Parking Covenant Clause Samples

Parking Covenant. Developer acknowledges and agrees that assessments are imposed and collected through a Business Improvement District (“BID”) for the purpose of maintaining parking lots, sidewalks and landscape improvements in an area that includes the City Parking Lots Option Property. The BID expires on June 30, 2020 (“BID Expiration Date”). Developer acknowledges and agrees that development or use of the City Parking Lots Option Property for any purpose other than parking and vehicular and pedestrian ingress and egress is subject to and expressly contingent upon Developer providing sufficient parking, as required by the Corona Municipal Code and/or other applicable laws, rules or regulations, and pathways for reasonable and direct vehicular and pedestrian access similar to that which exists as of the Effective Date to serve the parcels that are included within and are subject to the assessments imposed by the BID (“BID Parcels”). Sufficient parking for the BID Parcels may be provided through a variety of methods subject to and contingent upon the discretionary land use and police power authority of the City, including, without limitation, reconfiguring current parking fields on the City Parking Lots Option Property, development of a parking structure on the City Parking Lots Option Property and/or the Authority Mall Property, approval of an urban parking standard, or a combination of the foregoing and/or other options. Developer further acknowledges and agrees to allow public access to and use of the City Parking Lots Option Property for the benefit of the BID Parcels. In furtherance thereof, Developer shall not deny, prevent, hinder or obstruct reasonable and direct public access to each of the BID Parcels and use of the City Parking Lots Option Property at any time prior to the BID Expiration Date for any reason, or at any time thereafter if in violation of the Corona Municipal Code and/or other applicable laws, rules or regulations. Developer acknowledges and agrees that parking on the City Parking Lots Option Property is provided free of charge on a first-come, first-serve basis, notwithstanding the fact that there is no reciprocal parking agreement, easement or similar documentation regulating such parking, and that the availability of such parking free of charge on a first-come, first-serve basis shall be maintained. Developer acknowledges and agrees that from and after the BID Expiration Date or the Close of Escrow, whichever occurs first, maintenance of the City...

Parking Covenant. Tenant acknowledges that the Project, and Tenant’s use of the parking, is subject to that certain Parking Covenant and Agreement dated October 22, 2013 and recorded on October 22, 2013, as series number 2013148761 in the Official Records of the County of San Mateo (as the same may be amended, the “Parking Covenant”), which provides, among other things, that (i) two hundred and ninety (290) parking spaces in the parking facilities be made available for public use on weekday nights and weekends, including up to four (4) hours of free parking on weekday nights and weekends for patrons of the cinema located in the general area surrounding the Project via a sticker or other validation system (including a transponder system) and (ii) the general public shall be entitled to park their vehicles in the Project parking facilities during the hours of 5:00 P.M. through 10:00 P.M. on weekdays, and all day on holidays and weekends (as further defined in the Parking Covenant). In connection with the foregoing, Landlord shall, at its sole cost and expense, install and implement access control measures (including, without limitation, one or more roll-down doors or roll-across gates to secure the parking facilities from vehicle and pedestrian access during hours when public parking is not permitted) and otherwise segregate the areas designated for public use in the Project parking facilities from the areas designated for use by tenants of the Project. Landlord will not permit use of the Project parking facility by the public, except as required by the Parking Covenant. Furthermore, subject to the requirements of Applicable Law, City requirements, and the Underlying Documents, Landlord shall use commercially reasonable efforts to reach an agreement with the City to amend the Parking Covenant in order to minimize material public interference with Tenant’s rights set forth in this Lease pertaining to the Project parking facilities, including, to the extent not already permitted under the Parking Covenant, approval to cause between three hundred (300) and five hundred (500) parking stalls in the Project parking facility to be designated for Tenant’s exclusive use and accessible only through a separate controlled access gate. The parties acknowledge that Landlord’s amendment to the Parking Covenant shall also include an extension of the public parking hours until 11:00 P.M. on weekdays, and that this amendment shall not be deemed prohibited by the terms of this Section 28.2.

Parking Covenant. Borrower shall use Commercially Reasonable Efforts to cause to be terminated and removed of record, no later than the Substantial Completion Due Date, that certain