RES 09257 - Laserfiche WebLink

with theagriculturalnses within the preserve where said_property is located; provided, however, that the City Council shall not eliminate, without the written consent of Owner, a compatible use during the term of this contract or any renewal thereof. The provisions of this contract and any resolution supplementing the uses pemutted in Exhibit B are nu[ intended to limit or supersede the planning and zoning powers of the City. 4. TERM OF CONTRACT. This contract shall be effective as of the day and year first above written and shall remain in effect for a period of ten yeazs therefrom; provided, however, each first day of January shall be the "annual renewal date" of the contract. This contract shall automatically be renewed on the first day of January next succeeding the date of the commencement hereof and on the first day of January of each year thereafter for an additional one-year period unless notice of nonrenewal is given as provided in paragraph 5. This contract shall be subject to an unlimited number of one- year extensions and each such one-year extension shall be added to the term thereof so as to commence inunediately following the termination date or the termination date of the most .recently added one-year extension, whichever is later in time. 5. NOTICE OF NONRENEWAL. (a) If either party desires in any year not to renew this contract, that party shall serve written notice of nonrenewal upon the other party in advance of the annual renewal date of this contract. Unless such written notice of nonrenewal is served by Owner at ]east 90 days prior to the renewal date, or by City at least 60 days prior to the renewal date, this contract shall be considered renewed as provided in paragraph 4 above. (b) If either party serves written notice of nonrenewal in any year within the time limits of (a) above, this contract shall remain in effect for the balance of the period remaining since the original execution of this contract, as the case may be. 6. NO COMPENSATION. Owner shall not receive any payment from City in consideration of the obligations _< imposed under this contract, it being recognized and agreed that the consideration for the execution of this contract is the substantial public benefit to be derived therefrom, and the advantage that will accrue to Owner as a result of the effect upon the assessed value of the property on account of the restrictions on the use of the property contained herein. 7. SUCCESSORS IN INTEREST. This contract and the restrictions imposed hereunder shall run with the property described in Exhibit A and shall be binding upon the heirs, executors, administrators, trustees, successors and assigns of Owner. 8. CONDEMNATION. When any action in eminent domain for the condemnation of the fee title or any lesser estate in any land described in Exhibit A is filed or when such land or any lesser estate therein is