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• DAL : aft 1 / 12 / 90R ( 025 / 43 ) <br /> • DAL : dit 10 / 15 / 90R <br /> terms and provisions of Chapter 40 , Historic Preservation of the <br /> Redwood City Municipal Code ; and <br /> WHEREAS , City and Owner , for their mutual benefit , now <br /> desire to enter into this agreement both to protect and preserve <br /> the characteristics of historical significance of the Historic <br /> Property and to qualify the Historic Property for an assessment <br /> o f valuation pursuant to the provisions of Chapter 3 , of Part 2 , <br /> o f Division 1 of the the California Revenue and Taxation Code . <br /> NOW , THEREFORE , CITY and OWNER , in consideration of the <br /> mutual covenants and conditions set forth herein , do hereby agree <br /> O <br /> as follows : 1004 <br /> 1 . EFFECTIVE DATE AND TERM OF THE AGREEMENT . The term of <br /> Xs <br /> this Agreement shall commence on March 1 , 1991 , ( the " effective tin <br /> date " ) , and shall expire ten years thereafter , to wit , on <br /> February 28 , 1990 . Each year upon the anniversary of the <br /> e ffective date , the initial term will automatically be extended <br /> as provided in paragraph 2 . <br /> 2 . RENEWAL . Each year on the anniversary of the effective <br /> date of this Agreement ( hereinafter referred to as the " renewal <br /> date " ) , a year shall automatically be added to the initial term <br /> of this Agreement unless notice of non -renewal is mailed as <br /> provided herein . If either Owner or City desires in any year not <br /> to renew the Agreement , Owner or City shall serve written notice <br /> of non -renewal of the Agreement on the other party in advance of <br /> the annual renewal date of the Agreement . Unless such notice is <br /> served by Owner to City at least ninety ( 90 ) days prior to the <br /> annual renewal date , or served by City to Owner at least sixty <br /> 2 <br />