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JI; iB A-2006-083 I101, !1('T LEASE WITH OPTION TO PURCHASE AGREEMENT THIS AGREEMENT, made and entered into this 25rs day of April, 2006 by and between Williams Cg Scotsman, Inc., a Maryland corporation (hereinafter "Lessor") and the City of Santa Ana, a charter city and municipal corporation organized and existing under the Constitution and laws of the State of California (hereinafter "City"). Lessor and City may be referred to individually as a "Party" and collectively as the "Parties." RECITALS A. Lessor builds and leases relocatable modular and/or prefabricated structures, together with stairs, railings, furniture and other items attached or appurtenant thereto, referred to collectively as "the Equipment'. B. Lesssor is willing to lease to City and City is willing to lease from Lessor the Equipment described below upon payment to Lessor of the amounts set forth below. NOW THEREFORE, in consideration of the mutual and respective promises, and subject to the terms and conditions hereinafter set forth, the parties agree as follows: SCOPE OF WORK Lessor will design, build, deliver, install and maintain the following Equipment: • A 64x84 Section Modular, as set forth in Quotation No. 1143425-8, dated April 25, 2006, attached hereto as Exhibit A, and incorporated by reference. • Two sets of steps ■ One prefabricated ramp • Skirting and tiedowns 2. TERM a. The term of this Agreement shall commence on the date said Equipment is installed at Centennial Park, Santa Ana, California and shall continue for 60 months. b. At the conclusion of the 60 month lease, if all lease payments, including all outstanding amounts due under the lease, have been made by City, City may exercise an option to purchase the Equipment for $1, and title to the equipment shall pass to City, as set forth in "Purchase Option", attached as Exhibit B and incorporated by reference. 3. COMPENSATION a. City agrees to pay, and Lessor agrees to accept as total payment for the lease of the Equipment, a monthly lease rate of $8,460.00, plus tax, as set forth in Exhibit A, hereto. The total cost for production, delivery, installation, maintenance and purchase of the option to buy the Equipment shall not exceed $626,272.32 during the term of this Agreement.