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WHEREAS , on , 199 _ , the City <br /> Council of the City of Redwood City adopted Resolution No . <br /> thereby declaring and designating the Historic Property as a <br /> historic landmark or as a property contributing to a historic <br /> district pursuant to the terms and provisions of Chapter <br /> 40 , Historic Preservation of the 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 /> of valuation pursuant to the provisions of Chapter 3 , of Part 2 , <br /> of 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 <br /> of this Agreement shall commence on _ , 199 _ , ( the <br /> " effective date " ) , and shall expire ten years thereafter , to wit , <br /> on 199 . Each year upon the <br /> anniversary of the effective date , the initial term will <br /> automatically be extended as provided in paragraph 2 . <br /> PEMEWAL . 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 cf ncnrenewal 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 /> 2 <br />