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<br />purchase price, rental and other amounts paid by the purchaser, lessee or sublessee pursuant to such sale, lease or sublease and the
<br />amounts otherwise payable by Lessee hereunder; and (iv) exercise any other right, remedy or privilege which may be available to it
<br />under applicable laws of the state where the Equipment is then located or any other applicable law or proceed by appropriate court action
<br />to enforce the terms of this Lease or to recover damages for the breach of this Lease or to rescind this Lease as to any or all of the
<br />Equipment. In addition, Lessee will remain liable for all covenants and indemnities under this Lease and for all legal fees and other costs
<br />and expenses, including court costs, incurred by Lessor with respect to the enforcement of any of the remedies listed above or any other
<br />remedy available to Lessor.
<br />
<br />20. PURCHASE OPTION. Upon thirty (30) days prior written notice from Lessee to Lessor, and provided that there is no Event of
<br />Default, or an event which with notice or lapse of time, or both, could become an Event of Default, then existing, Lessee will have the
<br />right to purchase the Equipment on any Lease Payment date set forth in Schedule A hereto by paying to Lessor, on such date, the Lease
<br />Payment then due together with the Concluding Payment amount set forth in Schedule A opposite such date. Upon satisfaction by
<br />Lessee of such purchase conditions, Lessor will transfer any and all of its right, title and interest in the Equipment to Lessee as is,
<br />without w~rranty, express or implied, except Lessor will warrant that the Equipment is free and clear of any liens created by Lessor.
<br />
<br />,.
<br />
<br />21. TAX ASSUMPTION; COVENANTS. The parties assume that Lessor can exclude from Federal gross income the interest portion
<br />of each Lease Payment set forth in Schedule A under the column captioned "Interest Portion."
<br />Lessee covenants that it will (i) register this Lease and transfers thereof in accordance with section 149(a) of the Code and the
<br />regulations thereunder, (ii) timely file a statement with respect to this Lease in the required form in accordance with section 149(e) of the
<br />Code, (iii) not permit the property financed by this Lease to be directly or indirectly used for a private business use within the meaning of
<br />section 141 of the Code, (iv) not take any action which results, directly or indirectly, in the interest portion of any Lease Payment not
<br />being excludable from Federal gross income pursuant to section 103 of the Code and will take any reasonable action necessary to
<br />prevent such result, and (v) not take any action which results in this Lease becoming, and will take any reasonable action to prevent this
<br />Lease from becoming (a) an arbitrage obligation within the meaning of section 148 of the Code or (b) federally guaranteed within the
<br />meaning of section 149 of the Code. Notwithstanding the earlier termination or expiration of this Lease, the obligations provided for in
<br />this Section 21 shall sUNive such earlier termination or expiration.
<br />
<br />22. NOTICES. All notices to be given under this Lease shall be made in writing and mailed by certified mail, return receipt
<br />requested, to the other party at its address set forth herein or at such address as the party may provide in writing from time to time. Any
<br />such notice,Shall be deemed to have been re,c;:eived five days subsequent to mailing.
<br />- ~ .
<br />.:
<br />23, SECTION HEADINGS, All section headings cOl}tained herein are for the convenience of reference only and are not intended to
<br />define or limit the scope of any provision of this Lease. ...
<br />
<br />24. GOVERNING LAW. This Lease shall be construed in accordance with, and governed by, the laws of the state of the Equipment
<br />Location.
<br />
<br />25. DELIVERY OF RELATED DOCUMENTS. Lessee will execute or provide, as requested by Lessor, such other documents and
<br />information as are reasonably necessary with respect to the transaction contemplated by this Lease.
<br />
<br />26, ENTIRE AGREEMENT; WAIVER. The Lease Documents constitute the entire agreement between the parties with respect to the
<br />lease of the Equipment, and this Lease shall not be modified, amended, altered, or changed except with the written consent of Lessee
<br />and Lessor. Any provision of this Lease found to be prohibited by law shall be ineffective to the extent of such prohibition without
<br />invalidating the remainder of this Lease. The waiver by Lessor of any breach by Lessee of any term, covenant or condition hereof shall
<br />not operate as a waiver of any subsequent breach thereof.
<br />
<br />IN WITNESS WHEREOF, the parties have executed this Agreement as of the 15th day of December, 2000.
<br />
<br />Lessee: City of Sunny Isles Beach
<br />
<br />Lessor:
<br />
<br />Ford Motor Credit Company
<br />
<br />By
<br />
<br />~~
<br />
<br />Christopher Russo
<br />City Manager
<br />
<br />By:
<br />
<br />
<br />Title:
<br />
<br />Title:
<br />
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