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Property and to qualify the Historic Property for an assessment of valuation pursuant to the <br /> provisions of Article 1 .9 of Chapter 3, of Part 2, of Division 1 of the California Revenue and <br /> Taxation Code. <br /> NOW , THEREFORE , CITY AND OWNER, in consideration of the mutual covenants and <br /> conditions set forth herein , do hereby agree as follows: <br /> 1 . Effective Date and Term of Contract. The term of this Contract shall commence <br /> on the date of its recordation (the "effective date") , and shall remain in effect for a term of ( 10) <br /> ten years from such date (such ten year term, the "initial term"). Each year upon the <br /> anniversary of the effective date, the initial term will automatically be extended as provided in <br /> Section 2 of this Contract. For purposes of this Contract, "term" shall mean the initial term plus <br /> all renewal terms added to the initial term pursuant to Section 2 of this Contract. <br /> 2. Renewal. Each year on the anniversary of the effective date of this Contract <br /> (hereinafter referred to as the "renewal date"), a year shall automatically be added to the initial <br /> term of this Contract (each such year a "renewal term") unless (a) a notice of nonrenewal has <br /> been received pursuant to Section 3 below or (b) the Contract has been sooner terminated in <br /> accordance with the provisions herein . <br /> 3. Notice of Nonrenewal. <br /> a) If either Owner or City desires in any year not to renew the Contract, that <br /> party shall serve written notice of nonrenewal of the Contract on the other party in <br /> advance of the annual renewal date of the Contract. Unless such notice is served by <br /> Owner to City at least ninety (90) days prior to the annual renewal date , or served by <br /> City to Owner at least sixty (60) days prior to the annual renewal date, one ( 1 ) year shall <br /> be automatically added to the term of the Contract pursuant to Section 2 of this Contract. <br /> b) Upon receipt by Owner of a notice of nonrenewal from City, Owner may <br /> make a written protest of the notice of nonrenewal. City may, at any time prior to the <br /> renewal date, withdraw the notice of nonrenewal. <br /> ATTY/AGR/2015.233/MILLS ACT CONTRACT 2302 HOPKINS AVE <br /> REV: 10-13-15 JS & VR <br /> Page 2 of 14 <br />