HOPYARD PARTNERS - IN LIEU PARKING AGMT

("Excess Parking Space") can be applied to space to be leased in the future ("Unleased Space"). If used for office and retail uses in roughly equal amounts, the full use of the Unleased Space would require seventy-two (72) additional off-street parking spaces. E. Owner is unable to provide on the Property all of the off-street parking required by the Ordinance Code of the City of Pleasanton ("Code") to enable Owner to lease the balance of the development. F. Owner has proposed to build on the portion of the Pleasanton Canal which adjoins the Property an approximately 106 space additional parking lot to serve, in part, the Property. Owner has alsa explored use of an adjacent 1.56 acre parcel which it owns for combining with the Property into an integrated, planned development which could alleviate the shortage of off-street parking available to the Hopyard Center. G. Pending City approval of Owner's proposal to construct additional parking spaces over the Pleasanton Canal, or of any other arrangement deemed to fulfill City's parking requirement, such as a variance or Planned Unit Development designation with a lower parking requirement, Owner desires to fulfill its current obligation to provide parking for Hopyard Center under the terms of this Agreement. H. City and Owner enter this Agreement pursuant to Title II, Article 16, Section 2-9.22 ("Section 2-9.22") of the Code, which permits the owner. of a parcel in a C-C District to enter an in lieu parking agreement with the City Council. An in lieu parking agreement requires an owner to deposit a specified sum - 2 -