Resolution 2010-76 - Laserfiche WebLink

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"Lessee" means the entity which is described in the first paragraph of this Lease and which is leasing the Equipment from Lessor under the provisions of this Lease. "Lessor" means Zions Credit Corporation, acting as Lessor hereunder, and any surviving, resulting, or transferee corporation, or any assignee of Lessor. "Original Term" means the period from the Commencement Date until the end of the Fiscal Year of Lessee in effect at the Commencement Date. "Renewal Terms" means the optional renewal terms of this Lease, each having a duration of one year and a term coextensive with Lessee's Fiscal Year, as provided for in Article IV of this Lease. "Rental Payments" means the basic rental payments payable by Lessee pursuant to the provisions of this Lease during the Lease Term payable in consideration of the right of Lessee to use the Equipment during the then current portion of the Lease Term. Rental Payments shall be payable by Lessee to the Lessor or its assigns in the amounts and at the times during the Lease Term set forth in Schedule B of this Lease. "Vendor" means any dealer or the manufacturer from whom Lessor purchased or is purchasing the Equipment, and any dealer or installer installing the Equipment. ARTICLE II COVENANTS OF LESSEE; COVENANTS OF LESSOR Lessee represents, covenants and warrants for the benefit of Lessor and its assigns as follows: (a) Lessee is a public body corporate and politic duly organized and existing as a home rule municipal corporation under the Constitution and the laws of the State of Colorado. (b) Lessee will do or cause to be done all things necessary to preserve and keep in full force and effect its existence as a body corporate and politic. (c) Lessee is authorized under the Constitution and laws of the State of Colorado to enter into this Lease and the transaction contemplated hereby and to perform all of its obligations hereunder. (d) Lessee has been duly authorized to execute and deliver this Lease under the terms and provisions of the formal proceedings taken by its governing body attached hereto as the Ordinance, or by other appropriate official approval, and further represents, covenants and warrants that all requirements have been met and procedures have occurred in order to ensure the enforceability of this Lease according to its terms and Lessee has complied with such procurement requirements as may be applicable to this Lease and the acquisition by Lessee of the Equipment hereunder. It is acknowledged that enforceability hereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the rights of creditors generally. (e) Rental Payments will not cause the Lessee to exceed any applicable spending limits for the Fiscal Year under Article X, Section 20 of the Colorado Constitution. During the Lease Term, the Equipment will be used by Lessee for the purpose of performing one or more essential governmental or proprietary functions. of Lessee consistent with the (f)