Parking Covenant Redwood City Partners,LLC

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elected to do. The number of Existing Public Parking spaces shall be included to help satisfy the Project's total parking requirement under the Downtown Precise Plan. Developer shall comply with all the terms and conditions in the Downtown Precise Plan and City Zoning Ordinance applicable to Shared Parking, as they existed as of the date of the DDA. As used in this Parking Covenant and Agreement, the Existing Public Parking and the Shared Parking are collectively referred to herein as the "Public Parking" ("Public Parking'). At a minimum, the Public Parking shall be made available to the public Monday through Friday, 5 p.m. to 10 p.m., and all day on Saturday, Sunday and holidays. Developer may also, at its option make Public Parking available to the public on weekdays between 8 a.m. and 5 p.m. 2.1.3 Validated Parking. Developer shall develop a validation system to allow members of the public who patronize the Cinema and downtown businesses to use the Existing Public Parking for free for up to four (4) hours between 5 p.m. and 10 p.m., Monday through Friday, and all day Saturday, Sunday and holidays. 2.1.4 Parking Rates. During the hours between 5 p.m. and 10 p.m., Monday through Friday, and all day Saturday, Sunday and holidays, for visitors not eligible for free or validated parking, 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. 2.1.5 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 and Agreement, the condition that provides greater public access shall apply. 2.2 Term. 2.2.1 Term of Covenant Under Parking Facilities Agreement The covenants under Section 2.1.1 and 2.1.3 of this Parking Covenant and Agreement shall be Co- terminous with the term of the Parking Facilities Agreement. Upon the expiration or termination of the Parking Facilities Agreement, Developer's obligations to comply with the specified terms and conditions of the Parking Facilities Agreement shall automatically terminate without any further action by the Parties hereto, but either Parry shall, promptly after receiving a written request therefore, execute and deliver an agreement to terminate the covenants contained in Section 2.1.1 and 2.1.3 hereof in recordable form and otherwise reasonably satisfactory to both Parties. The covenant in Section 2.1.4 shall survive the termination of the Parking Facilities Agreement. 2.2.2 Term of Covenant Under Downtown Precise Plan. The covenants under Section 2.1.2 of this Parking Covenant and Agreement shall remain in effect so long the improvements developed and constructed by Developer on the Site remain in use. 2.2.3 Effect of Termination of DDA In the event the DDA is terminated by either Party prior to the conveyance of the City Property to the Developer, this ATTY/AGR/2013.203/CD-PARKING COVENANT & AGREEMENT REV: 10-16-13 VR Page 4 of 16