Agmt05 MBIA Muniservices- Revenue Enhancement

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ORIGINAL FIRST AMENDMENT TO AGREEMENT BETWEEN THE CITY OF REDWOOD CITY AND MBIA MUNISERVICES COMPANY /JJ/ì.IUN THIS FIRST AMENDMENT is dated"fcbI ~ÃIY ó?4, 2006 and is between the City of Redwood City, a charter city and municipal corporation of the State of Cali fomi a (City) and MBIA MuniServices Company, a Delaware Corporation (Consultant). WHEREAS, City and Consultant have previously entered into an agreement on March 2, 2005 to provide for Revenue Enhancement Services (hereinafter Agreement); and WHEREAS, City and Consultant desire to amend the Agreement as follows: A. Section 3 of the Agreement (titled "Term") is deleted and replaced with the following: 3. Term. This Agreement shall be effective as of the date of the last signature hereto and shall continue in full force and effect through March 2, 2007. B. The last sentence of section 6 of the Agreement (titled "Compensation.") is deleted and the following is added at the end of section 6: For each year this Agreement is in effect the total fee payable during that year for the Services to be performed will be a not-to-exceed amount of sixty thousand dollars ($60,000) (that annual not-to-exceed amount, "annual NTE"). If during a year Consultant determines that within 60 days the services provided will result in invoices in excess of the annual NTE, Consultant shall notify City's Finance Director. At Consultant's request, the parties shall negotiate an increase in the annual NTE. If the parties reach agreement on the increased annual NTE, City shall enter into an amendment to this Agreement increasing the annual NTE. If during a year Consultant has invoiced amounts that cumulatively equal the annual NTE, Consultant has no obligation to continue to perform under this Agreement. First Amendment 1