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CCR1983282RESOLUTION ~282-a3 AUTHORIZING EXECUTION OF AN AGREEMENT FOR THE SALE OF THE WEED HARVESTOR TO THE LITTLE MUSKEGO LAKE PROTECTION AND REHABILITATION DISTRICT B WHEREAS, in Resolution //197-83 the Common Council stated its Little Muskego Lake Protection h Rehabilitation District for intent to sell two weed harvestors and one conveyor to the $32,500 ; and WHEREAS, the Agreement to finalize this sale has been drafted by the City Attorney and reviewed by the Finance Committee and they have recommended approval. NOW, THEREFORE, BE IT RESOLVED that the Common Council of the City of Muskego, upon the recommendation of the Finance Committee, does hereby approve the Agreement attached hereto to finalize the sale of two weed harvestors and one shore conveyor to the Little Muskego Lake Protection h Rehabilitation District for $32,500 with terms as provided in the Agreement. BE IT FURTHER RESOLVED that upon acceptance of this Agreement by the Little Muskego Lake Protection and Rehabilitation District the Mayor and Clerk are authorized to execute the Agreement. DATED THIS DAY OF rJOJEfi&ER P 1983. FINANCE COMMITTEE Ald. Edwin Dumke Ald. witchel Penovich PAL &2 Ald. Charles Co urn i ATTEST : City Clerk AGREEMENT WHEREAS, the LITTLE MUSKEGO LAKE PROTECTION h REHABILITATION BISTRICT, hereinafter referred to as 'DISTRICT" and the CITY OP SKEGO, hereinafter referred to as 'CITY. wish to enter an reement as to the sale of two weed.harvestors and:one shore conveyor onned by the CITY to the DISTRICT; and WHEREAS, the parties wish to finance said transaction as noted below and give the CITY a security interest in the equipment in question until it is fully paid. NOW, TEEREPORE, €or valuable consideration, acknowledged by each party, IT IS REREBY AGREED AS FOLLOWS: 1. That upon execution of this agreement, all right, title and intersst to the following described equipment shall ?zss from the CITY to the DISTRICT free and Clear of all sncunbrances: I F' Weed Harvestor Weed Harvestor Shore Conveyor 2. That simultaneously therewith, the DISTRICT shall pay to the CITY the sun of TWELVE THOUSAND FIVE HUNDRED (12,500) DOLLARS and shall execute the chattel security agreement attached hereto and marked Exhibit "A", business note attached hereto and marked Exhibit "Bm and the financing statement attached hereto and marked 7.xh.ibit "C'. 3. That Exhibits "A', "B" and "C" generally provide that the balance of the total purchase price of the equipment DOLLARS shall be paid as follows: A- TEN THOUSAND ($10,000) DOLLARS twelve (12) months from the date of execution of the documents. in question Of THI3TY-lWO THOUSAND FIVE HUNDRED ($32,500) 9, TEN THOUSAND ($10,000) DOLLARS twenty-four (24) months from the date oE execution of the documents. C. Said amounts shall bear no interest. D, That the CITY shall have a security interest in the equip.?ent in question until the total amount is paid AGREEMENT WHEREAS, the LITTLE MUSKEGO LAKE PROTECTION & REHABILITATION DISTRICT, hereinafter referred to as "DISTRICT" and the CITY OF MUSKEGO, hereinafter referred to as "CITY" wish to enter an agreement as to the sale of two weed harvestors and one shore conveyor owned by the CITY to the DISTRICT; and WHEREAS, the parties wish to finance said tqansaction as equipment in question until it is fully paid. noted below and give the CITY a security interest in the each party, NOW, THEREFORE, for valuable considera on, acknowledged by J 1. 2. 3. IT IS HEREBY AGREED AS FOLLOWS: / reement, all right, title RICT free and clear of all described equipment shall encumbrances: Weed Harvestor Weed Harvestor Shore Conveyor the DISTRICT shall pay to SAND FIVE HUNDRED cute the chattel security arked Exhibit "A", nd marked Exhibit "B" and d hereto and marked generally provide that se price of the equipment AND ($32500) DOLLARS ARS twelve (12) months of the documents. ARS twenty-four (24) months from the date of execution of the documents. . Said amounts shall bear no interest. / /D. That the CITY shall have a security interest in the equipment in question until the total amount is paid a 0 in full. 4. That the equipment in question is being sold in an "As Is" basis. 5. That all of the provisions of Exhibits "A", "B" and "C" shall apply to this sale. 6. That the DISTRICT shall be responsible for storage of the equipment at its own expense. Dated this day of , 1983. LITTLE MUSKEG0 LAKE PROTECTION AND REHABILITATION DISTRICT By : Wayne Radtke, Chairman CITY OF MUSKEG0 By : Wayne G. Salentine, Mayor By : Charlotte Stewart, Clerk 2 b. . 2, ." ." , ,". CHATTEL SECURITY ACfiEEMENT 'Business equipment ond fixtures (and con~urner goods and Iirtwer. and form equipment ond (irtures, if amount financed exceed, S25.000). but NOT form products 1 CREATION OF SECURITY INTEREST The UnOels8r.nCd 1"DebIor' , whelhcr one 01 n~ofei. @ants 10 - -. - ("Secured Palty"1 a SecuIIty Interest in the ploperty. whelevef located, descflbed m Sectlon 2 ("Collatelal"1 10 Secwe all debls. obl!gations.and CITY OF MUSKEG0 "___ Secured Party Io any Debtol. to any Debtor and another. or to anothet gualanleed 01 indorsed by any DeDlol I"0bl1gations"l. llabllttles 01 any Deblo! lo Seculed Party arlsmg out of ctedil p#evIously goanted. ctedlt contempo~aneously glanted and czedlt glanled in the tuture by 2. DESCRIPTION OF COLLATERAL IUS. only lor loons f II 10 orgonizo?ions, or 121 primarily for (I business p~rposr, or 13) rhrn rhr omounf linoncrd rEcerdr I25.000) and all accessions to, and spale and repall parts; special tools and equipment and replacements lot. and a11 proceeds 01 the foregomg, and 0 If checked here. all equipment of the same type 01 kind hereaftel acquued by Debtor, and tts proceed$. Debtot wartants: 3. WARRANTIES Ole) PURCHASE MONEY - If checked hete. the Collateral is being acqwed by Debto, with the proceeds of a loan ftom Secuned Party whlch ial OWNERSHIP- Debtor is theownel oftheCollatelal flee of all liens, encumbtances and Security inte!eSts(ercept Secuied Patty's secutity intelesll. ploceeds wltl be used tot no other pulpose. 0 Pelsonal. family or household putposes. of farming operations. and the addiesr of Debtor's residence is Shown opposite Debtol's signatute. 0 Business. and the address of Debtor's residence, 01 if Debtor IS a corporation or partnership, Debtor's place of business (01 if Debtor has more iC1 USE AND ADDRESS- The Collatelal is used 01 bought for use primuil? 101 the purpose checked below: than one place of business. the address of Debtot's chlef executive ofllce) is shown opposile Deblot's signature. Id) LOCATION OF COLLATERAL -The Collalelal will Lw kept at the address opposite Debtot's signatule or. if not. at: t- wisdn and such locatlon shall not be changed without the ptiol wlitten consent of Seculed Party. but the patties intend that the Collateral. wherever located. is coveted by this Agreement. IN0 AN0 STREET! lClTI OR Tb'WNT lCO"N1"l ,STATE1 le) FIXTURES-lithe Collateral is to be attached to real estate. the legal description of such teal estate is: IO CHANGE OF NAME OR ADDRESS- Debtor shall immediately advise Secured Patty in witting of any change in name ot addtess. 4. PERSONS BOUND The obligations of all Debtors under thasAgieement,are joint and several. This Agreement beneflts the Secured Patty, 11s SuccesSoIs and assigns. and binds the Debtorls) and their respective heirs. personal representatives. Successors and assigns. 5. OTHER PROVISIONS THIS AGREEMENT INCLUDES ALL THE PROVISIONS ON THE REVERSE SIDE. Signed and Sealed on LITTLE MUSKECd'LXE PROTECTION AND REHABILITATION DISTRICT DEBTOR (SEAL) County: Type 01 print name signed above. ORIGINAL BANI: con, 5r"-. 20 000.00 The undemigned ("Maker". whether one 01 mow] pvomiscs to pay tothe order of. . CITT 1"Bank"l Wisconsin. the sum of $20.000.00~. 1 at-2 S8200 Racme Avenue, Muskego ICheck lal. Ibl or IcI; only one shall apply.l EZ (dKwx&xx~tscc~~a~ym-f TEN .THOUSAND ($10,000) DOLLARS (below at ''0 Ibl in equal installments of 9 payable , 19-. and on the same day of each All payments include princlpal and interest, month thereaher. PLUS a final payment 01 unpaid principal and accrued interest due on Id in equal installments of principal 01 5 payable , 19-. and on the same day of each PLUS interest pavable as set forth below. month thereatter. PLUS a final payment of unpaid principal due on _. .. 0 ~x~X.~x~xxxxxxxxxxxxxxxxxxxxKxxx~(xxxd(x~#~xxxXXXXXXXXXXXXxx~~~x~~~xx~~ 3 time1 at the rate d 13% per year until paid, computed on the same basis. ~~~~~X~~yc.)o~~x~~~~~~~~~X~~X~, Unpaid principal and tnleresl bear interest after malunily lwhether by acceleration or lapsc 01 become immediately payable. The unpaid balance shall automatically mature and become immediately payable in the event any Maker. surety, indorse, or If any installment is not paid when due or if Bank deems itself insecure. the unpaid balance shall. at the option of Bank. and without notice malute and guarantor becomes the subject of bankruptcy or other insolvency proceedings. Bank's receipt of any payment on this Note after the Occurrence of an ewnt of dcfaull shall not constitute a waiver of the default or the Bank's rights and remedies upon such default. 6 of this Note, and between Bank and any other person providing collateral Security far Maker's,obligationr. and paymcnl may be accelerated according to any This Note is secured by all existing and future security agreements and mortgages between Bank and Maker. between Bank and any indorser or gualJnlOl z of Ihem. The Maker grants to Bank a security interest and lien in any demand or savings account Maker may at any lime have with Bank. Bank may. a1 any time ailer an occurrence of an event of default, without notice or demand, set-off against any deposit balances or olhef money now or hereafter oiwd any Maker by Bank any amount unpaid under this Note. 0 Unless checked here, this Note is not secured by a first lien mongage or equivalent security interest on a one~la-four-fami:y dwelling used as !he h?aie!'L principal place 01 residence. payments, release or impair any collateral security far the payment of this Note or agree not to sue any pany liable On it. demand and notice of dishonor. Without affecting the liability of any Maker. indorser. surety, or guarantor. Bank may. without notice. renew or extend the time for payment. accept panlal AII Makers. indorsers, sureties. and guarantors agree to pay all costs 01 collection. including reasonable attorneys' fees. and waive presentment. PIotcst. Full or panial prepayment of this Note' 0 Bank may apply prepayments. if permitted. lo such future installments as it elects. Maker acknowledges that Bank has not made any representations or warranties with respect to. and that Bank does not assume any responsibility to Makcr for. the collectabilitv or enforceability of this Note or the financial condition of any Maker. Each Maker has independently determined the colleclabilihi and en- 1ar;eability ol this Note. When the word "Bank" is used above, it shall mean "CITY OF MUSKEGO". *each; the first payment to be twelve (12) months from the date of .. execution of this document; the second payment to be twenty-four (24) months from the date of the execution of this document. LITTLE MUSKEG0 LAKE PROTECTION AND REHABILITATION DISTRICT ISEALI 1. Loan Proceeds $-2p0_, 000.00 2. Cr. Life Ins. Charge 3. Cr. A h S Ins. Charge 4. Interest (Add-on or Disc.) 6. Face Amount Of Note s2O_..QOoSn_ e. By : ISEALI Wayne Radtke, Chairman (SEAL1 - ISEALI Prin. $ FOR BANK CLERICAL USE ONLY 1111. COLLATERAL CODE LOW4 OFFICER "LI ,.d , I />"* >,..,L". ..>_ " _Ii.-"I^ Y..l,, "8,,-d.L,,L,\j, FINANCING STATEMENT FOR FILING - SECRETARY OF STATE IFlLlNG INSTRUCTIONSON REVCHSt SIDL OF SECVI3I:U PAlll> COPY? ~- - - " ... ". . - . . . . . - - Financing Statement for Secretary of State - Uniformcommercial Code 1 DrblarId ILasr Name Farttl and AddlLs5fell 2 Secured Parly and Address LITTLE MUSKEGO LAKE CITY OF MUSKEGO PROTECTION & REHABILITATION W182 S8200 Racine Avenue DISTRICT Muskego, Wisconsin 53150 ' D & D Weed Harvester Engine {I057373 D & D Weed Harvester Engine {I061159 Shore Conveyor w/float Spec.202-1, S650 32158 SIGNATURE OF DEBTOR - TITLE 0 Callaleral is brought inlo thn slate: SIGNATURE OF DEBTOR - TITLE - 0 Deblor's localion waschanged IO !his slate 121 For Olher ~walions. see r.409.402121. Wir. Slau.