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PROFESSIONAL SERVICES CONTRACT <br /> This contract is entered into this /5 day of July, 2012 by and between the City of <br /> Rancho Palos Verdes located at 30940 Hawthorne Boulevard, Rancho Palos Verdes, <br /> CA 90275, and AmeriNational Community Services, Inc., a corporation organized and <br /> existing under the laws of the State of Minnesota, along with its parent company <br /> American Bank of St. Paul, located at 217 South Newton Avenue, Albert Lea, MN <br /> 56007, hereinafter referred to as the "Contractor", and is made with reference to the <br /> following agreements: <br /> CONTRACT PROVISIONS <br /> LAWS GOVERNING THIS AGREEMENT: <br /> Whereas, Contractor represents that it is qualified to perform services under this <br /> Agreement through its parent company, American Bank; and the City of Rancho Palos <br /> Verdes, a participant in the Community Development Block Grant (CDBG), funded by <br /> the United States Department of Housing and Urban Development (HUD), requires that <br /> the Contractor comply with all standard CDBG regulations. <br /> 1. STATEMENT OF WORK <br /> AmeriNational will provide the following scope of service through its parent <br /> company, American Bank. Accordingly, these entities hereinafter are referred <br /> to as "Contractor". The Contractor shall perform all duties from Vioii <br /> through 6/30/2013. Contractor agrees to accomplish the following work: <br /> The provision of construction fund disbursement (escrow) services for the <br /> Community Development Block Grant (CDBG) funded program, which is the <br /> Home Improvement Program. Contractor shall provide monthly accounting <br /> statements summarizing the status and activity for all funded escrow <br /> accounts. Contractor shall also maintain records of all accounts established <br /> under this contract for a period of five (5) years from the closing of the <br /> account. <br /> 2. PAYMENT <br /> The agency agrees to pay the contractor a total sum not to exceed One <br /> Thousand Three Hundred dollars ($1,300.00), based on a fee of One <br /> Hundred Thirty dollars ($130.00) per escrow account, for the first ten (10) <br /> clients, including maximum check disbursement of six (6) per account, and an <br /> additional Twenty Five dollars ($25.00) fee for escrow fund amount <br /> modification, if necessary, on each account. A Ten dollar ($10.00) fee will be <br /> assessed for each additional check after the maximum of 6 disbursements <br /> per account, plus outside costs, including but not limited to recordation <br /> charges. Payment shall be as follows: <br />