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DES : dit “ v4. = , nu , <br /> w / 15 / 92R <br /> • I / 20 / 92R <br /> Chapter 40 , Historic Preservation of the Redwood City Municipal <br /> 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 /> as follows : <br /> 1 . EFFECTIVE DATE AND TERM OF THE AGREEMENT . The term of <br /> this Agreement shall commence on 1---Ckr-vc,r0 `7 , 1992 , <br /> g 1 <br /> ( the " effective date " ) , and shall expire ten years thereafter , to <br /> wit , on (---cb r-v 7 , 2002 . Each year upon the <br /> anniversary of the effective date , the initial term will <br /> automatically be extended as provided in paragraph 2 . <br /> U) <br /> 2 . RENEWAL . Each year on the anniversary of the effective p <br /> date of this Agreement ( hereinafter referred to as the " renewal <br /> ba <br /> date " ) , a year shall automatically be added to the initial term c.7 <br /> o f 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 /> o f 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 />