HomeMy WebLinkAboutTR-70-92 '° TOWN OF NEWCASTLE
REPORT
File #
Res. # / �-,-
By-Law # .
N'EEETTING: GENERAL PURPOSE AND ADMINISTRATION COMMITTEE
DATE: July 20, 1992
REPORT #: mR-7n-g _ FILE #:
SUB,ECT: PROPOSED PHOTOCOPIER LEASE - COMMUNITY SERVICES DEPARTMENT
RECOMMENDATIONS:
It is respectfully recommended that the General Purpose and
Administration Committee recommend to Council the following:
1. THAT Report TR-70-92 be received;
2 . THAT Council accept the written proposal (Attachment
"A" ) , from O.E. Oshawa Inc. (through Glenora Leasing
Inc . ) , Oshawa, Ontario, to lease one ( 1) only Canon
NP3050 with ten ( 10) bin sorter, at a quarterly cost of
$693 .75 plus taxes, for a period of thirty-six (36)
months with a buyout option of fifteen percent ( 15%)
(of original purchase price) , upon lease expiry;
3. THAT the attached By-Law (Attachment "B" ) , authorizing
the Mayor and Clerk to execute the Agreement be
approved;
4 . THAT in accordance with Section 64 of the Ontario
Municipal Board Act, authorization be obtained from the
Ontario Municipal Board prior to the execution of this
Agreement;
5. THAT the costs be charged to the Unclassified
Administration Account #7007-X-0520; and
6 . THAT the funds to cover the lease cost be transferred
from Parkland Reserve Fund, Account #7607-00004-0501.
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TR-70-92
PROPOSED PHOTOCOPIER LEASE - COMMUNITY SERVICES DEPARTMENT
As approved in the 1992 Community Services Department Capital
Budget, page 189, Account #7604-00004-0501, Parkland Reserve
Fund, $7,000. 00 was allocated for the purchase of a photocopier
to be located at the Newcastle Fitness Centre.
The existing table top unit located at the Newcastle Fitness
Centre has exceeded its life expectancy and is basically worn out
beyond repair.
In accordance with the Purchasing By-Law, quotations were invited
and received as follows:
Bidder Model # Total Purchase Service Cost/
Price (excluding Cow
taxes)
O.E. Oshawa Inc. Canon 3050 $ 6,541.70 $ . 008
Oshawa, ON
On-Line Services Rex-Rotary $ 7,375 .00 $ .012
Courtice, ON 82252
Rex-Rotary $ 7,790 .00 $ . 012
8135DZ
Panasonic $ 8,075.00 $ . 012
FP2670
Panasonic $ 81575.00 $ .012
FP3270
Cook's Office Minolta $ 7,860. 00 $ .017
Equipment 4320
Oshawa, ON
I
Xerox Xerox $10,900.00 $ . 0139
North York, ON 5047
In keeping with past practices for the acquisition of
photocopiers, it is proposed that this copier be leased rather
than purchased.
The cost of leasing versus outright purchase is as follows:
Purchase $ 6,541.70 plus taxes
Lease $ 231.25/month
x 36 month term
$ 8,325 .00 plus taxes j
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TR-70-92
PROPOSED PHOTOCOPIER LEASE - COMMUNITY SERVICES DEPARTMENT
A thirty-six (36) month term lease agreement is proposed for the
following reasons:
(a) Should it become evident that the photocopier no longer
meets the needs of the user, alternate equipment can be
negotiated and a new lease entered into.
(b) A sixty-six (66) month term has become unrealistic in
that in most cases the user's needs have usually
exceeded the equipment's capabilities within thirty-
six (36) to forty-eight (48) months. This therefore
makes it very expensive to upgrade the equipment as the
outstanding term of the lease must be bought out.
Note, this proposal is consistent with the previous
standardization on photocopiers within the Municipal offices .
The proposed equipment was brought into the Newcastle Fitness
Centre on a trial basis and has performed satisfactorily. In
addition, this model proposed is the same as the machine obtained
in February 1992 for the Mayor/Administrator's office area, and
for the information of Council, has been offered at a twenty-
seven percent (27%) reduction in price to that paid for the
initial acquisition.
It is therefore recommended that the proposal be accepted and
that the required funds be charged to the 1992 Unclassified
Administration Capital Lease Account #7007-X-0520, where most of
the copiers currently on long term leases are being charged. It
is further recommended that the funds required to cover the lease
cost be transferred from the Parkland Reserve Fund, Account
#7607-00004-0501, as this is the account where the photocopier is
identified in the 1992 approved Capital budget.
The consolidation of all the photocopiers over time in one (1)
central account will allow more efficient overall use, in that,
copiers can be allocated to the area of need based on the most
suitable model in the pool and replacement models can than be
ordered to meet the overall needs of the organization, as opposed
to ordered departmentally specific.
The Treasurer has reviewed the funding requirements and concurs
with the recommendation. Queries with respect to department
needs, specifications, etc . , should be referred to the Director
of Community Services.
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TR-70-92
PROPOSED PHOTOCOPIER LEASE COMMUNITY SERVICES DEPARTMENT
Respectfully submitted, Recommended for presentation
to. the Committee,
ANA'
Marano, 1-o 0-11�t
H-B-Sc - , AMCT. , Lawrence E. Ko se'ff,
Chief Adminis r aLve Officer.
J "Caruana,
D;&ctor of Community Services.
LAB/hjl
Attachments
LESSOR SCHEDULE "A" LEASE CONTRACT
GLENORA LEASING INC.
R.R.4,Picton,Ontario KOK 2TO
(613)476-8102 Fax(613)476-8102
LESSEE
NAME _rGcL,t/ cit /l1 .G✓� S % t
ADDRESS y0 UH PFO AAle r :S'T-
CITY AND PROVINCE POSTAL CODE L
PERSON TO CONTACT AND TITLE T L.NO.(Inc.Area Code) YEARS IN BUSINESS
L_0a-/-,)A,1,4-) /;Kf 77- //G��C3 337f
SUPPLIER .... .... /ti C
Name:. .E . . .........
.............................................................................
Address:....5..?SC/........flpp.L .........`d..(..<..............Q.. .7�/..•+�` ............................................ 8ank:.......................................................
............................................
Sales Representative:.....I.z.:.... r9.Y.!�l�..............................TEL.NO:.......................................... Address:.......................................................
.......................................
LOCATION OF EQUIPMENT(if different from above)
LESSEE OWNS NAME AND ADDRESS OF LANDLORD TEL.NO:
PREMISES O
QUANTITY EQUIPMENT DESCRIPTION(including Model and Serial No.(s))
CJ.✓F A 3 o S c y:>Ta c vliE/�
5f/E-7- c74�
t)/_c14Hsi: or7-/o,.v /- r Ex,0112 Y
Additional Provisions to the Terms and Conditions of this Lease as set out below.
Lessee may purchase equipment In J month after payments for l S per cent of original cost of equipment(fill blanks if purchase option desired).
INITIAL TERM: NO.OF Rental Amount ps,r Prov.Sales tax 5 Total Rental Payment
(No.of Months) ` PAYMENTS y6" 7S- sy. U��� 7 � 7
3 v / Please Indicate Prov.Sales Tax No.Under Additional Provisions—If Applicable
TERMS AND CONDITIONS OF LEASE ADDITIONAL TERMS AND CONDITIONS ON THE REVERSE SIDE HEREOF FORM A PART OF THIS LEASE
This lease shell not become binding upon Lessor until accepted In writing by Lessor es evidenced by the signature of a duly authorized offlcerof Lessor In the space
provided below.
SCHEDULE"A"
TERMS AND CONDITIONS
Lessor hereby leases to Lessee the personal property herein described and all accessories supplied therewith and accessories thereto,all herein called the"Equipment"
upon the terms and conditions set forth herein.
1. RENTAL Lessee shall pay to Lessor as rental for the Equipment,the periodic rent payments set forth on the reverse hereof,at Lessor's Head Office as follows:the
first rent payment shall be due upon the execution hereof by Lessee and subsequent rent payments in every calendar month,or other calendar period,after the month
of shipment on the 1st of such•month or period. Rent hereunder is payable without abatement;provided that a charge may be assessed on any partial receipt of
Equipment by Lessee from time to time prior to the commencement date of the lease computed from the respective dates of such receipts and said payment shall
become due and payable on the scheduled commencement date. If monthly or other periodic rental payments include the cost of a service contract,Lessee agrees to
pay any increase in such service contract costs as they are increased from time to time by the Lessor, in its sole discretion, in accordance with the Lessor's ordinary
business practice.
2. LOCATION AND USE The Equipment shall be located and used at the place designated on the reverse side and not elsewhere without the prior written consent of
Lessor. Lessee shall cause the Equipment to be maintained and operated carefully in compliance with manufacturer's recommendations and applicable laws and
regulations by competent and duly qualified personnel only and for business purposes only. i
3. REPRESENTATIONS AND WARRANTIES Lessor hereby assigns to Lessee for and during the lease term, the warranties, if any and if assignable, of the
manufacturer with respect to the Equipment and Lessor agrees that upon the prior written request of Lessee and at Lessee's expense,Lessor will co-operate with Lessee
in such enforcement of any warranty,guarantee or other obligation made by the manufacturer or supplier in respect of the Equipment as may be reasonably necessary.
Lessee acknowledges that Lessee alone has selected the Equipment and that Lessor is not a manufacturer or distributor or an agent thereof and there are no
agreements ,representations, warranties or conditions, oral or written, express or implied,legal,statutory,customary,collateral,or otherwise,given or made by Lessor
with respect to or in connection with the Equipment or this lease and the same are hereby expressly excluded. Lessee acknowledges that the essential element hereof is
lease financing only and the Lessee agrees to pay rent unconditionally to the Lessor without set-off or compensation in the event that the Equipment is not properly
installed, does not perform as represented by the manufacturer or supplier or totally or partially fails to function or perform.The Lessee will look to the Lessor only
for co-operation as aforesaid in the enforcement of any warranty,guarantee,or other obligation made by the manufacturer or supplier in respect of the Equipment.
4. EQUIPMENT OWNED BY LESSOR Title or ownership of the said Equipment is, and shall at all times remain, vested in Lessor and Lessee shall have not right of
property therein except the right to use said Equipment which right shall be exercised by Lessee and/or competent employees of Lessee.
THE UNDERSIGNED ACKNOWLEDGES TO HAVE READ THE ENTIRE LEASE AND ACCEPTS THE TERMS AND CONDITIONS THEREOF.
Executed.................................................................................................. NameofLessee:..* a.W.t.✓..........O.f .......1 !^!Cif.i:.<cfi.......................
..........
GLENORA LEASING INC. h.e. .......................................................................................................................E.*C.......... ....
The undersigned aflirms that he is duly authorized to execute this LEASE CONTRACT
BY: ...................................................................... ................................................................... BY:..........:.................................
..........................TITLE:......................................................................
Authorized Signature Authorized Signature
r,r, aY.
S.INSURANCE Lessee shall obtain and maintain for the entire term of this Areegment at in own expense,property damage and liability insurance and Insurance (e) the Lessor may
grant extensions of time,take and give out securities,accept composition,grant releases and discharges,release any part of the Equipment to
against loss w damage to the Equipment including without limitation,loss by fire(including extended coverage)theft,collision and such other risks of toss a are third parties and
otherwise deal with the Lessee,the debtor of the Lessee.sureties and others and with the Equipment and other securities as the Lessor may see
customarily covered by insurance on the type of Equipment leasad hereunder and by prudent operators of bustnessessimilar to that In which Lessee is engaged in such fit without Prejudice
to the liability of the Lessee or the Lessors right to hold and realize the Equipment:
amounts,in such form and with such insurers as shall be satisfactory to the Lessor.The amount of insurance covering damage to or less of the Equipment shall not be (f) all
monies collected and received by the Lessor in respect of the Equipment may be applied on account of such parts of indebtedness and liability of the Lessee
less than the greater of the full replacement value of the Equipment or the installments of rent then remaining unpaid hereunder,Each Insurance policy will name as to the Lessor
seems but all without prejudice to the Lessor's claims upon the Lessee;
Lessee and Lessor as insureds,will name Lessor a loss payee thereof,and shall contain a clause requiring the Insurer to give to Lessor at least 10 days prior written (g) the
Lessor may,if it deems it necessary or advisable for the proper realization of any or all of the Equipment.pay any encumbrance,lien,claim or charge that
notice of any alteration in the terms of such policy or of the cancellation thereof.Lessee shall furnish to Lessor A certificate of insurance w other evidence satisfactory may exist
or be threatened against same and in each such case the amount paid Together with costs,charges and expenses incurred in connection therewith shall
to Lessor that such insurance coverage is in eftec4 provided,however,that Lessor shall be under no duty either to asart+in the existence of or to examine suNS be added to the obligation
of the Lessee to the Lessor a hereby secured and shall bear interest at the rate of eighteen percent(18%)per annum calculated
insurance policy to advise Lessee in the event that such insurance coverage shall not comply with the requirements hereof.Lessee further Agrees to give Lessor prompt monthly.If,after
all the expenses of the Lessor in connection with the preservation and realization of the Equipment as above described shall have been satisfied
notice of any damage to or loss of the Equipment or any part thereof.Lessee will at in expense execute and complete all prooh of loss and other applications or and all obligations,including
contingent obligations of the Lessee to the Lasses shall have been satisfied and paid In full together with interest,any imbalance of
documents and take all other steps necessary to recover insurance benefits,unless advised in writing by Lessor that Lessor desires so to do,at Leirl expense. ninnies in the hands
of the Lessor arising out of the realization of the Equipment shall be paid to a person other man the Lessee whom the Lessor knows or
Proceeds of insurance will be disbursed by Lessor against satisfactory invoices for repair or replacement of Equipment,provided this lease is not then in default believes to be
the owner of or to have an interest in the Equipment,and in the absence of such knowledge,such imbalance may be paid to the Lessee.The Lessee
Performance by Lessee under this paragraph will not affect or release Lessee's obligations and liabilities under this agreement shall be liable for any resulting deficiency;
(h) the Lessor shall,in addition to any other rights as hereunder,be entitled to elect not to terminate this tease,a agent for the Lessee,with or without taking
possession of the said Equipment relet same for such period and upon such terms As it may deem fit.+r-d apply the net Proceeds of such retching against the
6.NO SUBLEASE OR ASSIGNM ENT OF LEASE BY LESSEE Lessee shall not transfer,deliver up possession of or sublet said Equipment and the lease hereby granted amounts payable hereunder
by the Lessee.The Lessee shalt be responsible for any resulting deficiency, 1
shall not be Assignable by Lessee without written permission of Lessor,which permission may be arbitrarily and unreasonably withheld w delayed.
fit in addition to any other rights set wee herein,the Lessee shall have Ali the rights of a secured creditor under the Personal Property Security Act(Ontario).
15.The Lessee IT agrees with the Lessor that the obligations of the Lessee hereby secured is the sum total of all Pat Present and future rental payments due or
to
T MAINTENANCE AND INSPECTION OF EQUIPMENT Lessee shall at all times and at Lessee's own expense keep said Equipment in good and efficient working become due or capable of becoming
due hereunder,without any dixwnt for present payment
order and repair and shall furnish any and all Parts.mechanisms and devices required to keep the Equipment in good mechanical and working order and shall enter into
A maintenance contract in this regard-Lessor,its employees andlor specifically appointed acents shalt at all reasonable times have access to said Equipment for the 16.The parties
hereto hereby acknowledge and agree that the acceleration of the rental payments as aforesaid upon default is reasonable,is a genuine pre-estimate or
purpose of inspecting it.Lessee shall repair,on notice from the Lessor,in accordance with such notice.Lence shall not without prior written consent of Lessor,make liquidated
damages and is not a penalty.However,in the event that any court of competent jurisdiction shall determine that such acceleration shall be A penalty,then
any alterations,additions or improvements to said Equipment.All such alterations,additions or improvements so made shall immediately belong to and become the the future rental
payments shall be discounted to their present value As at the date of default based on+capitalization rate of six percent per annum,or such greater or
property of Lessor. lesser rate a shall be determined by a count of competent jurisdiction to make such amount liquidated damages and not a penalty.All amounts which
are due on
default shell bear interest from such dam of default to a rate of eighteen per ant per annum calculated monthly.
8.COMPLIANCE BY LESSEE WITH ALL LAWS,ORDINANCES,ETC.Lessee shall comply with and conform to all laws,ordinances and regulations present or
future,in any way relating to the ownership,possession,use or maintenance of said Equipment throughout the term of this lease in order to prevent any and all 17•RETURN OF EQUIPMENT
UPON TERMINATION Upon termination of this lease for any reason,Lessee shall at in cost return said Equipment to Lessor by
liability on the pan of Lessor.Lessee shall pay all licence fees,registration fees,assessments,charges and taxes(MunicipaiProvinciat and Federall,which may be levied delivering
the same packed for shipment to such place or catrier within Me municipality in which said Equipment is than located,As Lessor shall specify,and if Lessee
sses:ed directly or indirectly against or on account o1 the said Equipment or any interest therein or use thereof.If Lessee shall fail to pay such liana fees, fails to do
so,Lessor shall have the right to enter upon the prom n where said Equipment may be and take Possession of and remove it at Lessee's expense,with or
registration fees,Assessments,charges or taxes Lessor may pay such licence fees,registration fees.Assessments,changes and taxes as the can may be in which event without legal
process,Lessee hereby waiving any claims for damages which it might otherwise have by reason of any such entry,taking or removal.If said Equipment
the cost thereof shall constitute additional rent,which shall be forthwith due and payable and Lessor shall be entitled to all rights and remedies in respect thereof when returned
to or recovered by Lessor,is not in good condition and repair,Lessor may make all repairs And replacements necessary to place it in a good condition
provided herein in the event of default of payment of such rent. As it was at the date of the commencement of the term hereof,reasonable wear and nor+ione excepted,And
Lame shall pay the cost of such repairs and replwemenu
upon demand As so much additional rent
9.EQUIPMENT TO BE KEPT FREE OF LIENS,CHARGES,ENCUMBRANCES AND RIGHTS OF THIRD PARTIES OF ANY KIND AND NATURE 18.REPLACEMENT OF EQUIPMENT If,on or before the expiry of the
term of this lease,Lame wishes to replace said Equipment with new or improved
Lessee shell keep the Equipment free of liens,charges,encumbrances and rights of third parties of any kind or nature.Lessee agrees not To sell,asalgn,sublet,pledge, Equipment
the Lessee shall make a written request to Lessor not last than sixty days before the expiration of the term of this team and,provided that Lasses is able to
hypotheate or otherwise encumber,deal with or suffer a lien or charge upon or against any interest in this Agreement or the Equipment obtain such new or improved Equipment
and is willing to make it available to Lessee,at a rental Acceptable to Lessor,Lessor shall enter into a new Ieae of that
Equipment with Lessee wherein the rental payments shall be based upon the Lessors net cost of such new or improved Equipment after giving effect to any allowance
10.INDEMNIFICATION OF LESSOR BY LESSEE Lessee shall indemnity Lessor against and hold Lessor harmless from any and all claims,actions,suits,proceedings, by away of a trade4n
made or granted for the Equipment leased hereunder,plus the remaining Indebtedness,if any,As defined in paragraph 15.
costs,expenses,damages and liabilities,including fees of legal counsel arising out of,connected with or resulting from the Equipment including,without limitation, 19.WAIVER
BY LESSOR No covenant or condition of this lease can be waived exce
the manufacture,selection,delivery,installation,possession,use,operation or return of the Equipment or otherwise on Account of any personal injury or death or pt by written
consent of Lessor and forbearance or indulgences by lessor in any
damage to property occasioned by the said Equipment during the term hereby created or on account of any infringement or alleged infringement of patent occasioned regard whatsoever
shall not constitute+waiver of the covenant or condition to be performed by Lessee to which the same may apply and,until complete performance
by operation of said Equipment by Lessee of said covenant or condition,Lessor shall be entitled to invoke any remedy Available to Lessor under this lease by law,despite
saidforbearance or indulgence.
20.COLLECTION CHARGES Should Lessee fail to pay when due any part of the rent herein reserved or any sum required to be paid to Lessor hereunder,Lessee
11.EQUIPMENT TO REMAIN PERSONAL PROPERTY The Lessee shall insure that and hereby agrees that the said Equipment thail at all times during the term shall pay to Lessor,in addition
thereto,a late charge of ten dollars(510.00)for each month or part thereof for which said rent orother sumshall be delinquent together
of this Ieae be and remain personal or moveable property,regardless of the manner in which it may be attached to any real estate.Lessee shall install'mid Equipment with interest
on any and all delinquent payments and amounts in default from date thereof until paid in full at the rate of eighteen percent per annum calculated
In a manner which will permit its removal without material injury to the pine of installation.Lessee shall be responsible for any damage done to any real estate, monthly.
building or structure by the removal of said Equipment and shall indemnify and save harmless Lessor therefrom.
21.TIME OF THE ESSENCE-NOTICES Time is of the essence of this Ieae and each and all of its provisions.Any notices and demands required to be given or
made herein shall be given or made to the parties in writing and by regular mail A the address herein set forth or to such other address as the parties may
12.ASSIGNMENT BY LESSOR Lessor shall be permitted to Anlgn this lease without notice and such assignment shall not be subject to the equitles n between Lessor hereafter substitute
by written notice given in the manner prescribed in this paragraph.
and Lessee and such assignment shall not operate to release Lessee from any of in obligations hereunder. 22-BINDING UPON HEIRS,EXECUTORS,SUCCESSORS AND ASSIGNS Subjem to the
terms hereof,this lease shall enure to the benefit of and be binding
upon the successors and assigns of the respective parties hereto and the heirs,executors and administrators of Lessee,if an individual.
13.EVENTS OF DEFAULT Each of the following shall constitute an event of default:
lA) if Lessee makes or proposes an assignment for the benefit of creditors or compromise or arrangement with in creditors; 23.11EADINGS Insertion of headings in this Ieae
4 for convenience of reference only and shall not affect the Interpretation hereof.
Ib) if Lessee admits in writing in inability to pay in debts generally as they fall due,threaten or ceases to carry on in business;
(cl if a receiver,trustee or similar official is appointed for Lessee or any of its property; 24ANTERPRETATION It is hereby agreed by and between the parties hereto that
whenever the context of this lam so requires,the singular number shall include
(d) if a petition in bankruptcy or a petition for morganlzation or liquidation of Lessee under any federal or provincial law if filed by or against Lessee,or the Lessee the
plural and vice versa,and that words importing the masculine gender shall include the feminine and neuter genden and that in case more than one lessee
takes any action or proceeding to dissolve or wind up the Lesstu,or the Lessee Is wound up or dissolved; is named As Lessee,the fiability,of such lessen shall be pint and
several.
(e) if Lessee commits any other art of bankruptcy or does or cmin to do any other thinq in furtherance of any of the Aforesaid purposes:
(1) if all or any part of said Equipment is,or is in imminent danger of being confiscated,attached,sequestered or seized under legal process,or that the Lessee sells 25.EVIOENCE
OF PAYMENTS Lessee shall produce to Lena from time to time at the request of Lessor satisfactory evidence of the due payment by Lessee of
the Equipment or makes A bulk sale of in assert; all payments required to be made by Lessee under this lease.
Igl if any rent payment or any other sum payable hereunder is in arrears;
(h) ii Lessee fails to observe or perform any term,covenant or condition of this lease or of any other lease or other agreement between Lessor and Lessee whether
heretofore or hereafter made: 2 6,NON'CANCELLABLE LEASE This Ieae cannot be cmeelied w terminated except as expressly provided herein and will remain in fora lot the full
term
G1
if the Lessor deems itself insecure.in its sole deseretion: indicated herein.
27.LEGAL EXPENSES If this lease is placed In the hands of a solicitor,Lessee Agrees to pay all costs,charges and expenses,incurred by Lessor As well as legal
14.Upon the occurrence of any event of default set forth above,or any default by the Lessee in the performance of any of in contractual or monetary,statutory fees which Lessor
will be obliged to pay in solicitor on a solicitor and client basiA.
or other obligations in connection with the Equipment,then at the option of the Lessor,all sums due,to become due or capable of becoming due hereunder together
ith any accrued interest,a more particularly set out in paragraph 15 hereof,shall immediately become due and payable and in such event: 2&GOVERNING LAW This Ieae agreement
shall be interpreted and enforced in accordance with the laws of the Province of Ontario.Any provision of this
(a) the Lessee shall forthwith deliver to the Lessor possession of such part of the Equipment as may be specified by the Lessor; agreement which is unenforceable shall be
ineffective to the extent of such prohibition or unenforceabili without invalidating the remaining
Ibl the Lessor may seize,collect,realize,borrow money on the security of,relene to third parties or otherwise deal with the Equipment or any part thereof,in ty, 9
rug Provision.
such manner,upon such terms and conditions se
itions and at such time or times n may be seem to it advisable and without notice to the Lee except a otherwise 29.CREDIT INVESTIGATION The Lessee hereby consents to the Lessor
conducting a personal investigation or credit check upon the Lessee subject to applicable
required try any applicable law and may charge on its own behalf and pay to others sums for expenses incurred and for services rendered in or in connection with legislation.
the seizing,realizing,borrowing on the security of or selling of the Equipment and may add the amounts of such sums W the indebtness of the Lessee to the
Lessor hereunder; 30 PROCEEDS Thu Agreement and any security hereby granted shall extend to an
(e) t its option upon notice to the lessee,the Lessor may elect to retain all or any part of the Equipment in satisfaction of the obligations of the Lessee to the Y Property,real,personal
or otherwise,inducting money,in any any derived or
Lessor; arising from the Equipment and shalt form part of the Equipment hereunder.
(d) the Lessor shall not be liable for or accountable for any failure to seize,realize or sell the Equipment w any part thereof and shall not be bound to institute
proceedings for the-,pose of seizing,realizing or obtaining possession of same or for the purpose of preserving any rights of the Lessee.Lessor or any other 31.FURTHER ASSURANCES
The Lessee hereby agree to examl an cau cu
d se To be executed all such financing statements,aswrane s,documents and instruments
ptrson,firm or corporation in respect of same; and to do And cause ail things to be done a may be necessary or desirable to better implement the terms of this agreement and
the security hereby granted.
---�-- G LENORA LEASING INC.
R.R. 4, Picton, Ontario KOK 2T0
(613) 476-8102 Fax (613) 476-8102
EQUIPMENT ACCEPTANCE
DELIVERY RECEIPT
Date:
The undersigned Lessee acknowledges delivery and/or installation of the personal property herein below described which is the property
described in a Lease in which the undersigned is Lessee and Glenora Leasing Inc.is Lessor.The undersigned acknowledges that such pro-
perty has been inspected,is operating satisfactorily and in all respects is as represented.
EQUIPMENT QTY. MODEL DESCRIPTION SERIAL NO.
To
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to 3"7t ZtiC a - DNS
Complete with all accessories, where applicable.
All of the items referred to above were received by us in good order and condition,and are acceptable to us.It is understood and agreed that
Glenora Leasing Inc. in no way or manner assumes any responsibility,either now or hereafter,for the use,performance,functioning,
maintenance or service of the equipment,for malicious damage or for its suitability or adaptability for any particular purpose in accor-
dance with the terms of the aforesaid Lease Contract.
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Legal Name of Lessee
Per:
Location of Equipment:
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