STONERIDGE PROPERTIES BART MOU - Laserfiche WebLink

*% f conditions and in Center, specific covenants, " including the property) . final development of the Shopp g re aired at the prig R's»~ on the "peripheral properties (• CC& erinitted uses and minimum q restrictions (the ect top Further, the CC&R's the Shopping Center with resp invitee, surrounding Dints of acce ~ g Ce~r by any tenant, on-site parking, as well as limited p Jude any parking within the Shopp occupying or otherwise associated expressly prec erson using, visiting, contractor, employee or other p with the Property• ermitted use under the CC&R's, and is currently not a p b BART in connection with the deveeopment o t e g, The BART Parking t forth in the the curb-cuts onto SMR desired y Parking are not in conformity With certain related restrictions BART CC&R's. ort for the BART Project. F. Stoneridge and the City have indicated their supp Stoneridge ' ular sub' ect to BART's undertakings in the MOU re ermituse of the Property for In partic J is willing to modify, concurrently h dat the access to SMR desired in connection with the the BART Parking and to accommo has acknowledged in that MOU its development of the Property. BART, in turn, responsibility to participate in certain traffic mitigat nvenient accelss of patrons and others improvements necessary to maintain the safe and co to both the BART Project and the Shopping Center, and to fund certain improvements and other costs, and to undertake certain other matters regarding the design and operation of the BART Parking, in order to implement and enforce the general prohibition against "spill-over" parking from the BART Project onto the Shopping Center. By way of implementation of the foregoing, BART, Stoneridge and the City are concurrently entering into a separate Memorandum of Understanding (the "MOU"). G. The purpose of this SMOU is to supplement the MOU with BART and the CC&R modification with respect to certain additional understandings of the parties regarding the foregoing. NOW, THEREFORE, the parties hereby agree as follows: 1. Stoneridge Area Traffic Improvements. Not later than the opening of the BART Parking or the Office Building, whichever shall first occur, the City shall install the following traffic improvements: (a) a four-way traffic signal at the intersection of Embarcadero Court and SMR; and (b) those road-widening and related improvements at the intersection of SMR and Stoneridge Drive, as more fully described on Exhibit A attached hereto. 2. Office Building. The City shall require the Office Developer to comply with all applicable land use ordinances and policies in connection with the development of the Office Building, including on-site parking requirements (which shall continue to -2-