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_ _ <br /> WHEREAS, on ,2013, the City Council of the City of <br /> Redwood City declared and designated the Historic Property as a historic landmark <br /> pursuant ta the terms and provisions of Chapter 40, Historic Preservation of the <br /> Redwood City Municipal Code; and <br /> WHEREAS, City and Ovmer, far their mutual ben�t, now desire to enter into this <br /> Contract both to protect and preserve the characteristics of historical significance of the <br /> Historic Property and to qualify the Historic Property for an assessment af valuation <br /> pursuant to the provisions of Chapter 3, of Part 2, of Division 1 of the Califomia <br /> Revenue and Ta�tion Code. <br /> NOW, THEREFORE, ClTY AND OWNER, 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 [date Contract is signedL (the "effective <br /> date"}, and shall expire ten years theceafter, to wit, on[one year from the Contract <br /> date] . Each year upon the anniversary of the effective <br /> date, the initia(term will automatically be extended as provided in paragraph 2. <br /> 2. Renewaf. 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 ta the initial term of this Contract unless sooner terminated in acxordance with <br /> the provisions herein. <br /> 3. Notice of Nonrenewal. <br /> a) If either Owner or City desires in any year not to renew the <br /> Contract, that party shall serve written notice of nonrenewat of the Contract on <br /> REV:11-22-13 VR <br /> ATTY/AGR/2013.22!/1052 EDGEWOOD ROAD MILLS ACT CONTRACT <br /> Page 2 of 13 <br />