4714 - 50 Agreement for parking meters

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- 2 - The City need only indicate in writing to the Compan~ 1ts decision to lease addi- tional meters under this Agreement. In determining whether the agreed value of meters is paid, all rentals shall be averaged over all meters leased nnder this Agreement, whether they are the meter, described in paragraph one (1) or additional meters leased hereunder. TITLE 9, To give the City a 1~:1!: of sale for the meters when the full agreed value thereof, to wit: Sixty-four Dollars ($6[~00) has been paid to the Company, as pro- vided in this agreement. T~E CITY AGREES: RENTAL 10, To lease %he meters described in paragraph one (1), at said agreed value, permit their installation and to pay the following rentals for them~ The receipts shall be salled .net revenue." Thirty (30) days after the ~ustallation of the meters~ and not later than the fifteenth (l~th) day of each calendar month thereafter, the City shall pay to ~he Compar~ $2.~0 per meter per month of such net revenue until the agreed value is paid or until the meters are removed under the prS- wisione of paragraphs seven (?) or sixteen (16). The sole obligation cf the City hereunder to pay for the meters shall Be from the receipts obtained from the opera- tion thereof, COLLECTION STATE~Eh~ 11, To accompany each payment with a collection statement on forms to be supplied by thc Compa~v~ setting forth collections and allocations there- of. NINIM~N AVERAGE 12. That if at any month~ payment date prior to payment in full, the rentals to the Company average less than Two Do]_lare Fifty cents ($2,~0) per meter per month, the City will promptly make up the difference from its share of the net revenue, except that in any event it may retain t,enty-five per cent(2~%) of the net revenue. TAXES ~, That any personal property~ real estate, sales, use or other tax (whether or not s~mtlar to those enumerated) levied agatu-~t the Company by reason of this transaction (other than income or excess profits taxes) shall be added to the agreed values GOOD ~EPAIR ~J~, To maintain the meters in good operating condition until the agreed value is paid, If this is not done~ the Company may so maintain them and the City will~ upon demand, remit to the Company from the Cityt s share of the net revenue the Cost thereof, ENFORCE ORDINANCES 1~. Until the agreed value is paid or this lease is terminated under paragraphs seven (7) er sixteen (16), to ena¢%, maintain and enforce appro- priate ordinances relatAng to the installation, maintenance and operation of these meters and ~relating to vehicles parWt~.g next to t~m. CONSEQUENCES OF BREACH 16. That if the City shall materially Breach this Agreement, the Company may terminate this lease By giving to the City written notice of its intention so to do and may remove said meters. In this event the City will pay to the Company an additional amount so that the rentals shall be seventy-five per cent (75%) of the net revenuee These rights shall not be exclusive of any other rights or remedies given the Company by law. UNAVOIDABLE DE,AY 17, That the Company shall not be liable for delay in furnishing meters resulting from causes reasonably beyond its control. ASSIGNMENT 18. That the Company may assign this Agreement~ or its rights hereunder, provided that such assignment shall not release the Company cf its obligations here- undere AUTHORITY 19. No one shall have the power or authority to alter the terms and con- ditions of this Agreement in behalf of the Company except its President, Executive Vice-President, a Vice-President, Secretary or Treasurer.