HomeMy WebLinkAboutC2018-285 - 4/24/2018 - Approved NINTH AMENDMENT TO MASTER LEASE PURCHASE AGREEMENT
THIS NINTH AMENDMENT TO MASTER LEASE PURCHASE AGREEMENT (this "Ninth
Amendment"), dated as of Aprilli 2018, is between Frost Bank, a Texas state bank, as lessor
("Lessor") and the City of Corpus Christi, a political subdivision of the State of Texas, as lessee
("City").
RECITALS:
WHEREAS, Lessor and City entered into that certain Master Lease Purchase Agreement
dated as of February 15, 2013, as amended by that one certain First Amendment to Master Lease
Purchase Agreement dated February 15, 2013, that Second Amendment to Master Lease
Purchase Agreement dated October 21, 2013, that certain Third Amendment to Master Lease
Purchase Agreement dated December 16, 2014,that certain Fourth Amendment to Master Lease
Purchase Agreement dated October 28, 2015, that certain Fifth Amendment to Master Lease
Purchase Agreement dated October 29, 2015 that certain Sixth Amendment to Master Lease
Purchase Agreement dated November 30, 2016, that certain Seventh Amendment to Master
Lease Purchase Agreement dated June 15, 2017, and that certain Eighth Amendment to Master
Lease Purchase Agreement dated November 20, 2017 (as amended, the "Agreement");
WHEREAS, Lessor and City now desire to further amend the Agreement as herein set
forth;
NOW, THEREFORE, in consideration of the premises herein contained and other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:
1. Amendment to Section 4.1. Effective as of the date hereof, Section 4.1 is hereby
amended by replacing the second grammatical sentence to read as follows:
"The City and Lessor may renew this Agreement for up to four additional one year
terms, with the final additional term continuing until the end of the then-current
fiscal year, which is September 30, 2018."
2. Amendment to Section 4.5. Effective as of the date hereof, Section 4.5 is
hereby amended by adding a new sentence before the existing second grammatical
sentence to read as follows:
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C Users\sc00471\AppData\Local\MBrosnMWindows\Temporary Internee Flles\Content OutlookB9UI106\Frost Bank Manes Lease Agmt 9th AmMnt vl.t as
2018-285
4/24/18
M2018-067
Frost Bank
INDEXED
"Any time after May 1, 2018, this AgTitle:reement; R r c may be terminated
2 OF by F ; ,the,,CityA,upon
10-day advance written notice to Lessor, in accordance with Section 13.1, that the
City has entered into a new municipal lease line of credit agreement with any
financial institution."
3. Continued Effectiveness. Except as expressly modified by the terms and
provisions hereof, each of the terms and provisions of the Agreement are hereby ratified and
confirmed, and shall remain in full force and effect.
4. No Oral Agreements. This Ninth Amendment and the Agreement embody the
final, entire agreement among the parties hereto. There are no oral agreements among the
parties hereto.
EXECUTED as of the date first above written.
CITY OF CORPUS CHRISTI
Approved as to form: + 3116
Assidf nt City At orney di Name: c o ,tel
For . y Attorney s ' A'" c E S A,�c N Z
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ATTEST: 1
RE:ECCA HUERTA 4_4_,AL
LESSOR: CITY SECRETARY
•1. �18— OV FROST BANK
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!1' COtMCIL 2 18 /
/ By:
SFraFrnptAi, Name: 3ro-tr—j<<sv,--
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Title: ic_ Lr‘.. 2e -4,, f-
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C:\Users\sc00471\AppData\local\Microsoft\Windows\Temporary Internet files\Content.outlook\19UIK3IS\frost Bank Master Lease Agmt 9th Amdmt vl.docx