RecDoc 2019-032477 CONF Shared Parking Covenant 855 Main

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I . Covenants to Permit Public Parkin. The Downtown Precise Plan provides that Developer may elect to provide "Shared Parking," ("Shared Parking") as defined in Article 2 of the Redwood City Zoning Ordinance to serve the Project, which Developer has elected to do. Developer shall comply with all the terms and conditions in the Downtown Precise Plan and City Zoning Ordinance applicable to Shared Parking, as may be amended from time to time. At a minimum, the 246 parking spaces upon the Property (or such reduced number if the Conditions for Approval are complied with relating to Parking In -Lieu Fees) shall be made available to both the public ("Public Parking") and tenants and patrons of the Property Monday through Friday from 5:00 p.m.to 12:00 a.m., and Saturday, Sunday and Holidays from 8:00 a.m. to 12:00 a.m. Holidays shall be deemed any day in which the office of the Secretary of State of California is closed as a legal holiday (collectively "Public Parking Hours"). The Developer will install or implement measures to allow after-hours retrieval of publicly parked vehicles. Nothing set forth in this Parking Covenant prohibits or limits the charges Developer may impose for vehicles left on the Property beyond the Public Parking Hours. Developer may also, in its sole discretion, make parking available to the public on weekdays between 8:00 a.m. and 5:00 p.m. and on all days between 12:00 a.m. and 8:00 a.m. 2. Covenants to Valet/Assisted Parkine. The Developer shall assure that the Assisted Parking Program is properly staffed and operated during all open hours to enable all 246 parking spaces upon the Property (or such reduced number if the Conditions for Approval are complied with relating to Parking In -Lieu Fees as referred to above) to be utilized for the life of the Project. The Assisted Parking Program shall allow the tenants, visitors, and patrons of the retail and commercial uses of the Project to use the Shared Parking, with such tenants, visitors and patrons being allowed to use the Shared Parking with or without charge day or night and on weekends, under such terms and conditions as determined by the Developer in furtherance of the Developer's leasing of the Project as a mixed used office and retail project. Nothing in this section shall limit the obligations of the Developer with respect to the Public Parking requirements of this Parking Covenant. The valet parking attendants shall re -park vehicles located in the drive aisles into parking stalls once stalls become available. All valet parking attendants working on-site must park their private vehicles on the project site and not utilize public street parking spaces. Further, the Developer shall assure that the Assisted Parking Program tracks and transmits in real-time the availability of parking spaces upon the Property during Public Parking Hours. 3. Parkin Rates. During the Public Parking Hours, the parking rates for the Public Parking shall not be less than the parking rates charged by the City at the Jefferson Garage, but no more than one hundred twenty-five percent (125%) of such parking rates. Developer retains the right and full discretion to set parking rates during weekdays between 8 a.m. and 5 p.m. and on all days between 12:00 a.m. and 8:00 a.m. The Jefferson Garage does not have a flat valet rate as of the Effective Date of this Parking Covenant and if the Developer choses to charge a flat valet rate rather than charging based on hourly parking and if the Jefferson Garage does not then have a flat valet rate, it will submit to the City the proposed valet rate for the City's approval. 4. Parkin Signag . The Developer shall have exterior digital signage installed on the Walnut Street property frontage either on the building or in the public right of way. Placement of signage in the public right of way will be subject to the approval of the City in its sole discretion. The signage will be subject to the requirements of all applicable laws, including but not limited to the City's Zoning Ordinance and Municipal Code, and the Developer must obtain all required permits, including but not limited to an encroachment permit and a sign permit, if applicable. Signage will be capable of displaying at least the following: 1) If public parking is open or closed and 2) during Public Parking Hours how many parking spaces are available in real-time as tracked by the Developer or by the Developer's valet service. No advertising shall be permitted on the signage. The actual size, design, messaging and content of the signage is subject to approval by the City not to be unreasonably withheld. ATTY/AGR/2018.275/855 MAIN STREET RWC, LLC—SHARED PARKING COVENANT REV: 12-11-18 PR Page 2 of 7