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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 (the "Initial Term"). Each year upon the anniversary of the Effective <br />Date, the Initial Term will automatically be extended as provided in Section 2 of this Contract. <br />For purposes of this Contract, "Term" shall mean the Initial Term plus all Renewal Terms added <br />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 <br />shall be automatically added to the Term of the Contract pursuant to Section 2 of this <br />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 />REV: 09-28-2020 PR <br />