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MILLS ACTAGREEMENT <br />322 West Third Street <br />Santa Ana, CA 92701 <br />the City of any breach or default under this Agreement shall be deemed to be a waiver of any <br />other subsequent breach thereof or default hereunder. <br />7. Binding effect of Agreement. <br />a. The Owner hereby subject the Historic Property located at 322 West Third <br />Street, Santa Ana, California, 92701, Assessor Parcel Number, 398 - 592 -09, and more <br />particularly described in Exhibit A, in the City of Santa Ana, to the covenants reservations, and <br />restrictions as set forth in this Agreement. <br />b. The City and Owner hereby declare their specific intent that the covenants, <br />reservations and restrictions as set forth herein shall be deemed covenants running with the land <br />and shall pass to and be binding upon the Owner's successors and assigns in title or interest to <br />the Historic Property. Every contract, deed, or other instrument hereinafter executed, covering <br />or conveying the Historic Property or any portion thereof, shall conclusively be held to have <br />been executed, delivered, and accepted subject to the tenants, restrictions, and reservations <br />expressed in this Agreement regardless of whether such covenants, restrictions and reservations <br />are set forth in such contract, deed, or other instrument. <br />8. No Compensation. <br />Owner shall not receive any payment from the City in consideration of the obligation <br />imposed under this Agreement, it being recognized that the consideration for the execution of <br />this Agreement is the substantial public benefit to be derived therefrom and the advantage that <br />will accrue to the Owner as a result of the effect upon the assessed value of the property on the <br />account of the restrictions on the use and preservation of the Historic Property. <br />9. Notice. <br />Any notice required by the terms of this Agreement shall be sent to the address of the <br />respective parties as specified below or at other addresses that may be later specified by the <br />parties hereto. <br />City: City of Santa Ana <br />Attn: City Clerk <br />20 Civic Center Plaza (M -30) <br />Santa Ana, CA 92702 <br />Owners: Phil Calhoun & Ron Stock as members of Beta Holdings, LLC <br />322 West Third Street <br />Santa Ana, California, 92701 <br />- 5 - <br />