RecDoc 2020-059052 Shared parking covenant- Windy Hill PV FIVE CM,LLC

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F. The City and Developer desire that this Shared Parking Covenant shall be the instrument to set forth with specificity the parking obligations applicable to the Project under the Conditions. COVENANT 1. Covenants to Provide Valet/Assisted Parking. a. As depicted in Exhibit B, the project site has fifty-two (52) standard parking spaces (the "Standard Spaces") that can be self -parked by tenants, visitors and patrons. If the Standard Spaces have equal to or greater than 80% occupancy on Friday and Saturday evenings from 7 p.m. to 9 p.m. for two weekends in a row (an "Occupancy Period") as determined by City, the Developer must implement an assisted parking program to make available the full one hundred and thirty-two (132) onsite parking spaces for public use (the "Assisted Parking Program"). The Assisted Parking Program shall utilize on-site valet attendants to either direct drivers to spaces to self -park or park driver's vehicles as a full valet service depending on the parking spaces that are available, as determined by the City. The Assisted Parking Program is subject to the prior written approval of the City and shall be implemented at Developer's expense. b. After all 132 parking spaces are made available for public use, if all 132 spaces have less than 80% occupancy during a subsequent Occupancy Period, the Developer may submit a written request to the City to reduce the number of spaces made available for public use through an amendment to the approved Assisted Parking Program. Developer and the City shall meet and confer in good faith in an attempt to reach an agreement as to the number of spaces that must be made available for public use through an amended Assisted Parking Program. If no agreement is reached, the previously approved Assisted Parking Program shall remain in effect. C. The Developer shall provide adequate staffing for and professionally operate the Assisted Parking Program, as amended, to the satisfaction of the City, for the life of the Project. The Assisted Parking Program shall allow the tenants, visitors and patrons of the Project to use the Shared Parking with or without charge for day or night and on weekends. Parking charges shall be subject to the requirements of Section 3. d. Nothing in this section shall limit the Developer's obligations with respect to the Public Parking requirements below. 2. Covenants to Permit Public Parking. Pursuant to the Conditions, the Developer must provide "Shared Parking," ("Shared Parking") as defined in Article 2 of the Redwood City Zoning Ordinance to serve the Project. 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, but subject to the 80% threshold relating to the Assisted Parking Program as set forth in Section 1 above, the 132 parking spaces upon the Property 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 Saturdays, Sundays and Holidays from 8:00 a.m. to 12:00 a.m. (collectively "Public Parking Hours"). Holidays shall be deemed any day in which the office of the Secretary of State of California is closed as a legal holiday. The Developer will install at their cost or implement measures to allow afterhours retrieval of publicly parked vehicles, however, the Developer may impose reasonable fees upon the vehicle owner for such after-hours REV: 06-02-2020 PR ATTY/AGR.2020.086nVindy Hill PV Five CM, LLC (Page 2 of 10)