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the 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 California <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 the Agreement. The term of this Agreement <br /> shall commence on November 5, 2007 (the "effective date"), and shall expire ten years <br /> thereafter, to wit, on November 5, 2017. 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 /> Agreement (hereinafter referred to as the "renewal date"), a year shall automatically be <br /> added to the initial term of this Agreement unless notice of non-renewal is mailed as <br /> provided herein. If either Owner or City desires in any year not to renew the <br /> Agreement, Owner or City shall serve written notice of non-renewal of the Agreement <br /> on the other party in advance of the annual renewal date of the Agreement. Unless <br /> such notice is served by Owner to City at least ninety (90) days prior to the annual <br /> renewal date, or served by City to Owner at least sixty (60) days prior to the annual <br /> renewal date, one (1) year shall be automatically added to the term of the Agreement as <br /> provided herein. Upon receipt by Owner of a notice of non-renewal from City, Owner <br /> may make a written protest of the notice. City may, at any time prior to the annual <br /> renewal date of the Agreement, withdraw this notice to Owner of non-renewal. If either <br /> City or Owner serves notice to the other of non-renewal in any year, the Agreement <br /> ATTY/AG R/2007.099 2 <br /> 103007 <br />