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either from its original execution or from the last renewal of the Agreement, whichever may apply. norr"T",77TUT" =1 A. As referenced in the Recitals, the benefit to the owner entails the provision of property tax relief according to the "income" method set out in Revenue and Taxation Code Section 439.2. The income, or projected income, less certain expenses, divided by a capitalization rate to determine the assessed value of the property. 1) The income represents actual income in the case of rental property or stipulated income in the case of owner occupied property. 2) The expenses inducle those necessary for the maintenance and operation of the property. 3) The capitalization rate includes an interest component, a historical property risk component, an amortization component and a property taxes component. B. Tax relief will require negotiation with the San Bernardino County Assessor's office to set the above parameters. The assessed value of the property is re- calculated each year to reflect changes in income, expenses, interest rate and amortization, allowing for increases in tax savings consistent with market value assessment increases. M�.rg7l I 4T -T -T& During the term of this Agreement, the Historic Property shall be subject to the following conditions, requirements and restrictions: A. Owner shall preserve and maintain the characteristics of historical significance of the Historic Property. Attached hereto, miarked as Exhibit "BR, and incorporated herein by this reference, is a list of those minimum standards and conditions for maintenance, use and preservation of the Historic Property, which shall apply to such property throughout the term of this Agreement. B. Owner shall, where necessary, restore and rehabilitate the property according to the rules and regulations of the Secretary of the Interiors Standards for Rehabilitation and Guidelines for Rehabilitating Historic Buildings, and in accordance with the attached schedule of potential home improvements, drafted by the applicant and approved by the City Council, attached hereto as Exhibit "C". ONEEK =,17 =I. AMIL- 1=1 ; =M. K - =1 - I =-, owner hereby agrees to fumish City with all information requested by the City, which may be necessary or advisable to determine compliance with the terms and provisions of this Agreement. 6. Cancellation City, following a duty noticed public hearing as set forth in the California Government Code Sections 50280, et seq., may cancel this Agreement if it determines that Owner breached any of the conditions of this Agreement or has allowed the property to deteriorate to the point that it no longer meets the standards for a qualified historic property. City may also cancel this Agreement if It determines that the owner has failed to restore or rehabilitate the property in the manner specified in Section 4, subsection 2 of this Agreement. In the event of cancellation, Owner may be subject to payment of those cancellation fees set forth in California Government Code Sections 50280, et seq.