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�'��r��.� . AGREEMENT FOR BANKING SERVICES (Wells Fargo Bank) THIS AGREEMENT is made and entered into as of the (C� day o , (C� 2015, by and befinreen the CITY OF REDWOOD CITY, a harter city an municipal corporation of the State of California ("City"), and Wells Fargo Bank ("Bank"). RECITALS A. City requires the professional services of a financial institution that is experienced in general banking transactions and services. 6. Bank has the necessary experience in providing general banking transactions and services. NOW, THEREFORE, in consideration of these recitals and the mutual covenants contained herein, the Parties agree as follows: 1. Scope of Work. City retains Bank to perform, and Bank agrees to render, those services (the "Services") that are defined in attached Exhibit "A," which is incorporated herein by reference. In the event of a conflict befinreen the provisions of Exhibit "A" and the terms of this Agreement, the terms of this Agreement shall prevail. City shall have the right to modify the scope of work to delete tasks in whole or in part. 2. Standard of Performance. While perForming the Services, Bank will exercise the reasonable professional care and skill customarily exercised by similarly situated Banks providing deposit and treasury management services in the urban Northern California Area. 3. Term. Unless earlier terminated, the term of this Agreement will be effective for a period of one (1) year from the date first above written. The City Manager may amend the Agreement to extend it one (1) additional year in an amount not to exceed Ninety Thousand Dollars ($90,000.00) upon the mutual agreement of the Bank. Extensions will be based upon a satisfactory review of Bank's performance, City needs, and appropriation of funds by the City. The parties will prepare a written amendment indicating the effective date and length of the extended Agreement. 4. Compensation. Payment for fees will be based upon the schedule of fees presented in Exhibit A. Payment will occur only after receipt by City of an account analysis of the services utilized. City shall pay to Consultant fees in the amounts listed on Exhibit A, but these fees shall not exceed Ninety Thousand Dollars ($90,000.00) for the Term of this Agreement. 4.1 Bank shall maintain adequate records and shall permit inspection and audit by City of Bank's charges under this Contract in accordance with Bank's record retention and privacy policies. Bank shall make such records available to City during ATTY/AGR/2015.044/WELLS FARGO BANK REV:04-03-15 MLG Page 1 of 8