2008/02/13 Council Agenda Packet

• EXHIBIT A RENTAL SCHEDULE NO. PFG432830003 This Rental Schedule dated and effective as of May 20th , 2003 is attached to and governed by the terms and provisions of the Master Lease Agreement dated May 20th , 2003 ("Lease") by and between PFG Golf a division of Information Leasing Corporation ("Lessor") and Everett Golf Management, Inc.,Legion Memorial Golf Course("Lessee'). All the terms used herein which are defined in the Lease shall have the same meaning herein. 1. The Equipment leased hereunder is as follows: Model Number Quantity and Description Equipment Serial No. Quantity Description Serial No. 36 (36)E-Z-Go TXT Electric Carts Lease Terms: Initial Term:72 Months Rental Commencement Date: Rent: $1,848.96 payable monthly in advance.Tax Exempt 2. The Initial Term of the lease of the Equipment shall commence upon the Acceptance Date as indicated on the Certificate of Acceptance (the"Lease Commencement Date") and shall continue until expiration of the number of payment periods specified above after the Rental Commencement Date, which shall be the first day of the first calendar month following the Lease Commencement Date. Lessee hereby authorizes Lessor to insert the Rental Commencement Date upon its receipt of the Certificate of Acceptance. Rent in the amount specified above, plus applicable taxes,shall be due on the Rental Commencement Date and on the same day of each and every consecutive payment period thereafter for the Initial Term. All Rent shall be due and payable to Lessor at such place as Lessor shall designate in writing. Additionally,Lessee shall pay, as interim rent,due and payable monthly in advance, for the period from and including the Lease Commencement Date to and including the day immediately preceding the Rental Commencement Date. The daily rent will be calculated on a 360 day year; 3. Stipulated Loss Values as set out on Exhibit I attached hereto and incorporated herein; 4. Options. Notwithstanding anything contained in the Lease to the contrary, so long as no default shall have occurred and be continuing, Lessee may, at Lessee's option, (i) purchase the Equipment leased pursuant to this Rental Schedule on an "as is, where is" basis, without representation or warranty, express or implied, at the end of the Initial Term at a price equal to the Fair Market Value thereof, plus applicable taxes, or (ii) extend the term of the Initial Term with respect to the Equipment leased pursuant to this Rental Schedule for the Fair Market Rental, plus applicable taxes, and for a period of time mutually agreeable to Lessor and Lessee. "Fair Market Rental" shall be equal to the monthly rental which could be obtained in an arms-length transaction between an informed and willing lessee and an informed and willing lessor under no compulsion to lease. "Fair Market Value" shall be equal to the value which would be obtained in an arms-length transaction between an informed and willing buyer and an informed and willing seller under no compulsion to sell, and in such determination, costs of removal of the Equipment from its location of current use shall not be a deduction from such value. If Lessee and Lessor cannot agree on the Fair Market Value thereof,such value shall be determined by appraisal at the sole expense of Lessee. Appraisal shall be a procedure whereby two recognized independent appraisers, one chosen by Lessee and one by Lessor, shall mutually agree upon the amount in question. 1 Counterpart 1 of 2 (Only Counterpart 1 Hereof Shall Constitute Chattel Paper for the purpose of transferring or securing interest herein) I. 7