RecDoc2022-085943 Historic Property Preservation 2312 Hopkins

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WHEREAS, City and Owner, for their mutual benefit, now desire to enter into this Contract both to protect and preserve the characteristics of historical significance of the Historic Property and to qualify the Historic Property for an assessment of valuation pursuant to the provisions of Article 1.9 of Chapter 3, of Part 2, of Division 1 of the California Revenue and Taxation Code. NOW, THEREFORE, CITY AND OWNER, in consideration of the mutual covenants and conditions set forth herein, do hereby agree as follows: 1. Effective Date and Term of Contract. The term of this Contract shall commence on the date of its recordation (the "Effective Date") and shall remain in effect for a term of (10) ten years from such date (the "Initial Term"). Each year upon the anniversary of the Effective Date, the Initial Term will automatically be extended as provided in Section 2 of this Contract. For purposes of this Contract, "Term" shall mean the Initial Term plus all renewal terms added to the Initial Term pursuant to Section 2 of this Contract. 2. Renewal. Each year on the anniversary of the Effective Date of this Contract (hereinafter referred to as the "Renewal Date"), a year shall automatically be added to the Initial Term of this Contract (each such year a `Renewal Term") unless (a) a notice of nonrenewal has been received pursuant to Section 3 below or (b) the Contract has been sooner terminated in accordance with the provisions herein. 3. Notice of Nonrenewal. a) If either Owner or City desires in any year not to renew the Contract, that party shall serve written notice of nonrenewal of the Contract on the other party in advance of the annual Renewal Date of the Contract. Unless such notice is served by Owner to City at least ninety (90) days prior to the annual Renewal Date, or served by City to Owner at least sixty (60) days prior to the annual Renewal Date, one (1) year shall be automatically added to the Term of the Contract pursuant to Section 2 of this Contract. REV: 10-25-22113 ATTY/AGR.2022.378/Matthew Johnston (Mills Act Contract - 2312 Hopkins Ave) (Page 2 of 15)