RecDoc 2020-001822 Shared Parking Covenant Lane Broadway CONF

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7. Parking Permit for Adjacent Senior and Low Income Housing. The Project will make available a limited number of monthly parking passes (no less than 20) for the residents of adjacent senior and low income housing (including the residents of the apartment complex at 842 Main Street). The quantity, usage, and limitations for these permits will be agreed upon by both the City and the Developer. The intention of these passes will be to provide convenient nearby parking for a limited number of the adjacent residents. These monthly passes do not preclude the Project from issuing additional long term (greater than one day) day and/or evening parking passes to any additional parties at their own discretion, provided that any long term parking passes that may potentially impact available parking during the Public Parking Periods are subject to approval by the City before issuance. Cost for parking passes issued to the public, including the adjacent senior and low-income housing residents, are subject to the approval of the City. 8. Inconsistencies. To the extent, there is any inconsistency in the terms and conditions for the operation of Shared Parking in the Downtown Precise Plan and City Zoning Ordinance, and this Parking Covenant, the term or condition that provides greater public access shall apply. 9. Term of Covenant. This Parking Covenant shall commence upon issuance of certificate of occupancy for the Project and remain in effect so long as the Project improvements developed and constructed by Developer on the Site remain in use. 10. Control over Public Parking Area. This Parking Covenant shall not be construed as granting or conveying an easement or license to the City specifically nor as an express or implied offer of dedication of any part of the Site to public use, but solely as a contractual undertaking and covenant by Developer to provide for and permit public parking on the terms and conditions hereof. The Developer at all times shall have full control of and management of the Parking Spaces, including during the Public Parking Hours. 11. Default. Failure by Developer to comply with and observe any of the conditions, terms, or covenants set forth in this Parking Covenant, if such failure remains uncured within thirty (30) days after written notice of such failure from City in the manner provided herein or, with respect to a default that cannot be cured within thirty (30) days, if Developer in default fails to commence such cure within such thirty (30) day period or thereafter fails to diligently and continuously proceed with such cure to completion. 12. Notices. Any notices relating to this Agreement shall be given in writing and shall be deemed sufficiently given and served for all purposes when delivered personally or by generally recognized overnight courier service, or five (5) days after deposit in the United States mail, certified or registered, return receipt requested, with postage prepaid, addressed as follows: REV: 12-13-19 PR To the Lessee: Lane — Broadway, LLC 644 Menlo Ave., 2nd Floor Menlo Park, CA 94025 Attn: Scot Smithers With a copy to: Aaronson Dickerson Chon & Lanzone 1001 Laurel St., Suite A San Carlos, CA 94062 Attn: Camas J. Steinmetz ATTY/AGR.2019.313/Lane - Broadway, LLC (Page 3 of a)