Common use of Parking Cash Out Clause in Contracts

Parking Cash Out. Developer shall require all commercial tenants to meet the requirements of California Health and Safety Code Section 43845 (Parking Cash Out Program) by offering a parking cash-out if an employee eligible under such Section chooses not to accept a subsidized parking space; however, in no case shall such parking cash-out be less than the monthly cost of the subsidy to employees of a parking pass. Eligible employees may choose to have a portion of their parking cash-out applied towards the purchase of a monthly transit pass at their discretion and receive the remainder in cash. Where employees are also residents of the Project, only the higher of the parking cash-out/transportation allowance identified in this Section 2.7.8(e)(2)(vi) and Section 2.7.8(e)(2)(vii), as applicable, or the Transportation Allowance identified in Section 2.7.8(e)(3)(iii) shall be offered to the resident/employee. Developer shall write the requirements of the Parking Cash Out into any leases executed with commercial tenants of the Project. Commercial tenants of the project which would otherwise not be subject to California Health and Safety Code Section 43485 shall have ultimate responsibility for adherence to the Parking Cash Out requirements. Failure of such tenant to comply with the Parking Cash Out requirement shall not constitute a Default by Developer under this Agreement so long as such tenant’s lease requires such compliance and Developer is actively pursuing all necessary enforcement actions to bring such tenant into compliance with this lease provision.

Parking Cash Out. Developer shall require all commercial tenants to meet the requirements of California Health and Safety Code Section 43845 (Parking Cash Out Program) by offering a parking cash-out if an employee eligible under such Section chooses not to accept a subsidized parking space; however, in no case shall such parking cash-out be less than the monthly cost of the subsidy to employees of a parking pass. Eligible employees may choose to have a portion of their parking cash-out applied towards the purchase of a monthly transit pass at their discretion and receive the remainder in cash. Where employees are also residents of the Project, only the higher of the parking cash-out/transportation allowance identified in this Section 2.7.8(e)(2)(vi2.8.7(e)(2)(vi) and Section 2.7.8(e)(2)(vii2.8.7(e)(2)(vii), as applicable, or the Transportation Allowance identified in Section 2.7.8(e)(3)(iii2.8.7(e)(3)(iii) shall be offered to the resident/employee. Developer shall write the requirements of the Parking Cash Out into any leases executed with commercial tenants of the Project. Commercial tenants of the project which would otherwise not be subject to California Health and Safety Code Section 43485 shall have ultimate responsibility for adherence to the Parking Cash Out requirements. Failure of such tenant to comply with the Parking Cash Out requirement shall not constitute a Default by Developer under this Agreement so long as such tenant’s lease requires such compliance and Developer is actively pursuing all necessary enforcement actions to bring such tenant into compliance with this lease provision.

Parking Cash Out. Developer shall require all commercial tenants to meet the requirements of California Health and Safety Code Section 43845 (Parking Cash Out Program) by offering a parking cash-out if an employee eligible under such Section chooses not to accept a subsidized parking space; however, in no case shall such parking cash-out be less than the monthly cost of the subsidy to employees of a parking pass. Eligible employees may choose to have a portion of their parking cash-out applied towards the purchase of a monthly transit pass at their discretion and receive the remainder in cash. Where employees are also residents of the Project, only the higher of the parking cash-out/transportation allowance identified in this Section 2.7.8(e)(2)(vi2.8.6(e)(2)(vi) and Section 2.7.8(e)(2)(vii2.8.6(e)(2)(vii), as applicable, or the Transportation Allowance identified in Section 2.7.8(e)(3)(iii2.8.6(e)(3)(iii) shall be offered to the resident/employee. Developer shall write the requirements of the Parking Cash Out into any leases executed with commercial tenants of the Project. Commercial tenants of the project which would otherwise not be subject to California Health and Safety Code Section 43485 shall have ultimate responsibility for adherence to the Parking Cash Out requirements. Failure of such tenant to comply with the Parking Cash Out requirement shall not constitute a Default by Developer under this Agreement so long as such tenant’s lease requires such compliance and Developer is actively pursuing all necessary enforcement actions to bring such tenant into compliance with this lease provision.

Parking Cash Out. Developer shall require all commercial tenants to meet the requirements of California Health and Safety Code Section 43845 (Parking Cash Out Program) by offering a parking cash-out if an employee eligible under such Section chooses not to accept a subsidized parking space; however, in no case shall such parking cash-out be less than the monthly cost of the subsidy to employees of a parking pass. Eligible employees may choose to have a portion of their parking cash-out applied towards the purchase of a monthly transit pass at their discretion and receive the remainder in cash. Where employees are also residents of the Project, only the higher of the parking cash-out/transportation allowance identified in this Section 2.7.8(e)(2)(vi2.7.7(e)(2)(vi) and Section 2.7.8(e)(2)(vii2.7.7(e)(2)(vii), as applicable, or the Transportation Allowance identified in Section 2.7.8(e)(3)(iii2.7.7(e)(3)(iii) shall be offered to the resident/employee. Developer shall write the requirements of the Parking Cash Out into any leases executed with commercial tenants of the Project. Commercial tenants of the project which would otherwise not be subject to California Health and Safety Code Section 43485 shall have ultimate responsibility for adherence to the Parking Cash Out requirements. Failure of such tenant to comply with the Parking Cash Out requirement shall not constitute a Default by Developer under this Agreement so long as such tenant’s lease requires such compliance and Developer is actively pursuing all necessary enforcement actions to bring such tenant into compliance with this lease provision.