RES 89137 - Laserfiche WebLink

designated as the "CBD In Lieu Parking Fund" ("In Lieu Fund"). Any interest earned by said fund shall be retained by City in said In Lieu Fund. 5. Use of In-Lieu Fund. The In-Lieu Fund shall be used exclusively for acquiring, developing, and maintaining off-street parking facilities available to the general public in the Area of Benefit. 6. Satisfaction of Parking Requirements. The payment to the In-Lieu Fund provided for herein shall be deemed to provide the number of spaces calculated in Section 2B for the Property. Developer may lease to tenants of Developer's choosing or otherwise utilize the Project until the off-street parking spaces provided in the Project and in this paragraph, together, have been fully allocated to users of the Project in accordance with the Ordinance Code's requirements for provision of off-street parking. 7. Sole Parking Requirement. So long as the Project remains unchanged, Developer and/or the Property shall not be obligated to provide funds for any off-street parking improvement (whether by assessment district, benefit district, fee, or other means) other than pursuant to the terms and conditions of this Agreement. 8. General Provisions. a. Amendment and Termination. City and Developer may by mutual written agreement terminate or amend the terms of the Agreement. Any amendment shall be in accordance with the terms of Section 18.88.120 for the adoption of in lieu parking agreements. b. Construction of Agreement. The language in this Agreement shall, in all cases, be construed as a whole and in accordance with its fair meaning. The captions of the paragraphs and subparagraphs of this Agreement are for convenience only and shall not be considered or referred to in resolving questions of construction. This Agreement shall be governed by the laws of the State of California. If any material provision of this Agreement shall be judged to be invalid, void or illegal, the parties may be mutual agreement amend or terminate this Agreement in the manner provided by Section 18.88.120 for the adoption of in lieu parking agreements. c. No Waiver. No delay or omission by the City in exercising any right or power accruing upon the noncompliance or failure to perform by Developer under the provisions of this Agreement shall impart any such right or power or be construed to be a waiver thereof. d. Exhibits. Exhibits A and B are incorporated herein by this reference.