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source,
<br /> Bank
<br /> Specialty Finance Group
<br /> MASTER EQUIPMENT LEASE AGREEMENT
<br /> This Agreement made this 160'day of April,2009 by and between 1st SOURCE BANK with offices at 100 North Michigan Street, 3`d Floor, South
<br /> Bend, IN 46601 and a mailing address of P.O. Box 783, South Bend, IN 46624 ("LESSOR")and CITY OF BATESVILLE (AR), a Municipality,
<br /> with its principal place of business at 500 East Main Street,Batesville,AR 72501 ("LESSEE").
<br /> Statement of Purpose
<br /> LESSOR and LESSEE expect that LESSEE may, during the term of this Agreement,wish to lease cars,trucks,motor vehicles,equipment
<br /> and accessories and attachments thereto(hereinafter referred to as"Equipment"). The purpose of this Agreement is to establish a procedure for
<br /> entering into leases during the term hereof and to establish the terms and conditions applicable to such leases.
<br /> Now,THEREFORE,in consideration of the material promises contained herein,LESSOR and LESSEE agree as follows:
<br /> 1. Lease Supplements. If LESSOR and LESSEE agree to lease Equipment pursuant to this Agreement,they shall execute a Lease Supplement in
<br /> such form as may be required by LESSOR ("Supplement"). All of the terms and conditions of this Agreement shall be automatically
<br /> incorporated by reference in each such Supplement. Upon execution by LESSOR and LESSEE,the Supplement shall constitute the lease of the
<br /> Equipment described therein.
<br /> 2. Delivery. LESSEE shall inspect all Equipment leased pursuant to this Agreement immediately upon its delivery to LESSEE. If the Equipment
<br /> is acceptable to LESSEE, it shall execute a Delivery Receipt, in such form as may be required by LESSOR. Upon execution thereof, the
<br /> Equipment shall be conclusively presumed to be accepted by LESSEE,in good and serviceable condition and fully satisfactory to LESSEE. All
<br /> costs related to the delivery of the Equipment to LESSEE shall be the sole responsibility of LESSEE.
<br /> `,. Term. The lease term for the Equipment shall be as specified in the Supplement. If any such.term is extended,the word"term"as used in this
<br /> Agreement shall be deemed to refer to the term as so extended and all provisions of this Agreement shall apply during and until expiration of
<br /> said extended term. The lease shall not be terminated by LESSEE for any reason whatsoever.
<br /> 4. Rent. Lessee agrees to pay LESSOR rent with respect to the Equipment at the time and in the amounts set forth in the Supplement. LESSEE's
<br /> obligation to pay rent and other amounts payable hereunder shall be absolute and unconditional and shall not be affected by any offset,defense,
<br /> counterclaim or occurrence whatsoever,including but not limited to any defect or failure of performance of the Equipment or any interruption or
<br /> cessation in the use of possession of the Equipment by LESSEE. If LESSEE fails to fully pay any lease payment or any amount required to be
<br /> paid by LESSEE to LESSOR within ten(10)days of the due date,LESSEE will pay to LESSOR interest on each delinquent payment equal to
<br /> one percent(1%)per month,pursuant to I.C. 5-7-5.
<br /> 5. Insurance and Liability. With respect to all Equipment leased pursuant to this Agreement,LESSEE agrees as follows:
<br /> 5.1 LESSEE assumes all risk and liability arising from LESSEE's possession,use and operation of the Equipment and agrees to indemnify
<br /> and hold LESSOR harmless from any and all of the following, whether the same be actual or alleged: all loss, damage, claims, suits,
<br /> taxes,licenses,penalties,fines,liability and expense,including attorney's fees,howsoever arising or incurred because of any possession,
<br /> use or operation of the Equipment, including, but not limited to, damages, injuries or death to persons or injury or destruction of
<br /> property,claims and liens for storage,labor and materials,and all loss and damage to the Equipment.
<br /> 5.2 LESSEE shall provide public liability insurance in the amount of One Million Dollars($1,000,000.00)for bodily injury in the amount of
<br /> One Million Dollars ($1,000,000.00) for property damage. LESSOR will be named as an additional insured and LESSEE agrees to
<br /> provide proof satisfactory to LESSOR that adequate and appropriate insurance is in force at all times.
<br /> 5.3 LESSEE shall provide comprehensive insurance in an amount not less than the total of all remaining lease payments due tinder this
<br /> Agreement and Supplements for Equipment, or with LESSOR's prior written consent,may self-insure against any or all risks. LESSOR
<br /> will be named as a loss payee and/or additional insured in all of said policies and the insurance company must be satisfactory to
<br /> LESSOR. LESSEE shall furnish a Certificate of Insurance to LESSOR prior to delivery of possession of the Equipment to LESSEE.
<br /> Such policy shall contain a clause giving LESSOR Thirty (30) days' prior notice of cancellation. If LESSEE fails to maintain the
<br /> required insurance,LESSOR may,but shall not be obligated to,insure said Equipment at the expense of LESSEE. If LESSOR pays the
<br /> (W insurance premiums,LESSEE agrees to pay LESSOR on demand such amount with interest at the rate of One percent(1%)per month,
<br /> pursuant to I.C.5-7-5, from the date of payment until fully paid by LESSEE. LESSEE assigns to LESSOR any monies paid under such
<br /> insurance coverage, by whomever obtained. LESSEE authorizes LESSOR to receive or collect any money paid under such insurance,
<br /> endorse checks or drafts payable to LESSEE related to the payment,cancel the insurance or settle or release any claim with respect to the
<br /> insurance. Any proceeds remaining after all lease obligations of LESSEE to LESSOR are satisfied shall be delivered to LESSEE.
<br /> EEF40180 New 3/17/00
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