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BciCapital
MANAGEMENT GROUP
July 12, 2019
City of Sanford FL
300 N Park Ave
Sanford, FL 32771
Lease Number 25-10163-002
Thank you for your continued patronage in choosing BciCapital, Inc for your financing needs.
We have enclosed your new lease/loan documents and a list of contacts for your convenience.
Your Relationship Manager is Gene Rogero, 850-622-3010, gene.rogero@bcicmg.com
Your Customer Service Contact is Tricia Murray, 407-502-5920, tricia.murray(@bcicrng.corn
Your Escrow Manager is Susan Herman, 407-502-5918, susan.herman@bcicrng.cam
So again, thank you from the BciCMG family, your one-stop provider for all your equipment financing needs. Should your needs
require additional "add on" equipment or additional financing, we stand ready to help make that happen. Please call or email and I
will make sure the right expert addresses those needs.
If you have any questions or concerns please call us, we are glad to have you as our client.
Tricia Murray `
VP, Contract Administration
390 N Orange Ave, Ste 2600, Orlando, FL 32801
Phone: 407-502-5920
Please Remit Payments to:
BciCapital, Inc
City National Bank
390 N Orange Ave, Suite 2600
Orlando, FL 32801
ABA:06600437
Account: 1954813023
Please include your Company Name and Contract Number
LEASE SCHEDULE NO.2
to Master Lease Purchase Agreement
Dated: June 10, 2019
This Lease Schedule (this "Lease Schedule") relates to the Master Lease Purchase Agreement dated
as of March 30, 2018 (the "Agreement") between the undersigned Lessor and Lessee, together with the
terms and conditions of the Agreement incorporated herein by reference, constitutes a Lease. Unless
otherwise defined herein, capitalized terms will have the same meaning ascribed to them in the Agreement.
All terms and conditions of the Master Lease are incorporated herein by reference.
1. Equipment Description. As used in the Lease, "Eguipment'means all of the property described in
Exhibit 1 attached to this Lease Schedule and all attachments, additions, accessions, parts, repairs,
improvements, replacements and substitutions thereto.
2. Purchase Price. The Purchase Price for the Equipment is $184,725.00, which amount shall be
deposited in the Escrow Fund established pursuant to that certain Escrow Agreement dated as of
June 10, 2019 among Lessor, Lessee and City National Bank of Florida.
3. Rental Payments: Lease Term. The Rental Payments to be paid by Lessee to Lessor, the Lease
Date of this Lease and the Lease Term of this Lease are set forth on the Payment Schedule attached
to this Lease Schedule as Exhibit 2.
4. Essential Use,• Current Intent of Lessee. Lessee represents that (a) the use of the Equipment is
essential to Lessee's proper, efficient and economic functioning or to the services that Lessee
provides to its citizens, (b) the Equipment will be used by Lessee only for the purpose of performing
its governmental or proprietary functions consistent with the permissible scope of its authority and
will not be used in a trade or business of any person or entity, and (c) the useful life of the
Equipment is not less than the stated full Lease Term of this Lease. Lessee has determined that a
present need exists for the Equipment which need is not temporary or expected to diminish in the
near future. Lessee currently intends for the full Lease Term: to use the Equipment; and to continue
this Lease.
5. Representations, Warranties and Covenants. Lessee hereby represents, warrants and covenants that
its representations, warranties and covenants set forth in the Agreement are true and correct as
though made on the date of execution of this Lease Schedule.
6. Bank Oualified. Lessee certifies that it has designated this Lease as a qualified tax-exempt
obligation in accordance with Section 265(b)(3) of the Code, that it has not designated more than
$10,000,000 of its obligations as qualified tax-exempt obligations in accordance with such Section
for the current calendar year and that it reasonably anticipates that the total amount of tax-exempt
obligations to be issued by Lessee during the current calendar year will not exceed $10,000,000.
IN WITNESS WHEREOF, Lessor has caused this Lease Schedule to be executed in its corporate
name by its duly authorized officer, and Lessee has caused this Lease Schedule to be executed in its name by
its duly authorized officer.
CITY OF SANFORD
Lessee
By:
Name: Jeff Triplett
Title: Mayor � _�
Address: 300 North Par
Sanford, FL
Attn: Cynthia
in
CFO
Telephone: (407) 688 -5026
E-mail: Cynthia.LindsayO)Sanfordfl.gov
]n,. � i
BCICAPITAL, INC.
Lessor
By:
Name: f f
Title:
Address: 390 N. Orange Ave. Ste. 2600
Orlando, FL 32817
Attn: Michael Powers
Senior Vice President
Telephone: (410) 458-5747
E-mail: mike powersAbcicmp cam
Exhibit 1
Equipment Description
(5) New 2019 Vehicles for the Police Department
Total amount: $184,725.00
Exhibit 2
Payment Schedule
Annual Rate: 2.85%
Payment
Date
6/10/2019
Payment
Amount
Interest
Principal
Balance
$184,725.00
Prepayment
Amount
N/A
9/10/2019
$12,260.00
$1,321.74
$10,938.26
$173,786.74
$173,786.74
12/10/2019
$12,260.00
$1,243.47
$11,0I6.53
$162,770.21
$162,770.21
3/10/2020
$12,260.00
$1,164.65
$11,095.35
$151,674.86
$151,674.86
6/10/2020
$12,260.00
$1,085.26
$11,174.74
$140,500.12
$140,500.12
9/10/2020
$12,260.00
$1,005.30
$11,254.70
$129,245.42
$129,245.42
12/10/2020
$12,260.00
$924.77
$11,335.23
$117,910.19
$117,910.19
3/10/2021
$12,260.00
$843.67
$11,416.33
$106,493.86
$106,493.86
6/10/2021
$12,260.00
$761.98
$11,498.02
$94,995.84
$94,995.84
9/10/2021
$12,260.00
$679.71
$11,580.29
$83,415.55
$83,415.55
12/10/2021
$12,260.00
$596.85
$11,663.15
$71,752.40
$71,752.40
3/10/2022
$12,260.00
$513.40
$11,746.60
$60,005.80
$60,005.80
6/10/2022
$12,260.00
$429.35
$11,830.65
$48,175.15
$48,175.15
9/10/2022
$12,260.00
$344.70
$11,915.30
$36,259.85
$36,259.85
12/10/2022
$12,260.00
$259.45
$12,000.55
$24,259.30
$24,259.30
3/10/2023
$12,260.00
$173.58
$12,086.42
$12,172.88
$12,172.88
6/10/2023
$12,260.00
$87.12
$12,172.88
$0.00
$0.00
TOTAL:
$196,160.00
$11,435.00
$184,725.00
AMENDMENT TO MASTER LEASE PURCHASE AGREEMENT
Dated: June 10, 2019
This Amendment to the Master Lease Purchase Agreement (the "Amendment") is entered into by
and between the CITY OF SANFORD, a political subdivision of the State of Florida, and BCICAPITAL,
INC., a Florida corporation.
WHEREAS, on March 30, 2018, City National Capital Finance Inc. n/k/a BciCapital, Inc. (together
with its successors and assigns, "Lessor") entered into a Master Lease Purchase Agreement ("Agreement")
with the City of Sanford (the "Lessee"); and
WHEREAS, on or about August 1, 2018, Lessor filed Articles of Amendment with the Florida
Department of State Division of Corporations to change its name from City National Capital Finance Inc.
to BciCapital, Inc. effective August 1, 2018; and
WHEREAS, Lessor and Lessee desire to amend the Agreement in accordance with Section 12.4 of
the Agreement.
NOW THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto
agree as follows:
1. All references to Lessor shall mean BciCapital, Inc., and the parties acknowledge that this
accomplishes a change of corporate name only, and all rights and obligations of the Lessor and Lessee
under the Agreement, lease schedules, and related documents are unaffected by this change.
2. Lessor and Lessee hereby agree to amend the Agreement by adding the following Sections:
12.12 Filing of Leases. Lessee shall not file or submit, or permit the filing or
submission, of aII or any portion this Agreement or any Lease, any document related to this
Agreement or any Lease, any default, event of acceleration, termination event, waiver,
modification of terms or other similar events relating to this Agreement or any Lease or
any summary of the foregoing with the Municipal Securities Rulemaking Board ("MSRB")
(or any successor to the MSRB or similar entity or service) unless such document or portion
thereof has been provided to the Lessor in advance for review and redaction to the extent
required by the Lessor and otherwise permitted under applicable MSRB rules or federal
securities law, if any. Lessor is not responsible for the Lessee's or any other entity's
compliance with any continuing disclosure obligations under any applicable securities law
or related agreement or undertaking.
12.13 Electronic Signatures. The parties agree that the electronic signature of a
party to this Agreement and any Lease Schedule shall be as valid as an original signature
of such party and shall be effective to bind such party to this Agreement and such Lease
Schedule(s). The parties agree that any electronically signed document (including this
Agreement and any Lease Schedule) shall be deemed (i) to be "written" or "in writing,"
(ii) to have been signed and (iii) to constitute a record established and maintained in the
ordinary course of business and an original written record when printed from electronic
files. Such paper copies or "printouts", if introduced as evidence in any judicial, arbitral,
mediation or administrative proceeding, will be admissible as between the parties to the
same extent and under the same conditions as other original business records created and
maintained in documentary form. Neither party shall contest the admissibility of true and
accurate copies of electronically signed documents on the basis of the best evidence rule
or as not satisfying the business records exception to the hearsay rule. For purposes hereof,
"electronic signature" means a manually signed original signature that is then transmitted
by electronic means; "transmitted by electronic means" means sent in the form of a
facsimile or sent via the internet as a "pdf" (portable document format) or other replicating
image attached to an a mail message; and, "electronically signed document" means a
document transmitted by electronic means and containing, or to which there is affixed, an
electronic signature.
3. Lessor and Lessee hereby agree to amend the Agreement by adding the following
subsection to Section 11.1 of the Agreement as follows:
(f) The occurrence of an Event of Default with respect to any Lease Schedule shall, at the
reasonable discretion of Lessor, constitute an Event of Default with respect to any or all
Lease Schedules to which it is then a party. Notwithstanding anything to the contrary set
forth herein, Lessor may exercise all rights and remedies hereunder independently with
respect to each Lease Schedule.
All other terms and conditions of the Agreement remain unchanged and are in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment on this, the 10th day of June, 2019.
CITY OF SANFORD
Lessee
By:
Nan
Titlf
2
BCICAPITAL, INC.
Lessor
By: -- --"
Name: mcJ
Title:
ESCROW AGREEMENT
This Escrow Agreement (this "Agreement"), dated as of June 10, 2019, by and among BciCapital,
Inc. (and any successors and permitted assigns "Lessor"), the City of Sanford, a body corporate and politic
and a political subdivision existing under the laws of the State of Florida ("Lessee"), and City National
Bank of Florida, in its capacity as escrow agent hereunder ("Escrow Agent').
Reference is made to that certain Lease Schedule No. 2 dated June 10, 2019 to that certain Master
Lease Purchase Agreement dated as of March 30, 2018, each between Lessor and Lessee (hereinafter
collectively referred to as the "Lease"), covering the acquisition and lease of certain Equipment described
therein (the "Egginment'). It is a requirement of the Lease that the Purchase Price ($184,725.00) be
deposited into a segregated escrow account under terms satisfactory to Lessor, for the purpose of fully
funding the Lease, and providing a mechanism for the application of such amounts to the purchase of and
payment for the Equipment.
NOW, THEREFORE, in consideration ofthe mutual promises contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:
1. Creation of Escrow Account.
(a) There is hereby created an escrow fund to be known as the "City of Sanford Escrow
Account 002" (the "Escrow Account") to be held by the Escrow Agent for the purposes stated herein, for
the benefit of Lessor and Lessee, to be held, disbursed and returned in accordance with the terms hereof.
(b) The Escrow Agent shall place all escrow funds in a demand deposit account or as
otherwise agreed upon between the parties.
(c) Unless the Escrow Account is earlier terminated in accordance with the provisions
of paragraph (d) below, amounts in the Escrow Account shall be disbursed by the Escrow Agent in payment
of amounts described in Section 2 hereof upon receipt of written instruction(s) from Lessor, as is more fully
described in Section 2 hereof. If the amounts in the Escrow Account are insufficient to pay such amounts,
Lessee shall deposit into the Escrow Account any funds needed to complete the acquisition of the
Equipment. Any moneys remaining in the Escrow Account on or after the earlier of (i) December 10, 2020
("Termination Date") and (ii) the date on which Lessee executes an Acceptance Certificate shall be applied
as provided in Section 4 hereof.
(d) The Escrow Account shall be terminated at the earliest of (i) the final distribution
of amounts in the Escrow Account or (ii) written notice given by Lessor of the occurrence of a default or
termination of the Lease due to non -appropriation.
(e) The Escrow Agent may act in reliance upon any writing or instrument or signature
which it, in good faith, believes to be genuine and may assume the validity and accuracy of any statement
or assertion contained in such a writing or instrument. The Escrow Agent shall not be liable in any manner
for the sufficiency or correctness as to form, manner of execution, or validity of any instrument nor as to
the identity, authority, or right of any person executing the same; and its duties hereunder shall be limited
to the receipt of such moneys, instruments or other documents received by it as the Escrow Agent, and for
the disposition of the same in accordance herewith. In the event conflicting instructions as to the disposition
of all or any portion of the Escrow Account are at any time given by Lessor and Lessee, the Escrow Agent
shall abide by the instructions or entitlement orders given by Lessor without consent of the Lessee.
(f) Unless the Escrow Agent is guilty of gross negligence or willful misconduct with
regard to its duties hereunder, Lessee agrees to and does hereby release and indemnify the Escrow Agent
and hold it harmless from any and all claims, liabilities, losses, actions, suits or proceedings at law or in
equity, or any other expense, fees or charges of any character or nature, which it may incur or with which
it may be threatened by reason of its acting as Escrow Agent under this agreement; and in connection
therewith, does to the extent permitted by law indemnify the Escrow Agent against any and all expenses;
including reasonable attorneys' fees and the cost of defending any action, suit or proceeding or resisting
any claim.
(g) If Lessee and Lessor shall be in disagreement about the interpretation of the Lease,
or about the rights and obligations, or the propriety of any action contemplated by the Escrow Agent
hereunder, the Escrow Agent may, but shall not be required to, file an appropriate civil action including an
interpleader action to resolve the disagreement. The Escrow Agent shall be reimbursed by Lessee for all
costs in connection with such civil action, and shall be fully protected in suspending all or part of its
activities under the Lease until a final judgment in such action is received.
(h) The Escrow Agent may consult with counsel of its own choice and shall have full
and complete authorization and protection with the opinion of such counsel. Lessee shall reimburse the
Escrow Agent for all such reasonable costs and expenses. The Escrow Agent shall otherwise not be liable
for any mistakes of fact or errors of judgment, or for any acts or omissions of any kind unless caused by its
willful misconduct.
(i) Lessee shall reimburse the Escrow Agent for all reasonable costs and expenses,
including those of the Escrow Agent's attorneys, agents and employees incurred for non -routine
administration of the Escrow Account and the performance of the Escrow Agent's powers and duties
hereunder in connection with any Event of Default under the Lease, or in connection with any dispute
between Lessor and Lessee concerning the Escrow Account.
0) The Escrow Agent or any successor may at any time resign by giving mailed notice
to Lessee and Lessor of its intention to resign and of the proposed date of resignation (the "Effective Date"),
which shall be a date not less than 64 days after such notice is delivered to an express carrier, charges
prepaid, unless an earlier resignation date and the appointment of a successor shall have been approved by
the Lessee and Lessor. After the Effective Date, the Escrow Agent shall be under no further obligation
except to hold the Escrow Account in accordance with the terms of this Agreement, pending receipt of
written instructions from Lessor regarding further disposition of the Escrow Account.
(k) The Escrow Agent shall have no responsibilities, obligations or duties other than
those expressly set forth in this Agreement and no implied duties responsibilities or obligations shall be
read into this Agreement.
2. Acquisition of Equipment.
(a) Acquisition Contracts. Lessee will arrange for, supervise and provide for, or cause
to be supervised and provided for, the acquisition of the Equipment, with moneys available in the Escrow
Account. Lessee represents the estimated costs of the Equipment are within the funds estimated to be
available therefor, and Lessor makes no warranty or representation with respect thereto. Lessor shall have
no liability under any of the acquisition or construction contracts. Lessee shall obtain all necessary permits
and approvals, if any, for the acquisition, equipping and installation of the Equipment, and the operation
and maintenance thereof. Escrow Agent shall have no duty to monitor or enforce Lessee's compliance with
the foregoing covenant.
2
(b) Authorized Escrow Account Disbursements. It is agreed as between Lessee and
Lessor that Disbursements from the Escrow Account shall be made for the purpose of paying (including
the reimbursement to Lessee for advances from its own funds to accomplish the purposes hereinafter
described) the cost of acquiring the Equipment.
(c) Requisition Procedure. No disbursement from the Escrow Account shall be made
unless and until Lessor has approved such requisition. Prior to disbursement from the Escrow Account
there shall be filed with the Escrow Agent a requisition for such payment in the form of Disbursement
Request attached hereto as Schedule 1, stating each amount to be paid and the name of the person, firm or
corporation to whom payment thereof is due and the manner of disbursement (check or wire).
Each such requisition shall be signed by an authorized representative of Lessee (an
"Authorized Representative") and by Lessor, and shall be subject to the following conditions, which Escrow
Agent shall conclusively presume have been satisfied at such time as a requisition executed by Lessee and
Lessor is delivered to it:
1. Delivery to Lessor of an executed Disbursement Request in the form attached
hereto as Schedule 1; and
2. Delivery to Lessor true and correct copies of invoices (and proofs of payment of
such invoices, if Lessee seeks reimbursement) and bills of sale (if title to such
Equipment has passed to Lessee) therefor as required by Section 1.3 of the Lease
and any additional documentation reasonably requested by Lessor.
Lessee and Lessor agree that their execution of the form attached hereto as Schedule I and delivery
of the executed form to Escrow Agent confirms that all of the requirements and conditions with respect to
disbursements set forth in this Section 2 have been satisfied.
3. Deposit to Escrow Account. Upon satisfaction of the conditions specified in Section 1.3
of the Lease, Lessor will cause the Purchase Price to be deposited in the Escrow Account. Lessee agrees
to pay any costs with respect to the Equipment in excess of amounts available therefor in the Escrow
Account.
4. Excessive Escrow Account. Lessor shall provide Escrow Agent written instructions and a
representation that one of the following conditions has been satisfied, (upon which representation Escrow
Agent shall conclusively rely,) (a) the Termination Date; or (b) the date on which Lessee executes an
Acceptance Certificate; or (c) upon a termination of the Escrow Account as otherwise provided herein.
Upon receipt of such written instructions, any funds remaining in the Escrow Agreement shall be distributed
by the Escrow Agent first, ten percent (141/o) of the funds then remaining in the Escrow Account shall be
disbursed to the Escrow Agent as its escrow agent fees ("Fees") and second, the remaining balance after
deducting the Fees shall be disbursed to the Lessor and Lessor shall apply such funds to amounts owed by
Lessee under the Lease.
5. Security Interest. The Escrow Agent and Lessee acknowledge and agree that the Escrow
Account and all proceeds thereof are being held by Escrow Agent for disbursement or return as set forth
herein. Lessee hereby grants to Lessor a first priority perfected security interest in the Escrow Account,
and all proceeds thereof.
6. Control of Escrow Account. In order to perfect Lessor's security interest by means of
control in (i) the Escrow Account established hereunder, (ii) all funds now or hereafter credited to the
Escrow Account, (iii) all of Lessee's rights in respect of the Escrow Account, and (iv) all products, proceeds
3
and revenues of and from any of the foregoing personal property (collectively, the "Collateral"), Lessor,
Lessee and Escrow Agent further agree as follows:
(a) All terms used in this Section 6 which are defined in the Commercial Code of the
State of Florida ("Commercial Code") but are not otherwise defined herein shall have the meanings
assigned to such terms in the Commercial Code, as in effect on the date of this Agreement.
(b) Escrow Agent will comply with all entitlement orders originated by Lessor with
respect to the Collateral, or any portion of the Collateral, without further consent by Lessee.
(c) Provided that account investments shall be held in the name of the Escrow Agent,
Escrow Agent hereby represents and warrants (a) that the records of Escrow Agent show that Lessee is the
sole owner of the Collateral, (b) that Escrow Agent has not been served with any notice of levy or received
any notice of any security interest in or other claim to the Collateral, or any portion of the Collateral, other
than Lessor's claim pursuant to this Agreement, and (c) that Escrow Agent is not presently obligated to
accept any entitlement order from any person with respect to the Collateral, except for entitlement orders
that Escrow Agent is obligated to accept from Lessor under this Agreement and entitlement orders that
Escrow Agent, subject to the provisions of paragraph (e) below, is obligated to accept from Lessee.
(d) Without the prior written consent of Lessor, Escrow Agent will not enter into any
agreement by which Escrow Agent agrees to comply with any entitlement order of any person other than
Lessor or, subject to the provisions of paragraph (e) below, Lessee, with respect to any portion or all of the
Collateral. Escrow Agent shall promptly notify Lessor if any person requests Escrow Agent to enter into
any such agreement or otherwise asserts or seeks to assert a lien, encumbrance or adverse claim against any
portion or all of the Collateral.
(e) Except as otherwise provided in this paragraph (e) and subject to Section 1(b)
hereof, Lessee may affect the form of deposit account for the Collateral within the Escrow Account, but
will not, without the prior written consent of Lessor, withdraw any Collateral from the Escrow Account.
Escrow Agent acknowledges that Lessor reserves the right, by delivery of written notice to Escrow Agent,
to prohibit Lessee from effecting any withdrawals (including interest income), transfers or exchanges of
any Collateral held in the Escrow Account. Further, Escrow Agent hereby agrees to comply with any and
all written instructions delivered by Lessor to Escrow Agent (once it has had a reasonable opportunity to
comply therewith) and has no obligation to, and will not, investigate the reason for any action taken by
Lessor, the amount of any obligations of Lessee to Lessor, the validity of any of Lessor's claims against or
agreements with Lessee, the existence of any defaults under such agreements, or any other matter.
(f) Lessee hereby irrevocably authorizes Escrow Agent to comply with all instructions
and entitlement orders delivered by Lessor to Escrow Agent.
(g) Escrow Agent will not attempt to assert control, and does not claim and will not
accept any security or other interest in, any part of the Collateral, and Escrow Agent will not exercise,
enforce or attempt to enforce any right of setoff against the Collateral, or otherwise charge or deduct from
the Collateral any amount whatsoever.
(h) Escrow Agent and Lessee hereby agree that any property held in the Escrow
Account shall be treated as a financial asset under such section of the Commercial Code as corresponds
with Section 8-102 of the Uniform Commercial Code, notwithstanding any contrary provision of any other
agreement to which Escrow Agent may be a party.
4
(i) Escrow Agent is hereby authorized and instructed, and hereby agrees, to send to
Lessor at its address set forth in Section 8 below, concurrently with the sending thereof to Lessee, duplicate
copies of any and all monthly Escrow Account statements or reports issued or sent to Lessee with respect
to the Escrow Account.
7. Information Required Under USA PATRIOT ACT. The parties acknowledge that in order
to help the United States government fight the funding of terrorism and money laundering activities,
pursuant to Federal regulations that became effective on October 1, 2003 (Section 326 of the USA
PATRIOT Act) all financial institutions are required to obtain, verify, record and update information that
identifies each person establishing a relationship or opening an account. The parties to this Agreement
agree that they will provide to the Escrow Agent such information as it may request, from time to time, in
order for the Escrow Agent to satisfy the requirements of the USA PATRIOT Act, including but not limited
to the name, address, tax identification number and other information that will allow it to identify the
individual or entity who is establishing the relationship or opening the account and may also ask for
formation documents such as articles of incorporation or other identifying documents to be provided.
8. Miscellaneous. Capitalized terms not otherwise defined herein shall have the meanings
assigned to them in the Lease. This agreement may not be amended except in writing signed by all parties
hereto. This agreement may be executed in one or more counterparts, each of which shall be deemed to be
an original instrument and each shall have the force and effect of an original and all of which together
constitute, and shall be deemed to constitute, one and the same instrument. Notices hereunder shall be
made in writing and shall be deemed to have been duly given when personally delivered or when deposited
in the mail, first class postage prepaid, or delivered to an express carrier, charges prepaid, or sent by
facsimile with electronic confirmation, addressed to each party at its address below.
Notices and other communications hereunder may be delivered or furnished by electronic mail;
provided that any formal notice be attached to an email message in PDF format; and provided further that
any notice or other communication sent to an e-mail address shall be deemed received upon and only upon
the sender's receipt of affirmative acknowledgement or receipt from the intended recipient. For purposes
hereof no acknowledgement of receipt generated on an automated basis shall be deemed sufficient for any
purpose hereunder or admissible as evidence of receipt.
If to Lessor: BciCapital, Inc.
390 N. Oranize Ave., Suite 2600
Orlando, FL 32801
Attention: Michael Powers
If to Lessee: City of Sanford
300 North Park Avenue
Sanford, FL 32771
Attention: CFO
If to Escrow Agent: City National Bank of Florida
25 West Flagler Street
Miami, FL 33130
Attention: Client Services
9. This Agreement shall be governed by and construed in accordance with the laws of the
State of Florida.
10. Any bank or corporation into which the Escrow Agent may be merged or with which it
may be consolidated, or any bank or corporation to whom the Escrow Agent may transfer a substantial
amount of its escrow business, shall be the successor to the Escrow Agent without the execution or filing
of any paper or any further act on the part of any of the parties, anything herein to the contrary
notwithstanding. Any bank or corporation into which the Lessor may be merged or with which it may be
consolidated, or any bank or corporation to whom the Lessor may transfer a substantial amount of its
business, shall be the successor to the Lessor without the execution or filing of any paper or any further act
on the part of any of the parties, anything herein to the contrary notwithstanding.
11. This Agreement may be amended, modified, and/or supplemented only by an instrument
in writing executed by all parties hereto.
[Signature Page Follows]
0
IN WITNESS WHEREOF, the parties have executed this Escrow Agreement as of the date first
above written.
BCICAPITAL, INJ. CITY OF SANFORD
as Lessor as Lessee
CITY NA:
as Escrow
LM
BANK OF FLORIDA
Title: () V/
[Signature Page to Escrow Agreement]
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WE5RE HERE TO HELP YOU MANAGE YOUR CASH Fl,,,,,.,,OW
.
1130 mill 1111
BciCapital, a subsidiary of City National Bank of Florida, offers your business the ability
to finance equipment, so your working capital stays available for other business needs.
Highlights
More than 175 Years
of Collective Experience
Tax and Non Tax Products
Excellent Market Reputation
for Execution
Boutique Client -Centric Approach
Dedicated Team of Leasing Specialists
President: Tom Cira
Headquarters: Orlando, Florida
Footprint: Offices throughout the
United States
U.S. Rankings: Monitor100 ranked BciCapital
the 62nd largest leasing
company in the US.
Year Established: 2016
Total Assets: $1.28
2018 Origination: $600M
Total Leases/Loans: $1.28
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Mt City National Bank
BCi FINANCIAL GROUP
President and CEO:
Jorge Gonzalez
Headquarters:
Miami, Florida
U.S. Rankings:
One of the largest
privately held banks in the
Year Established:
US based on assets.
Year Established:
1946
Total Assets:
$14.313
Tier 1 Capital Ratio:
10.44%
Total Loans:
$10.1 B
City National Bank is Member FDIC
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seamosdiferentes
CEO:
Eugenio Von Chrismar
Headquarters:
Santiago, Chile
Rankings:
Third largest privately held
banks in Chile based on assets.
Year Established:
1936
Total Assets:
$59.58
Tier1 Capital Ratio:
10.14%
Total Loans:
$43.813
Bci Credit Rating:
Moody's A2
S&P A
Fitch A
All numbers are as of December 2018.
Industry Specializations
Aviation
Franchise
Public Sector
Industrial
Rail/Vessel
Technology
Vendor
Construction
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Mark Trollinger
Director of Capital Markets
407-399-9208
Joe Serio
Director of Franchise Finance
443-391-5943
Y-6113ci Capital
Jim Jenkins
Director of Vendor Finance
410-967-4106
Mike Horkey
Director of Public Finance
410-409-7579
Headquarters
1-800-435-8839
citynational.com
19-0082/Rev040519 Item# 14425