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Property in order to enhance and maintain its value as a cultural and historical <br />resource for the Owner and for the community; to prevent inappropriate <br />alterations to the Historic Property and to ensure that repairs, additions, new <br />building, and other changes are appropriate; and to ensure that rehabilitation and <br />maintenance are carried out in an exemplary manner. <br />E. The Owner and the City intend to carry out the purposes of California Government <br />Code, Chapter 1, Part 5 of Division 1 of Title 5, Article 12, Section 50280 et seq., <br />which will enable the Historic Property to qualify for an assessment of valuation <br />as a restricted historical property purl Sec. 439 et seq., Chapter <br />3 Part 2 of Division 1 of the Califbmia .aa tt«u ecvc uc Code. <br />NOW, THEREFORE, the City of Santa Ana and the Owner of the Historic Property <br />agree as follows: <br />1. Effective bate and Ternrs of Agreement. <br />This Agreement shall be effective and commence on November 15, 2016, 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 />2. Renewal. <br />EL 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 />t). If the Owner or the City desire(s) in any year not to renew the Agreement, the Owner <br />or City shall serve written notice of nonrenewal of the Agreement on the other party. Unless <br />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 />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 />(l. If either the Owner or the City serves notice to the other of nonrenewal in any year, <br />the Agreement shall remain in effect for the balance of the term then remaining, either from its <br />original execution or from the last renewal of the Agreement, whichever may apply. <br />3. Standards and Conditions for historic Property. <br />During the term of this Agreement, the Flistoric Property shall be subject to the following <br />