Agmt01 City Attorney Agreements - Laserfiche WebLink

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1) costs of sale 2) payment of accrued but unpaid 1.25% interest to the City 3) payment of loan principal to the City 4) payment of deferred interest calculated at 3.75% per annum to the city 5) balance, if any, paid to the Employee. To the extent the sales price, less items #1 through #3, does not provide funds to pay the City the deferred interest, that deferred interest need not be paid. M. The loan will be evidenced by a promissory note containing the above provisions, a due on sale clause, a non-assumability clause and other standard provisions (attorneys fees clause, payments applied first to interest and then to principal, acceleration in the event of default, late payment penalties, etc.) and shall be in substantially the same form as attached hereto as Exhibit "B". 8. A. Employee is an at-will employee of the City and nothing in this document shall prevent, limit or otherwise interfere with the fight of the City Council to terminate the services of Employee at any time, subject to the provisions of Section 9. B. Nothing in this document shall prevent, limit or otherwise interfere with Employee's right to resign at any time from his position with City, subject to the provisions of Section 9. C. The City Council desires that Employee remain in the exclusive employ of the City, until August 6, 2006 and to neither accept other employment nor to become employed by any other employer prior to such time. The term "employed" shall not be construed to include occasional teaching or writing, performed on the Employee's personal time. D. Employee has the option of giving notice to the City Council at least six (6) months prior to August 6, 2006, that he does not want to extend this Agreement beyond August 6, 2006. The City Council has the option of giving notice to Employee at least six (6) months prior to August 6, 2006, that it does not want to extend this Agreement beyond .August 6, 2006. In the event written notice is not given by either party to the other party six (6) months in advance of August 6, 2006, this Agreement shall be extended on the same terms and conditions for an additional one (1) year. The Agreement shall continue thereafter for one (1) year periods unless either party gives notice to the other party at least six (6) months in advance of August 6 that the party does not wish to extend the Agreement after that August 6. If the City Council gives notice of its intention not to extend or renew this Agreement pursuant to this Section 8(D), it shall not be required to pay to Employee severance pay (as defined below). 9. A. At any time, Employee may resign from his employment as City Attorney upon 30 C:~ubli¢~Redwood City - Employment Agreement with Yamamoto clean 7-24-01.wpd 4