25C - AGMT FIFTH ST PARKING LEASE

Home Browse Search

Section 1.02 Lease Area and Use (Tenant) (a) In accordance with and for the Compensation set forth in Section 1.04(a), Tenant agrees to purchase a minimum of 36 monthly passes for parking in the Parking Structure for each calendar month during the Term and to distribute the passes to its designated and assigned residents at 401 N. Bush Street. Any future changes to the minimum number of required parking spaces must be reviewed by the City Attorney and Planning Manager as this requires revision of the conditional use permit ("CUP") which requires approval of the Planning Commission and the City Council. (b) The exclusive reserved use rights of Tenant as to the Lease Area shall be subject and subordinate to the prior and paramount right of Landlord to use the Parking Structure in its entirety for public purposes to which it presently is and may, at the option of Landlord, be devoted. Tenant undertakes and agrees to use the Lease Area and to exercise its rights under this Lease at all times in such manner as will not unreasonably interfere with the full use and enjoyment of the Parking Structure by Landlord for public purposes. (c) Subject to the provisions in Section 7.01, shquld parking spaces within the Lease Area of the Parking Structure become unavailable, the City will work with Tenant to provide reserved parking spaces at the closest City lot where parking is available. (d) Tenant hereby acknowledges that tifle to the Property is vested in Landlord and agrees never to assail or resist the same, and further agrees that Tenant's use and occupancy of Lease Area shall be based solely upon the use rights herein given. (e) As of the commencement date for this Agreement, Tenant acknowledges that Landlord has not installed electric vehicle (`BV") charging stations at the parking structure. Tenant will not, nor will it allow its residents to set up, install or maintain any form of unauthorized EV charging stations at the assigned locations specified in Exhibit Al Should the Landlord, or the City, choose to install EV charging stations during the term of this Agreement, use of the charging stations may be allowed, if available. Section 1.03 Term (a) This Agreement shall commence thirty (30) days after the issuance by City to Tenant of a Certificate of Occupancy for the Project and continue for ten -(10) years _from -the date of issuance. At the Landlord's sole discretion, Tenant may be granted .up to two (2) additional ten (10) year extensions of this Agreement, subject to a written agreement signed by both parties and approval by the City Council. Provided Tenant has been in good standing throughout the Term hereof including extensions granted to Tenant, Landlord will consider and negotiate in good faith the granting of additional extensions, subject to a written agreement signed by both parties and approval by the City Council. Earlier termination of this Lease shall be in conformance with Section 5.02. 25C-8