2021 46 RESOLUTION - Laserfiche WebLink

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EQUIPMENT LOAN AGREEMENT This equipment loan agreement ("Agreement") is made and entered into on this day of December, 2021, by and between the Village of Mayfield, a chartered political subdivision of the State of Ohio, located in the County of Cuyahoga, State of Ohio with an address of 6622 Wilson Mills Rd., Mayfield Ohio 44143 ("Village"), and the City of Richmond Heights, Ohio, a political subdivision in the County of Cuyahoga, State of Ohio with an address of 26789 Highland Road, Richmond Heights, Ohio 44143 ("City") (collectively "Parties"), in order to allow the Village to temporarily loan, on a short-term basis, a snow plow to the City, to be utilized for snow and ice removal in the City. WHEREAS, the Village desires to make a snow plow available to the City to assist the City in continuing to provide snow and ice removal services to its residents, uninterrupted while the City's trucks are being repaired and/or replaced. NOW, THEREFORE, the Parties agree, as follows: Equipment. The Village hereby agrees to loan to the City the following: 2009 Freightliner M2-106, VIN No. 1FAVCXBS89DAK0836, valued at $56,691 ("Truck"). 2. Purpose. The City shall utilize the Truck solely for snow and ice removal. 3. Term. The loan will become effective upon execution of this Agreement and delivery of the Truck to the City and will terminate on May 31, 2022, or earlier if the Truck is returned to the Village prior to May 31, 2022. 4. Payment. The City agrees to pay the Village One Dollar and 00/100 Cents ($1.00) as reasonable and adequate consideration for the loan of the Truck for the entirety of the loan term. Operation Costs. The City agrees that it will return the Truck to the Village at the end of the loan term in the same condition as it received the Truck, ordinary wear and tear excepted. Prior to delivery of the Truck to the City, the Parties shall perform a joint inspection of the Truck and note any damage or problems then existing and attach the results of the inspection to this Agreement as Exhibit A. All service, materials, and repairs in connection with the use and operation of the Truck during the loan term, including but not limited to gasoline, oil, batteries, repairs, maintenance, tires, tubes, parking and towing necessary for the proper use and operation of the Truck, shall be at the City's sole expense. 6. Insurance. The City shall obtain and maintain insurance covering the Truck and its use by the City during the term of this Agreement. The Village shall be named as an additional insured under the policy and the Village shall be provided a copy of such endorsement. 7. Loan Only. This Agreement is one of loan only and the City shall not acquire any right, title, or interest to the Truck under this Agreement.