The Parking Facility Clause Samples
The Parking Facility clause defines the terms and conditions under which parking spaces are provided to tenants or occupants within a property. It typically outlines the number of spaces allocated, any associated fees, rules for use, and restrictions such as designated areas or vehicle types permitted. This clause ensures that both parties understand their rights and obligations regarding parking, helping to prevent disputes and clarify expectations related to parking arrangements.
The Parking Facility. (a) The City will agree to purchase the Parking Facility from the Developer for a purchase price equal to the lesser of $8,800,000 or the actual cost of constructing the Parking Facility, subject to the City’s ability to issue the TIF Bonds and the Parking Facility Revenue Bonds to fund the purchase price and other terms and conditions set forth in the Conference Center and Parking Facility Development Agreement. The Developer acknowledges and agrees that no money or credit of the City is available to fund the purchase price of the Parking Facility other than proceeds available from the TIF Bonds and the Parking Facility Revenue Bonds and if the City is not able to issue such TIF Bonds and Parking Facility Revenue Bonds in the amount of such purchase price, the City will be unable to pay such purchase price.
(b) The Parties acknowledge that the purchase price of $8,800,000 is based on the Parties’ estimate that the Parking Facility will include 400 spaces and will cost approximately $22,000 per space to construct. In the event that the Developer demonstrates to the City’s satisfaction that actual construction costs per space are materially higher, the number of spaces to be constructed in the Parking Facility and/or the purchase price may be adjusted, and/or the Developers may build 400 spaces and, with the prior, written consent of the City, apply the dollar amount by which the cost of constructing such 400 spaces exceeds $8,800,000 to purchase and own a portion of the underground parking structure contiguous to the City-owned Parking Facility.
(c) The MPC must deliver its requirements and specifications for the Parking Facility to the Developer prior to 30% design of the Parking Facility. The Parking Facility must be designed and constructed in accordance with the requirements and specifications provided by the MPC. The MPC must approve the design of the Parking Facility on behalf of the City at the time design is 30% complete and again at the time design is complete, prior to the time the Developer applies for building permits. Any material deviation from the requirements and specifications provided by MPC relating to the Parking Facility and approved as described in the prior sentence must be initiated or approved by the MPC.
The Parking Facility. A. The Lessor undertakes to bring about that the Lessor or the factor operating the Lessor's parking facility in the building at the time (below: "The Parking Facility"), will place at the disposal of the Lessee, starting from the date of the beginning of leasing according to this agreement, 30 (thirty) parking places as demarcated on the diagram of parking places attached to this agreement as Annex B, attached.
B. For each parking place, the Lessee will pay a monthly rental fee in the amount of 234.90 new shekels, in a total amount of 8,829 new shekels per month with the addition of VAT as required by law. The rental fee for the parking places will be linked to the consumer price index in the same manner as the lease payments for the Property under lease, they will be paid in the same manner and the same rules will apply to them for all purposes.
C. 1) In order to dispel doubt, the Lessee will be subject to the instructions and/or directives of the Lessor and/or the entity that operates the parking facility at the time in all that has to do with arrangements of entry, parking, exit, security, operation, times of operation, and arrangement of the parking facility.
The Parking Facility. A. The Lessor undertakes to procure that the Lessor or the entity operating the Lessor's parking facility in the building at the time (hereinafter called "The Parking Facility"), shall place at the disposal of the Lessee, with effect from the date of commencement of the lease in accordance with this agreement, 30 (thirty) parking bays as demarcated on the diagram of parking bays attached to this agreement as Annex B, attached.
B. For each such parking place, the Lessee shall pay a monthly rental fee in an amount of NIS 234.90, totalling the sum of NIS 8,829 per month together with VAT as required by law. The rental for the parking bays shall be linked to the consumer price index in the same manner as the rental for the Premises, and shall be paid in the same manner and the same provisions shall apply to them for all intents and purposes.
C. 1) In order to eliminate any doubt, the Lessee shall be subject to the instructions and/or directives of the Lessor and/or the entity operating the parking facility at any time in all matters relating to arrangements for entry, parking, exit, security, operation, times of operation, and the arrangement of the parking facility.
The Parking Facility