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TEMPORARY WATER SUPPLY SETTLEMENT AGREEMEMT BY AND BETWEEN THE CITY OF REDLANDS AND REDLANDS PALM INVESTMENT, LLC This temporary water supply settlement agreement ("Agreement") is made and entered into this 20th day of July, 2021 ("Effective Date"), by and between the City of Redlands, a California municipal corporation and general law city ("City") and Redlands Palm Investment, LLC, a California limited liability company ("RPI") City and RPI are sometimes individually referred to herein as a "Party" and, together, as the "Parties." RECITALS WHEREAS, RPI is the owner of certain real property located at 301 W Palm Avenue in the city of Redlands, which is more specifically identified as county of San Bernardino Assessor's Parcel No 0173-231-05-0000 (the "Property"), and WHEREAS, RPI has filed applications with the City for the development of a residential subdivision on the Property, which includes the preservation of two existing historic homes and an historic citrus grove, in addition to several smaller contributing historic structures presently existing upon the Property; and WHEREAS, subsequent to RPI's filing of the development applications, RPI informed City that a water line owned by the Redlands Water Company that was providing non -potable irrigation water to the Property and the historic citrus grove failed, thereby jeopardizing the healthy maintenance of the historic citrus grove and the Property; and WHEREAS, City has an interest in both the preservation of the historic citrus grove on the Property and the repair of the water line, because City is a significant shareholder of Redlands Water Company, which owns the water line, and WHEREAS, in a cooperative effort to assist in the preservation of the historic citrus grove, and continue to efficiently and economically provide water service to the citrus grove and the Property, RPI, as the owner of seventeen (17) shares of the corporate stock of Redlands Water Company, offered to make available and have delivered to City's water treatment plant RPI's full entitlement of non -potable water evidenced by such shares, in exchange for City's provision of temporary domestic water service to the Property and the historic citrus grove, and WHEREAS, City and RPI now wish to conclude such temporary water service on the terms and conditions set forth herein below; NOW, THEREFORE, in consideration of the mutual promises contained herein, and for such other good and valuable consideration the receipt of which is hereby acknowledged, City and RPI agree as follows AGREEMENT Section 1. Cessation of Temporary Water Service/Credit. A. In exchange for City's provision of temporary water service to the Property for the period of time from June 25, 2020 to July 20, 2021 (the "Exchange Period"), RPI shall cause 1 L:\ca\djm\Agreements\Redlands Palm Investment Water Settlement Agreement.doc.jn