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TERMS <br />1. Effective Date and Term of Agreement. This agreement shall be <br />effective and commence on , 2007, ("Effective Date") and shall remain <br />in effect for a term of ten (10) years thereafter. <br />2. Yearly Renewal. Each year upon the anniversary of the Effective <br />Date ("Renewal Date"), an additional one (1) year shall automatically be added to <br />the remaining term of the Agreement unless a notice of nonrenewal is delivered <br />as provided in Section 3 of this Agreement. <br />3. Nonrenewal; Notice; Effect. If either Owner or City desires in any <br />year not to renew this Agreement, Owner or City shall serve a written notice of <br />nonrenewal upon the party in advance of the Renewal Date ("Notice of <br />Nonrenewal"). The Notice of Nonrenewal shall be effective only if served by <br />Owner upon City at least ninety (90) days prior to the Renewal Date, or if served <br />by City upon Owner, the Notice of Nonrenewal shall be effective only if served <br />upon Owner at least sixty (60) days prior to the Renewal Date. If either City or <br />Owner serves a Notice of Nonrenewal in any year, this Agreement shall remain <br />in effect for the balance of the term then remaining. <br />3.1 Owner Protest of City Nonrenewal. Within fifteen (15) days <br />of Owner's receipt of the Notice of Nonrenewal from City, Owner may file with <br />City a written protest of the Notice of Nonrenewal. Upon receipt of the written <br />protest, the City Council shall set a hearing prior to the next Renewal Date. <br />Owner may furnish the City Council with any information, which Owner deems <br />relevant, and shall furnish the City Council with any information it may require. <br />The City Council may, at any time prior to the annual Renewal Date, withdraw its <br />Notice of Nonrenewal <br />4. Valuation of Historic Property. During the term of this Agreement, <br />Owner is entitled to seek assessment of valuation of the Historic Property <br />pursuant to the provisions of Article 1.9 (commencing with Section 439) of <br />Chapter 3 of Part 2 of Division 1 of the California Revenue and Taxation Code. <br />5. Standards for Historic Property. During the term of this Agreement, <br />the Historic Property shall be subject to the following conditions, requirements, <br />and restrictions; <br />a. Owner shall preserve and maintain the characteristics of <br />cultural and historic significance of the Historic Property. Attached hereto as <br />Exhibit B, and incorporated herein by this reference, is a list of the minimum <br />standards and conditions for maintenance, use, protection, and preservation of <br />the Historic Property, which shall apply to the Historic Property and be complied <br />with by Owner throughout the term of this Agreement. In addition, Owner shall <br />2 <br />