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BVMWC. City makes no guarantee, warranty or promise regarding the amount, quality, delivery <br />rate or availability of the Stock Water, and shall have no liability therefor to Company. <br />C. For each year that Company obtains the right of temporary use of the Stock Water, <br />Company shall reimburse to City the cost incurred by City in paying to BVMWC the annual <br />assessment for the Shares, and any other charges levied by BVMWC upon the Shares or the Stock <br />Water. Company's reimbursement shall be made to City within thirty (30) days of the date of City's <br />written invoice to Company for the same. <br />D. Nothing in this Agreement shall give Company any right, title or interest in the Shares or <br />the Stock Water, except for the right of temporary use of the Stock Water on the property described <br />in Exhibit "A" pursuant to the terms and conditions stated herein. <br />4. Notice. Notice given to either party shall be in writing and delivered in person (actual, or <br />by courier) or by registered or certified mail, postage prepaid, return receipt requested, and shall be <br />deemed communicated as of mailing or, in case of personal delivery, upon receipt. <br />Notice to City: <br />Douglas Headrick, P.E. <br />Chief of Water Resources <br />City of Redlands <br />P.O. Box 3005 <br />Redlands, California 92373 <br />Notice to Company: <br />William J. Griffith <br />Managing Director <br />S-P East Highlands, LLC <br />c/o Spring Pacific Properties, LLC <br />15751 Rockfield Boulevard, Suite 100 <br />Irvine, California 92618 <br />5. Attorneys' Fees. In the event any action is commenced to enforce or interpret any term <br />or condition of this Agreement the prevailing party shall, in addition to any costs and other relief, <br />be entitled to the recovery of its reasonable attorneys' fees. <br />6. Entire Agreement. This Agreement represents the entire Agreement between the parties <br />hereto as to the subject matters contained herein. <br />7. Counterparts. This Agreement may be executed in two or more counterparts and each <br />shall be deemed an original. <br />8. Assignment. This Agreement shall be binding upon and inure to the benefit of the <br />successors and assigns of the parties. <br />9. Governing Law. This Agreement shall be governed by and construed in accordance with <br />the laws of the State of California. <br />10. Amendment. This Agreement may be amended only by written agreement signed by the <br />parties hereto. <br />G:\PROJECTS - CURRENT\EAST HIGHLANDS RANCH\SALES\WATER STOCK-C11Y OF REDLANDS\SPRING PACIFIC WATER <br />STOCK AGREEMENT.WPD <br />2 <br />