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Home My WebLink AboutA8413 - TCF EQUIPMENT FINANCE�tCf Delivery and Acceptance "Lessee" City of Palm Springs, CA,1885 Golf Club Drive, Palm Springs, CA 92264 "Lessor" TCF National Bank, I l l West San Marnan Dr, Suite A2 West, Waterloo, IA 50701-8926 Delivery and Acceptance agreement attached to and made a part of Lease 008-0185560-101 dated August 27, 2019 (the "Lease"). This Certificate relates to the Equipment (the "Equipment") that is described in the Lease. Pursuant to the Lease, Lessee acknowledges that Lessor has acquired the Equipment in connection with the Lease and Lessee has either received a copy of the purchase agreement with the vendor of the Equipment on or before signing the Lease or has approved such purchase. Lessee hereby represents, warrants and certifies that (i) all of the Equipment has been delivered to Lessee at the Equipment Location set forth in the Lease and has been installed, tested and inspected by Lessee or duly authorized representatives of Lessee, (ii) the Equipment Description set forth in the Lease is complete and correct, (iii) the Equipment, together with any supporting documentation, is exactly what Lessee ordered, is in good working order, is satisfactory in all respects and has been accepted by Lessee under the Lease as of the Acceptance Date set forth below, and (iv) there has been no adverse change in the business or financial condition of Lessee or any guarantor of the Lease since the day the most recent financial statement of Lessee or any guarantor was submitted to Lessor. If Lessee has made a deposit to the Equipment vendor(s), by signing this Certificate, Lessee hereby transfers all of Lessee's right, title and interest in and to the Equipment to Lessor, except to the extent set forth in the Lease, whether or not Lessee has been reimbursed for the deposit(s). IMPORTANT: LESSEE SHOULD SIGN THIS CERTIFICATE ONLY AFTER LESSEE HAS RECEIVED AND IS COMPLETELY SATISFIED WITH THE EQUIPMENT. BY SIGNING THIS CERTIFICATE, LESSEE (1) IS IRREVOCABLY ACCEPTING THE EQUIPMENT, (2) BECOMES ABSOLUTELY AND IRREVOCABLY OBLIGATED TO LESSOR UNDER THE LEASE, AND (3) MAY NOT THEREAFTER REJECT THE EQUIPMENT, CANCEL OR TERMINATE THE LEASE OR DENY ANY STATEMENT MADE IN THIS CERTIFICATE, FOR ANY REASON WHATSOEVER Acceptance Date: fOd Lessee: City of Palm Springs, CA 7Byr:;� itle: Printed Name: 43 � Please Complete and return this document by Fax to 800-741-8079 upon delivery and acceptance of the financed Equipment. De6very_Accepte a ver. OSl04l2011 392782 SL 8/27/2019 10:25 AM 3462583 3462347 3462535 3462339 3462198 3462514 3462219 3462186 3462512 3462403 3462357 3462529 3462384 3462408 3462511 3462337 3462398 3462231 3462213 3462395 3462531 3462217 3462225 3462232 3462360 3462210 3462507 3462221 3462374 3462233 3462400 3462228 3462187 3462214 3462201 3462195 3462369 3462387 3462196 3462346 3462404 3462216 3462382 3462388 3462223 3462336 3462334 3462224 3462366 3462343 3462226 3462340 3462222 3462227 3462191 3462527 3462229 3462183 3462546 3462344 3462189 3462544 3462353 3462399 3462625 3462359 3462391 3462572 3462362 3462350 3462619 3462372 3462215 3462622 3462381 3462407 3462553 3462383 3462365 3462566 3462396 3462349 3462573 3462401 3462397 3462624 3462516 3462211 3462581 3462517 3462363 3462361 3462526 3462342 3462576 3462532 3462199 3462582 3462533 3462386 3462574 3462536 3462402 3462620 3462537 3462538 3462540 3462541 3462543 3462545 3462547 3462548 3462550 3462551 3462554 3462556 3462557 3462220 3462580 3462193 3462564 3462406 3462508 3462355 3462523 3462335 3462539 3462393 3462352 3462394 3462528 3462371 3462188 3462197 3462525 3462367 3462510 3462218 3462530 3462203 3462524 3462559 3462560 3462561 3462563 3462565 3462568 3462570 3462571 3462577 3462578 3462621 Tabitha Richards From: Alexander, Brandon <balexander@centurygolf.com> Sent: Wednesday, December 18, 2019 1:58 PM To: Tabitha Richards Cc: Marcus Fuller; Gaudet, Andy; Hamill, Chris Subject: TCF Acceptance of Golf Cart Fleet Attachments: 2019 golf cart fleet serial numbers.xlsx; dots - 2019-09-30T102015.264.pcif Tabitha, The spreadsheet is a list of serial numbers of 152 EZGO golf cars delivered to Tahquitz Creek Golf Resort between late November and early December. All specifications were met as quoted and ordered. The last page of the second attached document title Delivery and Acceptance needs to be signed by the owner the City of Palm Springs as part of the lease. You can return it to me. Please let me know if you have any questions. Thanks, Brandon atcf Equipment Schedule (Fair Market Value Purchase Option) The "Lease": Equipment Schedule Number 008-0I85560-101 Dated August 27, 2019 to Master Lease Number 185560L Dated September 13, 2016 "Lessee" City of Palm Springs, CA, 1885 Golf Club Drive, Palm Springs, CA 92264 Contact Marcus Fuller Phone: "Lessor" TCF National Bank I I I West San Marnan Dr, Suite A2 Wes!, Waterloo, fA 50701-8926 yu,N-1— — c icuu,c r u cntercu into pursuant to aru incorporates Inc terms of Inc master Lease (except as expressly modified by this Schedule) identified above between Lessor and Lessee (the "Master Lease" and, together with this Schedule, this "Lease"). All capitalized terms not otherwise defined in this Schedule have the meanings assigned in the Master Lease. Upon execution and delivery of this Schedule by Lessor and Lessee, and Lessee's acceptance of the Equipment described below, Lessor leases to Lessee and Lessee leases from Lessor the Equipment on the terms and conditions of this Lease SUMMARY OF TERM AND RENTAL PAvNiF]KTC- Commencement Initial Term Rent Payment Each Rent Payment Advance Rent Payment(s) Interim Rent Security Deposit Date 36 Period S111939.60 N/A Daily Factor Months Monthly plus applicable takes For installments(s) NSA N/A _ except financed sales tax N/A included in cost of the equipment v,r mm� ,, rcnay.�n,, rKVrGtt r 1. JLKw Il.-CJ At\UtUK JVl' I NAKt t ne ^ tit inert" Description(including features Location (152) 2020 EZ-GO TKT Electric Golf Cars together with all attachments and accessories 1885 Golf Club Drive, Palm Springs. CA 92264 thereto Each Rent Payment shall be payable in arrears on the date that is one month after the Commencement Date and on the same day of each subsequent Rent Payment Period for the Initial Term and any renewal tern. The following additional provisions apply to the Equipment and this Lease only: 1 So long as this Lease has not been canceled or terminated early and no Event of Default exists, upon expiration of the Initial Term ("Lease End"), Lessee may purchase all, but not less than all, of the Equipment for the Fair Market Value of the Equipment, plus all sales and use taxes arising on the sale of the Equtpment For purposes of this Lease, "Fair Market Value" of the Equipment at any time means the estimated amount that a willing buyer and a willing seller would pay for the Equipment on an installed basis. as mutually determined by Lessor and Lessee. if Lessor and Lessee are unable to mutually determine the Fair Market Value, at Lessees request and expense, Lessor shall select and hire a third -party certified appraiser to determine the Fair Market Value and such appraiser's determination shall be binding on the Lessor and Lessee. To exercise the foregoing purchase option, Lessee must give written notice thereof to Lessor at least 90 days and no more than 120 days prior to Lease End. If Lessee fails to give such notice, or if the parties cannot agree on the Fair Market Value of the Equipment by 45 days before Lease End. then the purchase option shall lapse If the purchase option lapses, then at least 30 days before Lease End or the end of any renewal term, Lessee must give Lessor notice of its intent to return the Equipment and request return location instructions. If Lessee fads to give such notice, or gives notice but fails to return the Equipment in accordance with Section 5 of the Master Lease, this Lease will automatically renew, at the same rental and other terms set forth in this Lease. for additional successive noncancelable one -month terms after the initial Term until timely written notice of return and proper return of the Equipment is made 2 If Lessee gives timely notice of election to purchase the Equipment as provided in paragraph i and fads to timely pay the purchase price. then Lessor may, in its sole discretion, by written notice to Lessee (a) treat the Equipment as purchased and enforce payment of the purchase price. (b) declare a failure to meet the purchase conditions whereupon Lessee's interest in the Lease and Equipment shall automatically be canceled and Lessee shall return the Equipment in accordance with Section 5 of the Master Lease. or (c) treat the Lease as automatically renewed, at the same rental and other terms set forth in this Lease, for additional successive noncancelable one -month terms after the Initial Term until timely written notice of return and proper return of the Equipment is made 3 Upon Lessee's exercise of the purchase option and Lessor's receipt of the purchase price plus applicable sales and use tax and any rent or other amount owv-ng under this Lease. the Equipment will be deemed transferred to Lessee at its then location and, on Lessee's request at such time, Lessor will deliver to Lessee a bill ofsale for the Equipment, "WHERE IS, AS IS" WITHOUT ANY WARRANTY AS TO TITLE OR WITH RESPECT TO THE EQUIPMENT, EXPRESS OR IMPLIED 4 If Lessor suffers a Tax Loss because, for federal or state income tax purposes, for any reason, this Lease is not a true lease or Lessor otherwise is not entitled to depreciate the Equipment in the manner Lessor anticipated when entering into this Lease, then Lessee shall pay Lessor, as additional rent hereunder, a lump -sum amount which, after payment of all federal, state, and local income taxes on the receipt of such amount, and using the same assumptions as to tar benefits and other matters Lessor used in originally evaluating and pricing this Lease, will in Lessor's reasonable opinion maintain Lessor's net after-tax rate of return with respect to this Lease at the same leve? it would have been had such Tar Loss not occurred Lessor will notify Lessee of any claim that may give rise to indemnity hereunder and will make a reasonable etTon to contest any such claim at the administrative level of the applicable taxing authority Lessor shall control all aspects of any settlement and contest. and Lessee agrees to pay the legal fees and other out-of-pocket expenses thereofeven if Lessor's defense is successful. Notwithstanding the foregoing. Lessee will not be obligated to indemnify Lessor for any Tax Loss caused solely by (a) a casualty Loss to the Equipment if Lessee pays the amount required under Section 8 of the Master Lease, (b) Lessor's sale of the Equipment other than on account of an Event of Default, (c) failure of Lessor to have sufficient income to utilize its anticipated tax benefits or to timely claim such tax benefits, and (d) tax law changes. including rates, effective after the Lease begins. Lessee's indemnity obligations hereunder shall survive cancelation and termination of this Lease For purposes of this paragraph, the term "Tax Loss', means Lessoes loss of. or loss of the right to claim, or recapture of, all or any part ofthe federal or state income tax benefits lessor anticipated as a result ofentering into this Lease and owning the Equipment, and the term "Lessor" shall include any member of an affiliated group of which Lessor is (or may become) a member if consolidated tax returns are filed for such affiliated group for federal income tax purposes Lessor: TCF National Bank Lessee: City of Palm Springs, CA EST: sty Clerk 4 :ir_S:'hFLIV 1lum ver 02 l l t6 392782 SL 91302019 8 15 Axi By: W APPROVE® AS TO FORM a ----._ 11 dNMfORNEY Operations - T.C. David Ready, City Manager APPROVED BY CITY COUNCIL M113 S lt�ajli Page I Municipal Insurance Cooperative CERTIFICATE OF COVERAGE Issue Date 10/31/2019 Safety National Casualty Corporation ADMINISTRATOR: LICENSE # 0451271 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY Keenan & Associates AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS 2355 Crenshaw Blvd., Suite 200 CERTIFICATE DOES NOT AMEND, EXTEND OR ALTER THE COVERAGE Torrance, CA 90501 AFFORDED BY THE COVERAGE DOCUMENTS BELOW. ENTITIES AFFORDING COVERAGE: 31 0-12-0363 WWW. eenan.com ENTITY A. Municipal Insurance Cooperative ENTITY a Safety National Casualty Corporation COVERED PARTY: Citty� of Palm Spprin s 3200 E Tahquft2 �anyon Way Palm Springs CA 92263 ENTITY Affiliated FM insurance Company ENTITY D. ENTITY E: THIS IS TO CERTIFY THAT THE COVERAGES LISTED BELOW HAVE BEEN ISSUED TO THE COVERED PARTY NAMED ABOVE FOR THE PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACTOR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAYBE ISSUED OR MAY PERTAIN. THE COVERAGE AFFORDED HEREIN IS SUBJECT TO ALL THE TERMS AND CONDITIONS OF SUCH COVERAGE DOCUMENTS. MEMBER ENT TYPE OF COVERAGE COVERAGE EFFECTIVE! RETAINED LIMIT LIMITS LTR DOCUMENTS EXPIRATION DATE / DEDUCTIBLE A GENERAL LIABILITY COMBINED SINGLE LIMIT EACH OCCURRENCE 1,6GENERAL LIABILITY! MADE CK:CtJRR'E:NCE MIC-19200007 7/1/2019 $ 650,000 $ 1,000,000 ( �}CLAIMS ( I Vj GOVERNMENT CODES 7/1/2{�20 ERRORS & OMISSIONS Il AUTOMOBILE LIABILITY COMBINED SINGLE LIMIT EACH OCCURRENCE I I ANY AUTO $ S I I HIRED AUTO I I NON -OWNED AUTO I I GARAGE LIABILITY ( I AUTO PHYSICAL DAMAGE C PROPERTY SS317 7/1/2019 S 10,000 S 375,000 I ALL RISK 7/ 1 /2020 EACH OCCURRENCE ( EXCLUDES EARTHQUAKE & FLOOD I I BUILDER'S RISK STUDENT PROFESSIONAL LIABILITY 5 5 EACH OCCURRENCE WORKERS COMPENSATION ( J WC STATUTORY LIMITS I I GTIIER I J EMPLOYERS LIABILITY g $ E.L. EACH ACCENT $ EXCESS WORKERS COMPENSATION ( I EMPLOYERS' LIABILITY E.L. DISEASE - EACH EMPLOYEE S E L. DISEASE - POLICY LIMITS OTHER $ 5 DESCRIPTION OF OPERATIONSJLOCATIONSIVEHICLESIRESTRICTIONSISPECIAL PROVISIONS: As respects to the Master lease agreement for the lease of equipment for the Tahquit2 Creek Golf Resort. CERTIFICATE HOLDER: CANCELLATION ...... SHOULD ANY OF THE ABOVE DESCRIBED COVERAGES BE CANCELED BEFORE THE EXPIRATION DATE THEREOF, THE ISSUING ENTITYIJPA Yamaha Motor Finance Co oration, U.S.A WILL ENDEAVOR TO MAIL. DAYS WRITTEN NOTICE TO THE CERTIFICATE HOLDER NAMED TO THE LEFT, BUT FAILURE TO MAIL SUCH NOTICE SHALL Attn: Commercial Finance Group IMPOSE NO OBLIGATION OR LIABILITY OF ANY KIND UPON THE ENTITYIJPA, ITS 6555 Katella Avenue AGENTS OR REPRESENTATIVES. Cypress CA 90630 John Stephens AUTHORIZED REPRESENTATIVE vw eCaufbMx-1 52077790 1 PALMsPRc I Master Certificate 2019 2020 $1M Melissa Gomez 1 10/31/2019 lo;55:01 AM i:POf) Page 1 of 2 rt This ceificate cancels and supersedes ALL previously issued certificates. Thu.31 Oct 2019 14:20:42 ADDITIONAL COVERED PARTY ENDORSEMENT It is agreed that the person or organization named on the Certificate of Coverage is included as an Additional Covered Party, but only with respect to liability arising out operations performed by or on behalf of the coverage agency or facilities owned or used by the covered agency. The coverage afforded by this memorandum to additional covered parties shall be no broader and for no higher limit of liability than that which is required by the contract between a covered agency and the additional covered party Additional Covered Pa NAME OF PERSON OR ORGANIZATION SCHEDULED PER ATTACHED CERTIFICATE OF COVERAGE As Respects: PER ATTACHED CERTIFICATE OF COVERAGE It is further agreed that nothing herein shall act to increase the Authority's limit of liability. This endorsement is part of the Memorandum and takes effect on the effective date of the Memorandum unless another effective date is shown below. All other terms and conditions remain unchanged. Effective Date: Issued to: ALL MEMBERS r i Cr�3 uw� Leslie Delozier MIC 1PA Manager Authorized Representative Municipal Insurance Cooperative Excess Liability Memorandum of Coverage Memorandum No.: MIC-1920 Issue Date: July 1, 2019 V' 2017 Keenan &Associates. All Rights Reserved. Thu,31 Oct 2019 14:20:42 CONTRACT ABSTRACT 1 Originals: Delivery and Acceptance Contract Company Name: TCF Equipment Finance, a division of TCF National Bank Company Contact: Matt Stangl, Business Development Manager, Golf Summary of Services: Lease of 152 Golf Carts for Tahquitz Creek Golf Course Contract Price: $469,584.47 (Monthly lease payments of $13,044.01) Funding Source: Golf Course Operations and Maintenance Fund Contract Term: 3 Year Lease Contract Administration Lead Department: Assistant City Manager Contract Administrator: Marcus L. Fuller Contract Approvals Council Approval: October 23, 2019 Resolution Number: 24661 Agreement Number: Equipment Schedule No. 008-0185560-101 Contract Compliance Exhibits: On file Signatures: On file Insurance: On file Bonds: N/A Contract Prepared By: TCF Equipment Finance 14��+ � �� A- Joit;A Submitted on: 12/19/19 By: Tabitha Richards