Common use of Shared Parking Clause in Contracts

Shared Parking. In furtherance of the ▇▇▇▇’▇ shared parking policies, the Project shall implement the following provisions regarding shared parking spaces. At all times during the operation of the Project, Developer shall cause 162 of the parking spaces (the “Unreserved Spaces”) provided in the Project to be shared among (i) commercial visitors, all guests for residential units, and any commercial tenants and their employees and (ii) any residential occupant of the Project who desires to lease additional unreserved parking spaces in connection with his or her residential unit. The Unreserved Spaces shall be shared on a first-come, first-served basis. 30 of the spaces that are part of the parking easement in favor of the Residual Parcel, pursuant to Section 2.10 of this Agreement, may also be included in the Unreserved Spaces. However, any leases for those 30 spaces shall be terminated with 1-week written notice from the Developer prior to the date that the Residual Parcel is developed with a residential project that requires off-site parking spaces. So long as there are a sufficient number of on-site parking spaces for residents, commercial tenants, and their respective guests and visitors, Developer may lease any unused on-site parking spaces from the Unreserved Spaces and the Residential Unbundled Spaces (“Excess Spaces”) to third parties in need of parking. Parking shall be charged at market rental rates established by Developer from time-to-time and in accordance with the following pricing parameters: hourly, daily, and monthly rates shall be noncompetitive with the price of comparable public transit fares and/or passes and ii) the City shall ensure compliance with this provision as part of the annual compliance report required as part of this Agreement. Prior to making any Excess Spaces available to third parties, (i) Developer shall obtain a written report by a traffic and parking engineering firm that demonstrates that Excess Spaces are not required to meet the Project’s peak parking demand, and (ii) Developer shall obtain the Planning Director’s approval of such report. Alternatively, Developer may seek City approval for any type of proposed shared parking arrangement in accordance with any City procedure in effect at the time Developer requests approval for a shared parking arrangement.

Shared Parking. In furtherance of the ▇▇▇▇’▇ shared parking policies, the Project shall implement the following provisions regarding shared parking spaces. At all times during the operation of the Project, Developer shall cause 162 218 of the parking spaces (the “Unreserved Spaces”) provided in the Project to be shared among (i) commercial visitors, all guests for residential units, and any commercial tenants and their employees and (ii) any residential occupant of the Project who desires to lease additional unreserved parking spaces in connection with his or her residential unit. The Unreserved Spaces shall be shared on a first-come, first-served basis. 30 of the spaces that are part of the parking easement in favor of the Residual Parcel, pursuant to Section 2.10 of this Agreement, may also be included in the Unreserved Spaces. However, any leases for those 30 spaces shall be terminated with 1-week written notice from the Developer prior to the date that the Residual Parcel is developed with a residential project that requires off-site parking spaces. So long as there are a sufficient number of on-site parking spaces for residents, commercial tenants, and their respective guests and visitors, Developer may lease any unused on-site parking spaces from the Unreserved Spaces and the Residential Unbundled Spaces (“Excess Spaces”) to third parties in need of parking. Parking shall be charged at market rental rates established by Developer from time-to-to- time and in accordance with the following pricing parameters: hourly, daily, and monthly rates shall be noncompetitive with the price of comparable public transit fares and/or passes and ii) the City shall ensure compliance with this provision as part of the annual compliance report required as part of this Agreement. Prior to making any Excess Spaces available to third parties, (i) Developer shall obtain a written report by a traffic and parking engineering firm that demonstrates that Excess Spaces are not required to meet the Project’s peak parking demand, and (ii) Developer shall obtain the Planning Director’s approval of such report. Alternatively, Developer may seek City approval for any type of proposed shared parking arrangement in accordance with any City procedure in effect at the time Developer requests approval for a shared parking arrangement.