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PROFESSIONAL APPRAISAL SERVICES AGREEMENT RIGGS & RIGGS, INC. THIS AGREEMENT is made and entered into this 26th day of August, 2004 , ("Effective Date") by and between the REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE, a public entity ("Agency"), and RIGGS & RIGGS, INC., ("Consultant"). 1. Scope of Services: Agency agrees to retain and does hereby retain Consultant and Consultant agrees to provide the services more particularly described in Exhibit "A", "Scope of Services" ("Services"), attached hereto and incorporated herein by reference, in conjunction with the Villagio Project ("Project"). 2. Term: This Agreement shall commence on the Effective Date and the Agreement shall remain in force and effect during performance of the Services. Performance of the Services shall be completed no later than six (6) weeks from the date of written notice to proceed, unless the time for performance is extended in writing by mutual consent of the parties. Consultant agrees that notwithstanding the termination of this Agreement, Consultant shall be available to testify in depositions or as an expert witness in any case in which such Services would, in the Agency's discretion, be required. Any report that is generated pursuant to the Services, shall be addressed to the City Attorney of the City of Riverside ("City Attorney") and shall be delivered to City of Riverside's Real Property Services Division ("Property Services" at the address set forth in Section 4 hereof. 3. Compensation/Payment: Consultant shall perform the Services under this Agreement for a total fee of Five Thousand Five Hundred Dollars ($5,500.00). Said payment shall be made in accordance with Agency's usual accounting procedures upon receipt and approval of an itemized invoice setting forth the services performed. The invoices shall be in triplicate and shall be delivered to Property Services at the address set forth in Section 4 hereof. 4. Notices: Any notices required to be given hereunder shall be in writing and shall be personally served or given by mail. Any notice sent by mail shall be deemed given when deposited in the United States Mail, certified and postage prepaid, addressed to the party to be served as follows: To Agency To Consultant Property Services Division City of Riverside Attn: Kelly Kitasato Suite B 3560 University Avenue Riverside, CA 92501-3332 Riggs & Riggs, Inc. Attn: Joyce Riggs Suite 207 4195 Valley Fair Street Simi Valley, CA 93063 Redevelopment - PSARED 03/31/04