Mills Act Contract 802 Edgewood Rd Nicolet & De Brine

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� _ WHEREAS, on December 8, 2014, the City Council of the City of Redwood City declared and designated the Historic Property as a historic landmark pursuant to the terms and provisions of Chapter 40, Historic Preservation of the Redwood City Municipal Code; and WHEREAS, City and Owner(s), for their mutual benefit, now desire to enter into this Contract both to protect and preserve the characteristics of historical significance of the Historic Property and to qualify the Historic Property for an assessment of valuation pursuant to the provisions of Chapter 3, of Part 2, of Division 1 of the California Revenue and Taxation Code. NOW, THEREFORE, CITY AND OWNER(S), in consideration of the mutual covenants and conditions set forth herein, do hereby agree as follows: 1. Effective Date and Term of Contract. The term of this Contract shall commence on December 31, 2014 (the "effective date"), and shall expire ten years thereafter, to wit, on December 31, 2024. Each year upon the anniversary of the effective date, the initial term will automatically be extended as provided in paragraph 2. 2. Renewal. Each year on the anniversary of the effective date of this Contract (hereinafter referred to as the "renewal date"), a year shall automatically be added to the initial term of this Contract unless sooner terminated in accordance with the provisions herein. 3. Notice of Nonrenewal. a) If either Owner(s) or City desires in any year not to renew the Contract, that party shall serve written notice of nonrenewal of the Contract on the other party in advance of the annual renewal date of the Contract. Unless REV:09-18-14 VR ATTY/AGR/2014.193/802 EDGEWOOD ROAD MILLS ACT CONTRACT Page 2 of 13