Amendment 2012 Banking Services AgreementTHIS AMENDMENT TO THE 2012 BANKING SERVICES AGREEMENT
("Amendment") executed by the parties November 2011 is made as of February 28, 2017 by
and between JPMORGAN CHASE BANK, N.A. ("Chase"), and the VILLAGE OF OAK
BROOK, ILLINOIS ("Village").
RECITALS
WHEREAS, Chase and the Village entered into a 2012 Banking Services Agreement
("Agreement"), pursuant to which Chase agreed to provide to the Village banking services, as
more fully described in the Agreement.
WHEREAS, the term of the Agreement ended February 28, 2015; however, pursuant to
Section 8 of the Agreement, the Village extended the Agreement for two additional years ending
February 28, 2017.
WHEREAS, the term of the extended Agreement ends February 28, 2017; however, the
Village requested extend the Agreement for one year through February 28, 2018, with an option
for two additional years through February 29, 2020.
WHEREAS, the parties desire to amend the Agreement pursuant to this Amendment to
extend the term of the Agreement.
NOW THEREFORE, for and in consideration of the recitals set forth above and other
good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby
acknowledged, the Parties hereto agree as follows:
A. Amendment to the Term of the A eement. The Agreement is hereby amended to
extend the term of the Agreement until February 28, 2018. The Village also holds the
option to extend the term of the Agreement an additional three years until February 28,
2021. The Agreement and any extensions of the Agreement can be terminated by either
party at any time during the Agreement upon 90 days prior written notice.
B. Pricine. Chase's pricing shall not increase, and the Village shall not be liable for any
increase in fees or pricing during the term of the Agreement, as extended by this
Amendment. The pricing in effect prior to this extension, shall remain in effect
throughout the entire possible multi-year contract extension.
C. Effect of Amendment. The Parties acknowledge and agree that this Amendment
modifies and amends the Agreement and the terms and provisions hereof shall supersede
and control over any contrary or conflicting terms and provisions set forth in the
Agreement. The Agreement, as amended by this Amendment, is hereby ratified and
remains in full force and effect.
D. Indemmfiention and Special Damaees Notwithstanding: Section E: General Terms
and l.'ondlhOns, Sub Section 4: Indemnification, Paragraph 1 & 2 of the 2012 Agreement
between the parties shall continue to remain in full force and effect except that Chase
Bank will indemnify and hold harmless the Village for any "negligence or willful
misconduct by Chase Bank in performance of the contract agreement'.
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IN WITNESS WHEREOF, the Chase and the Village have respectively executed this
Amendment to be effective as of the date first above written.
ATTES
By:
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ATTEST•
By:
Village Clerk
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BANK, N.A.:
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Date:T �
Date: a3L-Adill7