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HomeMy WebLinkAboutReso 1990-168 - Execution and Delivery of a Lease/purchase agreement entitled "mater lease of personal Property" Ill RESOLUTION NO. /0-1(.4 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING AUTHORIZING THE EXECUTION AND DELIVERY OF A LEASE/PURCHASE AGREEMENT ENTITLED "MASTER LEASE OF PERSONAL PROPERTY, " TOGETHER WITH RELATED INSTRUMENTS, BETWEEN THE CITY OF REDDING AND SECURITY PACIFIC LEASING CORPORATION FOR THE LEASE/PURCHASE OF TWO 1 ,500-GPM CUSTOM CLASS "A" PUMPER FIRE TRUCKS . WHEREAS, the City Council of the City of Redding ( "Lessee") has determined that a true and very real need exists for the acquisition of two new 1 ,500-GPM Custom Class "A" Pumper Fire Trucks; and WHEREAS, Lessee has taken the necessary steps , including those relating to any applicable legal bidding requirements , to arrange for the acquisition of said fire trucks; and WHEREAS, Lessee proposes to enter into a Lease/Purchase Agreement substantially in the form presented to this meeting; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Redding as follows: 1 . It is hereby found and determined that the terms of the Lease/Purchase Agreement, substantially in the form presented to this meeting and incorporated in this Resolution, are in the best interests of Lessee for the acquisition of two new 1 ,500-GPM Custom Class "A" Pumper Fire Trucks, and are hereby approved. 2 . The Mayor and Clerk of Lessee are hereby authorized to execute, acknowledge, and deliver the Master Lease of Personal Property, together with the "Commitment letter" dated March 30 , 1990 , which forms part of the Master Lease, and any additional and subsequent documentation relating thereto, with any changes, insertions , and omissions therein as may be approved by the Officers who execute the agreements, such approval to be conclusively evidenced by such execution and delivery of the cz • III agreements . The City Clerk of Lessee is hereby authorized to affix the official seal of Lessee to the documentation and attest the same. 3 . The Mayor and Clerk of Lessee are hereby authorized and directed to execute and deliver any and all papers, instruments, opinions, certificates , affidavits, and other documents, and to do or cause to be done any and all other acts and things necessary or proper for carrying out this Resolution and the agreements relating thereto. I HEREBY CERTIFY that the foregoing Resolution was introduced and read at a regular meeting of the City Council of the City of Redding on the 17th day of April , 1990 , and was duly adopted at said meeting by the following vote: AYES: COUNCIL MEMBERS: Arness, Dahl , Ful ton, Moss, & Buffum NOES: COUNCIL MEMBERS: None ABSENT: COUNCIL MEMBERS : None ABSTAIN: COUNCIL MEMBERS : None U// r N, it z• 4 aY Ci4y Q Reddin ATTEST: ETHEL A. NICHOLS , City Clerk O• ,PPROVED: / /'i!►7I��iw,.. RA DALL A. HAYS , City Atto ney -2- 1111 4110 MASTER LEASE OF PERSONAL PROPERTY SECURITY PACIFIC EQUIPMENT LEASING, INC. , herein referred to as "Lessor", hereby leases to the undersigned "Lessee", and Lessee hereby leases from Lessor the personal property (herein called "Equipment") described below, upon the terms and conditions herein- after set forth: 1. DEFINITIONS. For all purposes herein, and for the purpose of the documents executed pursuant hereto, the following terms shall have the following meanings (such definitions to be equally applicable to both the singular and the plural forms thereof or to any gender thereof) , unless the context indicates otherwise: (a) Commitment Letter. "Commitment Letter" shall mean a letter agreement between Lessor and Lessee describing Lessor's commitment to Lessee to enter into the leasing transaction described therein under and pursuant to the terms and conditions of said Commitment Letter and this Master Lease and the applicable Lease Schedule(s) and said Commitment Letter shall be deemed incorporated herein and a part of this Lease and the applicable Lease Schedule(s) . (b) Equipment. "Equipment" shall mean all that equipment leased to Lessee pursuant to this Lease, as more fully described in the Lease Schedule(s) annexed or to be annexed hereto, which must be and remain tangible personal property, and/or any unit or part thereof, together with all additions, accessories, attachments, components, spare parts thereto and rights as to warranty or indemnity from any sellers, sup- pliers, manufacturers, transporters or installers thereof. (c) Equipment Cost. "Equipment Cost" shall mean the aggregate cost of all Equipment leased to Lessee pursuant to the terms of this Master Lease, or the determinable cost of any unit or part thereof as indicated in the Lease Schedule(s) annexed or to be annexed hereto. Nothing herein shall prevent Lessor from increasing or decreasing said Equipment Cost on any Lease Schedule(s) in accordance with the provisions of Paragraph 4 hereof, to provide for any element of said nI ITrn rni JIJTrPP PT • i • Equipment Cost not reflected therein or to provide for purchase returns, allowances or adjustments thereon. (d) Lease Schedule. "Lease Schedule" shall mean a schedule of Equipment listing, describing and pricing at Equipment Cost, the Equipment leased, or to be leased upon Lessor's acceptance of Lessee's request therefor. (e) Master Lease. The terms "Master Lease of Personal Property", "Master Lease", and/or "Lease" and all references thereto, as used throughout this instrument, all Lease Schedules and all documents issued and executed pursuant hereto or thereto, shall mean this instrument as originally executed or if later extended, renewed, amended or supplemented, then as so extended, renewed, amended or supplemented. (f) Net Proceeds. In any sale by Lessor of the Equipment or any unit or part thereof, "Net Proceeds" shall mean the amount received in cash upon the sale thereof, less all expenses incurred by or for Lessor in connection with such sale, including reconditioning and removal expenses, repair costs and commissions, reasonable attorneys' fees and less all sums accrued and unpaid to Lessor, pursuant to this Master Lease, to the date of such sale. 2. LEASE. Lessee may, concurrently herewith and/or from time to time hereafter, request the lease of Equipment pursuant hereto. Upon the favorable review and acceptance of any such request by Lessor under the terms of a Commitment Letter, or otherwise, in whole or in part, and upon Lessor's receipt of good, marketable and unclouded title in and to the Equipment, said Equipment shall be leased pursuant to the terms of this Master Lease. All items of Equipment leased by Lessor to Lessee hereunder shall be identified on and leased pursuant to its appropriate Lease Schedule. Lease Schedules shall be separate and consecutively numbered and shall be for amounts satisfactory to Lessor. It is understood and agreed that units of Equipment may be maintained or located at different business locations, may be scheduled at 2 derent times, ma be leased • Y for different periods, may require different rental rates and on account of any such differences, such units shall, at the discretion of Lessor, be leased pursuant to a separate Lease Schedule hereto, notwithstanding that said units are combined in one request for lease or may coexist at one single location. 3. RENT. The total rent payable hereunder, including interest shall be the aggregate rent of and as set forth on each and every Lease Schedule executed pursuant hereto. Lessee promises to pay Lessor said rent including interest as indicated on the Lease Schedule(s) . 4. LEASE SCHEDULE ADJUSTMENTS. Lessor may make adjustments for the benefit of Lessee to the Equipment Cost and total rental listed on any Lease Schedule pursuant to the provisions of Section 1(c) hereinabove and/or Section 13 hereinbelow. Periodic rental payments shall also be proportionately adjusted, so that the adjusted total rental will be paid in full by the end of the Lease Schedule term. Lessor will give Lessee notice of any such adjustment within ten (10) days thereof. 5. TERM. The term of each Lease Schedule shall be and continue for the time therein provided, or for any renewals or extensions thereof unless earlier terminated pursuant to the provisions of Paragraphs 13, 21, or 22 herein. 6. EOUIPMENT SELECTION AND ORDERING. Lessee has selected the type, quantity and suppliers of the Equipment leased hereunder. Lessee shall ensure that all Equipment is properly invoiced to Lessor. Lessor shall insert the serial number, descriptive material, Equipment Cost, and other relevant matters on an appropriate Lease Schedule. LESSOR SHALL NOT BE LIABLE FOR, NOR SHALL THE VALIDITY OF THIS LEASE, OR ANY LEASE SCHEDULE BE AFFECTED BY ANY DELAY IN OR FAILURE OF DELIVERY OF SAID ORDERED EQUIPMENT. Lessor shall have no duty to inspect the Equipment. If the Equipment is not properly installed, does not operate as repre- sented or warranted by any supplier or is unsatisfactory for any reason, Lessee shall make any claim on account thereof solely 3 • ag37nst said supplier. LESSEE HEREBY ASSUMES THE RISKS, BURDENS AND OBLIGATIONS TO ANY SUPPLIER ON ACCOUNT OF NONACCEPTANCE OF THE EQUIPMENT AND/OR CANCELLATION OF THE LEASE AND UPON THE OCCURRENCE OF SUCH EVENT LESSOR WILL ASSIGN, WITHOUT RECOURSE OR WARRANTY, ITS RIGHTS AND TITLE TO SAID PURCHASE ORDER AND ANY INVOICES TO LESSEE. 7. USE AND MAINTENANCE. Lessee agrees to use the Equipment in a careful and proper manner, and to comply with and conform to all federal, state, municipal, and other laws, ordinances and regulations applicable in any way to the possession, use or maintenance of the Equipment and to comply with and observe all conditions of coverage of any policy of insurance maintained thereon by Lessee, all operation and maintenance instructions and manuals and customary trade practices applicable to the Equipment. The Equipment shall only be used by qualified (and if required by law or regulation, duly licensed) employees of Lessee. Subject to the foregoing, Lessee shall be entitled to unlimited use of the Equipment and to operate the Equipment at any time and for any period of time at the convenience of Lessee and Lessee may use the Equipment for such purposes and functions as it may deem necessary or convenient. 8. CLAIMS AGAINST SUPPLIERS. Lessor authorizes and appoints Lessee to enforce, in its own name, any claim warranty, agreement or representation which may be made against any supplier of said Equipment. BUT LESSOR MAKES NO EXPRESS OR IMPLIED WARRANTIES AS TO ANY MATTER WHATSOEVER, INCLUDING, WITHOUT LIMITATION, THE EXTENT OF OR ENFORCEABILITY OF ANY SUCH CLAIM, WARRANTY, AGREEMENT OR REPRESENTATION. NO DEFECT OR UNFITNESS OF THE EQUIPMENT SHALL RELIEVE LESSEE OF THE OBLIGATION TO PAY RENT OR OF ANY OTHER OBLIGATION UNDER THIS LEASE. 9. DISCLAIMER OF WARRANTY. LESSOR, NOT BEING THE MANUFACTURER OR SUPPLIER OF ANY OF THE EQUIPMENT NOR A DEALER IN SIMILAR EQUIPMENT, HAS NOT MADE AND DOES NOT MAKE ANY REPRESENTATION, WARRANTY, OR COVENANT, EXPRESS OR IMPLIED, WITH RESPECT TO THE DESIGN, DURABILITY, FITNESS FOR USE, SUITABILITY OR MERCHANTABILITY OF THE 4 411/ • EQUIPMENT IN ANY RESPECT, AND AS BETWEEN LESSOR AND LESSEE, ALL EQUIPMENT SHALL BE ACCEPTED AND LEASED BY LESSEE "WHERE IS", "AS IS" AND "WITH ALL FAULTS", AND LESSOR SHALL NOT BE RESPONSIBLE FOR ANY PATENT OR LATENT DEFECTS THEREIN. LESSEE AGREES TO SETTLE SUCH CLAIMS DIRECTLY WITH THE SUPPLIERS AND WILL NOT ASSERT ANY SUCH CLAIMS AGAINST LESSOR. 10. TITLE. Title in or to said Equipment shall not pass to Lessee, except in accordance with the terms, conditions and provisions of this Lease and pursuant to the rights herein expressly granted to Lessee. Lessor and Lessee do not intend nor admit that this Lease is intended as security, but to the extent (at any time or from time to time) , if any, that this Lease is asserted to be or have been intended as security, Lessee and Lessor intend and agree that Lessee hereby grants a security interest to Lessor in the equipment leased hereby, the proceeds of any sale, assignment, lease, or sublease thereof, and any other rights Lessee may have in or to said equipment or proceeds. At the expense of Lessee, Lessee agrees to cooperate with Lessor in executing such financing statements or other documentation required by law, the U.C.C. or otherwise to protect Lessor's title and rights to said Equipment and Lessee irrevocably authorizes Lessor to file financing statements signed only by Lessor in all jurisdiction where permitted by law. 11. ALTERATIONS. Lessee shall notify Lessor and shall make all alterations, modifications, additions or attachments deemed necessary by any federal, state or local governmental agency for the continued usefulness of the Equipment. Lessee is hereby given the right, at its sole expense, to make other alterations, modifications, additions or attachments to the Equipment so long as the value or the usefulness of the Equipment is not reduced thereby. Lessee shall not alter, remove, deface, destroy or permanently cover any manufacturer's nameplate, serial number or other similar distinguishing number or mark on the Equipment. Except as otherwise agreed by Lessor, all alterations, modifications, additions and attachments of whatsoever kind or 5 • nate made to the Equipment shall immediately ly be subject to all the terms of this Lease. 12. LABELS. If Lessor supplies Lessee with labels, plates or other markings showing Lessor's interest in the Equipment, Lessee shall affix and keep the same affixed to each separately placed or housed component thereof in a prominent place thereon. 13. LOSS AND DAMAGE. Lessee shall assume and bear risk of loss and damage (including any governmental requisition, condemnation or confiscation) to the Equipment and all component parts thereof from any and every cause whatsoever, whether or not covered by insurance. No loss or damage to the Equipment or any component part thereof shall impair any obligation of Lessee under this Lease, which shall continue in full force and effect except as hereinafter expressly provided. Lessee shall repair or cause to be repaired all damage to the Equipment. In the event that all or part of the Equipment shall, as a result of any cause whatsoever, become lost, stolen, destroyed, or rendered irreparably unusable or damaged, as determined by Lessee, then Lessee shall within ten (10) days after it shall have made such determination, fully inform Lessor in regard thereto and shall pay Lessor the remaining rentals due as of the date of payment thereof, and all rentals and other sums past due or becoming due to and including such payment date, in respect of such Equipment. Upon payment of said amounts, the Lease Schedule shall terminate as to said Equipment. 14. INSURANCE. Commencing at such time as any risks pass to Lessor from any supplier of the Equipment and continuing thereafter, until Lessee has delivered possession of the Equipment to Lessor, or as otherwise herein provided, Lessee at its expense, agrees to and shall keep the Equipment adequately insured with responsible insurers satisfactory to Lessor, and said insurance shall protect all interest of Lessor and be for such risks, including the liability of Lessor for public liability and property damage, and be in such amounts and form as Lessor may require. Said insurance shall name Lessor as an insured or additional insured and shall not be excess over other coverage but shall be primary insurance 6 1 Aland including the stated policy lim ts. Said insurance shall cover the interest of both the Lessor and Lessee in the Equipment, or as the case may be, shall protect both the Lessor and Lessee in respect to all risks arising out of the condition, delivery, installation, maintenance, use or operations of the Equipment. All such insurance shall provide for ten (10) days prior written notice to Lessor of cancellation, restriction, or reduction of coverage. All policies or certificates of insurance shall be delivered to Lessor. Said insurance shall be in such amounts as Lessor may require. The proceeds of said loss or damage insurance shall be payable to Lessor, but Lessor shall remit all such insurance proceeds to Lessee at such time as Lessee either (i) provides Lessor satisfactory proof that the damage has been repaired and the Equipment has been restored to good working order and condition or (ii) has paid to Lessor the amounts otherwise due to Lessor on loss of such Equipment. 15. TAXES. Lessee shall be responsible for the timely payment and discharge of all license or registration fees, assessments, sales and use taxes, rental taxes, gross receipts taxes, personal property taxes and other taxes now or hereafter imposed by any federal, state or local government upon the Equipment or upon the ownership, leasing, purchase, possession or use thereof (whether the same be assessed to Lessor or Lessee) . Lessee shall pay and discharge at least ten (10) days before delinquency any and all such fees, assessments and taxes directly to the proper levying authority, unless otherwise required by law or otherwise directed from time to time by Lessor. Lessee shall pay to Lessor the amount of any taxes billed to or otherwise remitted by Lessor within ten (10) days of notice thereof. Lessee, upon notice to Lessor, may, in Lessee's own name and at Lessee's expense contest or protest any such taxes. Lessee shall, in addition, be responsible to Lessor for the payment and discharge of any penalties or interest. Nothing herein shall be construed to require Lessee to be so responsible for any federal or state taxes, or payments in lieu thereof, imposed upon or measured by the net income of Lessor or, 7 e t as provided hereinabove, any penalties or interest resulting from Lessor's failure to timely remit such tax payments. 16. LIENS AND ENCUMBRANCES. Lessee will at all times protect and defend, at its own cost and expense, the Lessor's interest in the Equipment and keep the Equipment free and clear from all claims, liens and processes and other encumbrances, except (i) the rights of Lessor and Lessee hereunder, (ii) liens for taxes either not yet due or being contested in good faith and by appropriate proceedings, so long as such proceedings do not involve any danger of the sale, forfeiture or loss of the Equipment, and (iii) inchoate materialmen's, mechanic's, workmen's, repairmen's, employees or other like liens arising in the ordinary course of business and not delinquent, and (iv) liens and encumbrances arising from the acts or omissions of Lessor which are not otherwise the responsibility of Lessee hereunder. 17. INDEMNITY. Lessee assumes liability for and hereby agrees (whether or not Lessor is otherwise insured thereon) to indemnify, protect, save and keep harmless Lessor and its agents and employees from and against any and all liabilities, obligations, losses, damages, penalties, claims, tax claims actions, suits and proceedings, including legal expenses and reasonable attorneys' fees, of whatsoever kind and nature, imposed on, incurred by or asserted against Lessor because of the manufacturer, purchase, transportation acceptance, ownership (including absolute or strict liability in tort, contract or otherwise) use or rejection of the Equipment (including, without limitation, latent and other defects, whether or not discoverable by Lessor or Lessee) , and any claim for patent, trademark or copyright infringement. 18. LESSOR'S PERFORMANCE OPTION. Should Lessee fail to make any payment or to do any act as provided by this Lease, then Lessor shall have the right (but not the obligation) , without notice to Lessee of its intention to do so and without releasing Lessee from any obligation hereunder, to make or to do the same, to make advances to preserve the Equipment or Lessor's interest thereto, and to pay, purchase, contest or compromise any insurance premium, 8 1111 enrance, charge, tax lien or other sum which in the judgement of Lessor appears to affect the Equipment or the interest of Lessor thereto, and in exercising any such rights, Lessor may incur any liability and expend whatever amounts in its absolute discretion it may deem necessary therefor. All sums so incurred or expended by Lessor shall be due and payable by Lessee within ten (10) days of notice thereof. 19. ASSIGNMENT. Any transfer, assignment, sublease, conveyance or pledge of Lessee's interest in and to this Lease or the Equipment, whether by operation of law or otherwise, without the prior written consent of Lessor, shall be void. Lessor, its successors and assigns, may assign this Lease and/or grant security interests therein or in the Equipment, in whole or in part, without notice to Lessee. 20. SURRENDER OF EOUIPMENT. Unless Lessee exercises its option to purchase under Paragraph 25 hereof, at Lessor's request, upon expiration or earlier termination of this Lease, or any renewal or extension thereof with respect to the Equipment, Lessee shall return the same to Lessor in good repair, condition and working order, ordinary wear and tear resulting from proper use thereof alone excepted (a) by delivery of the same at Lessee's cost and expense to such place as Lessor shall specify within the county where said Equipment is located, or (b) by loading the same within the county where said Equipment is located at Lessee's cost and expense (including full prepaid insurance) on board such carrier as Lessor shall specify and shipping the same, freight collect, to the destination designated by Lessor. Lessee shall be responsible, at its expense, for the proper and adequate packing and crating of the Equipment, which shall include, if necessary to preserve any warranties or agreements in respect to the Equipment, the super- vision and/or handling of said packing and crating by manufacturer's representatives. Nothing herein shall prevent Lessor from abandoning any or all of the Equipment in place upon the expiration of Lease terms without any liability therefor to Lessee. 9 • 21. NTS OF DEFAULT. The occurrence Tf any of the following events shall, at the option of Lessor, constitute an event of default under this Lease: (a) The nonpayment by Lessee of any rental payment when due: or the nonpayment by Lessee of any other sum required hereunder to be paid by Lessee, which nonpayment continues for a period of ten (10) days following written notice thereof from Lessor. (b) The failure of Lessee to perform any other term, covenant or condition of this Lease which is not cured within ten (10) days after written notice thereof from Lessor. (c) The failure of Lessee to meet Lessee's bond or other material credit obligations when required under the instrument(s) evidencing such obligations. (d) The determination that any of Lessee's representations or warranties made herein or on any statement or certificate at any given time in writing pursuant hereto or in connection herewith are false or misleading in any material respect. 22. REMEDIES. Should any event of default occur and be continuing, Lessor may without retaking possession of the leased property, hold Lessee liable for all rents and other sums which shall become due thereafter under the terms of this Lease and may recover such sums from Lessee from time to time as they become due or at any time thereafter (subject to any applicable statutes of limitation) , or Lessor may retake (by Lessor, independent contractors, or by requiring Lessee to assemble the Equipment for Lessor) possession of the Equipment (without liability to Lessee therefor, which is hereby expressly waived) and either: (a) Retain possession of the Equipment and terminate this Lease by giving Lessee ten (10) days written notice to that effect, in which event Lessee shall be liable for all rents and other sums accrued and unpaid prior to such termination. • (b) Lease the Equipment to a third party for the account of Lessee and recover from Lessee any deficiency between the rents provided for herein as they fall due and those received from such third party. 10 (c Sell such Equipment • at public or private sale, in which event Lessee shall be liable to Lessor in the amount, if any, by which the Net Proceeds of sale shall be less than the present value of the then balance of rentals and interest due on the Equipment. Lessor's pursuit and enforcement of any one or more remedy shall not be deemed an election or waiver by Lessor of any other remedy. Any Net Proceeds received by Lessor in excess of all remaining rents and other amounts due Lessor hereunder shall be received for the account of Lessee but Lessor shall have no liability for interest thereon. Lessor shall not be entitled to recover a greater amount in damages than Lessor could have gained by receipt of Lessee's full, timely and complete performance of its obliga- tions pursuant to the terms of this Lease. In addition, Lessor shall attempt in good faith to mitigate its damages, but Lessor shall not be obligated to sell or re-lease the Equipment and in the event of any such sale Lessor may bid upon and purchase any of the Equipment. Any sale or re-lease may be held at such place or places as are selected by Lessor, with or without having the Equipment present. Any such sale or re-lease, may be at wholesale or retail, in bulk or in parcels. Time and exactitude of each of the terms and conditions of the Lease are hereby declared to be of the essence. Lessor may accept past due payments without modifying the terms of this Lease and without waiving any further rights of Lessor hereunder. Except as expressly provided herein, neither Lessor nor Lessee shall be liable to the other for any consequen- tial or incidental damages. 23. LOCATION. The location of the Equipment shall be as hereinabove set forth and Lessee shall not remove said Equipment therefrom without the prior written consent of Lessor. 24. INSPECTION BY LESSOR. Lessor, its agents or employees, shall at any and all reasonable times during business hours have the right to enter into and upon the premises where any Equipment may be located for the purpose of inspecting the same or observing its use. 11 25. '! CHASE OPTION. Upon Lessee's re en t of all rents and other sums provided for in any Lease Schedule and upon the termination of the Lease term or any renewal thereof, all the right, title and interest of Lessor in and to the Equipment set forth in its Lease Schedule shall vest in and become the property of said Lessee upon payment of One Dollar ($1.00) and said Lessor covenants that it will thereupon execute to Lessee, a Bill of Sale of all its right, title and interest in and to the Equipment under said Lease Schedule as evidence of said transfer of title. Anything in this Master Lease to the contrary notwithstanding, all replacements, equipment, repairs or accessories made to or placed in or upon said Equipment shall become a component part thereof and title thereto shall be immediately vested in Lessor and shall be included under the terms hereof. All advances made by Lessor to preserve said Equipment or the interest of Lessor therein, including attorney's fees, or to pay insurance premium of insurance thereof or to discharge and pay any taxes, liens or encumbrances thereon shall be added to the unpaid balance of rentals due hereunder and shall be repayable by Lessee to Lessor immediately upon demand, and, if not paid upon demand, shall bear interest at the rate of ten percent (10.00%) per annum until paid. 26. INTEREST. Any amounts required to be paid by Lessee pursuant to this Lease and not paid when due (except as extended in Paragraph 21(a) hereinabove) shall bear additional interest at the greater rate (compounded annually and based upon a year having 365 days, actual day months) of (1) Lessor's then highest cost of funds or (2) ten percent (10.00%) per annum. 27. HEADINGS. Section headings herein are used for convenience only and shall not otherwise affect the provisions of this Lease. 28. EFFECT of WAIVER. No failure or delay on the part of Lessor in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or any other right, power or privilege. All rights and remedies existing under this Master Lease are 12 O cumulative to, and not exclusive of, any rights or remedies otherwise available. 29. SURVIVAL OF WARRANTIES. All agreements, representations and warranties of Lessee made herein shall survive the termination of this Master Lease and any Lease Schedule. 30. APPLICABLE LAW. This Master Lease, the Lease Schedules and all documents issued or executed pursuant hereto and the rights and obligations of the parties thereunder and hereunder shall be governed by the laws of the State of California. If any provision of this Lease or any remedy provided herein be invalid under any applicable law, such provision shall be inapplicable and deemed omitted, but the remaining provisions of this Lease shall be and remain effective in accordance with their terms. THIS MASTER LEASE MAY ONLY BE AMENDED OR MODIFIED BY AN INSTRUMENT IN WRITING SIGNED BY A DULY AUTHORIZED REPRESENTATIVE OF THE PARTY TO BE CHARGED THEREBY. LESSEE UNDERSTANDS AND AGREES THAT NEITHER THE SUPPLIER NOR ANY SALESMAN IS AN AGENT OF LESSOR, AND NO SUCH SUPPLIER OR SALESMAN IS AUTHORIZED TO ALTER, AMEND OR ADD TO ANY TERM OR CONDITION OF THIS MASTER LEASE, AND NO REPRESENTATION AS TO THE EQUIPMENT OR ANY OTHER MATTER BY ANY SUPPLIER OR SALESMAN SHALL IN ANY WAY AFFECT LESSEE'S DUTY TO PAY RENT AND PERFORM ITS OTHER OBLIGATIONS AS SET FORTH HEREIN. 31. COUNTERPARTS. This Master Lease may be executed in any number of counterparts, each of which shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument, except to the extent, if any, that this Master Lease constitutes chattel paper, no security interest therein may be created except through the transfer or possession of the original counterpart, which may be so identified by Lessor. 32. NOTICES. All correspondence, payments and/or notices required or permitted to be given shall be in writing, and may be personally served or sent by United States mail with postage prepaid and properly addressed. For the purposes hereof, the addresses of the parties hereto (until notice of a change thereof is served as provided in the preceding sentence) shall be as follows: 13 • SLESSOR: LESSEE: SECURITY PACIFIC EQUIPMENT CITY OF REDDING LEASING, INC. 760 Parkview Avenue 4 Embarcadero Cntr., Suite 1200 Redding, California 96001-3396 San Francisco, CA 94111 33. REPOSSESSION. LESSEE ACKNOWLEDGES THAT, PURSUANT TO PARAGRAPH 22 HEREOF, LESSOR HAS BEEN GIVEN THE RIGHT TO REPOSSESS THE EQUIPMENT SHOULD LESSEE BECOME IN DEFAULT OF ITS OBLIGATIONS HEREUNDER. LESSEE HEREBY WAIVES THE RIGHT, IF ANY, TO REQUIRE LESSOR TO GIVE LESSEE NOTICE AND A JUDICIAL HEARING PRIOR TO EXERCISING SUCH RIGHT OF REPOSSESSION. Dated as of: March 30, 1990 SECURITY PACIFIC EQUIPMENT LASING, INC. CITY OF REDDING "LESSOR" "LESSE By — — By Title Contract Administrator Title :// Lease Number 4272 ByraZ/7 • 41,--4; Title CRY USK FORM APPROVED CITY LEGAL C Elf. 14 ----1 ITE-n nl11IRITrr`� • SECURITY PACIFIC EQUIPMENT LEASING, INC. EXECUTIVE OFFICES: FOUR EMBARCADERO CENTER, SUITE 1200 • SAN FRANCISCO.CA 94111 • PO. BOX 7722(94120) • (415) 7654300 May 5, 1990 CITY OF REDDING 760 Parkview Avenue Redding, California 96001-3396 Attention: Ms. Karen Sundin Financial Analyst Reference: Commitment Letter dated March 30, 1990, and Amendment Letter dated April 26, 1990 by and between CITY OF REDDING, as Lessee, and SECURITY PACIFIC EQUIPMENT LEASING, INC. , as Lessor. Gentlemen: It is hereby agreed that the above referenced Commitment Letter and Amendment Letter be amended to include the following: Termination for Lessee affirms that funds are Non-appropriation: available for the current fiscal year and reasonably believes that sufficient funds can be obtained to make all rental payments during each subsequent fiscal year. Lessee hereby covenants that it will regularly budget for and otherwise use its best efforts to obtain funds for the continuation of the rentals. If the Lessee is unable to appropriate funds for subsequent fiscal years to continue the leasing of the Equipment and it has no funds for such leasing from other sources, Lessee may terminate this agreement at the end of the then current fiscal year Ammil SECURITY 411 411 PAC EQUIPMIFIC ENT TerM°InAl!RGf&E and shall not be obligated to Non-appropriation: make further payments. Under (continued) such circumstances Lessee shall at Lessee's expense promptly return the Equipment to Lessor. If the non-appropriation provisions of this paragraph are utilized by Lessee, Lessee agrees not to purchase, lease or rent equipment performing functions similar to those performed by the Equipment for a period of two (2) years. All other terms and conditions of the referenced Commitment Letter and Amendment Letter shall remain in effect, except as modified above. Please indicate your acceptance by delivering to us the enclosed copy of this Letter with your executed acceptance thereon within ten (10) days from the date of this Letter. ACCEPTED AND AGREED: SECURITY PACIFIC EQUIPMENT CITY OF REDDING SING, INC. Date /S //9i'62j By /A By e7,71/e7e'- Jo - Osmundson M Title Co tact Administrator Title Y By CkW4. 2r. ;mac.. Title UNC cc: Chuck Giles/SPLC mcc FORM APPROVED CITY LEGAL DEF 40 • RECEIVED SECURITY PACIFIC EQUIPMENT 011.31811. LEASING, INC. APR 2 7 1990 FINANCE DEPT. EXECUTIVE OFFICES: FOUR EMBARCADERO CENTER,SUITE 1200 • SAN FRANCISCO,CA 94111 • P.O. BOX 7722(94120) • (415)765-7300 April 26, 1990 CITY OF REDDING 760 Parkview Avenue Redding, California 96001-3396 Attention: Mr. Bob Belgeri Financial Analyst Reference: Commitment Letter dated March 30, 1990 by and between CITY OF REDDING, as Lessee, and SECURITY PACIFIC EQUIPMENT LEASING, INC. , as Lessor. Gentlemen: It is hereby agreed that the above referenced Commitment Letter be amended as follows: Insurance: Notwithstanding the language in Paragraph 14 of the Master Lease, so long as Lessee is not in default under the terms and conditions of said Lease, Lessee will have the right to maintain deductibles of $500, 000. 00 for physical damage covetages and $500, 000. 00 deductibles for liability coverages, on all Equipment leased pursuant to this commitment. However, Lessor will require that it be added as an "additional covered party"/"additional insured" to Lessee' s excess coverages. All other terms and conditions of the referenced Commitment Letter shall remain in effect, except as modified above. Ommm 410 SECURITY • PACT FIC EQUIPMENT ® .'® LEASING, INC. Please indicate your acceptance by delivering to us the enclosed copy of this Letter with your executed acceptance thereon within ten (10) days from the date of this Letter. ACCEPTED AND AGREED: SECURITY PACIFIC EQUIPMENT LEASING, INC. CITY OF REDDING Date 77.%7-,a /J/79U By - ` 1 -- I. / G By `7:/. Eileen S. Uyem: 'su :J) Title Contract Administrator Title MA OR By Q cm CURK Title cc: Chuck Giles/SPLC FORM APPROVED mcc CITY LEGAL D71'. PURCHASING AGREEMENT (Disclosed) 110 Reference is made to that certain Master Lease dated as of March 30, 1 by and between SECURITY PACIFIC EQUIPMENT LEASING, INC. (hereinafter called the "Lessor") and CITY OF REDDING (hereinafter called the "Lessee"). For the purposes of this Purchasing Agreement, capitalized terms used herein shall have the meanings assigned in said Master Lease. WHEREAS, Section 6 of said Master Lease contemplates that Lessor shall be responsible for the ordering of Equipment upon its purchase orders, and WHEREAS, Lessor and Lessee deem it appropriate and convenient that Lessee, from time to time, be responsible for the ordering of Equipment, NOW THEREFORE, upon the terms and conditions of this Purchasing Agreement, Lessee is hereby appointed a special purchasing agent and attorney-in-fact to order Equipment in the name and on behalf of Lessor. This appointment and authorization is in addition to and not in substitution of the provisions of Section 6 of the Master Lease. Terms and Conditions of this Purchasing Agreement shall be as follows: • 1. This appointment and orisation is revocable at any time by Lessor, without notice to Lessee, but shall otherwise expire on Aprl30, 19 2. Lessee shall receive no compensation hereunder. 3. Lessee shall notify Lessor in writing of any Equipment ordered by Lessee pursuant hereto within thirty (30) days thereof and shall indicate the Cost thereof (including price, sales and other taxes, transportation charges and installation costs). Upon Lessor's receipt of invoices for Equipment ordered, Lessor will prepare Lease Schedules as deemed appropriate. Upon acceptance of the Lease Schedules and the Equipment by Lessee, Lessor will promptly pay the suppliers of said Equipment or, if Lessee has made payments or progress payments directly to the supplier on behalf of Lessor,then,Lessor shall reimburse Lessee therefor. 4. The authority and appointment herein contained is further limited to the extent of $337,000.00 aggregate Cost ordered pursuant to this Purchasing Agreement. 5. The following legend shall be inserted on any purchase orders issued by Lessee pursuant to this Purchasing Agreement. 'NOTICE TO VENDORS" THIS PURCHASE ORDER IS FOR THE PURCHASE BY SECURITY PACIFIC EQUIPMENT LEASING, INC. OF THE EQUIPMENT DESCRIBED HEREIN AND IS EXECUTED BY CITY OF REDDING AS ITS ATTORNEY-IN-FACT BY VIRTUE OF POWER OF ATTORNEY FROM THE FORMER TO THE LATTER. ALL INVOICES MUST SHOW "SOLD TO SECURITY PACIFIC EQUIPMENT LEASING, INC. • AND SHOULD BE SENT TO THE FOLLOWING ADDRESS: Four Embarcadero Center, Suite 1200 San Francisco, CA 94111 THIS PURCHASE ORDER GRANTS TO SECURITY PACIFIC EQUIPMENT LEASING, INC. THE RIGHT TO PURCHASE THE EQUIPMENT, BUT, NOTWITHSTANDING THE FOREGOING, SECURITY PACIFIC F.QUIPMFJ'1T !TARING, INC_ SHALL NOT BE LIABLE TO VENDOR FOR THE PURCHASE PRICE OR OTHER CHARGES IN CONNECTION HEREWITH, IN THE EVENT OF NONPAYMENT HEREOF VENDOR SHALL LOOK SOLELY TO THE LESSEE IDENTIFIED HEREON. (Lessor's Name) SECURITY PACIFIC EQUIPMENT LEASING, INC_ By (Lessee's Name) CITY OF REDDING FORM APPROVED By (Title) CITY LEGAL DEP . 6. This Purchasing Agreement applies only as stated herein and shall not be deemed to create any joint venture or enterprise between Lessor and Lessee. 7. All terms, conditions and provisions of the Master Lease shall apply herein, to Equipment ordered by Lessee hereunder, to Equipment leased pursuant to the Master Lease and to the respective rights and liabilities of the Lessee and Lessor under the Master Lease. Dated as of: March 30, 1990 SECURITY PACIFIC EQUIPMENT LEASING, INC. CITY E D1iNG By By lz� MAYOR Contract Administrator(Title) (Title) By Bys ..���'-Q MY CLERK (Title) (Title) 7/R9 7-01 f Pc • LEASE INSURANOAUTHORIZATI4N LETTER To: Note: Complete Insurance Broker's Name Address City, State, Zip Attn: Agent's Name Phone: and Phone Number (If agent does not provide both coverages, Re: CITY OF REDDING please use reverse side for the physical damage carrier) The INSURANCE REQUIREMENTS listed below are required to cover: Two (2) New Fire Trucks This equipment is/will be located at Redding, California Evidence of insurance in the form of a binder or cover letter is acceptable until formal certificates can he issued. Mail this within five (5) working days to: SECURITY PACIFIC EQUIPMENT LEASING, INC. (hereinafter "Security Pacific') ATTN: Insurance Specialist Four Embarcadero Center, Suite 1200 San Francisco, CA 94111 I. BODILY INJURY AND PROPERTY DAMAGE REQUIREMENT A. $2,000,000.00 single limit Bodily Injury and Property Damage Coverage. B. Endorsement: It is understood and agreed that Security Pacific is included as an additional insured with respect to the ownership, maintenance or existence of certain personal property leased to the named insured by Security Pacific and that the insurance company shall be liable under this policy for the full amount of the loss up to and including the total limits of liability as set forth in the declarations without right of contribution from any contingent insurance which may be effected by Security Pacific and without regard to any breach of warranty by the (Lessee) insured. It is also understood that the leased equip- ment is leased on a net finance basis, i.e., a non-operating lease, and that Security Pacific has na maintenance or other obligations with respect thereto. C. Endorsement: It is understood and agreed that this policy shall not be cancelled nor any reduction or restriction of coverage be affected until at least thirty (30) days prior written notice has been given to: Security Pacific, Attention: Insurance Specialist, Four Embarcadero Center, Suite 1200, San Francisco, California 94111. II. PERSONAL PROPERTY/PHYSICAL DAMAGE REQUIREMENTS A. All Risk Coverage for not less. than $ 337,000.00 B. Endorsement:' It is understood and agreed that Security Pacific is included as an additional insured with respect to the ownership, maintenance or existence of certain personal property leased to the named insured by ' Security Pacific and that the insurance company shall be liable under this policy for the full amount o' the loss up to and including the total limits of liability as set forth in the declarations without righ: of contribution from any contingent insurance which may be effected by Security Pacific and withou: regard to any breach of warranty by the (Lessee) insured. It is also understood that the leased equip- ment is leased on a net finance basis, i.e., a non-operating lease, and that Security Pacific has n: maintenance or other obligations with respect thereto. C. Endorsement: It is understood and agreed that this'-policy shall not be cancelled nor any reduction or restriction o' coverage be effected until at least thirty (30) days prior written notice has been given to: Security Pacific, Attention: Insurance Specialist, Four Embarcadero Center, Suite 1200, San Francisco, California 94111. *A standard lender's loss payable endorsement may be substituted for Item 11(B). The undersigned Lessee hereby authorizes you to provide Security Pacific the above coverages: NOTE: Enter Lessee's Name: CITY OF REDDING By: ` i' e- c .67/4 7)/ Title: //�� Y Date:• )7Lc.& S , /79V ,(�, f=QT\ /7 • • SECURITY PACIFIC NATIONAL BANK Sm#gmusw EXECUTIVE OFFICES FOUR EMBARCADERO CENTER,SUITE 1200 • SAN FRANCISCO,CA 94111 • PA BOX 7722(94120) • (415)765.7300 March 30, 1990 CITY OF REDDING 760 Parkview Avenue Redding, California 96001-3396 Attention: Mr. Bob Belgeri Financial Analyst Gentlemen: We are pleased to inform you that, pursuant to your request, we are agreeable to entering into a leasing transaction with you in accordance with the terms of the Master Lease and other documentation enclosed herewith and upon the following additional terms and conditions. The capitalized terms used herein have the same meanings as set forth in the Master Lease. Lessor: SECURITY PACIFIC EQUIPMENT LEASING, INC. Lessee: CITY OF REDDING Equipment: Two (2) new fire trucks Lessor reserves the right to approve any and all items of Equipment prior to any scheduling under this leasing line. Cost of Equipment: Estimated at: $337, 000. 00 Lessor has approved the leasing line hereunder for the full estimated cost. However, in the event of cost overruns, Lessor reserves the right to exclude undelivered and unaccepted items of Equipment in order to stay within the estimated Cost, or to include such items and to adjust the Rentals and rental rates on this overrun. Delivery and Takedown: April, 1990 SECURITY411 • PACIFIC EQUIPMENT 4, LEASING, INC. 2 Equipment Location: Redding, California Term of Lease: Seven (7) Years The Lease Term for each item of Equipment will commence on and as of the date of acceptance of said Equipment by the Lessee. Interest Rate: Seven and 90/100 percent (7.90%) Rentals: Lessee will be required to make fourteen (14) equal consecutive semi-annual rental payments, each in advance, at $90.77 per $1, 000 of Equipment Cost. Should the proposed leased Equipment not be accepted by Lessee and the Lease Schedule not executed prior to the Expiration Date, referred to below, Lessor reserves the right to extend its commitment with respect to any portion of this transaction beyond the Expiration Date and/or to adjust the rentals. Property Taxes: Lessee shall be responsible for the negotiating and filing of property taxes on Equipment and shall indemnify Lessor to the extent of any such unpaid property taxes (including penalties and interest) and costs of Lessor associates therewith. Purchase Option: At the expiration of the seven (7) year lease term, Lessee shall have the option to purchase all of Lessor's right, title and interest in and to the Equipment for one dollar ($1. 00) . Insurance: To be provided Lessor in accordance with the enclosed Lease Insurance Authorization Letter, prior to funding. Financing Statements: Appropriate Financing Statement(s) will be required. Ommm SECURITY • PACIFIC EQUIPMENT magnmee#® LEASING, INC. 3 Lease Schedules: A $10, 000 minimum Equipment Cost requirement will apply on all lease scheduling under this commitment. Should Lessee request scheduling for amounts between $5, 000 and $10,000, a $150. 00 scheduling fee will be due and payable upon execution of the Lease Schedule. Financial Statements: Lessee's audited annual financial statements including fund balances are to be mailed to Lessor within 120 days from Lessee's fiscal year end as well as such other information as Lessor may from time to time reasonably request, and Lessor (and its affiliates and their representative agents, employees, officers and directors) are hereby irrevocably authorized to interchange and utilize all credit information files and facilities in possession of Security Pacific Corporation, Security Pacific National Bank and their respective subsidiaries and affiliates and others as may be necessary or desirable for the analysis, processing, review and collection of any transactions with Lessee. Tax Status Lessee represents that it is Representation: qualified as a "political subdivision" within the meaning of subsections (a) and (c) to Section 103 of the Internal Revenue Code of 1986 ("Code") and that this transaction will constitute an obligation of the Lessee within the meaning of said subsections. Lessee agrees to cooperate with Lessor in providing evidence as deemed necessary or desirable by Lessor to substantiate such tax status. Filing Requirements: Lessee further represents that it shall comply with the filing requirements set forth in Section 149 (e) of the Code with respect to this transaction. Your filing is • SECURITY PACIFIC wagEQUIPMENT LEASING. INC. 4 Filing Requirements: to be made on Internal Revenue (continued) Service form 8038-G and is to be delivered to the Internal Revenue Service by no later than the fifteenth day of the second calendar month following the calendar quarter of funding. Should Lessee fail to make the filing in the manner or within the time required, Lessee shall indemnify Lessor for any resulting loss of Federal income tax exemption to the interest portion of the rental payment. Lessee further agrees to provide Lessor with a copy of the filing simultaneously with the filing made to the Internal Revenue Service. Opinion of Counsel: Lessee shall provide Lessor with an opinion from Lessee's counsel stating that the Master Lease of Personal Property dated as of March 30, 1990 and other documents required of the Lessee hereunder including this Commitment Letter have been duly authorized, executed and delivered by Lessee and that such documents are valid and binding obligations of CITY OF REDDING in accordance with their respective terms. In addition, such opinion shall confirm the true and exact name of Lessee. Such opinion shall also affirm that the Lessee qualifies as a "political subdivision" within the meaning of subsections (a) and (c) to Section 103 of the Internal Revenue Code of 1986 ("Code") and that this transaction constitutes an obligation of the Lessee within the meaning of said subsections. Said opinion shall be delivered to Lessor prior to the commencement of said Lease and said opinion must be acceptable to Lessor's counsel. . SECURITY ® • PACIFIC EQUIPMENT sesszn/, LEASING, INC. 5 Purchasing Agreement: By use of the Purchasing Agreement it is contemplated that the Lessee will order the Equipment as Lessor's agent. Upon Lessee's acceptance of the Equipment for Lessor and upon receipt of the supplier's invoice, the original invoice shall be promptly forwarded to Lessor. Lessee shall also forward to Lessor a copy of Lessee's cancelled check(s) to evidence any payments or progress payments made by Lessee for the Equipment. Lessor shall not be obligated to release funds to the suppliers and/or reimburse Lessee for the payments or progress payments made on its behalf until Lessor has received the executed Lease Schedule(s) and, if applicable, copies of cancelled checks. Registration and Titling: All motor vehicles leased under this leasing commitment in the state of California are to be registered and titled as follows: Registered Owner: SECURITY PACIFIC EQUIPMENT LEASING, INC. (Lessor) CITY OF REDDING (Lessee) 760 Parkview Avenue Redding, California 96001-3396 Lienholder: SECURITY PACIFIC EQUIPMENT LEASING, INC. 4 Embarcadero Center, Suite 1200 San Francisco, California 94111 It is hereby agreed that Lessee shall be responsible for the correct titling of all motor vehicles leased under this leasing commitment. As lienholder of the vehicles, Security Pacific Equipment Leasing, Inc. will require the original Certificates Ammm SECURITY111 PACIFIC EQUIPMENT , LEASING. INC. 6 Registration and Titling: of Title for retention in our files (continued) throughout the duration of the lease term. All costs associated with the registration and titling of vehicle(s) leased pursuant to this commitment will be for the account of the Lessee. Lessee Representation: Lessee hereby warrants that this transaction does not violate any terms or conditions of any material credit agreement or any other agreements or instrument to which Lessee is a party. Documentation: The following additional documents are necessary to this transaction: a) Master Lease of Personal Property (original and one copy) b) Resolution (original and one copy) c) Purchasing Agreement (original and one copy) d) Information Form (one copy) e) Lease Insurance Authorization Letter (two copies) f) Opinion of Counsel g) Original Vehicle Title(s) h) 149 (e) Filing Please execute items a through e above and return them to Lessor, along with items f, g and h as soon as possible. Upon Lessor's acceptance, copies will be returned for Lessee's files. The form, substance and enforceability of all instruments required by Lessor in completing the transaction proposed in this Commitment Letter must be satisfactory to Lessor's legal counsel. Lessee agrees to give Lessor such evidence of compliance with the conditions of the Commitment Letter as such legal counsel may require. Expenses incurred for or attributable to any significant amount of lease negotiation, tailoring, or redrafting shall be for the account of the Lessee. SECURITY • PACIFIC EQUIPMENT LEASING. INC. 7 Expiration Date of Lessor's obligation to acquire This Commitment: and fund Equipment hereunder, terminates and expires on April 30, 1990. If the Equipment has not been delivered at the above described Location and accepted by Lessee on Lessor's forts prior to the above Expiration Date, or there is, prior to said Expiration Date, in Lessor's opinion, an adverse change in Lessee's financial condition since the date shown on the latest financial statement(s) which Lessee has furnished Lessor, then, at Lessor's option, Lessor may terminate its obligations under this Commitment Letter as to any Equipment which has not theretofore been accepted by Lessee on Lessor's forms. This will be a non-cancelable net lease transaction whereby maintenance, insurance, full indemnification, property taxes, documentation costs and all items of a similar nature will be for Lessee's account. It is understood that Lessor's obligations are contained only in this Commitment Letter and any amendment to it in writing, signed by Lessor's authorized officer. The provisions hereof supersede all prior and contemporaneous discussions, lease applications and proposals with respect to the transaction described herein. If Lessee agrees to enter into the leasing transaction and obtain Lessor's firm commitment on the terms set forth in this Letter and in the Master Lease, Lessee must indicate Lessee's acceptance by executing and delivering to Lessor, at Lessor's office in San Francisco, California, the enclosed copy of this Letter within ten (10) days from the date of this letter. Please be assured of our desire to give you the best and most efficient leasing service. Very truly yours, SECURITY PACIFIC EQUIPMENT LEASING, INC. By � .(y4_ cam l {- )L 1 %-.\ 1 , Eileen S. U. ematsu Contract Administrator ACCEPTANCE: Lessee hereby agrees to enter into the leasing transaction described herein on the terms and conditions and with the Ommws SECURITY • • PACIFIC EQUIPMENT =5. LEASING. INC. 8 agreements and covenants as set forth herein and agrees that this Commitment Letter shall constitute part of the Master Lease. CITY OF REDDING Date /6--- /f1', y % j BYf f.f Title R By C ,e,: GCS• /-c« ., Title CITY CLERK Enclosures FORM APPROVED cc: Chuck Giles/SPLC ..e.e.a, mlm CITY LEGAL PT.