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RECORDED AT THE REQUEST OF <br />AND WHEN RECORDED MAIL TO <br />THE CITY OF SANTA ANA <br />20 CIVIC CENTER PLAZA, M-30 <br />SANTA ANA, CA 92701 <br />ATTENTION: CITY CLERIC <br />EXEMPT FROM FILING FEE PER <br />GOVERNMENT CODE SECTION 27383 <br />(Space Above This Line for Recorder's Office Use Only) <br />OPERATIONS COVENANT <br />THIS OPERATIONS COVENANT AND DECLARATION OF COVENANTS AND <br />RESTRICTIONS ("Covenant") is made and entered into this day of , 2020, by and <br />between the CITY OF SANTA ANA, a charter city and municipal corporation organized under <br />the Constitution and the laws of the State of California ("City"), and Caribou Industries, Inc. a <br />Nevada Corporation (the "Developer"). <br />RECITALS: <br />A. The City of Santa Ana owns the property located at 201 W. 3rd Street in the City <br />of Santa Ana, more particularly described in Exhibit "A" attached hereto and incorporated herein <br />by reference (the "Site") and utilized the property as a public parking lot. <br />B. Developer desires to remove an existing three (3) story parking structure to <br />construct a Mixed Use Project including apartments, commercial (including retail and <br />food/beverage establishments), a seventy-five (75) room Hotel Project and a Parking Structure <br />which will contain 444 total parking spaces including 211 public parking spaces, as described in <br />the definitions of "Project," "Mixed Use," "Hotel Project," "Public Parking Parcel" and "Parking <br />Structure" as set forth in ARTICLE 3 of the Disposition and Development Agreement ("DDA") <br />entered into by and between the City and Developer dated October 5, 2020 for reference purposes <br />only. <br />C. City and Developer have entered into a DDA for the conveyance of the Site to <br />allow for the Construction of the Project including the Mixed Use, Hotel and Parking Structure. <br />D. City and Developer now desire to place restrictions upon the use and operation of <br />the Project, in order to ensure that the Project shall be operated continuously as a hotel available <br />for short-term rental for the term of this Covenant, to run with the land of the Property and bind <br />successive owners of the Property as set forth in this Covenant. <br />NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of <br />which are hereby acknowledged, the City and Developer hereby agree as follows:. <br />Page 1 of 7 <br />55394A0049\33266069.5 <br />