HomeMy WebLinkAbout6B(4) Staff report on Blackthorn golf Course van lease~ ~ ~y~
Redevelopment Commission
Staff Report
Blackthorn Golf Course -Van lease
6/1/10
The current Van lease expired in May. Attached is Lease documentation for a new van to
be used to support course operations. This vehicle is used for several purposes including,
shuttling guests and volunteers for outings and tournaments, moving tables and chairs for
hosted events, trips to bank, post office, City offices, appointments, golf shows and
educational meetings. In the past, under previous management, some personal use of the
van occurred resulting in an excess mileage fee as noted in the following paragraph.
Going forward, Kitson and the City have agreed there will be no personal use of the van.
This should eliminate any excess mileage fees at the end of the new Lease.
The Lease term is 36 months, with payments of $379.54 each month. This payment is
included in the current golf course budget. The Lease does include language concerning
Charges for Late Payments (paragraph 25). You may recall City policy does not allow
these types of charges, however the city's Legal Dept. has allowed it in this case. The
rationale for allowing the Late Charges is the waiving of the excess mileage charge for
the old van. This charge would have been $2,542.24 (15,889 miles @ $.16). The full
charge is being waived, and more than offsets the cost of any Late Charges that maybe
assessed under the new Lease.
'r"h~ ~lfl®~ ~A psM Indiana OG06031ND: 13432
:.-•. .-
LAST NAME BLACKTHORN GOLF CLUB FIRST NAME MIDDLE INITIAL
STREET ADDRESS 6100 N I117Z PK~lY APT #
CITY SOUTH BEND STATE IN ZIP CODE 46679-6 1 1 1 _
HOME PHONE # (574122-41 S~ BUS. PHONE # S7
(~4 X232-4653
.-
MAKE MODEL
YEAR ~,
VIN # ~~.BI(,~$~,~3,6~r MILEAGE
CHARGE TO YOU FOR THE ONE GAP ADDENDUM: $ ~~ ORIGINAL DATE OF CONTRACT
FINANCING CONTRACT/LOAN ^ AMOUNT FINANCED $ eoe~ e~_ TERM (Mos.) ~_ NEW ~ USED BALLOON ^
MSRPMADA $ 30479.00 Max Limit of MSRP/NADA 150°/L~fOf 120%^ Max Term of GAP 84 MONTHS Fa Administrative Purpose: CLA33
DEALER # DEALERSHIP _ JORDAN AUTOMOTIVE
STREET ADDRESS 609 E JEFFERSON BLVD
CITY MTCUeUeYe STATE *~
a~uauw aw~w~wn~aa ~ ZIP CODE _ +`.r
FINANCIAL INSTITUTION ACCT. #
STREET ADDRESS ~~~8 ~1/7f~rE'NV~z6E RB-ATE-3~A
CITY ~W~~RS GROVE STATE ~~ ZIP CODE 6v5~5
This Guaranteed Automobile Protection (GAP} Contract Addendum (addendum) amends the Financing Contract. This GAP addendum is between the
Customer/Borowernnd the Dealer/Creditor (we, us or our), or if assigned with the Financial lnstltution/L.ender.
Although not required to do so, you have elected to participate in our GAP Program You may be able [o obtain GAP coverage from your primary insurance
carrier. GAP does not take the place o[ insnrance on the Covered Vehicle. You are responsible for maintaining wllision.and comprehensive insurance for
the full value of the Covered Vehicle and any other insurance required by the Financing Contract or applicable law. You are responsible for all notifications
or claims that are required to be filed wiUl your automobile insurance company. We will not process or handle your insurance claims for you.
In the event of a Constructive Total Loss to the Covered Vehicle, we agree to waive our rights against you for the amount due under a Payable Loss. In
addition to the provisions of Payable Loss, you will remain responsible for payment of any items stated under Exclusions.
TERMINATION OF ADDENDUM: This addendum will terminate on the date that either of the following events occur: 1. the date your Financing Contract
is scheduled to terminate; 2. upon payment im full of the Financing Contract; 3. expiration of amy redemption period following the repossession or surrender of
the Covered Vehicle; 4. in the event of a Constructive Total Loss or theft of the Covered Vehicle; or 5. the date the Financing Contract is prepaid or the
Financing Contract is refinanced. If you wish [o cancel and terminate this coverage prior to prepayment in full of the Financing Contract, it is your
responsibility to notify the Dealer/Creditor, in writing, of your request to cancel this coverage and to request arefund/credit of the GAP charges.
al1~~~GAP' A1~A7Y-6t ~ ,
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fe's~teMritFlbt>~ '~ ~ria~. w~iawn>rswr~a..'wl~'l~id~t-t~l~ 1~~pkw~erraatr~ttie..~QwatQ.ded. , ',
YOUR RIGHT TO CANCEL: You have the unconditional right to cancel and terminate this optional addendum for a refund/credit of the unearned
portion of the charge for this addendum at any time. H any termination occurs within 30 days o[ the addendum purchase you wiB receive a toll
refund/credit of the addendum cost, provided no loss has occurred. Otherwise, you wilt receive arefund/credit of the addendum cmt calculated by
the Pro Rata method. V/e will refund all charges to the Dealer/Finandal Institution/I.ender for credit to your account. To cancel the addendum and
request arefund/credit, you must rnntact the Dealer/Creditor, in writing, at the address shown above. If you do not receive the refund/credit within
60 days of notice of cantxUatiodtermination, contact the GAP Administrator stated above.
ENROLLMENT IS AVAII,ABLE ONLY AT THE TIME THE FINANCING CONTRACT IS ORIGINALLY EXECUTED. BY YOUR SIGNATURE
BELOW, YOU ACKNOWLEDGE AND AGREE THAT YOUR ACCEPTANCE OF THIS GAP ADDENDUM is VOLUNTARY AND IS NOT
REQUHtED IN ORDER FOR YOU TO OBTAIN CREDIT, DOES NOT II14PACI' YOUR ABILITY TO OBTAIN ANY PARTICULAR OR MORE
FAVORABLE CREDIT TERMS, AND HAS NO EFFECT ON THE TERMS OF THE RELATED SALE OF THIS VEHICLE. This coverage may
decrease over the term of your Financing Contrail and may not extend for the full term of your Financing Contrail. H the original unpaid net
balance exceeds the MSRP/NADA value multiplied by the maximum percentage shown above, the benefit may not rnver the entire amount due at the
time of loss. You also acknowledge that you have read and understand this addendum and its provisions. No other verbal representations have been made to
you that differ from these wriUen provisions. If you purchase GAP from this Dealer/Creditor, you understand that the Dealer/Finamcial Institudon/l,ender may
retain all or a portion of the charge paid by you. You should carefully read the back of this addendum for additional information on eligibility, requirements,
conditions and exclusions that could prevent you from receiving benefits under this addendum.
ASSIGNMENT: The GAP addendum will follow the Financing Contract with no subrogati ri against the Customer/Borrower, if the Financing
Contrail is sold or assigned by the Dealer/Creditor. y/
Cus[omer/Botrower Dealer/Ctedi
QI ert!TiJl1QY G(11 [ f•1 I IB nr r r e Tnp to
LIiI~IITATIONS:
A. No addendum wiB be valid for the Covered Vehicle with a Manufacturer's Suggested Retail Price (MSRP) or NADA retail value of more than 5100,000,
or if the amount financed exceeds S 100,000, or if the amount financed, less the cost of GAP, Credit Insurance and/or warranties, is less than 80% of the
MSRP/NADA retail value.
B. No coverage is provided for that portion of the Net Payoff that results from the amount financed cost exceeding the Maximum Eligibility Limit stated
above at the inception date of this addendum and will be deducted from the Payable Loss due.
C. The Payable Loss for Financing Contract with terms greater than the Maximum Term of GAP stated above will be based on a Net Payoff calculated using
the Maximum Term of GAP stated above.
D. Any addendum issued for an amount financed in excess of B or C above will be deemed eligible for enrollment as limited by this section.
E. No coverage is provided for a Financing Contract that does not have uniform monthly repayment retms for the full period of the financing agreement
(except for balloon Financing Contract with uniform payments) and/or for a Financing Contract that is Self-Finattced.
The One GAP ADMINISTRATOR, 483 South Kirkwood Road, PMB# 71. Kirkwood, MO 63122 /Phone (800) 856-2320 Fax (636) 680.0048
For atlditioaal uatoruwtlou or complatnls, contact:
Indiana Department of Financial Institutions, 30 S. Meridian St, Ste 300, Imdwaapolis, IN 4620.1, 500-382.48811
White • CUSTOMER BORROWER Yeiloiv • ADMINISTRATOR Piny • DEALER/ CREDITOR Goldenrod • ASSIGNEE
OG0603IND -WHITE OG0603IND-FP530 (Ol-07)
®TOYOTA CERTIFIED RESOLUTION ~' ~"~
6M AND INCUMBENCY CERTIFICATE
TO LEASE OR FINANCE
T/h~e undersigned her/e~by certifies that he/she is , of
_b~a ~ (t Apr,-, (~~,/~ ~:/~ b ,that the following resolution was passed at a meeting
held on ~~ tv,~~o-~~ ,duly called, a quorum being present, and that said resolution has not since
been revoked or amended:
Resolved that this is duly authorized to lease and/or finance
from ~ ra(a.. Tcs~r+e~ ("Dealer"), and Dealer's
intended assignee, Toyota Motor Credit Corporation, Toyota Lease Trust, or Lexus Financial Services ("Lessor/
Creditor"), under one or more leases~nstallment contracts, vehicles, and/or equipment, and upon such terms and
conditions as the officer(s) hereinafter authorized, in their discretion, may deem necessary and advisable; provided
however that the aggregate obligation under all leases/installment contracts shall not exceed the sum
of
Resolved that the Authorized Signature(s) below is/are a sample of designated officer signatures as witnessed by the
duly elected or appointed officials of the
The Lessor/Creditor is hereby authorized to act upon these resolutions until written notice of their revocation is
delivered to the Lessor/Creditor.
secretary of
a organized under laws of the state
of Z~ , do hereby certify that the foregoing is a full, true and correct copy of resolutions of
duly elected and authorized officials of ~~ac:~y'~,o~-.~ dal ~ C'/~5
In witness whereof, I have hereunto set my hand, and affixed the Seal, this day of ,
AUTHORIZED SIGNATURES: NAME: TITLE:
X
X
X
X
Title: Authorized Official Signing
AFFIX
SEAL
7181 (08/08)
a
CLOSED END MOTOR VEHICLE LEASE AGREEMENT
INDIANA
1. Parties
LESSOR (DEALER) NAME ANO ADDRESS
Lease Date
60051N 11
LESSEE AND CO-LESSEE NAME AND I VEHICLE GARAGING AD[
LESSEE'S BIWNG ADDRESS THAN LESSEE'S BILLING
JORDAN AUTOMOTIVE BLACKTHORN GOLF CLUB N/A
609 E JEFFERSON BLVD 6100 NIMTZ PKWY
MISHAWAKA IN 46545 SOUTH BEND IN 46628-6111
PHONE NUMBER: 574 259- 1981 COUNTY: COUNTY:
This is a Lease for the Vehicle described below. The words "you", "your" and "yours" refer to the Lessee and any Co-Lessee. The words "we", "u:
and "our" refer to the Lessor, and after assignment, Toyota Motor Credit Corporation ("TMCC") and any subsequent assignee. By signing this Leas
you are leasing this Vehicle according to all of the terms of this Lease.
2. Description of leased Vehicle and Trade-In Vehicle
You are leasing from us, and received in satisfactory condition, the following Vehicle:
New, Used or Demo Year Make Model Body Style Vehicle Identification No. Odometer Mileage
NEW 5 1Q~
Primary Use: [~D4'ersonal, Family or Household ^ Business, Agricultural or Commercial
Trade•in vehicle net credit used to PaY
I have traded in today ttte following vehicle: amounts due at Lease signug or delivery $ N / ,
Year Make Model
3. Amount Due at 4. Monthty Payments 5. Other Charges (not part of your 8. Total of Payments
Lease Signing or
Delivery 379.54 is
Your first Monthlyy Payment of $ Monthly Payment) The amount ou
( y
due on OS/ 12/201Q(dkrwed by 35 Disposition fee (if you will have paid by thl
(Itemized in Section payments of $ 379.54 due on the do not purchase the end of the Lease)
7 below) 12th of each month. The total of your Vehicle) $ WA
$ 879.54 Monthly Payments is $ 13663.44. Total $ wA $ 14163.4
Amount Due at Lease Signing or Delivery:
a. Capitalized Cost Reduction ~„c,\,~Di\ $ 500.00
54
379
b. First Monthly Payment lug t $
.
c. Refundable Security Deposit $ N/A
d. Tide Fees $ N/A
e. Registration Fees $ N/A
f. license Fees $ N / A
g. Tax on Capitalized Cost Reduction $ N/A
h. Acq Asition Fee
~/ $ N / A
~: $ N/A
k. Total $ 879.54
9a. Gross Capitalized Cost. The a reed upon
7
.00) and
value of the Vehicle ($ 292
any items you pay over the Lease Term (such
as service contracts, insurance, and any
outstanding prior credit or lease balance). For
an itemization of this amount, see Secton 13. $ 30497.90
b. Capitalized Coat Reduction. The amount of
any net trade-in allowance, rebate, noncash
credit, or cash you pay that reduces the
Gross Capitalized Cost. - $ 500.00
c. Adjusted Capifa8zad Coat The amount used
in calculating your Base Monthly Payment. _ $ 29997.90
d. Residual Value. The value of the Vehicle at
the end of the Lease used in calculating your
Base Monthy Payment. - $ 17340.00
8. How the Amount Due at Lease Signing or Delivery will be Paid:
a. Net Trade-In Allowance $ N /A
b. Rebates and Noncash Credits $ 500.00
c. Amount to be Paid in Cash $ 379.54
d. Total $ 879.54
e. Depreciation and any Amortized Amounts.
The amount charged for the Vehicle's decline in
value through normal use and for other items
paid over the Lease Tenn. _ $
f. Rent Charge. The amount charged in addiitieon to
the Depreciation and any Amortized Amounts. + $ 1005.54
g. Total of Base Monthly Payments. The
Depreciation and any Amortized Amounts plus
the Rent Charge. _ $ 13663.44
h. Lease Payments. The number of payments in
your Lease. - 36
i. Base Monthly Payment = $ 379 - 54
j. Monthly Salea/USe Tax + $ N / A
k. N/A + $~
I. Total Monthly Paymerd (°Monthly Payment") _ $ 379. 4
Early TemtMetlorl. You may have to pay a substantlal charge if you end this tease early. The charge may be tip to several thousand do8ars. The
actual charge wi8 depend on when the Lease Is terminated. The eartier you end the Lease, the greater this charge. is Iikdy to be.
10. Excessive Wear and Use. You may be charged for excessive wear based on our standards for normal use and for mileage in excess c
36000 miles over the odometer mileage disclosed above, at the rate of L 0.15 per mile.
11. Purchase Option at End of Lease Term. You have an option to purchase the Vehicle at the end of the Lease Term for $ 17340. nn
12. Other Important Terms. See your Lease documents for additional information on early termination, purchase options and maintenance respor
sibilities, warranties, late and default charges, insurance, and any security interest, if applicable.
tilfo8a Caplhllized Coat Ibrpi~fiatt and Other tents
13. Itemization of Gross Caphalized Cost . 18. Warranty
You will pay for the following items over the Lease Term, as part of If the Vehice is a new or a demo Vehicle, the Vehicle is subject to
your Monthty Payment: standard new waranty from the manufacturer. If the Vehicle is usel
a. Agreed Upon Value of the Vehicle $ 29275.00 is not covered by a waranty unless identified below:
b. Taxes + ~~ ^ Remainder of standard new vehicle waranty from manufacturer
c. Initial Title, License and Registration Fees + ~5~0 ^ Used vehicle waranty from manufacturer
YOU ARE LEASING THIS VEHICLE "AS IS." WE MAKE NO W/
d. Mechanical Breakdown Protection and/or N / A RANTIES AS TO THE VEHICLE'S CONDITION, MERCHANTAB
a. Agreed Upon Value of the Vehice $ LyL / 5. UU
b. Taxes + ~~
c. Initial Title, License grid Registration Fees + ~'~
d. Mechanical Breakdown Protection and/or N / A
Maintenance Agreement ~ +
e. Credit L'rfe and/or Disability Insurance + -~~
f. Guaranteed Automobile Protection + ~~
g. Outstanding Prior Credit or Lease Balance +
h. A`I~S't,'t'~t sr. ~a
j. + ~~Q
k. Gross Capitalized Cost -
14. Lease Tenn and Scheduled Maturity Date.
The Lease Term of this Lease is ~~rggnlns, and the
Scheduled Maturity Date of this Lease is UU 1133
15. Required Insurance
You must provide the following insurance during the Lease Term, with
the Lessee and/or Co-Lessee as an insured driver. No other types of
insurance are required:
a) primary automobile liability insurance with minimum limits for bodily
injury or de~t~0 • ~~
i) $ ~_ for any one person, and
ii) $ ~_ for any one accident, and
iii) $ for property damage; and
b) physical damage insurance for the full value of the Vehicle, wfth a
maximum deductible of $1,000.
See Section 24 for additional information.
You have provided us today with the following insurance information:
CJENNINGS
Insurance Provider Pdicy No. tnwrance Coverage Verification
By Dealer Empbyee
Agents Name ~ Address Agents Phone No.
16. Estimated Official fees and Taxes $ 887.63
This is an estimate of the total amount you will pay over the Lease
Term for official and license fees, registration, title, and taxes (including
personal property taxes), whether included in your Total Monthly
Payment (Section 9.t), the Amount Due at Lease Signing or Delivery
(Section 7) or billed separately. The actual total of Official Fees and
Taxes may be higher or lower than this estimate depending on the tax
rates in effect or the value of the Vehicle at the time a fee or tax is
assessed. Th(s estimate to based on your current address and
may Increase if you move or if tax rates change. You are respon-
sible for paying any Increases. See Section 28 for additional infor-
mation.
17. Vehicle Maintenance and Damage
You are responsible for all maintenance, repair, service, and operat-
ing expenses of the Vehicle. You agree to follow the owner's manual
and maintenance schedule, and to provide us with written proof of
such maintenance. You are responsible for all damage to the
Vehicle and for its loss, seizure or theft. You must tell us immediate-
ly if any of these events happen, and cooperate with your insurance
company.
is not covered by a wartanry unless laenanea oeruw:
^ Remainder of standard new vehicle warranty from manufacturer
^ Used vehicle wartanty from manufacturer
YOU ARE LEASING THIS VF-HK:LE "AS IS." WE MAKE NO WAR-
RANTIES AS TO THE VEHICLE'S CONDRK)N, MERCHANTABILI-
TY, SURABILITY, OR FITNESS FOR A PARTICULAR PURPOSE.
19. Optional Insurance and Other Products
You are not required to buy any of the Optional Insurance or Other
Products listed below to enter into this Lease, and they are not a factor
in our credit decision. These insurance and other products will not be
provided unless the appropriate box is checked, all information is filled
in, you initial below, and you are accepted by the Provider. By your ini-
tials below, you agree tfrat you have receNed a notice of the terms of
the insurance or product, and you want to obtain the insurance or prod-
uct for the premium or charge shown. A portion of the premium or
charge shown may be retained by the Lessor (Dealer).
^ Optional Credit LMe Insurance $ N/A
N / A aeginnirg Coverage
Insureds)
N/A $ N/A ~
Provider Premium LesseelCo-le~ee hi6eB
^ Optional CredR Disability Insurance $ N /A
Ma%irrNm Mmtldy Cwemga
N/A $ N/A ~
Provider Premium LesseelCo~eseeeY~s
^ Optional Mechanical N/A miles/ N/A months
Breakdown Protection Coverage
N/A $ N/A /
Provider Premium or Charge Lessee/Coi.asseeki6als
~~yy
L~' Optional Guaranteed Automobile Protection fees Sector 33)
THE ONE $ 460.00 ~
Provider Premium or Chart~e Lessee / Colessee Mi9al5
^ Optional Maintenance Agreement
N/A $ N/A ~
Provider Premium or Charge Lessee/Co~Lessee lrY6aLs
Total Premiums and Charges $ 460.00
20. Complete Agreement or Modification
By your initials, you acknowledge that this Lease contains the entire
agreement for the Lease of this Vehicle. There are no other agree-
ments. Any change to this Lease must be in writing, and signed by you
and by us. ~
Lessee/Cotri6ak
21. Agreement to Arbitrate
By inftiaNng below, you agree that at the request of either you or
us any controversy or claim (defined In Section 47 of this Lease)
between you and us shall be determined by neutral binding arbi-
tration. See Section 47 for further terms end conditions.
Lessee I CaLessee ki6a6
_.. _. -
krdkri~ Mats Rsquked Mafor Vehicle Lease Disclowres
THIS IS A LEASE AGREEMENT. THIS IS NOT A PURCHASE AGREEMENT. PLEASE REVIEW THESE MATTERS CARE-
FULLY AND SEEK INDEPENDENT PROFESSIONAL ADVICE IF YOU HAVE ANY QUESTIONS CONCERNING THIS
TRANSACTION. YOU ARE ENTITLED TO AN EXACT COPY OF THE AGREEMENT YOU SIGN.
Lease Slgrtaturss and NotlCSs
NOTICE TO LESSEE AND CO-LESSEE: (1) DO NOT SIGN THIS LEASE BEFORE YOU READ BOTH SIDES OF IT
OR IF IT CONTAINS ANY BLANK SPACES; (2) YOU ARE ENTITLED TO A COMPLETELY FILLED IN COPY OF THIS LEASE
WHEN YOU SIGN IT.
BY signing below, you acknowledge that: (1) You have read the entire Lease, including the back side; (2) You agree to all of the provisions of this
tease; (3) You have received a completely filled-in copy of this Lease; (4) This is a lease; you have no ownership interest in the Vehicle unless
and until you exercise your option to purchase set forth in this Lease.
Lessee
Co-Lessee Signature
Notice Regarding Assignment. As part of a like-kind exchange program, TMCC has engaged TOI Exchange, LLC ('TOI") as a qualified intermediary.
Lessor is hereby notified that TMCC has assigned to TOI its rights (but not its obligations) in agreements to acquire the Vehicle.
The Lessor hereby accepts this Lease and assigns to Toyota Motor Credit Corporation all rights, title and interest in the Lease and in the Vehicle, and
Lessor's rights under any guaranty executed in cronnection with this Lease, with full powers to Toyota Motor Credit Corporation to collect and discharge
all obligations related to this Lease, any guaranty, and this assignment.
JORDAN AUTOMOTIVE AGENT 05/12/2010
Lessor By Title Date
~ndfana PLEASE READ THE BACK SIDE FOR ADDITIONAL TERMS AND CONDITIONS 6oo51N ire
II'~I'IIII,IIII,III III'IIII~'I,~II~,IIIIIIIII I~'I PREVIOUS TMCOC COPYY NOT BE USED