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28O 1.2 Owner. Owner represents and wan, ants that it has a legal or equitable interest in the real property located in City of Santa Ana, California, legally described on Exhibit A attached hereto and incorporated herein, and graphically described on Exhibit B attached hereto and incorporated herein (hereinafter the "Property"). The Property is located at 1350 through 1414 West Edinger at the southwest intersection of Bristol Street and Edinger Avenue, parcel no. 408-273-08. The Owner desires to develop the Property with a retait facility of approximately 95,400 square feet with on-site parking. The Property is zoned reta. il commercial and is improved by approximately 95,400 square feet of building. The Property is part of a larger retail ("Center") consisting of approximately 140,500 square feet of building. The Property is subject to and benefited by a Reciprocal Easement Agreement which entities the Owner to a non-exclusive right to use 730 parking spaces in the Center. For the past four years Owner has engaged in the refurbishment and/or redevelopment of a portion of the Property. The proposed widening of Bristol Street will cause a reduction in the number of parking spaces in the Center. It is the parties' desire that Owner have the right, but the obligation, to continue the redevelopment and refurbishment on the Property without being prejudiced by the proposed loss of parking spaces. 1.3 Interest of Owner. Owner hereby represents that it has an equitable and legal interest in the Property. Owner further hereby represents that it has approved this Agreement and is authorized to enter into this Agreement. 1.4 Council Hearings. On November 15, 1999, the City Council of the City of Santa Aha ("Council"), after giving notice pursuant to Government Code Sections 65090 and 65091, held a public hearing to consider the City's and Owner's application for this Agreement. 1.5 Council Findings. The Council finds that this Agreement is consistent with the General Plan, applicable Specific Plan(s) as well as all other applicable ordinances, plans, policies and regulations of the City. 1.6 City Ordinance. On December 6, 1999, the Council adopted Ordinance No. NS-2412 approving this Agreement. The ordinance became effective on January 5, 2000. 2. DEFINITIONS. In the Agreement, unless the context otherwise requires: 2.1 "Property Owner" or "Owner" means JAMES A. LUKENS and FLORENCE B. LUKENS, being the person, persons, or entity having a legal or equitable interest in the Property, and includes their successors in interest. 2.2 "Property" is the real property described in Exhibit A and referred to in Exhibit B, commonly referred to as 1350-1414 West Edinger, A.P. No. 408-273-08. 2.3 "Project" is the development of the Property as generally set forth in section 5.1 of this Agreement. 2.4 "Reciprocal Easement Agreement" is that agreement dated March 22, 1962 relating to, and for the benefit of, the Property. 2