4755 - 51 Agreement w/ co. for parking meters

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i!t l~a~C¥ ORDII~A~t~ authoristng the Mayor to enter lnte an agreement with Duncan Parking t~eter Corperation~ for the installation, lease and purchase of parklna meters in the City or I~beweod. ~ER??.AS, this erdiuemca con~titutes an e~ergemay, in tise~nt a~ recent of bi~, ~ ~ ~d the ~n~t to Meter Co~ration f~ i~ation of Mi~r M~ P~ the ~ep~a~on of~ ~ ~r ~on ~ ~ ~il ~th ~ntj ~d ~ ~t It ~vl~s for ~ ~ ~ety a~ ~i~ e~ration of a ~l~ d~nt~ ~ Section 1. That the Mayor he, and he is hereby, &uthorhed to enter into an agreement with Duncan Parkizg Meter Co~peration, which a~re~nt, hereby a~proved, shall read ~uBetantisll~ a~ follows! This agreement, emeceted in quadruplicate this 8th da~ of May, lP~I, between the City of Laka~od, of the State of Ohio (hereinafter called the .Clty~), amd Duncan Parking Meter Corporation, an Illlx~is cerperation (hereinafter called WIT NF~SETH, That8 1. To lease to the City Eight Hundred (50~), Miller Manual Multiple-Coin parking ~eters (hereinafter called "meters"), at an agreed value of Sixty-four Dollars ($~.00) per ~eter, (Multiple-Coin to be one pen~,.ons nickel, one di~, two r-.5.cke].s and ten penn~ of th~ two hour aoou~ula%ive ~-p~)o ~. That if the agreed value shall Be paid within sixty (~0) days frc~a dais of installation, the City nay have a discount of five per cent (~%)? 3. To furnish the meters with a ~ec~ regulated as to time and e~uipped with slots for coins aa m~y be determined By the City, within the practicable limits of the meters currently produced By the Com4~Z~e J$. To furnish without additional charge one (1) ce~plete meter ,,,eohant~a for service purposes for each fifty (~0) BereFt ~talled under this Agreement, and one coin collection device, ~. To pay all costs in connection with the delivery, installation and installa- tion supervision of the meters and at t~ne of ~stallation to give instruction to the City appointed reminiscence man as to their maXntonaace, 6. To replace any defective part, on ~ return thereof to the factory, within one (1) year from date of installs%ion of that meter, 7. To pemit the City to terminate this lea~e after a trial period of twelve months (12) months of actual operation of the meters upon written notice given By the City to the Company at 83% l~rth ~ood Street, Chicago 22, Illineis~ or at such other address as may hereafter Be designated in wri%in~ by the Company, during the thirty (30) d~y period followLn~ the expiration of caid trial period. The Company will, after receipt of such notice, at its own expense, re;hove the meters and repair any damage caused By such removal. Ti~e is of the essence of the pro- visions of this paragraph. 8. In determinin~ whether th~ agreed value of any meters is paid; all rentals shall be averaged over all meters leased under this Agreement,