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ATTY/AGR/2015.044/WELLS FARGO BANK <br />REV: 04-03-15 MLG <br />Page 1 of 8 <br />AGREEMENT FOR BANKING SERVICES <br />(Wells Fargo Bank) <br /> <br />THIS AGREEMENT is made and entered into as of the day of __________, <br />2015, by and between the CITY OF REDWOOD CITY, a charter city and municipal <br />corporation of the State of California ("City"), and Wells Fargo Bank ("Bank"). <br /> <br />RECITALS <br />A. City requires the professional services of a financial institution that is <br />experienced in general banking transactions and services. <br /> <br />B. Bank has the necessary experience in providing general banking <br />transactions and services. <br /> <br />NOW, THEREFORE, in consideration of these recitals and the mutual covenants <br />contained herein, the Parties agree as follows: <br /> <br />1. Scope of Work. City retains Bank to perform, and Bank agrees to render, those <br />services (the "Services") that are defined in attached Exhibit "A," which is incorporated <br />herein by reference. In the event of a conflict between the provisions of Exhibit “A” and <br />the terms of this Agreement, the terms of this Agreement shall prevail. City shall have <br />the right to modify the scope of work to delete tasks in whole or in part. <br /> <br />2. Standard of Performance. While performing the Services, Bank will exercise the <br />reasonable professional care and skill customarily exercised by similarly situated Banks <br />providing deposit and treasury management services in the urban Northern California <br />Area. <br /> <br />3. Term. Unless earlier terminated, the term of this Agreement will be effective for a <br />period of one (1) year from the date first above written. The City Manager may amend <br />the Agreement to extend it one (1) additional year in an amount not to exceed Ninety <br />Thousand Dollars ($90,000.00) upon the mutual agreement of the Bank. Extensions will <br />be based upon a satisfactory review of Bank's performance, City needs, and <br />appropriation of funds by the City. The parties will prepare a written amendment <br />indicating the effective date and length of the extended Agreement. <br /> <br />4. Compensation. Payment for fees will be based upon the schedule of fees <br />presented in Exhibit A. Payment will occur only after receipt by City of an account <br />analysis of the services utilized. City shall pay to Consultant fees in the amounts listed <br />on Exhibit A, but these fees shall not exceed Ninety Thousand Dollars ($90,000.00) for <br />the Term of this Agreement. <br /> <br />4.1 Bank shall maintain adequate records and shall permit inspection and <br />audit by City of Bank's charges under this Contract in accordance with Bank’s record <br />retention and privacy policies. Bank shall make such records available to City during <br />6.1.D. - Page 3