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AG 2011 07 18
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AG 2011 07 18
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Last modified
7/19/2011 2:20:33 PM
Creation date
11/27/2017 11:16:10 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
7/18/2011
Board
Board of Commissioners
Meeting Type
Regular
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ADDENDUM TO LEASE AGREEMENT #TSM03348NE -QL <br />DATED JUNE 20, 2011 <br />This Addendum forms and is made a part of that certain Lease Agreement #TSM03348NE -QL dated June 20, 2011 <br />( "Agreement') between DDI Leasing, Inc. and Cabarrus, County Of (Lessee). Capitalized terms used herein but not <br />defined herein will have the same meaning given to them in the Agreement. <br />1. Section 1 (EQUIPMENT LEASED; TERM, RENT AND FEES) <br />Delete last sentence "You authorize us to adjust the Monthly Payment by not more than 15% if the <br />actual total cash price for the Equipment differs from the estimated total cash price. <br />2. Section 5 (EQUIPMENT LOCATION; USE AND REPAIR; RETURN:) <br />Sixth sentence, delete "You will not make any alterations, additions or replacements to the Equipment <br />without our prior written consent." and replace with "You will not make any alterations, additions or <br />replacements to the Equipment outside of normal work required for maintenance or warranty <br />fulfillment without our prior written consent." <br />3. Section 5 (EQUIPMENT LOCATION; USE AND REPAIR; RETURN:) <br />Add to end of paragraph, "Customer may use discretion for finding the most economical source for <br />shipment to the designated shipping location." <br />4. Section 8 (LATE CHARGES; SECURITY DEPOSIT; SECURITY INTEREST:) <br />Delete first sentence and replace with "The monthly payment is due on the first day of the month. If <br />payment is not received by the eleventh (11 day of the month, you agree to pay a late charge at the <br />rate of one and one -half percent (1.5 %) of such late payment; and each month thereafter, a finance <br />charge of one and one -half percent (1.5 %) on any unpaid delinquent balance, but in no event greater <br />than the maximum rate allowable under applicable law. <br />5. Section 11 (PURCHASE OPTION; AUTOMATIC RENEWAL.) <br />Second sentence, delete "120 days written notice" and replace with "60 days written notice ". <br />6. Section 11 (PURCHASE OPTION; AUTOMATIC RENEWAL.) <br />Third sentence, delete "will automatically renew for successive six month terms" and replace with "will <br />automatically renew for successive sixty (60) day terms ". <br />7. Section 14 (MISCELLANEOUS:) <br />Change all references to jurisdiction from "State of New Jersey" to "State of North Carolina" <br />All other terms and conditions of the agreement shall remain unchanged and in full force and effect. All handwritten <br />changes and strike throughs on the Agreement are null and void and of no force or effect. The changes contained in <br />this Addendum shall apply to only the Agreement to which it is incorporated and is not a precedent for future lease <br />transactions. <br />IN WITNESS WHEREOF, the parties hereto have executed this Addendum to Master Equipment Lease <br />#TSM03348NE -QL on 2011. <br />DDI Leasing, Inc. <br />Lessee: Cabarrus, County Of <br />By: <br />By: <br />Name: <br />Name: <br />Title: <br />Title: <br />Date: <br />Date: <br />Page 1 of 1 <br />Attachment number 2 <br />F -6 Page 106 <br />
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