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Memorandum of Understanding ABBQMEMORANDUM OF UNDERSTANDING This Memorandum of Understanding (“MOU”) summarizes the understanding between the City of Atlantic Beach, a municipal corporation (“City”), Atlantic Beach Yard Real Estate, LLC, a Florida limited liability company (“Owner”), and Beaches Town Center Agency, Inc., a Florida not for profit corporation (“BTCA”), concerning the provision of required parking for operation of a restaurant at 461 Atlantic Beach Boulevard, Atlantic Beach, FL 32233 (the “Property”). Owner has provided 15 on-site parking spaces and must secure access to an additional twenty-three (23) off-site parking spaces in order to comply with City of Atlantic Beach Ordinance Code Section 24-161 for so long as it operates a one hundred fifty (150) seat restaurant on the Property. Owner has entered into a lease for fifteen (15) parking spaces located at 447 Atlantic Beach Boulevard, Atlantic Beach, FL 32233. Owner has entered into a shared parking agreement with BTCA for twenty-three (23) parking spaces within 600 feet of the Property from its inventory of parking spaces (the “Shared Parking Agreement”). Owner has arranged for Beachside Buggies service to transport guests to and from the off-site parking spaces available pursuant to the Lease and Shared Parking Agreement. BTCA will notify Owner and City within thirty (30) business days of any change reducing the number of spaces available to Owner pursuant to the Shared Parking Agreement. Upon written request from City, such request to be made not more than once per calendar year, BTCA will provide written certification that twenty-three (23) parking spaces remain allocated to Owner. Owner may enter into subsequent agreements in order to satisfy the parking requirements pursuant to Section 24-161 and will notify City of any such agreements. Owner will notify City within thirty (30) business days of any change reducing the number of spaces available pursuant to the Lease or Shared Parking Agreement. Owner understands that it must reduce the number of seats in its restaurant pursuant to the ratio detailed in Section 24-161 at any time there is a reduction in the number of parking spaces provided pursuant to the Lease or Shared Parking Agreement. Any notice provided pursuant to this MOU must be in writing and forwarded by registered or certified mail, return receipt requested, postage prepaid, or by personal delivery or national overnight service at the following address: To City: City of Atlantic Beach Planning & Zoning Department 800 Seminole Road Atlantic Beach, FL 32233 To Owner: Atlantic Beach Yard Real Estate, LLC 461 Atlantic Boulevard Atlantic Beach, FL 32233 To BTCA: Beaches Town Center Agency 200 First Street Neptune Beach, FL 32266