QPA Lease Agreement - Professional Golfcar Corporation - EZ Go Golf Carts for City Golf Courses

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PROFESSIONAL GOLFCAR P.C. Box 250 1 Bloomington, IN 47402 i 765.352.8156 1 Toll Free 800.742.4064 1 www.pgcgolfcar.com I Fax 765.352.8675 FMV LEASE OPTION The (55) New 2018 E-Z-GO RXV electric golf cars (quoted separately) will be leased on a five-year Operating Lease with Fair Market Value purchase option. All lease agreements are subject to credit approval and are not binding until executed on proper forms provided and signed by officers of the leasing company. The City of South Bend is responsible for all taxes (including property taxes), insurance and maintenance. Delivery of the golf cars will be ASAP with first payment due approximately 30 days after delivery. See below for payment schedule options. These are current payments based on current conditions; actual payments may vary. 5-Year FMV/Operatina Lease w/Fair Market Value Purchase Option —Trade Allowance used to net down lease payments — Net Difference used to lease $207,299.00. One Annual Payment — May each year: $33,788.71/year EARLY ROLL OUT OPTION Professional Golfcar Corporation offers City of South Bend an EARLY ROLL OUT OPTION on the 5- year FMV lease. City of South Bend will have the option to roll out one year early, after four years (24 payments) on the five-year lease and enter into a new agreement for (55) or more new E-Z-GO golf cars with Professional Golfcar Corporation. INCENTIVE PACKAGE - Professional Golfcar Corporation will lease to City of South Bend the vehicles described below for FREE USE. Incentive vehicles will remain the property of Professional Golfcar Corporation and will be returned at the end of the lease term or whenever the 2018 E-Z-GO fleet of golf cars is replaced as Tong as PGC/E-Z-GO is City of South Bend's most recent golf car/specialty vehicle supplier. City of South Bend is responsible for all taxes (including property taxes), insurance, and maintenance. 2 -- NEW Cushman Hauler 80OX gasoline turf vehicles; complete with 13.0 hp 4 cycle Kawasaki engine, roto molded -poly bed with manual dump, 4 cup console, headlights, steel front brush guard and 2" receiver hitch. PLEASE NOTE: At delivery of the above "free use" lease vehicles, two of the following vehicles, currently on "free use" lease with Professional Golfcar Corporation, will be picked up and returned: All EZGO Workhorse 1200 gasoline vehicles. 01-1401841, 03-2025471 or 04-2146913. CONDITIONS Subject to all state or federal taxes where applicable. Seller agrees to expedite this order but cannot be held liable for delays or conditions beyond their control. Title for the equipment remains vested with the seller until paid for In full by cash. New equipment sold subject to manufacturers standard warranty. Used equipment sold subject to an "as is and where Is" condition. No other warranty expressed or implied is valid unless so written hereon. Seller Is not liable for any claims due to loss of use of the equipment for any reasons whatsoever. Seller is not liable for any personal injury or property damage claims result- Ing from the use or attributed to the equipment. Written acceptance of this proposal creates a binding agreement and "accepting company" agrees to pay any attorney fees incurred to enforce this agreement. Accepted: ( — �7,Signa�ture Accepted: " � ignatur 1 Accepted: "Iax_. tnat e Accepted: Accepted: Signature Signature Authorized Distributors of E-Z-GO Golf Cars Sales, Service, Rental, Storage