Parking Master Lease Sample Clauses

Parking Master Lease. On or before completion of the Phase 1 Project, City and SRL shall enter into a master lease agreement which shall grant SRL (and its successors and assigns) the right from time to time to lease parking spaces in the Phase 1 Garage and the Phase 2 Garage; provided, however, City and SRL acknowledge and agree that the leased parking spaces may include (i) assigned or reserved parking spaces; (ii) assigned or reserved hours of parking; and (iii) permanent or perpetual rights to parking spaces that will be assignable or transferable with the sale or lease of certain parcels or development pad sites within the Project. All leases will include rates and terms that are in accordance with applicable City ordinances and policies. The master lease agreement shall further provide that SRL will have the right to lease parking spaces from City in the Phase 1 Garage and the Phase 2 Garage as and when the Phase 1 Garage and the Phase 2 Garage, respectively, are constructed. SRL estimates that the master lease agreement will provide for a total of 800 parking spaces, to be available to end-users of improvements to be constructed in the future on the Property and to be allocated between the two (2) parking garages in SRL’s reasonable discretion; provided, however, the parties acknowledge and agree that the number of parking spaces actually needed by SRL (and its successors and assigns) under the master lease agreement at any given time shall be significantly less than 800 parking spaces until such time as subsequent phases of the Project, such as hotels and office buildings, have been constructed. The parking spaces to be leased to SRL within the Phase 1 Garage and the Phase 2 Garage shall not include parking spaces for multifamily or single family residential uses.