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6.2A Page 18 on behalf of the Agency during such Fiscal Year. Following approval of an Annual Budget, the Agency's Executive Director and City Manager shall have the authority to make minor adjustments or modifications to the Annual Budget to account for additional or different administrative services determined to be required by the Agency, an increase or decrease in the proportion of any staff position time allocated to the Agency, and increases in inflation, personnel compensation and benefits made in the ordinary course of business during such Fiscal Year. "The City will keep records of activities and services undertaken pursuant to this Agreement and the costs thereof so that an accurate determination of the Agency's liability to the City can be made. The City shaH periodically, but not less than monthly, submit to the Agency a statement of the costs incurred by the City in rendering the Services to the Agency pursuant to this Agreement. Such statement of costs will identify the costs (or proportionate share of the costs, as the case may be) of the City's administrative and salary expenses attributable to those Services (including the staff positions) provided by the City pursuant to this Agreement. The Agency agrees to reimburse the City for all costs incurred for the Services provided by the City pursuant to this Agreement from and to the extent that Tax Revenues are available to the Agency for such purpose; provided, however, that the Agency shall have the sole and exclusive right to pledge any such Tax Revenues to the repayment of other indebtedness incurred by the Agency in carrying out the redevelopment project. The obligations of the Agency under this Agreement shall constitute an indebtedness of the Agency within the meaning of Section 33670 et seq. of the Community Redevelopment Law, to be repaid to the City by the Agency. 3. Force and Effect. Except as specifically amended and modified herein, the terms of the Agreement shall remain in full force and effect. IN WITNESS WHEREOF, the Parties hereto have caused this Amendment to be executed and attested by their proper officers thereunto duly authorized, and their official seals to be hereto affixed, all as of the day and year first above written. CITY OF REDWOOD CITY, a charter city and municipal corporation of the State of California By: Peter Ingram, City Manager ATTEST: By: Silvia Vonderlinden, City Clerk 2 1109332v333786/0001