RecDoc 2020-075564 - Covenant for No Build Easement

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Area"), for the purpose of prohibiting the building, construction or installation of any permanent structures or buildings within the easement area referred to in this Recital D. NOW, THEREFORE, in consideration of the foregoing and the terms, covenants, agreements, representations and warranties contained in this Covenant, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledge, the Parties hereto covenant and agree as follows: 1. Recitals. The above recitals are restated and incorporated herein as though fully set forth. 2. Creation of Parcel Two No Build Covenant and Easement. Tranente covenants not to build, construct or install any permanent building or structure within the Parcel Two No Build Area referred to above. From and after the Effective Date, no permanent building or structure shall be built, constructed or installed within the Parcel Two No Build Area. The foregoing restriction is hereafter referred to as the "Parcel Two No Build Covenant'. Subject to the terms of this Covenant, Tranente hereby grants to the City a no build (negative) easement within the Parcel Two No Build Area for the purpose of prohibiting building, construction and installation of any permanent structures or buildings within the Parcel Two No Build Area (the "Parcel Two No Build Easement'). The foregoing to the contrary notwithstanding, nothing contained herein shall prevent Tranente or its successor, assign or successor -in -interest in Parcel Two from using the Parcel Two No Build Area for its current use as a parking lot and/or from constructing any surface (i.e. no higher than finished grade) improvements, such as roadways, driveways, parking, and utilities, within (or under with respect to utilities) the Parcel Two No Build Area. 3. Purposes of Parcel Two No Build Covenant and No Build Easement. The Parcel Two No Build Covenant, together with the Parcel Two No Build Easement referred to above, are made and granted for the purposes of ensuring fire department access and clearance for any building opening or exit pathway as identified on Exhibit C-2. 4. Term. The Parcel Two No Build Covenant, and the Parcel Two No Build Easement referred to above, shall commence as of the Effective Date (referred to below) and remain in effect so long as the Project continues to exist in the configuration contemplated by the Permit. The Parcel Two No Build Covenant and the Parcel Two No Build Easement referred to herein shall terminate as of the date when any of the following events have occurred (any such event being a "Termination Event'): (i) the building located on Parcel One is demolished and removed, (ii) the Project is demolished or removed, and/or (iii) the Parties mutually agree, in their reasonable discretion, that the Parcel Two No Build Covenant and the Parcel Two No Build Easement are no longer necessary. Within thirty (30) days after a Termination Event has occurred, the party then holding fee title to Parcel Two and the City shall join in executing and recording in the Official Records of San Mateo County, California, a termination and release of the Parcel Two No Build Covenant and the Parcel Two No Build Easement referred to herein. From and after the date of recordation of such termination and release, this Covenant and the Parcel Two No Build Covenant and the Parcel Two No Build Easement referred to herein shall be of no further force or effect. REV: 05-08-2020 PR ATTY/AGR.2020.072/TRANENTE ONE LLC (Page 2 of 10)