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NOW, THEREFORE, Grantor and Grantee hereby agree as follows: <br /> 1. Grant and Use of Funds. Grantor agrees to provide a grant to Grantee in <br /> the approximate amount of Two Hundred Twenty Five Thousand Dollars ($225,000.00), <br /> plus any additional interest earned thereon. Funds from Fund 155 — Library Bequest <br /> Fund shall be disbursed to Grantee. Grantor reserves the right to withhold the balance of <br /> any remaining funds if the use of the funds is found to be substantially out of compliance <br /> with the purpose of this Grant Agreement. <br /> 2. Term. Unless earlier terminated, the term of this Agreement will be <br /> effective for a period of five (5) years from the date first above written. The City <br /> Manager may amend the Agreement in writing to extend it for additional periods, but the <br /> grant funding under this Agreement will not exceed the amount available in the Fund <br /> described above in Paragraph 1. The parties may prepare a written amendment <br /> indicating the effective date and length of any extension to this Agreement. <br /> 3. Maintenance of Records. Grantee shall maintain complete and accurate <br /> records with respect to costs incurred under this Grant Agreement. All such records shall <br /> be clearly identifiable. Grantee shall allow a representative of Grantor during normal <br /> business hours to examine, audit, and make transcripts or copies of such records and <br /> any other documents created pursuant to this Grant Agreement. Grantee shall allow <br /> inspection of all work, data, documents, proceedings, and activities related to the Grant <br /> Agreement for a period of five (5) years from the date of final payment under the Grant <br /> Agreement. <br /> 4. Insurance. Grantee will obtain and maintain for the duration of the Grant <br /> Agreement and any and all amendments, insurance against claims for injuries to <br /> persons or damage to property which may arise out of or in connection with <br /> performance of the services under this Grant Agreement by Grantee or Grantee's <br /> agents, representatives, employees or subcontractors. The insurance will be obtained <br /> from an insurance carrier admitted and authorized to do business in the State of <br /> California. The insurance carrier is required to have a current Best's Key Rating of not <br /> less than "A -:V." <br /> 4.1 Coverages and Limits. Grantee will maintain the types of coverages and <br /> minimum limits indicated below, unless Grantor's Risk Manager or Executive <br /> Director, in consultation with the General Counsel, approves a lower amount. <br /> These minimum amounts of coverage will not constitute any limitations or cap on <br /> Grantee's indemnification obligations under this Grant Agreement. Grantor, its <br /> officers, agents, volunteers and employees make no representation that the <br /> limits of the insurance specified to be carried by Grantee pursuant to this Grant <br /> Agreement are adequate to protect Grantee. If Grantee believes that any <br /> required insurance coverage is inadequate, Grantee will obtain such additional <br /> ATTY /AGR/2010.120 <br /> 103010 <br /> 2 <br />