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LEASE OF STREET SWEEPING EQUIPMENT <br /> <br /> THIS LEASE made and entered into , 1988 <br />by and between the CITY OF PT2ASANTON (hereinafter referred <br />to as "Lessor") and the CITY OF LIVERMORE (hereinafter <br />referred to as "Lessee"). <br /> <br /> Section I <br /> EQUIPMENT RENTAL <br /> <br /> Subject to the terms and conditions hereof, Lessor <br />leases to Lessee and Lessee leases from Lessor the following <br />equipment: <br /> <br /> 1974 Tymco Street Sweeper <br /> Ford Chassis, No. 231 <br /> <br /> Section II <br /> TERM OF LEASE <br /> <br /> The lease for the above stated equipment made subject to <br />this lease shall have an initial term of four months from the <br />effective date of this lease. Lessee may terminate at an <br />earlier date or extend this initial period by providing <br />written notice to that effect. <br /> <br /> Section III <br /> MONTHLY CHARGES <br /> <br /> The basic monthly rental shall be Two Thousand Five <br />Hundred Dollars ($2,500.00) and shall commence on the <br />effective date of delivery of the equipment to Lessee. The <br />basic monthly rental for each day for such equipment shall be <br />computed at the rate of one-thirtieth of the basic monthly <br />rental charge. <br /> <br /> The Monthly charge will be invoiced as of the first of <br />each month. Payment shall be made in full within thirty (30) <br />days after the date of the invoice. <br /> <br /> Section IV <br /> MAINTENANCE <br /> <br /> Lessee shall be responsible for keeping the equipment in <br />good working order and making all necessary adjustments, <br />parts replacements, and repairs. For such purpose, Lessee <br />may use its own maintenance service or that of a company of <br />its selection. Lessee in addition, will provide its <br />preventive maintenance service. Regular use of equipment <br />shall not exceed 240 hours during each month. <br /> <br /> Page 1 <br /> <br /> <br />