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Agreement regarding Historic Recognition Program <br /> Page 2 <br /> Now, therefore, the parties agree: <br /> 1. Program Funding. Contingent upon the creation and funding of the Jean Jones Endowment <br /> Fund at an amount substantially equal to the net estate assets of the Jean Jones Estate, the Historical <br /> Society will annually fund the PHA Historic Recognition Program from the Endowment at the level of <br /> $5,000.00 per year, with inflation adjustments as appropriate. <br /> 2. PHA Commitment. <br /> 2.1. PHA will use the funds so provided in its Historic Recognition Program. <br /> 2.2. Annually, in November of each calendar year, PHA will submit a letter accounting of <br /> how the Endowment funds were used, with financial information regarding actual disbursements, and a <br /> summary of projects accomplished. <br /> 3. Term. This Agreement shall be in effect for ten years from the January 1 following the date <br /> the Jean Jones Endowment is first funded. After ten years, this Agreement shall continue in force on a <br /> year to year basis unless either party elects to terminate this Agreement in writing prior to the <br /> September first, in which case the Agreement shall terminate as of December 31 of that calendar year. <br /> 4. Limitation. If net earnings on Endowment investments plus new donations to the Endowment <br /> do not total $50,000.00 in any calendar year, the Historical Society may curtail the funding to PHA <br /> proportionately as needed to maintain the purposes of the Endowment and Historical Society. <br /> 5. Use of Funds Variance. The Executive Director of the Historical Society can approve <br /> variations on use of the funds provided to PHA which he or she determines are consistent with the <br /> historic preservation purposes of the Endowment. <br /> 6. Cooperation. The parties shall act in good faith and cooperate to achieve the purposes of this <br /> Agreement. Any missing terms shall be filled in using general principles of California contract law and <br /> reasonable business practice. <br /> Agreed: Pleasanton Heritage Association, a California non-profit corporation. <br /> By: <br /> Linda Garbarino, President and Authorized Agent Date <br />