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. it is proper under the terms of this Agreement. The BANK shall furnish monthly I', <br /> statements to the CITY, certified by the DEPOSITORY, designating the pledged , <br /> securities until the end of the term of the Agreement. In addition, the CITY shall have ' <br /> the right to request certified statements designating the pledged securities at such time <br /> or times as it shall, in its discretion, deem reasonable. The DEPOSITORY shall <br /> furnish certificates to the CITY upon request of the CITY evidencing the policy of <br /> insurance required by paragraph (3) hereof. <br /> 6. In the event the BANK shall fail to pay the CITY any funds which the <br /> CITY has on deposit therein in accordance with terms of such deposit; or should the <br /> DEPOSITORY fail or suspend active operations, the deposit in such DEPOSITORY <br /> shall become due and payable immediately, and the CITY shall have the right to <br /> unilaterally demand delivery of all pledged securities. The CITY shall also have the <br /> right to sell the said securities at any public or private sale at its option without <br /> advertising such sale, upon not less than three (3) days notice to the BANK and the <br /> DEPOSITORY. In the event of such sale, the CITY, after deducting all legal expenses <br /> and other costs, including reasonable attorney's fees, from the proceeds of such sale, <br /> shall apply the remainder on any one or more of the liabilities of the BANK to the <br /> CITY and shall return the surplus, if any, to the BANK. <br /> 7. This Agreement shall be governed by the laws of the State of Illinois. <br /> 8. This Agreement shall be binding upon the BANK, the CITY and the <br /> DEPOSITORY, and their respective successors and assigns. <br /> 9. The BANK shall pay all service charges made by the DEPOSITORY in <br /> connection with this Agreement. <br /> 10. This Agreement is made pursuant to authorization by the by-laws of the <br /> BANK, the Board of Directors of the DEPOSITORY, and the CITY. <br /> 11. The term of this Agreement shall be for five (5) years from the date hereof <br /> unless terminated prior thereto by thirty (30) days written notice delivered by any party <br /> to the others. Upon the expiration of said five (5) year period, the agreement shall <br /> automatically renew for successive six (6) month periods unless a party delivers <br /> written notice of cancellation to the others not less than thirty (30) days before the next <br /> renewal date. <br /> 4 <br />