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WHEREAS, City and Owner, for their mutual benefit, now desire to enter into this Contract <br />both to protect and preserve the characteristics of historical significance of the Historic Property and <br />to qualify the Historic Property for an assessment of valuation pursuant to the provisions of Article <br />1.9 of Chapter 3, of Part 2, of Division 1 of the California Revenue and 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 on the <br />date of its recordation (the "Effective Date") and shall remain in effect for a term of (10) ten years <br />from such date the "Initial Term"). Each year upon the anniversary of the Effective Date, the Initial <br />Term will automatically be extended as provided in Section 2 of this Contract. For purposes of this <br />Contract, "Term" shall mean the Initial Term plus all renewal terms added to the Initial Term pursuant <br />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 party shall <br />serve written notice of nonrenewal of the Contract on the other party in advance of the annual <br />Renewal Date of the Contract. Unless such notice is served by Owner to City at least ninety <br />(90) days prior to the annual Renewal Date, or served by City to Owner at least sixty (60) <br />days prior to the annual Renewal Date, one (1) year shall be automatically added to the Term <br />of the Contract pursuant to Section 2 of this Contract. <br />REV: 10-25-24 JB <br />ATTY/AGR.2024.205/Staya Chandrasekr (1200 Arguello—Historic Preservation Agreement) (Page 2 of 14) <br />