Common use of Shared Parking Clause in Contracts

Shared Parking. Developer hereby grants to the City an irrevocable license, effective following completion of construction of the Parking Improvements (including the City’s final inspection for such improvements) and readiness for use and occupancy of the Project by tenants, for the City to require that the Developer make available two hundred and seventy-five (275) parking spaces in the Parking Improvements during “Public Parking Hours” (as defined below) to the general public for the specific and limited purpose of vehicular parking, including vehicular and pedestrian ingress and egress through the 220 Park Property as shown on Exhibit C-2 (“Public Parking”). [Execution note: Exhibit C-2 should be revised to identify the specific locations and areas per the final design and building permits prior to recordation.] The remaining five (5) spaces shall be exclusive to the Developer. Developer shall be responsible for providing commercially reasonable security for the Public Parking. The term “Public Parking Hours” shall mean 5:00 p.m. to 11:00 p.m. Monday through Friday, and 8:00