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MILLSACTACREEMENT <br />424 South Broadway <br />Santa Ana, CA 92701 <br />7. Binding effect of Agreement. <br />a. Owner hereby subjects the Historic Property, located at 424 South Broadway, <br />Assessor Parcel Number, 398-292-17, and more particularly described in Exhibit A, in the City <br />of Santa Ana, to the covenants, conditions, and restrictions as set forth in this Agreement. <br />b. City and Owner hereby declare their specific intent that the covenants, conditions <br />and restrictions as set forth herein shall be deemed covenants running with the land and shall <br />pass to and be binding upon Owner's successors and assigns in title or interest to the Historic <br />Property. Every contract, deed, or other instrument hereinafter executed, covering or conveying <br />the Historic Property or any portion thereof, shall conclusively be held to have been executed, <br />delivered, and accepted subject to the tenants, restrictions, and reservations expressed in this <br />Agreement regardless of whether such covenants, conditions and restrictions are set forth in such <br />contract, deed, or other instrument. <br />C. This property is listed in the Santa Ana Register of Historical Properties <br />(Register). In any real property transaction, the owner of this property or the owner's <br />representative shall provide the buyer of this property with notice that the property is listed on <br />the City's historic Register. <br />8. No Compensation. <br />Owner shall not receive any payment from 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 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 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 />20 Civic Center Plaza (M-30) <br />Santa Ana, CA 92702 <br />Attn: City Clerk's Office <br />Owners: Kevin Kaj ikawa and Jonathan Melendez <br />424 South Broadway <br />Santa Ana, CA 92701 <br />-5- <br />