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<br />ATTACHMENT 1 <br /> <br />6.10 <br />Page 3 <br /> <br />AGREEMENT FOR BANKING SERVICES <br />WELLS FARGO BANK <br /> <br />THIS AGREEMENT is made and entered into as of the day of <br />, 2008, by and between the CITY OF REDWOOD CITY, a charter <br />city and municipal corporation of the State of California ("City"), and Wells Fargo Bank, <br />a ("Bank") (collectively, the "Parties"). <br /> <br />RECITALS <br /> <br />A. City requires the professional services of a financial institution_ that is <br />experienced in general banking transactions and services. <br /> <br />B. Bank has the necessary experience in providing professional services and <br />advice related to general banking transactions and services. <br /> <br />D. Bank has submitted a proposal to City and has affirmed its willingness and <br />ability to perform such work. <br /> <br />NOW, THEREFORE. in consideration of these recitals and the mutual covenants <br />contained herein, the Parties agree as follows: <br /> <br />1. ScoDe of Work. City retains Bank to perform, and Bank agrees to render, those <br />services (the "Services") that are defined in attached Exhibit "A," which is incorporated <br />by this reference in accordance with this Agreement's terms and conditions. Additional <br />services (and the related fees) may be added from time to time upon the mutual written <br />agreement of City and Bank. <br /> <br />2. Standard of Performance. While performing the Services, Bank will exercise the <br />reasonable professional care and skill customarily exercised by reputable members of <br />Bank's profession practicing in the Metropolitan Northern California Area, and will use <br />reasonable diligence and best judgment while exercising its professional skill and <br />expertise. <br /> <br />3. Tenn. Unless earlier terminated, the term of this Agreement will be effective for a <br />period of four years from the date first above written. The City Manager may amend the <br />Agreement to extend it for two additional one year periods. Extensions will be based <br />upon a satisfactory review of Bank's performance, City needs, and appropriation of <br />funds by the City Council. The parties will prepare a written amendment indicating the <br />effective date and length of the extended Agreement. <br /> <br />4. Schedule. Bank will adhere to the schedule set forth in Exhibit "A" hereof, <br />attached hereto and by this reference incorporated herein for four years from the date of <br />this contract. Pricing for extending the contract for additional one year periods will be <br /> <br />AlTYfA~Rf2008.(}74 <br />090208 <br /> <br />1 <br />