CONTRACT FOR DEPOSITORY AGREEMENT WITH JPMORGAN CHASE BANK, N.A.Contract for Depository Agreement • May 31st, 2017 • Texas
This Contract shall commence and be in full force and effect upon the signing of this Contract and observance of the appropriate formalities, or the 1st day of July, 2017. This Contract shall terminate on the 30th day of June, 2019. If mutually acceptable by both the DEPOSITORY and the CITY, the CITY shall have the option to continue the contract three terms for one year each by giving written notice to the DEPOSITORY at least 90 days prior to the end of the term. Pricing may be renegotiated prior to extension under the option. The term may be extended until such time as the successor shall have been duly selected and qualified, such extension not to exceed ninety (90) days. DEPOSITORY shall undertake commercially reasonable efforts necessary to fully and timely accomplish all services required under this Contract in accordance with “ordinary care" standard of care imposed upon banks under the Uniform Commercial Code.
