Amendment to Lease Agreement - Parks Vehicle Lease

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City of South Bend Request for Proposals, Tax Exempt Municipal Lease Financing - Lease Purchase Financing July 7, 2016 TYPE OF EQUIPMENT/PROJECT: Parks & Recreation Department- Pickup Truck $ 78,808.00 Total Equip ment/Vehicle Cost: $ 78,808.00 All prices, terms, conditions and selection are solely by Lessee. ESCROW FUNDING OPTION: At lease closing, Lessor shall fund the entire Financed Amount into an escrow account from which disbursements will be made to the existing Lessor and to equipment provider(s) as directed. Escrow agent will either be Lessor or third -party provider selected by Lessor and approved by Lessee. All escrow earnings will be for the benefit of Lessee. A set-up fee for Lessor's escrow arrangement will be $250.00, due at lease closing. INSURANCE: The Lessee shall furnish confirmation of all risk physical damage insurance coverage forthefull cost of the property. In addition, Lessee shall provide $2 million combined single limit property damage and bodily injury insurance coveringthe property. Lessorshall be named as loss payee and additional insured on such coverage. AUTHORIZED SIGNORS: The Lessee's governing board shall provide Lessorwith its resolution or ordinance authorizing this Agreement and shall designate the individual(s) to execute the Agreement used therein. LEGAL OPINION: The Lessee's counsel shall furnish Lessor with an opinion coveringthis Agreement. This opinion shall be in a form and substance satisfactory to Lessor at Lessee's cost. LEGAL TITLE: Legal title to the equipment during the lease term shall vest in the Lessee, with Lessor perfecting a first security interest through uniform commercial code filing or any other such instruments as may be required by law. Upon performance of the terms and conditions of the Agreement, the Lessee shall have the option to purchase all equipment for $1.00. DOCUMENTATION: Lessor shall provide the Agreement. Lessor recommends a Lease Schedule under the existing Master Equipment Lease -Purchase Agreement dated May 15, 2012 as executed between Lessee and Lessor for this transaction. PREPAYMENT OPTION: So long as Lessee is not in default of the Agreement, Lessee shall have the option of paying off this transaction according to the Termination Values listed on the Amortization Schedules as provided in this Proposal. Partial prepayments will not be permitted under this Agreement. This Proposal is subject to final credit approval by Lessor and approval of Agreement in Lessor's sole discretion. To render a credit decision, Lessee shall provide Lessor with its most recentlyaudited financial statement and a copy of its most current year's budget. I trust that you will find the contents of this Proposal to your satisfaction. If you should have any questions please contact Alan Zuelke at 614-463-6580 or toll free at 866-215-9619 ext. 2.