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REV: 07-13-16 VR <br />Page 1 of 6 <br />AGREEMENT FOR BANKINGSERVICES <br />(Wells Fargo Bank) <br />THIS AGREEMENT is made and entered into as of the dayof __________,2016, <br />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 />RECITALS <br />A.Cityrequires the professional services ofafinancial institution that is experienced <br />in general banking transactions and services. <br />B.Bankhas the necessary experience in providing general banking transactions <br />and services. <br />NOW, THEREFORE, in consideration of these recitals and the mutual covenants <br />contained herein, the Parties agree as follows: <br />1.Scope of Work.Cityretains Bankto perform, and Bankagrees to render, those <br />services (the “Services”) that are defined in attached Exhibit “B,” which is incorporated <br />herein byreference.In the event of a conflict between the provisions of Exhibit “B”and <br />the terms of this Agreement, the terms of this Agreement shall prevail.Cityshall have <br />the right to modify the scope of work to delete tasks in whole or in part. <br />2.Standard of Performance.While performing the Services, Bankwill exercise the <br />reasonable professional care and skill customarily exercised by similarly situated Banks <br />providing deposit and treasury management services in the urbanNorthern California <br />Area. <br />3.Term.Unless earlier terminated, theterm of this Agreement will be effective for a <br />period of five (5) yearsfrom the date first above written. The City Manager may amend <br />the Agreement to extend it for an additional two (2) yeartermupon the mutual <br />agreement of the Bankand City. Extensions will be based upon a satisfactory review of <br />Bank's performance, City needs, and appropriation of funds by the City. The parties will <br />prepare a written amendment indicating the effective date and length of the extended <br />Agreement. <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 Bank fees in the amounts listed on <br />Exhibit “A,” but these fees shall not exceed Four Hundred and FiftyThousand Dollars <br />($450,000.00) for the Term of this Agreement, including any extension thereof. <br />4.1 Bankshall maintain adequate records and shall permit inspection and audit by <br />City of Bank's charges under this Contractin accordance with Bank’s record retention <br />and privacy policies.Bankshall make such records available to City during normal <br />ATTY/AGR/2016.186/WELLS FARGO BANKING AGREEMENT <br />6.1.H. - Page 3