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Lessee: CITY OF SANTA ANA Telephone: EXHIBIT B PURCHASE OPTION Delivery Address: Centennial Park Santa Ana, CA Telephone: Equipment Specifications Model Serial Number Delivery Value Minimum Rate Per Date Lease Month Term 6 -14� } t% a�i 1�I��06 TNOO,OCp W MCn-t"K Equipment Specifications Provided there is then no default, and has never been a default by Lessee under the Lease Agreement applicable to the described Equipment, Lessee may exercise an option to purchase this equipment at the termination of the lease by payment to the Lessor of $1.00. Upon receipt of such full payment plus all applicable taxes, Lessor shall execute and deliver to Lessee appropriate ownership documentation. To secure Lessor's interest in the mobile office(s) identified above ("Equipment") pending any sale thereof pursuant to the foregoing option and to secure the payment of all sums due to the Lessor and the discharge of all obligations owed to Lessor by the Lessee under the lease agreement pertaining to the equipment and all related documents, the Lessee hereby grants to the Lessor a security interest in the equipment, all parts, accessories and ancillary equipment and all proceeds thereof (including insurance proceeds). Lessee agrees to execute financing statements at Lessor's request publicizing the foregoing security interest. Notwithstanding any language contained to the contrary in the Lease Agreement, Lessor's obligation to repair structural and mechanical defects in the Equipment shall be as follows (based upon the condition of the Equipment that Lessee is electing to lease purchase): X The Equipment identified by the Serial Number indicated on the Lease Agreement and this Purchase Option is New Equipment at the time of delivery to Lessee. Lessor warrants the Equipment for one (1) year from the date of delivery of the Equipment only. The Equipment identified by the Serial Number indicated on the Lease Agreement and this Purchase Option is Used Equipment at the time of delivery to Lessee. Lessor warrants the Equipment for thirty (30) days from the date of delivery of the Equipment only. Subject to the aforementioned time frames, Lessor's warranty obligations are contained in the Limited Warranty provision of the Lease Agreement and all other terms and conditions of the Limited Warranty provision shall remain in full force and effect. Lessor is hereby authorized to accept and rely upon a facsimile signature of Lessee on this agreement. Any such signature shall be treated as an original signature for all purposes. Lessee DAVID . REAMDynt'e City Manager PATRICIA E. HEALY, Clerk of thYCouncil U C Wy DocumentslContmctsl orms & Languagel$1 Pumhase Option with mulbple warranty final i Lessor: WILLIAMS SCOTSMAN, INC Lss04/25/06 Page 9