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6. It is the intent of the Parties that the burdens and benefits herein undertaken shall constitute <br />equitable servitudes that run with the Property and shall be binding upon future owners of all <br />or any portion of the Property. Any owner's liability hereunder shall terminate at the time it <br />ceases to be an owner of the encumbered Property, except for obligations which accrue prior <br />to the date of transfer by such owner, which shall remain the personal obligation of such <br />owner. <br />7. Time is of the essence in the performance of this Agreement. <br />8. Any notice to a Party required or called for in this Agreement shall be served in person, or by <br />deposit in the U.S. Mail, first class postage prepaid, to the address set forth below. Notice(s) <br />shall be deemed effective upon receipt, or seventy-two (72) hours after deposit in the U.S. <br />Mail, whichever is earlier. A Party may change notice address only by providing written <br />notice thereof to the other Party. <br />CITY OWNER <br />City Engineer Mark Development LLC <br />450 Skokie Blvd, Bldg 600 <br />City of Redlands Northbrook, IL 60062 <br />P.O. Box 3005 <br />Redlands, CA 92373 <br />9. This Agreement shall be governed by and construed in accordance with the laws of the State <br />of California. <br />10. Any amendment to this Agreement shall be in writing and approved by the City Council of <br />City and signed by the City and the Owner. <br />IN WITNESS WHEREOF, the Parties hereto have affixed their signatures as of the date first <br />written above. <br />.CITY OF REDLANDS: <br />'Charles M. Duggan Jr., tityAanager <br />Attest: <br />J, Donaldson, City Clerk <br />OWNER: <br />Mark Development LLC, a California <br />limited liability company <br />Elan Peretz <br />Authorized Signatory <br />https://barncttcapital-my.sharepoint.wm/personallljohnson_barnettcapital_com/Documents/Stormwater Treatment -Maintenance Agreement- <br />Redlands.doex <br />