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WHEREAS, On October 3, 1989, the East Fern Avenue Historic and Scenic District was <br /> designated by the Redlands City Council as a local historic district, for which the Property was <br /> included as having contributing structures, and <br /> WHEREAS, City and Owner, for their mutual benefit, now desire to enter into this <br /> Agreement both to protect and preserve the characteristics of historical significance of the <br /> Property and to qualify the Property for an assessment of valuation pursuant to the provisions of <br /> Section 439 et seq of the California Revenue and Taxation Code, <br /> NOW THEREFORE, City and Owner, in consideration of the mutual covenants and <br /> conditions set forth herein, do hereby agree follows <br /> 1 Effective Date and Term of Agreement This Agreement shall be effective and <br /> commence on the date it is recorded ("Effective Date") and shall remain in effect for a term of <br /> ten (10) years (the "Term") thereafter Each year upon the anniversary of the Effective Date, the <br /> Term will automatically be extended by one (1) year, subject to provisions of paragraph 2, <br /> below <br /> 2 Renewal Each year on the anniversary of the Effective Date of this Agreement (the <br /> "Renewal Date"), one (1) year shall automatically be added to the Term of this Agreement unless <br /> notice of nonrenewal is mailed as provided herein If either Owner or City desires in any year <br /> not to renew this Agreement, Owner or City shall serve written notice of nonrenewal of this <br /> Agreement on the other Party in advance of the annual Renewal Date of this Agreement Unless <br /> such notice is served by City to Owner at least ninety (90) days prior to the annual Renewal <br /> Date, or such notice is served by Owner to City, one (1) year shall automatically be added to the <br /> Term of this Agreement as provided herein Upon receipt by Owner of a notice of nonrenewal <br /> from City, Owner may make a written protest of the notice City may, at any time prior to the <br /> annual Renewal Date of this Agreement, withdraw its notice to Owner of nonrenewal If either <br /> City or Owner serves notice to the other of nonrenewal in any year, this Agreement shall remain <br /> in effect for the balance of the term then remaining, either from its original execution or from the <br /> last renewal of this Agreement,whichever may apply <br /> 3 Standard for Historical Property During the term of this Agreement,the Property shall be <br /> subject to the following conditions,requirements and restrictions, <br /> A Owner shall preserve and maintain the characteristics of historical significance of <br /> the Property in accordance with the Plan Attached hereto, marked as Exhibit "B", and <br /> incorporated 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 property throughout <br /> 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 (Exhibit "C") and <br /> the California Historical Building Code <br /> 2 <br /> L\ca\djm\Agreements\121 Fem Ave Historic Property Contract.doc <br />