EMI
SALE AGREEMENT
THIS SALE AGREEMENT (the "Agreement") dated this 12th day of April 2023 by and between Electra-Media, Inc. of 4737 W. 156th Street Lawndale, CA 90260 (the "Seller") AND Cathedral City Auto Dealers Association of 36-444 Auto Park Dr Cathedral City, CA 92234 (the "Buyer"). IN CONSIDERATION OF THE COVENANTS and agreements contained in this Sale Agreement the parties to this Agreement agree as follows:
1. Sale of Goods. The Seller will sell and deliver to the Buyer the following goods, and perform the below services (the "Goods"):
Digital Sign Upgrade as depicted in Exhibits A, B, and C and attached and incorporated hereto. Includes entitlement and permit facilitation (if required by City) and project management services. Includes five (5) year Daktronics factory warranty on parts for 10mm LED displays as well as (4) 8mm LED displays.
1. Purchase Price. The Buyer will accept the Goods and pay for the Goods with the sum of $478,765.00 (the "Purchase Price"), paid as follows:
A Progress Payment of $179.53/.00 from City of Cathedral City upon shipment of LED screens A Down Payment of $119,691.00 from Dealers Association c. A Balance Payment of $179,537.00 upon completion and turn on of LED Displays from City of Cathedral City (Prevailing wage: price includes prevailing wages on on-site labor).
2. Delivery & Completion. Estimated at 190 days from date of down payment and permit approval.
3. Maintenance Contract. $1,290.30 per month. Includes all labor and crane labor for monthly service to change out LED modules, power supplies, interface cards, line drivers, DVI cards, transformers, fuses, rectifier boards, modem, controller, software, etc., along with preventative maintenance calls once per month over and above emergency weekend and holiday calls.
4. Programming Contract. $525.00 per month. Includes daily updates, unlimited changes, video graphic transfer, Internet downloads, e-mail confirmations, holiday graphics, and weekly frame reviews. All monitoring, scheduling and programming of city PSA messages.
5. Permits. Advance permit fee of $10,000 to be paid to EMI upon signing. Actual cost of City application fees, planning and building permit fees are to be billed separately if they exceed $10,000. Any remaining money not spent to be refunded.
6. Exclusions. Does not include any electrical service. Buyer to supply sufficient electrical to site and Seller shall connect new electronic components to provided electrical. Seller to provide all power requirement to Buyer.
7. Terms & Conditions. Terms and conditions for this Agreement can be found at https://www.emisigns.com/terms-conditions and are incorporated herein.
*City Funding: Agreement contingent upon EMI obtaining City funding for a minimum of 75% of total cost. Dealers Association to have final approval following City's commitment of participation and final Dealers Association vote to approve final terms of Agreement.
IN WITNESS WHEREOF the parties have executed this Sales Agreement on this 12' day of April 2023.
BY: Electra-Media, Inc. (Seller)
Far X_
Rod Wilson
It's PRESID It's President/CEO
Date Date April 12th, 2023
MAy 3' 2023