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� r <br /> WHEREAS, on December 9, 2013 ,2013, the City Council of the City of <br /> Redwood City deciared and designated the Historic Property as a historic landmark <br /> pursuant to the terms and provisions of Chapter 40, Historic Preservation of the <br /> Redwood City Municipal Code; and <br /> WHEREAS, City and Owner, for their mutuai benefit, 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 of valuation <br /> pursuant to the provisions of Chapter 3, of Part 2, of Division 1 of the Califomia <br /> Revenue and Taxation Code. <br /> NOW, THEREFORE, CITY 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 the Contract is signedl December 16, 2013 (the <br /> "effective date"), and shall expire ten years thereafter, to wit, on [one year from signed <br /> Contract datel December 16, 2014 . 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 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 /> REV: 11-12-13 VR <br /> Page 2 of 13 <br /> ATTY/AGR.2013.222/842 Edgewood Road Mills Act Contract <br />