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7.A. - Page 7 of 25 <br />NOW, THEREFORE, CITY AND OWNER, in consideration of the mutual covenants and <br />conditions set forth herein, do hereby agree as follows: <br />�. 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 />C) If either City or Owner serves notice of intent in any year not to renew the <br />Contract, the existing Contract shall remain in effect for the balance of the period <br />Page 2 of 14 <br />REV: 09-11-18 PR <br />ATTY/AGR.2018.2141Mills Act Contract for 127 Finger Avenue (Anne Park, Property Owner) 496 <br />