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<br />MILLS ACT AGREEMENT <br />2421 North Oakmont Avenue <br />Santa Ana, CA 92706 <br /> <br />E. The Owner and the City intend to carry out the purposes of California <br />Government Code, Chapter 1, Part 5 of Division 1 of Title 5, Article 12, Section <br />50280 et seq., which will enable the Historic Property to qualify for an assessment <br />of valuation as a restricted historical property pursuant to Article 1.9, Sec. 439 et <br />seq., Chapter 3 Part 2 of Division 1 of the California Tax and Revenue Code. <br /> <br />NOW, THEREFORE, the City of Santa Ana and the Owner of the Historic Property <br />agree as follows: <br /> <br />1. Effective Date and Terms of Agreement. <br /> <br />This Agreement shall be effective and commence on December 5, 2005, and shall <br />remain in effect for a term of ten (10) years thereafter. Each year, upon the anniversary of the <br />effective date of this Agreement, such initial term will automatically be extended as provided in <br />California Government Code Sections 50280 through 50290 and in Section 2, below. <br /> <br />2. Renewal. <br /> <br />a. Each year on the anniversary of the effective date of this Agreement, a year shall <br />automatically be added to the initial ten (10) year term of this Agreement unless written notice of <br />nonrenewal is served as provided herein. <br /> <br />b. If the Owner or the City desire(s) in any year not to renew the Agreement, the <br />Owner or City shall serve written notice of nonrenewal of the Agreement on the other party. <br />Unless such notice is served by the Owner to the City at least ninety (90) days prior to the annual <br />renewal date, or served by the City to the Owner at least sixty (60) days prior to the annual <br />renewal date, one (1) year shall automatically be added to the term of the Agreement as provided <br />herein. <br /> <br />c. Within 30 days from receipt of City's notice of nonrenewal, the Owner may file a <br />written protest of City's decision of nonrenewal. The City may, at any time prior to the annual <br />renewal date of the Agreement, withdraw its notice to the Owner of nonrenewal. <br /> <br />d. If either the Owner or the City serves notice to the other of nonrenewal in any <br />year, the Agreement shall remain in effect for the balance of the term then remaining, either from <br />its original execution or from the last renewal of the Agreement, whichever may apply. <br /> <br />3. Standards and Conditions for Historic Property. <br /> <br />During the term of this Agreement, the Historic Property shall be subject to the following <br />conditions, requirements and restrictions: <br /> <br />25E-10 <br />