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WHEREAS, on December 8, 2014, the City Council of the City of Redwood City <br /> declared and designated the Historic Property as a historic landmark pursuant to the <br /> terms and provisions of Chapter 40, Historic Preservation of the Redwood City <br /> Municipal Code; and <br /> WHEREAS, City and Owner(s), for their mutual benefit, now desire to enter into <br /> this Contract both to protect and preserve the characteristics of historical significance of <br /> the Historic Property and to qualify the Historic Property for an assessment of valuation <br /> pursuant to the provisions of Chapter 3, of Part 2, of Division 1 of the California <br /> Revenue and Taxation Code. <br /> NOW, THEREFORE, CITY AND OWNER(S), in consideration of the mutual <br /> covenants and conditions set forth herein, do hereby agree as follows: <br /> 1. Effective Date and Term of Contract. The term of this Contract shall <br /> commence on December 31, 2014 (the "effective date"), and shall expire ten years <br /> thereafter, to wit, on December 31, 2024. Each year upon the anniversary of the <br /> effective date, the initial term will automatically be extended as provided in paragraph 2. <br /> 2. Renewal. Each year on the anniversary of the effective date of this <br /> Contract (hereinafter referred to as the "renewal date"), a year shall automatically be <br /> added to the initial term of this Contract unless sooner terminated in accordance with <br /> the provisions herein. <br /> 3. Notice of Nonrenewal. <br /> a) If either Owner(s) or City desires in any year not to renew the <br /> Contract, that party shall serve written notice of nonrenewal of the Contract on <br /> the other party in advance of the annual renewal date of the Contract. Unless <br /> REV:09-26-14 VR <br /> ATTY/AGR.2014.194/139-143 DUANE STREET/3039 BROADWAY STREET MILLS ACT CONTRACT <br /> Page2of13 <br />