term in Monthly Lease Advance End of Lease Purchase Option Months Payment** $354.00 [] $1.00 PURCHASE Payment $177.00 **Applied to: first I month(s) OPTION 36 (plus applicable taxes) (plus applicable taxes) and last 1__ month(s) THIS AGREEMENT (the "Lease") iS EFFECTIVE ONLY UPON SIGNING BY BOTH PARTIES. THIS LEASE IS NON-CANCELLABLE BY LESSEE. THE SIGNATORIES FOR THE LESSEE BELOW WARRANT AND REPRESENT THAT THEY ARE AUTHORIZED TO EXECUTE THIS LEASE ON BEHALF OF THE LESSEE, f. Lease: Lessee agrees to lease from Greater Bay Capital (the"LeSsOr") the equipment listed above insurance on the Equipment at Lessee's expense Lessee agrees Io ~eimburse LesSer for and on any attached schedule (Ihe "Equipmenl"). Los;cc cu~:cr!zcc L~cc: tc :dj:st bbc Lc--so insurance premiums and related cosls, including a reasonable fee [o the Lessor for placing a~d Payments will commence upon defivery of the Equipment and are due on the first day el each and 5. Taxes: Lessee agrees to pay when due, either directly or as reimbursement to Lessor, all taxes every consecutive remittance period thereafter at Lessor's office, Lessee's Lease obligations are (ia sales, use and personal property) and charges In connection with ownership arid use et the ACKNOWLEDGES THAT NO EQUIPMENT SUPPLIER IS AUTHORIZED TO CHANGE ANY TERM, If Lessee pe~chases the EquipmenL it shall be after the end of Ihe original lease term. Such ~ROVISION OR CONDITION OFTHE LEASE purchase shall be in whole and not in pa~l, and on an as is, where-is basis withoul representations 2. Equipment Use, Maintenance and Warranties: Lessor is leasing the Equipment to Lessee orwarranfies of any kind whatsoever "AS-IS" AND MAKES fid WARRANTIES, EXPRESS OR IMPLIED, INCLUDING ?. Default: If Lessee rafts to pay Lessor as agreed or breaches any other obfigat[on under this WARRANTIES OF MERCHANTABILITY, OR FITNESS FOR A PARTICULAR PURPOSE. Lease, Lessor will have the fight to ti) sue Lessee for all past due payments and all payments Lessor transfers to Lessee any manufacturer warranties. Lessee is required at its own cost to keep become due i~ the f~ture for the unexpire~ term, plus the residual value Lessor has ptaced on the the Equipment repaired and maintained in good working order and as required by the manutacturePs Equipment and other charges Lessee owes Lessor, and (ii) repossess the Equipment. Lessee will warranly, ceffificafion and standard lull service maintenance contract, a~d to pay for ali supplies and also pay for all reasonable attorney's fees and costs incurred by Lessor in connection with the repairs g the Lease payment inctudes the cost of mathtena~ce and/or service provided by a third collection or enforcemem of the Lease pady, Lessee agrees that Lessor is not responsible for performance under any agreemem for the 8. Miscellaneous: THIS LEASE SHALL BE GOVERNED BY THE LAWS OF ILLINOIS. same Lessee will make all claims about maintenance and service to the third party. Lessee agrees ANY LEGAL ACTION CONCERNING THIS LEASE SHALL DE BROUGHT IN A COURT that any claims about maintenance or service will not impact its obligation to pay all Lease payments LOCATED IN LAKE COUNTY, ILLINOIS. LESSOR AND LESSEE EACH IRREVOCABLY when due Lessee acknowledges that Lessor is not the manufacturer's er supp~ier's agent, nor is the WAIVE ANY RIGHT TO A JURY TRIAL IN ANY SUCH PROCEEDINGS. Lessee authorizes manufacturer or supplier an agent of Lesser. Lessor to sign financing statements and file financing ctatemems on Lessee's behag. Lessee 3. Assignment'. Lessee agrees not to transfer, sell, suffiease, assign, pledge, relocate, move or agrees the Lease is a Finance Lease as defined in Adicle 2A of the Uffiform Commercial Code encumber either the Equipment or any rights under the Lease without Lessor's prier written consent ("UCC"), that Lessee bas selected both the Equipment and the vendor, and that Lessor is entitled Lessor may sell, assign, or transfer the Lease a~d the new owner will have the same rights a~d to afl benefits, pdvile0es and protecgons of a lessor under a finance lease. To thc c:tcct gc;mL",cd THIS LEASE IS EFFECTIVE ONLY UPON SIGNING BY BOTH PARTIES. THIS LEASE ~ an absolute and corthnui~g guaranty THIS INDIVIDUAL GUARANTEE SHALL BE GOVERNED BY ~ IS NON-CANCELLABLE BY LESSEE. LESSEE REPRESENTS THAT ALL ACTIONS Z THE LAWS OF THE STATE OF ILLINOIS AND SUBJECT TO ALL TERMS OF PARAGRAPH 8 OF : REQUIRED TO AUTHORIZE THE EXECUTION OF THIS LEASE ON BEHALF OF THE ~ THE LEASE. The undersigned consents to any modgicat~n of Ihe Lease and waives any right Id .~ LESSEE BY THE FOLLOWING SIGNATORY HAS BEEN TAKEN -~ require suit a~ains~ Lessee before enforcing this G~aranty __ §r~L'~A. Russell, Supervisor Tdle -- Address ~ Lessor: Greater Bay Capital, ~u The Equipment has been received and is ingo0d werkthg order Accordingly, Lessee ~ a division of Wells Fargo Bank, N.A o~ hereby authorizes Lessor t0 pay the supplier for the Equipment. u) 200866027 ~ Date Greater Bay Capital fLingle fLided Lease 300 Tn-State InlernanonaI.Lincolnshire.SUite[L 60069400 Ag reement Phone 8475808801 Fax: 898375-3288 e LEGAL NAME DBA NAME PHONE ~ Town of Southold (631) 765-4332 ~ ADDRESS CITY COUNTY STATE ZIP -~ 54375 Route 25 ' Southold Suffolk NY 11971-4646 EQUIPMENT INFORMATION ~ Quantity Manufacturer/Model/Description Serial Number E 1 Birlin LMQII Term in Monthly Lease Advance End of Lease Purchase Option Months Payment $177.00 Payment** $354.00 [] $1.00 PURCHASE **Applied to: first 1__ month(s) : OPTION 3~6 (plus applicable taxes) (plus applicable taxes) and last 1month(s) THIS AGREEMENT (Ihe "Lease") IS EFFECTIVE ONLY UPON SIGNING BY BOTH PARTIES. THIS LEASE IS NON-CANCELL~BLE BY LESSEE. THE SIGNATORIES FOR THE LESSEE BELOW WARRANT AND REPRESENT THAT THEY ARE AUTHORIZED TO EXECUTE THIS LEASE ON BEHALF OF THE LESSEE 1. Lease: Lessee agrees to lease from Greathr Bay Capital (the"Lesso¢) the equipment listed above insurance on the EguipmeM al Lessee's expense. Lessee agrees to reimburse Lessor for any and on any attached schedule (the "Equipment"). L ....... 5% ...... L .... tv ~d,wt t% L .... insurance premiums and relaleg costs, including a reasonable fee to the Lessor for placing and Payments will commence upon datives/of the Eguipment and are due on the §rst day of each and 5. Taxes: Lessee agrees ta pay when due, eilher directly or as reimbursement to Lessor, all taxes every consecutive remittance period thereafter at Lessor's office. Lessee's Lease obligations are (i.e sales, ese and personal property) ang charges in connection with ow~erslgp and use of the due;-'bessee~a~ees.to-pay Eeesor'a-haie~d~-of ~0% for e[h d~lhzqueft~p~/ment: LESSEE paid in lull. Lessee may, exercise the option to purchase the Equipmem under this lease lot ,$1 Og ACKNOWLEDGES THAT NO EQUIPMENT SUPPLIER IS AUTHORIZED TO CHANGE ANY TERM, If Lessee purchases the Equipment, it shall be alter tbe end of the original lease term Such PROVISION DR CONDITION OFTHE LEASE. purchase sball be in whole and not in pad, and on an as-is, where-is basis without representatioes "AS-iS" AND MAKES NO WARRANTIES, EXPRESS OR IMPLIED, INCLUDING 7. Default: If Lessee tails to pay Lessor as agreed or breaches any other obligation under this WARRANTIES OF MERCHANTABILITY, OR FITNESS FOR A PARTICULAR PURPOSE. Lease, Lessor will have the nghl to (i) sue Lessee for all past due payments and all payments to pad,/. Lessee agrees that Lessor ts not responsible for pedormance under any agreement for the 8. Miscellaneous: THIS LEASE SHALL BE GOVERNED BY THE LAWS OF ILLINOIS. same. Lessee will make all claims about mainlenaese and service to the third party. Lessee agrees ANY LEGAL ACTION CONCERNING THIS LEASE SHALL BE BROUGHT IN A COURT that any claims about maintenance or service wgl not impact its obligation to pay all Lease payments LOCATED IN LAKE COUNTY, ILLINOIS. LESSOR AND LESSEE EACH IRREVOCABLY when due. Lessee ackoowledges that Lesser is not the manufacture¢s or sup¢ier's agent, nor is the WAIVE ANY RIGHT TO A JURY TRIAL IN ANY SUCH PROCEEDINGS. Lessee authonzes encumber either the Equipment or any dghts under the Lease without Lesso¢s prior written consent ("UCC"), that Lessee has selected beth the Equipment and the vendor, and that Lessor is entitled 4. Risk of Loss and insurance; Lessor is not responsible for any losses or injuries caused by the the Equipment will only be used for business purposes and not for personal, family or beusehold and if any loss occurs Lessee is required to satisfy all Lease obligations Lessee will keep the that could be read under any circumstances to allow for a charge higher than that allowable under Equipment insured against all risks of loss or damage for an amount equal to its replacement cost any applicable legal limit is limited and modified by this paragraph to limit the amounts chargeatse THIS LEASE IS EFFECTIVE ONLY UPON SIGNING DY BOTH PARTIES. THIS LEASE ~ an absolute and continuing guaranly THIS INDIVIDUAL GUARANTEE SHALL BE GOVERNED BY ~ IS NON-CANCELLABLE BY LESSEE. LESSEE REPRESENTS THAT ALL ACTIONS z THE LAWS OF THE STATE OF ILLINOIS AND SUBJECT TO ALL TERMS OF PARAGRAPH 8 OF ~ REQUIRED TO AUTHORIZE THE EXECUTION OF THIS LEASE ON BEHALF OF THE ~ THE LEASE. The undersigned consents to any modification of the Lease and waives any right to LESSEE BY THE FOLLOWING SIGNATORY HAS BEEN TAKEN ~ require suil a~ainst Lessee before enforcing this Guaranty TownofSou~l O~.h,~-/O/j¢ .~ Date Lessee (Full Legal Name) / / ~ Signature ~ Signature ~"~' ~,~ - · j ' Date ~ Print Name ~i~a[n['vA. Russell, Supervisor {J Title Address The Equipment has been received and is in good working order Accordingly, Lessee Lessor: Greater Bay Capital, CC a division of Wells Fargo Bank, N.A. ~ hereby authorizes Lessor to pay the supplier for the Equipment. 200866027 ~ Date Greater Bay Capital 3ingle :Bi(led Lease 300 Td~{a~e In[emetional. Suite 400 Agreement Lincolnshire. IL 60069 Phone 847-580~01 Fax: 888-375-3288 e LEGAL NAME DBA NAME PHONE ~ Town of Southold (631) 765.4332 ~ ADDRESS CITY COUNTY STATE ZIP 'J 54375 Route 25 ' $outhold Suffolk NY 11971-4646 EQUIPMENT INFORMATION Quantity Manufacturer/Model/Descdption AI~~J~l~ Serial Number i 1 Birlin LMQII Term in Monthly Lease Advance ' End of Lease Purchase Option Months Payment $177.00 Payment** ~;354.00 [] $1.00 PURCHASE **Applied to: first 1__ month(s) OPTION 36 (plus applicable taxes) (plus applicable taxes) and last 1__ month(s) THIS AGREEMENT {the "Lease") IS EFFECTIVE ONLY UPON SIGHING BY BOTH PARTIES. THIS LEASE IS NON-CANCELLABLE BY LESSEE. THE SIGHATORIES FOR THE LESSEE BELOW WARRANT AND REPRESENT THAT THEY ARE AUTHORIZED TO EXECUTE THIS LEASE ON BEHALF OF THE LESSEE. 1. Lease: Lessee agrees to lease from Greater Bay Capital (the ~Lessor') the equipmenl listed above insuraoce on the Equipment at Lessee's expense. Lessee agrees to reimburse Lessor for any -and on any attached schedule {the "Equipment"). L=scc ::'.hedzc: L~c~ te :dj:ct thc Lc~c insurance premiums and related costs, including a reasonable fee to the Lessor for placing and ~ Lessee (Full Legal Name)l~l Town of SouthoJ~ ~ ~.~[[~ ~, ~ Signature<_l Date ~ / Lessor: Greater Bay Capital, ~ TheEqui~menthasb~nmcoi~edendisin~ood~orkin§erder. Accerdingl¥,Lsssee ~ ~ ~ ~ I ,) 200866027 '- a. Date o ,OCT. 6. 2008.':lO:35AMs ? GI~_.A'L'P_;tt BA~ CAP?TA~ Wells Fargo Financial Capital Finance 300 Tr[..State International, Suite 400 L~ncolnsh[re, IL 6008g Phone (800) 570-3607 NO. p. 3 oo - ORIGINAL Sepmmber 29, 2008 AMENDMENT Lessor. Wells Fargo Pinaecial Capital Finance Lessee: 300 Tri-State International, Suite 400 L[ncolr~him, IL 80069 Lease NUmber: 2008060~7 Town of ~uthold 5~375 Route 25 Southold, NY 11971~646 Equipment QUANTITY DESCRIPTION 1 Birlin Check folder LMQII ,~'n 00001120 This Amendment v~ll cent]tm the follow~g corrections that are needed on your lease agreement covedng the above referenced equipment. Section 1 of the lease shall be reinstated as follows: 1. Lease: Lessee agrees ~o tease from Greater Bay Capital (the 'Lessor') the equipment tiered above and on any attached schedule (the "Equipment'). ' ^ ~cr~ =d~"-~ ,,*hc.~ ~ ~.:ymc.2~ b:,' '-'7- ~ !0% ~_¢J:c.. c=~ the Eq"[;.~.="4 c." _'2..':c_" ¢:..'ff~-m from ~ ~-'-';7J~c."-~ -_~'_te. Payments will commence upon delivery of the Equipment and are' due on the flint day of each and every consecutive remittance period thereafter at LesraOfS office, Lesses's Lease obllga~ons am absolute, unCOnCli'donal, and are not subject t~ cancellaUon, reduction, setoff or counterslelm. ~ 3~r3c-- tc ?~c~cm.c"-~'-r, ~c c~ EEC."". Whell ~, payment is not made w~ln ~ ten days when due, Lessee agrees to pay Lessor a late charge of 10% for each delinquent paymenL LESSEE ACKNOWLEDGES THAT NO EQUIPMENT SUPPLIER IS ALrI'HORIZED TO CHANGE ANY TERM, PROVISION OR CONDITION OFTHE LEASE. The Lessor is not the agent of the vendo~' (equipment supDlier) nor L~ the vendor {he agent of the Le~.~or. Please sign be. Jew where indicated by ~C end return this Amendment to us by mail or by facelmffe to 1-888-375-32~8. If yea return ~his Amendment by facsimJle, you a~knowiedgs that your faxed signature is aa legally binding as an original, Thank you for your prompt altantiun regarding this maffer. if you have any ques~ons, please US not hesitate to call. This Amendment is hereby signed by duly autho~e.d representatives of Lessor and Lessee as of the date of the I.ease. Ex~ept as spec{fically amended by this Amendment, all of the other terms set forth in the Lea~e shall remain in fulH'ome and effect. ACCEPT'ED BY: Wells Fargp FinanC~ Capit~[ Finance ., Well.~ Ps~'gO Pleancial Capltat Finanae ~$ ~ dlld,~o.q of Well,~ I=a~a Bar~ 10/06/2008 ~i0N 09:30 [TX/EX NO 7714] ~]003