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Part A: Retainer: <br /> <br /> City shall pay Consultant a retainer of Two Thousand, Five hundred <br /> ($2,500) Dollars within forty-five calendar days of the date of this <br /> Agreement. <br /> <br /> Part B: Participation <br /> <br /> City shall pay Consultant a lump sum payment equivalent to six"tenths of <br /> one percent (0.6%) of the gross proceeds, before distribution, from all <br /> bonds or other evidences of indebtedness sold pursuant to the statutory <br /> financing program established by City for the Project for the construction <br /> of improvements and incidental expenses relating thereto. Compensation <br /> payable under this Part B is expressly contingent upon the sale of such <br /> bonds or other evidences of indebtedness and receipt by City of proceeds <br /> therefrom. <br /> <br /> 3. ASSIGNABILITY. Neither Consultant nor city shall subcontract, <br />assign, sell, mortgage, hypothecate or otherwise transfer its interest or <br />obligations in this Agreement in any manner, without the express prior consent of <br />the non-transferring pafly. <br /> <br /> 4. STATUS. In the performance of its services hereunder, <br />Consultant shall be, and is, an independent contractor, and shall not be deemed <br />to be an employee or agent of the City. <br /> <br />Agmt-120 2 <br />G:~s h ared~Redwood~,Cou ncil <br />DES:mge <br />00/0Z/97 <br /> <br /> <br />