RecDoc 2020-001822 Shared Parking Covenant Lane Broadway CONF

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RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO: The City of Redwood City 1017 Middlefield Road Redwood City, CA 94063 Attn: City Manager 2020-001822 CONF County 1:23 pm 01/08/20 DR Fee: NO FEE Count of pages 11 Recorded in Official Records County of San Mateo Mark Church 11111 1Assessor-County Clerk -Recorder 1111111111111111111111111111111 111�1_11111 X11111111111 Fee Exempt -Gov't Code § 27383) (Space above for Recorder's Use) SHARED PARKING COVENANT IS SHARED PARKING COVENANT ("Parking Covenant") is made and entered into as of0^- 2C9-Q"Effective Date") by and between the CITY OF REDWOOD CITY, a charter ty and California municipal corporation ("City") and Lane -Broadway, LLC, a California limited liability company ("Lessee") and BAE-GEM PROPERTIES, LP, a California limited partnership ("Property Owner" and together with Lessee, the "Developer"). RECITALS A. Property Owner is the current fee owner of that certain real property consisting of approximately 0_7 acres located within the City of Redwood City, County of San Mateo, State of California, described in Exhibit "A", attached hereto and incorporated herein by reference (the "Property"). B. Pursuant to that certain ground lease dated June 30, 2014 by and between Property Owner and Lessee, as amended from time to time, Lessee has leased the Property from Property Owner for a term of ninety-nine (99) years. C. The Downtown Precise Plan, adopted by the City Council on January 24, 2011, allows for shared parking of certain uses within the Downtown Precise Plan Area where the Property is located. Shared Parking means Parking in a private facility which may be used by the general public free of penalty during at least one (1) of the following times: Monday through Friday, 8:00 a.m. to 5:00 p.m.; or Monday through Friday, 5:00 p.m. to 10:00 p.m. and all day on Saturdays, Sundays, and Holidays. (See Zoning Code Sec. 2.2). D. On April 19, 2016, on appeal from the Zoning Administrator, the Planning Commission of the City of Redwood City approved Downtown Planned Community Permit No. DPC2014-04, approving a four-story mixed use project including 192 parking spaces (42 of which are valet spaces located within the drive aisles), all valet parked between lam — 5pm on weekdays, within two subterranean levels on the Property ("Project"), subject to certain conditions of approval ("Conditions"). E. Condition No. 87 requires the Developer to submit and record against the Property a "Shared Parking Covenant" providing the City with assurance that the shared parking obligations under the Downtown Precise Plan with respect to the Project will be met. REV: 12-13-19 PR ATN/AGR.2019.313/Lane - Broadway, LLC (Page 1 of 8)