lay 16, 1991

CIBC LEASING LIMITED
("Lessor®}

ffer Ta Lease to ~ THE CORPORATION OF THE CITY OF PORT COQUITLAM
("Lessee")

TUN
Offer Expiry ~ On “Mey dae 199), unless accepted in writing.

Equioment ~ Telephone Equipment

Boauipment Cost ~ Approximately $150,000.00 (Canadian Funds).

Expected
Delivery Date -~ July 1, 19912

6o
lease Term ~ -fS months.

erlodic Rentals Periodic Rentals, plus Provincial Sales Tax (if applicable)
will be paid monthly in advance during the Lease Term and

will be calculated by multiplying the final Equipment Cost by
a Rental Factor of 2rO37004%. 2. 4174

This Rental Factor is subject to change if Lessor's cost of
funds changes prior to the execution of the Lease Schedule.

The Periodic Rental will be fixed for the full Lease Term on
the date each Lease Schedule is executed (subject to any
Limitation clause herein).

ndemnification In the event of ,an unresolved dispute between Lessor and
Lessee over any adjustments to the Rental Factor, Lessee
agrees to terminate this lease transaction and purchase the
Equipment from lessor for its then Net Book Value plus any
arrears. Lessee also agrees to indemnify and save Lessor
harmless from and against all losses, costs, expensea,
claims, suites and damages which Lessor may have incurred or
for which Lessor may or may have become liable, in connection
with the purchase of the Equipment or with this transaction.

~

ommitment Fee $500.00 payable on the date of signing a commitment
agreement. This will be applied to the first Periodic Rental.

If Lessee fails or declines to complete this lease
transaction, as stipulated in the commitment agreement,
Lessee will forfeit this fee as liquidated damages and not as

urchase Options

the Equipment for 10% of the Equi
rf “Lessee declines thia option,

Y then purchase the Equipment for its then
rr-the-Equipment to Besser sy