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HomeMy WebLinkAbout51-82 RESOLUTION'1 • RESOLUTION NO. 457 - • 4 A RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE EQUIPMENT RENTAL AGREEMENTS WITH WILLIAMS FORD TRACTOR AND EQUIPMENT COMPANY FOR THE LEASE OF ONE FORD 530A TRACTOR AND ONE RHINO SATURN 8 CUTTER FOR THE PARKS DEPARTMENT AND ONE FORD 5610 TRACTOR WITH 15' ROTARY CUTTER FOR THE AIRPORT. BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF FAYETTEVILLE, ARKANSAS: That the Mayor and City Clerk are hereby authorized and directed to, execute equipment rental agreements with Williams Ford Tractor and Company for one Ford 530A tractor and one Rhino Saturn 8 cutter for the Parks Department and one Ford 5610 tractor with 15' rotary cutter for the Airport. Copies of the equipment rental agreements authorized for execution hereby are attached hereto, marked Exhibit "A" and Exhibit "B" and made a part hereof. PASSED AND APPROVED this LP Y4R-day of , 1982. ATTEST: CITY CLERK APPROVED: 19a.a,b4);‘,0,7 MAYOR EQUIPMENT RENTAL AGREEMENT This AGREEMENT, made and entered into at FavettevirW'Arkansas by and between Williams Ford Tractor & Equip. Co. ofFay,etteville, Atkansas City of Fayetteville this ie day of. March r hereinafter called LESSOR, and of Fayetteville, Arkansas hereinafter called LESSEE; WITNESSETH: That in consideration of the payments and rentals hereinafter provided for, and of the terms and conditions hereof, the Lessor hereby agrees to lease and does lease to the Lessee, and the Lessee hereby agrees to lease from the Lessor, the following described equipment belonging to the Lessor, to wit: EQUIPMENT LEASED (Kind of Machine, Make, Model, Serial Number. Descripti,on) 1 new Ford 530A tractor, s/n ; 1 new Rhino Saturn 8 cutter, s/n Lesse 1-' y up• .1., •OP : ns The • . . - • . . • . aer • at• /1 2 effective aseof the •end of any succeeding vear (the "termination date".) A 1 obl gations of Lessee to make payments due after the termination date will •cease and all intfimphaf$Lessee in the Leased equimment will terminate as of the termination date. r anssor s piece ol business or Above equipment to be used in_Mailitelltill operations on C4 ty property at or near Frlyett Mal le Washington in the State of Arkansan (Town) (County) TERM OF LEASE: The term of this lease shall be for a period of tter•nty four (24)beginning with the day of April 1412._ and terminating the 31 day of March th Equipment delivered to Lessee: Date 19 Time a m -p m Hour meter reading or mileage Equipment returned to Lessor: Date ' 19 Time a m. -p m Hour meter reading or mileage . RENTAL RATES AND PAYMENT: The rental rates set forth in this contract do not include sales, use or occupational taxes. If wand when such taxes are incurred by law, these amounts shall be added to the rental payments due under this contract. A. li this equipment is leased on a daily or weekly basis, the rate shall be: per hour $ per day, payable daily or weekly in advance. The first rental payment under this lease shall be $ per week 2- payable with order plus deposit of $ receipt of which is hereby acknowledged by Lessor, and the balance of $ becoming due and payable or upon return of equipment to Lessor's place of business. B. If this equipment is leased on a monthly basis, the Lessee agrees to pay for use of the equipment, rental as follows: $ payable with order and covering first month's rental, receipt of which is hereby acknowledged by Lessor; and the balance payable in advance on the Tiebt: day of each month in installments of $ each commencing with the month of N. 19 annuAl C. If this equipment is leased on amaiptopnatpliattalumumobasis other than time, the rate shall be $ 3500.00 per year . Rental under this lease shall be payable $ 3500.00 with order plus deposit of $ , receipt of which is hereby acknowledged by Lessor, and the balance of $ 3500 00 becoming due and payablep_r_11_,LA. ;_1•18.3_ or upon return of equipment to Lessors place of business. Rental payments shall be made•to Lessor at Lessor's address above set forth except that, if Lessee is notified to do so by Lessor or his assignee, payments shall be mad e to such assignee. 1, I ADDITIONALHENT: It is contemplated that the equipment will be operated for not more than hours in any one day; hours in any one weelr hours in any one month and Lessee agrees that he will pay additional rental at pro rata the applicable daily: weekly or monthly rate, for each hour the equipment is used in excess of such time. If equipment is leased for more than thirty (30) days, the additional rent for excess hours shall be paid on the first day of the month following such use, which rent shall be credited on the monthly installments of rent due hereunder in the inverse order of their due date. If there is an hour meter furnished, Lessee agrees to keep it connected to the equipment and in good working condition at all times, and is to be used as the conclusive basis of the number of hours of operation. PRIVILEGE OF PURCHASE OPTION: Lessee is granted an option to purchase the equipment leased hereunder for the sum of : $ . This option must be exercised on or before 19 and the balance due paid in cash. Option to purchase. shall not be deemed exercised until Lessee's (buyer's) written notification to that effect is received by Lessor (seller). All rentals previously received shall be credited at y to apply on the purchase price. This lease must be in good standing before the option can be - exercised, and the option is nontransferable. Any alteration or modification of this Lease shall be in writing and signed by the parties hereto. Lessee acknowledges receipt of a signed copy hereof. s All conditions stated on the reverse side hereof are considered to be a part of this contract. IN WITNESS WHEREOF, the parties hereto have on the day and year first above written hereunto set their hands and seals. LE E �a- March 16 lle Accepted and Approved 19 82 By • By i 1 LESSOR Williams Ford Tractor & Equip. Co. • By16-17per...0_2_,.-te • • • • • •••• • • • • , • et t •11 s • • S • ", al • • • Witness Witness Phone No. FORM FER 528 ALL RIGHTS RESERVED BY NATIONAL FARM& POWER EQUIPMENT DEALERS ASSOCIATION, ST. LOUIS, MO. 63127 EXHIBIreA PRINTED IN U.S.A. • • RETURN OF EQUIPMENT: Lessee agrees, at the expiration of the term hereof or sooner termination of this lease, to return, transporta- tion costs prepaid, all of the Equipment to Lessor at the place of business of Lessor above stated in the same operating condition, order, repair and appearan:T as when received tordinary wear and tear excepted) and free of all liens and encumbrances. LOSS OR DAMAGE: The Lessee agrees to pay the Lessor for all loss and damages l,o the equipment arising from any cause whatsoever that may occur during the life of this lease, and until such equipment has been returnec into the possession of the Lessor and accepted by it. It is agreed by the parties hereto, that the value as hereinbefore stated is hereby accepted as the true value and shall be used in case of arbitra- tion or adjustment. In making such adjustment it is understood that no rentals theretofore paid or due shall apply to the payment of such loss. It is further understood and agreed that in making any adjustment for loss or damages to equipment. Lessee shall be credited with the amount of insurance payment received by Lessor under insurance policies, if an insurance recovery is effected thereunder. Lessee, in addition to liability for loss or damage herein otherwise provided for, shall be liable for all loss and damage to said equipment caused by strikes, riot and civil commotion ar sing from any cause whatsoever. INSPECTION: Lessee shall, whenever requested, advise Lessor of the exact location of the equipment. Lessor or its representatives may, for the purpose of inspection, at all reasonable times, enter upon any job, building or ptice where the equipment is located and may remove the same without notice to Lessee, if the equipment is, in the opinion of the Lessor, being used beyond its capacity or in any manner improperly cared for Or a 'used. WARRANT 1: Lessee agrees that each item of equipment is of a size. design and capacity selected by Lessee and that the same is suitable for its purpose. Lessor has made no representation or warranty, statutory or otherwise, and undertakes no obligation with respect to the equip- ment or its performance except such obligations as may be undertaken in a written si.atement designated "Warranty" executed by Lessor con- currently her ?with and attached hereto, Such Warranty applies only to items specifically enumerated therein. Lessor assumes no obligation whatsoever to Lessee for time lost or penalties suffered by Lessee while equipment is inoperable for any rea- son and no deductions are to be made from rental payments therefor. The Lessor snall use reasonable care to see that the equipment is in proper working condition before delivery to Lessee. The receipt and acceptance la) the Lessee of said equipment shall constitute acknowl- edgement tha: said property has been accepted and found in good, safe and serviceabe condition, and fit tor use, unless the Lessee makes claim to the contrary to the Lessor within three days after receipt of said equipment. SUPPLIES, MAINTENANCE AND REPAIRS: Lessee shall be re- sponsible for and shall bear the expense of all fuel, lubrication. and maintenance :or each item of equipment. Lessor undertakes no obliga- tion with respect to repairs or replacement of parts, attachments, accessories or equipment, except pursuant to written warranty as pro- vided in the section of this lease entitled "WARRANTY". Lessee shall, at its expense, at all times during the term hereof, maintain each item of equipment in good operating order. repair and appearance and shall lubricate and practice preventative maintenance at regular intervals as suggested in manaufacturer's service manual, receipt of a copy of which is hereby acknowledged by Lessee. Lessee agrees to maintain said equipment in the same condition as when delivered to it by Lessor, usual and ordinary wear and tear excepted. Lessee agrees that in effect- ing maintenance and repairs, it will have such work performed only by qualified persons who are satisfactory to Lessor. OPERATION: Lessee agrees that the equipment shall be used solely in the conduc of Lessees business and within Lessee's possession and under its control, that said equipment is to be used solely by the Lessee or his employees and for the purposes for which it was intended, that said equipmer.t will be operated only by competent employees of Lessee and shall not be used beyond its normal capacity. When equiprrent 15 not in use, it will be kept in a protected area. • LIABILITY: Lessee shall be liable for all expenses, damages and claims arising out of its possession, operation, or transportation of the equip- ment herein described, and shall hold the Lessor and its assigns harm- less therefrom. INSURANCE: The Lessee further agrees to protect the Lessor on this contract with full insurance coverage, said insurance to cover loss or damage occasioned by fire, theft. flood, explosion. accident, act of God, or any other cause that may occur during the life of this lease, and to protect the Lessor by insurance in an amount satisfactory to Lessor against public liability of any and every kind. All insurance shall be in companies acceptable to Lessor and shall con- tain the agreement of the insuring company not to cancel the same until after at least ten days' notice to Lessor and its assigns. Lessee shall promptly deliver to Lessor evidence of said insurance. SUB -LEASING: The Lessee shall have no right to sub -lease the said equipment nor remove it from the County and State specified in this contract without the written consent of the Lessor. TITLE: Title to the equipment shall at all times be vested in the Lessor unless transferred to the Lessee through sale. The Lessee shall give Lessor immediate notice of any levy attempted upon said equipment, or if said equipment from any cause becomes liable to seizure. and to indemnify Lessor against all loss and damages caused by any such action. DEFAULT: If the Lessee shall fail to make any rental payment when due, shall attempt to sell or encumber any interest in the equipment, shall cease doing business as a going concern, shall institute or have instituted against him any proceedings under any bankruptcy or in- solvency law, shall make an assignment for the benefit of creditors or shall fail to comply with any other provision of this Lease, or if any attachment, execution, writ. etc. or other process is levied against the equipment or any of Lessee's property, or if for any reason I,essor deems itself unsafe. the Lessor may immediately and without notice declare the entire balance of the rental payments due and payable together with all expenses of collection by suit or otherwise, including reasonable attorneys fees. If any of the above events shall occur, Lessee agrees to surrender possession of the equipment on demand and Lessor may enter upon Lessee's premises to the full extent allowed by law and take possession thereof. TAXES: Lessee shall pay all taxes whatsoever by whomsoever payable (other than Federal or State income taxes of Lessor' on or relating to the equipment leased hereunder and the purchase, sale, rental. use or operation thereof. Lessee shall reimburse to Lessor, upon demand, as additional rent, the amount or amounts of any such costs and taxes paid by Lessor. It is. the intent of this A greement that Lessor shall receive the rent hereunder as a net return on the equipment leased hereunder. COMPLIANCE WITH LAWS: The Lessee agrees to comply with and conform to all Municipal, State and Federal laws relating to the operation of said equipment and to pay all costs and expenses of every character occasioned by or involving the use or operation of the equip ment. ASSIGNMENT: A. Lessee agrees that Lessor may assign this Lease, and all right, title and interest of Lessor in and to the equipment. and all rents due or to become due to Lessor hereunder (of which assignment Lessee hereby waives notice and Lessee agrees to recognize such assignment. Lessee's obligation to pay rent under this Lease shall not as to any such assignee be subject to any diminution or right of set-off, counterclaim or recoupment whatsoever arising out of any breach of any obligation of the Lessor hereunder or by reason of any other liability at any time owing by the Lessor to the Lessee. B. Lessee shall not assign this Lease or any rights hereunder or to the items of equipment. GENERAL: Time is of the essence of this Lease. Lessor's failure at any time to require strict performance by Lessee of any of the provisions of this Lease shall not waive or diminish Lessors right thereafter to demand strict compliance therewith or with any other provisions. Waiver of any default shall not waive any other default. The remedies in this Lease provided in favor of Lessor shall be available to its successors and assigns and shall not be deemed exclusive, but shall be cumulative, and shall be in addition to all other remedies in its or their favor existing at law or in equity. s • • Williams Ford Tractor & Equipment Co. Box 1346 Fayetteville, Arkansas 72701 Ford Tractors New Holland Equipment To whom it may concern: NEIN HOLLAND Phone 442-8284 March 16, 1982 Regarding lease agreement dated March 16, 1982 between Williams Ford Tractor & Equip. and City of Fayetteville on new Ford 530A tractor and new Rhino Saturn 8 cutter: Lessor assignsmanufacturer's warranty to Lessee. Lessor Williams Ford Tractor & Equip. Co. by/ 5"4:7:dy%S. EXHIBIT * A - 'EQUIPMENT RENTAL AGREEMENT This AGREEMENT, made and entered into at Fayetteville. Arkansas by and between Williams Ford Tractor & 'Equip. Co. this 1 day of AMU. 19 _82 .• of Fayetteville. Arkansas Cityof Fayetteville, Municipal Airport of Fayetteville, Arkansas hereinafter called LESSEE; WITNESSETH: That in consideration of the payments and rentals hereinafter provided for, and of the terms and conditions hereof, the Lessor hereby agrees to lease and does lease to the Lessee, and the Lessee hereby agrees to lease from the Lessor, the following described equipment belonging to the Lessor, to wit: EQUIPMENT LEASED (Kind of Machine, Make, Model, Serial Number, Description) 1 new Ford 5610 tracter wi 15' rotary cutter Lessee's obligations to pay :fl y gmounra dockfor tho yonr nor.tnndi R thn enrrpnt ypnr nrP ti.nntiogpo upon eppropriation or approval ot tunds for that purpose by the Fayetteville Board of Directors. KitoTherefore, Lessee may terminate this Lease Agreement and its future monetary obligations hereund effective as of the and of any succeeding year (the "tertination date".) All obligations of Lessee to make payments due after the termination date will cease and all interest of Lessee in the Leased equipment will terminate as of the termination date. Total Value $ F.O.B. Lessor's place of business or . Above equipment to be used in Maintenance hereinafter called LESSOR, and operations on airport property at or near Pnynttitd111P 1.7rt rab I np, rim in the State of ArIrprigas (Town) (County) four (24) TERM OF LEASE: The term of this lease shall be for a period of twenty Ws, beginning with the 1 day of April 19 82and terminating the 31 day of March 19 84 months Equipment delivered to Lessee: Date 19 Time a m -p m Hour meter reading or mileage Equipment returned to Lessor: Date 19 Time a m -p m Hour meter reading or mileage RENTAL RATES AND PAYMENT: The rental rates set forth in this contract do not include sales, use or occupational taxes. If and when such taxes are incurred by law, these amounts shall be added to the rental payments due under this contract. A. li this equipment is leased on a daily or weekly basis, the rate shall be: A per hour per day, payable daily or weekly in advance. The first rental payment under this lease shall be $ per week payable with order plus deposit of $ receipt of which is hereby acknowledged by Lessor, and the balance of becoming due and payable or upon.rei<liof equipment to Lessor's place of business. B. If this equipment is leased on a monthly basis, the Lessee agrees to pay for use of the equjonecnil, rental as follows: payable with order and covering first month's rental, receipt of which is hereby acknowledged by Lessor: and the balance payable in advance on the day of each month in installments of $ each commencing with the month of 19—attiv4a1 C. li this equipment is leased on aingare,aitIlleThHeilig basis other than time, the rate shall be $ 4000.00 4000.00 per year Rental under this lease shall be payable $ with order plus deposit of $ receipt of which is hereby acknowledged by Lessor, and the balance of $ 4000.00 becoming due and payable April 1, 1983 , or upon return of equipment to Lessor's place of business. Rental payments shall be made to Lessor at Lessor's address above set forth except that, if Lessee is notified to do so by Lessor or his assignee, payments shall be made to such assignee. ADDITIONAL RENT • It is contemplated that the equipment will be operated for not more than hourain any one day; hours in any one weele hours in any one month and Lessee agrees that he will pay additional rental at pro rata the applicable daily, weekly or monthly rate, for each hour the equipment is used in excess of such time. If equipment is leased for more than thirty (30) days,„the additional rent for excess hours shall be paid on the first day of the month following such use, which rent shall be credited on the monthly installments of rent due hereunder in the inverse order of their due date. If there is an hour meter furnished, Lessee agrees to keep it connected to the equipment and in good working condition at all times, and is to be used as the conclusive basis of the number of hours of operation. PRIVILEGE OF PURCHASE OPTION: Lessee is granted an option to purchase. the equipment leased hereunder for the sum of This option must be exercised on or before. 19 and the balance due paid in cash. Option to purchase shall not be deemed exercised until Lessee's (buyer's) written notification to that effect is received by Lessor (seller). All rentals previously received shall be credited at % to apply on the purchase price. This lease must be in good standing before the option can be exercised, and the option is nontransferable. Any alteration or modification of this Lease shall be in writing and signed by the parties hereto. Lessee acknowledges receipt of a signed copy hereof. All conditions stated on the reverse side hereof are considered to be a part of this contract. IN WITNESS WHEREOF, the parties hereto have on the day and year first above written hereunto set their hands and seals. By By Witness Witness Phone No. FORM FER 528 ALL RIGHTS RESERVED BY NATIONAL fARM 8, POWER EQUIPMENT DEALERS ASSOCIATION, ST. LO I , MO. 63127 Accepted and Approved April 1 19 82 LESSORWilliams Ford Tractor & Equipe Co. 13 EXHIBIT 13 PRINTED IN U.S.A. RETURN OF EQUIPMENT: Lessee agrees. at the expiration of the term hereof or sooner termination of this lease, to return, transporta- tion costs prepaid. all of the Equipment to Lessor at the place of business of Lessor above stated in the same operating condition. order, repair and appearance as when received (ordinary wear and tear excepted) and free of all liens and encumbrances. LOSS OR DAMAGE: The Lessee agrees to pay the Lessor for all loss and damages m the equipment arising from any cause whatsoever that may occur during the lift- of this lease, and until such equipment has been returned into the possession of the Lessor and accepted by it. It is agreed by the parties hereto. that the value as hereinbefore stated is hereby accepted as the true value and shall be used in case of arbitra- tion or adjustment. In making such adjustment it is understood that no rentals theretofore paid or due shall apply to the payment of such loss. It is further understood and agreed that in making any adjustment for loss or damages to equipment, Lessee shall be credited with the amount of insurance payment received by Lessor under insurance policies, if an insurance reccvery is effected thereunder. Lessee, in addition to liability for loss or damage herein otherwise provided for, shall be liable for all loss and damige to said equipment caused by strikes. riot and civil commotion arising from any cause whatsoever. INSPECTION: Lessee shall, whenever requested, advise Lessor of the exact location of the equipment. Lessor or its representatives may, for the purpose of inspection, at all reasonable times, enter upon any job, building or place where the equipment is located and may remove the same without notice to Lessee, if the equipment is, in the opinion of the Lessor, being used beyond its capacity or in any manner improperly cared for or abused. WARRANTY: Lessee agrees that each item of equipment is of a size, design and ca)acity selected by Lessee and that. the same is suitable for its purpose. Lessor has made no representation or warranty. statutory or otherwise, and undertakes no obligation with respect to the equip- ment or its performance except such obligations as may be undertaken in a written statement designated "Warranty'. executed by Lessor con- currently herewith and attached hereto. Such Warranty applies only to items spec finally enumerated therein. Lessor assumes no obligation whatsoever to Lessee for time lost or penalties suffered by Lessee while equipment is inoperable for any rea- son and no deductions are to be made from rental payments therefor. The Lessor shall use reasonable care to see that the equipment is in proper working condition before delivery to Lessee. The receipt and acceptance by the Lessm, of said equipment shall constitute acknowl- edgement that said property has been accepted and found in good, safe and serviceable condition, and fit for use, unless the Lessee makes claim to the contrary to the Lessor within three days after receipt of said equipment. SUPPLIES, MAINTENANCE AND REPAIRS: Lessee shall be re- sponsible for and shall bear the expense of all fuel, lubrication, and maintenance for each item of equipment. Lessor undertakes no obliga- tion with respect to repairs or replacement of parts, attachments, accessories or equipment. except pursuant to written warranty as pro- vided in the .,ection of this lease entitled "WARRANT \ . Lessee shall, at its expense, at all times during the term hereof, maintain each item of equipment in good operating order, repair and appearance and shall lubricate and practice preventative maintenance at regular intervals as suggested in manaufacturer's service manual, receipt. a a copy of which is hereby acknoviedged by Lessee. Lessee agrees to maintain said equipment in the same condition as when delivered to it by Lessor, usual and ordinary wear and tear excepted. Lessee agrees that in effect- ing maintenance and repairs, it will have such work performed only by qualified persons who are satisfactory to Lessor. OPERATION: Lessee agrees that the equipment shall be used solely in the conduct of Lessee s business and within Lessee's possession and under its consol, that said equipment is to be used solely by the Lessee or his employees and for the purposes for which it was intended, that said equipment will be operated only by competent employees of Lessee and shall not be used beyond its normal capacity. When equipment is not in use, it will be kept in a protected area. • LIABILITY: Lessee shall be liable for all expenses, damages and claims arising out of its possession, operation, or transportation of the equip. ment herein described, and shall hold the Lessor and its assigns harm- less therefrom. INSURANCE: The Lessee further agrees to protect the Lessor on this contract with full insurance coverage, said insurance to cover loss or damage occasioned by fire, theft, flood, explosion, accident, act of God, or any other cause that may occur during the life of this lease, and to protect the Lessor by insurance in an amount satisfactory to Lessor against public liability, of any and every kind. All insurance shall be in companies acceptable to Lessor and shall con- tain the agreement of the insuring company not to cancel the same until after at least ten daysnotice to Lessor and its assigns. Lessee shall promptly deliver to Lessor evidence of said insurance. SUB -LEASING: The Lessee shall have no right to sub -lease the said equipment nor remove it from the County and State specified in this contract without the written consent of the Lessor. TITLE • Title to the equipment shall at all times be vested in the Lessor unless transferred to the Lessee through sale. The Lessee shall give Lessor immediate notice of any levy attempted upon said equipment, or if said equipment from any cause becomes liable to seizure, and to indemnify Lessor against all loss and damages caused by any such action. DEIA ULT: If the Lessee shall fail to make any rental payment when due, shall attempt to sell or encumber any interest in the equipment, shall cease doing business as a going concern, shall institute or have instituted against him any proceedings under any bankruptcy or in- solvency law, shall make an assignment for the benefit of creditors or shall fail to comply with any other provision of this Lease, or if any attachment, execution, writ, etc. or other process is levied against the equipment or any of Lessee's property, or if for any reason Lessor deems itself unsafe, the Lessor may immediately and without notice declare the entire balance of the rental payments due and payable together with all expenses of collection by, suit or otherwise, including reasonable attorneys fees If any of the above events shall occur, Lessee agrees to surrender possession of the equipment on demand and Lessor may enter upon Lessee's premises to the full extent allowed by law. and take possession thereof. TAXES: Lessee shall pay all taxes whatsoever by whomsoever payable (other thar Federal or State income taxes of Lesson, on or relating to the equipment leased hereunder and the purchase, sale. rental, use or operation thereof. Lessee shall reimburse to Lessor, upon demand, as additional rent, the amount or amounts of any such costs and taxes paid by I,essor. It is the intent of this Agreement that Lessor shall receive 'the rent hereunder as a net return on the equipment leased hereunder. COMPLIANCE WITH LAWS: The Lessee agrees to comply with and conform to all Municipal. State and Federal laws relating to the operation of said equipment and to pay all costs and expenses of every character occasioned by or involving the use or operation of the equip- ment. ASSIGNMENT: A. Lessee agrees that Lessor may assign this Lease, and all right, title and interest of Lessor in and to the equipment. and all rents due or to become due to Lessor hereunder {of which assignment Lessee hereby waives notice) and Lessee agrees to recognize such assignment, Lessees obligation to pay rent under this I,ease shall not as to any such assignee be subject to any, diminution or right of set-off, counterclaim or recoupment whatsoever arising out ol any breach of any obligation of the Lessor hereunder or by reason of any other liability at any, time owing by the Lessor to the Lessee. B. Lessee shall not assign this Lease or any rights hereunder or to the it ems of equipment. GENERAL: Time is of the essence of this Lease. Lessor's failure at any time to require strict performance by Lessee of any of the provisions of this Lease shall not waive or diminish Lessor's right thereafter to demand strict compliance therewith or with any other provisions. Waiver of any default shall not waive any other default. The remedies in this Lease provided in favor of Lessor shall be available to its successors and assigns and shall not be deemed exclusive, but shall be cumulative, and shall be in addition to all other remedies in its or their favor existing at law or in equity. • • Tractor& Equipment • Williams Ford Tractor & Equipment Co. Box 1346 Fayetteville, Arkansas 72701 Ford Tractors New Holland Equipment To whom it may concern: NEW HOLLAND Phone 442-8284 ' April 1, 1982 Regarding lease agreement dated April 1, 1982, between Williams Ford Tractor & Equip. and City of Fayetteville on new Ford 5610 tractor w/15' rotary cutter: Lessor assigns manufacturer's warranty to Lessee. Lessor Williams Ford Tractor & Equip. Co. by EXHIE -