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Purchase and 1,,oan Agreement <br />This Purchase and Loan Agreement (the "Agreement") is entered into on April 28, 2020 (the <br />"Effective Date"), by and between the City of South Bend, Indiana, acting by and through its Board of <br />Public Works (the "City"), and SealMaster Indianapolis, LLC, 1010 E. Summer Avenue, Indianapolis, <br />Indiana 46227, (hereinafter, "SealMaster") (each a "Party" and collectively the "Parties"). <br />SealMaster is a supplier of CrackMaster 3405, a single component, low -modulus, hot applied <br />crack and joint sealant, as well as Crack Pro CP-125DA, machine (the "Equipment") used to apply the <br />sealant, as described in Exhibit A of this Agreement. <br />The Parties desire to enter into an agreement pursuant to which SealMaster will provide the City <br />with skids of CrackMaster 3405 sealant, as well as allow the City to use its Equipment on an as -needed <br />basis for no additional charge. A skid of sealant is capable of sealing approximately 36,000 feet of asphalt <br />base on a 3/8" crack. <br />In consideration of the following mutual promises and all other good and valuable consideration, <br />the receipt and adequacy of which are acknowledged, the Parties agree as follows: <br />Responsibilities <br />1. SealMaster <br />a. Provide City with approximately 15 skids of CrackMaster 3405 sealant, at a cost of <br />two thousand five hundred and twenty dollars ($2,520) per skid for an estimated <br />total of thirty-seven thousand eight hundred dollars ($37,800). <br />b. Agrees to deliver to the City on an as -needed basis one Crack Pro CP-125DA W/air <br />asphalt sealer during the term of this Agreement. <br />c. SealMaster agrees that it shall be solely responsible for the service, maintenance <br />and repair of the Equipment. <br />d. SealMaster agrees at all times during the term of this Agreement to maintain <br />insurance on the Equipment. <br />2. City <br />a. The City agrees to pay SealMaster two thousand five hundred and twenty ($2,520) <br />dollars per skid of sealant the City purchases from SealMaster within 30 days <br />following the City's receipt of an invoice from SealMaster. <br />b. The City estimates that it will need approximately 15 skids of sealant for the 2020 <br />paving season, at an estimated total cost of thirty-seven thousand eight hundred <br />dollars ($37,800). <br />c. The City reserves the right to purchase more or less sealant based on need, as solely <br />determined by the City. <br />d. The City warrants that it shall operate the SealMaster's Equipment consistent with <br />operatoring instructions. <br />Tern; Termination. This Agreement shall commence as of the Effective Date indicated above and shall <br />expire six months from the Effective Date. <br />Ownership. The City acknowledges the Equipment shall at all times remain the property of SealMaster. <br />Point of Contact. The City employee identified in the Notices Section below will serve as the City's <br />I I P a g e <br />