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MOTOROLA CREDIT CORPORATION AND MOTOROLA SOLUTIONS (2)
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MOTOROLA CREDIT CORPORATION AND MOTOROLA SOLUTIONS (2)
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Last modified
5/12/2015 5:34:28 PM
Creation date
5/12/2015 5:06:44 PM
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Contracts
Company Name
MOTOROLA CREDIT CORPORATION AND MOTOROLA SOLUTIONS
Contract #
A-2015-083
Agency
POLICE
Council Approval Date
5/5/2015
Destruction Year
0
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BY LESSEE "AS IS" AND "WITH ALL FAULTS ". LESSEE AGREES TO SETTLE ALL CLAIMS DIRECTLY WITH <br />LESSOR AND WILL NOT ASSERT OR SEEK TO ENFORCE ANY SUCH CLAIMS AGAINST THE ASSIGNEE. <br />NEITHER LESSOR NOR THE ASSIGNEE SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL, <br />INCIDENTAL, OR CONSEQUENTIAL DAMAGES OF ANY CHARACTER AS A RESULT OF THE LEASE OF THE <br />EQUIPMENT, INCLUDING WITHOUT LIMITATION, LOSS OF PROFITS, PROPERTY DAMAGE OR LOST <br />PRODUCTION WHETHER SUFFERED BY LESSEE OR ANY THIRD PARTY. <br />Lessor is not responsible for, and shall not be liable to Lessee for damages relating to loss of value of the <br />Equipment for any cause or situation (including, without limitation, governmental actions or regulations or actions of <br />other third parties). <br />5. NON- APPROPRIATION OF FUNDS. Notwithstanding anything contained in this Lease to the contrary, <br />in the event the funds appropriated by Lessee's governing body or otherwise available by any means whatsoever in <br />any fiscal period of Lessee for Lease Payments or other amounts due under this Lease are insufficient therefor, this <br />Lease shall terminate on the last day of the fiscal period for which appropriations were received without penalty or <br />expense to Lessee of any kind whatsoever, except as to the portions of Lease Payments or other amounts herein <br />agreed upon for which funds shall have been appropriated and budgeted or are otherwise available. The Lessee <br />will immediately notify the Lessor or its Assignee of such occurrence. In the event of such termination, Lessee <br />agrees to peaceably surrender possession of the Equipment to Lessor or its Assignee on the date of such <br />termination, packed for shipment in accordance with manufacturer specifications and freight prepaid and insured to <br />any location in the continental United States designated by Lessor. Lessor will have all legal and equitable rights <br />and remedies to take possession of the Equipment. <br />6. LESSEE CERTIFICATION. Lessee represents, covenants and warrants that: (1) Lessee is a state or a <br />duly constituted political subdivision or agency of the state of the Equipment Location; (ii) the interest portion of the <br />Lease Payments shall be excludable from Lessor's gross income pursuant to Section 103 of the Internal Revenue <br />Code of 1966, as it may be amended from time to time ( the "Code "); (iii) the execution, delivery and performance <br />by the Lessee of this Lease have been duly authorized by all necessary action on the part of the Lessee; (iv) this <br />Lease constitutes a legal, valid and binding obligation of the Lessee enforceable in accordance with its terms; (v) <br />Lessee will comply with the information reporting requirements of Section 149(e) of the Code, and such compliance <br />shall include but not be limited to the execution of information statements requested by Lessor; (vi) Lessee will not <br />do or cause to be done any act which will cause, or by omission of any act allow, the Lease to be an arbitrage bond <br />within the meaning of Section 146(a) of the Code; (vii) Lessee will not do or cause to be done any act which will <br />cause, or by omission of any act allow, this Lease to be a private activity bond within the meaning of Section 141(a) <br />of the Code; (viii) Lessee will not do or cause to be done any act which will cause, or by omission of any act allow, <br />the interest portion of the Lease Payments to be or become includible in gross income for Federal income taxation <br />purposes under the Code; and (ix) Lessee will be the only entity to own, use and operate the Equipment during the <br />Lease Tenn. <br />Lessee represents, covenants and warrants that (i) it will do or cause to be done all things necessary to <br />preserve and keep the Lease in full force and effect, (ii) it has complied with all public bidding and Bond <br />Commission requirements (as defined in the Code) where necessary and by due notification presented this Lease <br />for approval and adoption as a valid obligation on its part, and (iii) it has sufficient appropriations or other funds <br />available to pay all amounts due hereunder for the current fiscal period, <br />If Lessee breaches the covenant contained in this Section, the interest component of Lease Payments may <br />become includible in gross income of the owner or owners thereof for federal income tax purposes. In such event, <br />notwithstanding anything to the contrary contained in Section 11 of this Agreement, Lessee agrees to pay promptly <br />after any such determination of taxability and on each Lease Payment date thereafter to Lessor an additional <br />amount determined by Lessor to compensate such owner or owners for the loss of such excludibility (including, <br />without limitation, compensation relating to interest expense, penalties or additions to tax), which determination <br />shall be conclusive (absent manifest error). Notwithstanding anything herein to the contrary, any additional amount <br />payable by Lessee pursuant to this Section 6 shall be payable solely from Legally Available Funds. <br />It is Lessor's and Lessee's intention that this Agreement does not constitute a "true" lease for federal <br />income tax purposes and, therefore, it is Lessor's and Lessee's intention that Lessee be considered the owner of <br />the Equipment for federal income tax purposes. <br />ELPAshorr fl 1.0 1.13 <br />
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