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herein by this reference, is a list of those minimum standards and conditions for <br /> maintenance, use and preservation of the Property, which shall apply to such <br /> property throughout the Term of this Agreement <br /> b Owner shall restore and rehabilitate the property according to the Plan, the rules <br /> and regulations of the Secretary of the Interior's Standards for Rehabilitation <br /> (Exhibit "C") and the California Historical Building Code <br /> c Owner shall allow reasonable periodic examinations, by prior appointment, of the <br /> interior and exterior of the Property by representatives of the San Bernardino <br /> County Assessor, State Board of Equalization and City, as may be necessary to <br /> determine Owner's compliance with the terms and provisions of this Agreement <br /> d Owner shall expend one hundred percent (100%) of the property tax savings <br /> recognized by Owner during the Term of this Agreement to finance the <br /> preservation, maintenance, rehabilitation and improvement of the Property <br /> Owner shall maintain records and documentation of such property tax savings and <br /> expenditures and shall provide annually a written accounting to the City City <br /> shall have the right to audit Owner's property tax records and expenditures for the <br /> purposes of ensuring Owner's compliance with the requirements of this <br /> subsection 3d <br /> 4 Provision of Information of Compliance. <br /> Owner hereby agrees to furnish City with any and all information requested by the <br /> City which may be necessary or advisable to determine compliance with the terms <br /> and provisions of this Agreement <br /> 5 Office of Historic Preservation <br /> City shall provide written notice of this Agreement to the State Office of Historic <br /> Preservation within one (1) month of City's approval of this Agreement <br /> 6 Cancellation <br /> City, following a duly noticed public hearing as set forth in California Govermnent <br /> Code Sections 50280, et seq , may cancel this Agreement if it determines that Owner <br /> breached any of the conditions of this Agreement or has allowed the Property to <br /> deteriorate to the point that it no longer meets the standards for a Historic Resource or <br /> Contributing Structure City may also cancel this Agreement if it determines that the <br /> Owner has failed to restore or rehabilitate the Property in the manner specified in <br /> subparagraph 3(b) of the Agreement, including but not limited to Owner's failure to <br /> comply with the Plan and/or Owner's failure to complete the rehabilitation and <br /> restoration identified in the Plan as provided for in the Plan In the event of <br /> cancellation of this Agreement by City, Owner shall pay the State of California a <br /> cancellation fee of Twelve and One-Half percent (12 ''/z%) of the current fair market <br /> value of the Property at the time of cancellation, as determined by the San Bernardino <br /> County Assessor without regard to any restrictions of the Property imposed pursuant <br /> to this Agreement Payment of the fee shall be made in accordance with the <br /> provisions of subsection (b) of Section 50286 of the California Government Code <br /> 7 Enforcement of Agreement <br /> HISTORICAL PROPERTY CONTRACT <br />