THIRD AMENDMENT TO AGREEMENT 18-245 BETWEEN THE CITY OF CUPERTINO AND CHANDLER ASSET MANAGEMENT, INC. FOR CONSULTING SERVICES AGREEMENT FOR INVESTMENT ADVISERY SERVICES This Third Amendment to Agreement 18-245 between the City of Cupertino and Chandler Asset Management, Inc. is by and between the City of Cupertino, a municipal corporation (hereinafter "City") and Chandler Asset Management, Inc., a Corporation (“Contractor”) whose address is 9225 Towne Centre Drive, Suite 600, San Diego, CA 92121, and is made with reference to the following:
RECITALS:
A. On December 20, 2018, Agreement 18-245 (“Agreement”) was entered into by and between City and Contractor for Consulting Services Agreement for Investment Advisory Services.
B. The City and Contractor entered into a First Amended Agreement for Investment Advisory Services (“First Amended Agreement”) effective December 16, 2021.
C. The City and Contractor entered into a Second Amended Agreement for Investment Advisory Services (“Second Amended Agreement”) effective November 9, 2022.
D. The Agreement, First Amendment and Second Amendment are collectively referred to as the “Agreement” unless otherwise indicated.
E. City and Contractor desire to modify the Agreement on the terms and conditions set forth herein.
F. City and Contractor to continue Contractor’s services to the City under the agreement, hereby affirm their intent that it remain in full force and effect as amended and reinstated by this Third Amendment.
NOW, THEREFORE, it is mutually agreed by and between the undersigned parties as follows:
Paragraph 1 of the of the Agreement is modified to read as follows:
Term. The term of this Agreement shall commence upon the execution of this Agreement and shall continue until December 31, 2028. The City may, at its option and the discretion of the City Manager, exercise up to one (1) one-year extension by providing a written notice of intent to extend the Agreement to the Consultant no less than thirty (30) days prior to the expiration of the previous term. Such extension shall be at the same price and conditions set forth herein.
The Fees set forth in Paragraph 3 of the Agreement shall not exceed $600,000 during the term of this Third Amendment.
Paragraph 7 of the Agreement is modified to read as follows:
Notices. All reports and other communications required hereunder to be in writing shall be delivered in person, or sent by first-class mail postage prepaid, by overnight courier, by confirmed facsimile with original to follow or by confirmed electronic mail with proof of receipt to the addresses set forth below. Either party to this Agreement may, by written notice given at any time, designate a different address for the receipt of reports and other communications due hereunder.
Chandler Asset Management
Attn: Nicole Dragoo
9255 Towne Centre Drive, Suite 600
San Diego, CA 92121
[email protected]
City Representative
Kristina Alfaro or Jonathan Orozco
10300 Torre Avenue
Cupertino, CA 95014
[email protected],
[email protected]
Except as expressly modified herein, all other terms and covenants set forth in the Agreement shall remain the same and shall be in full force and effect.
IN WITNESS WHEREOF, the parties hereto have caused this modification of Agreement to be executed.
CITY OF cupertino
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APPROVED AS TO FORM
City Attorney
ATTEST:
City Clerk
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CHANDLER ASSET MANAGEMENT, INC.
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