Shared Parking Agreement
1. Introduction
This Shared Parking Agreement ("Agreement") is made and entered into as of May 9, 2050, by and between Organivu, located at Bakersfield, CA 93301 ("Party A"), and Diversa, located at Richmond, CA 94801 ("Party B").
2. Purpose
The purpose of this Agreement is to set forth the terms and conditions under which parking facilities will be shared between Party A and Party B at Oxnard, CA 93030.
3. Definitions
3.1 "Parking Facilities": shall refer to the parking spaces, structures, and any related infrastructure located at Oxnard, CA 93030.
3.2 "Shared Use": means the use of Parking Facilities by both Party A and Party B in accordance with the terms of this Agreement.
4. Terms and Conditions
4.1 Grant of License
Party A hereby grants Party B a non-exclusive, revocable license to use the Parking Facilities subject to the terms and conditions set forth in this Agreement.
4.2 Duration
This Agreement shall commence on May 11, 2050 and shall continue in effect until August 11, 2050, unless terminated earlier pursuant to Section 7 of this Agreement.
4.3 Allocation of Parking Spaces
Party A and Party B agree to allocate parking spaces as follows: parking space numbers 1025 and 1026.
4.4 Maintenance and Repairs
Party A shall be responsible for the maintenance and repair of the Parking Facilities. Party B shall promptly notify Party A of any known defects or hazards.
4.5 Insurance
Both parties shall procure and maintain insurance coverage sufficient to cover their usage of the Parking Facilities.
5. Financial Responsibilities
Each party agrees to share costs related to the operation and maintenance of the Parking Facilities in accordance with the following terms: [Financial Terms].
6. Indemnification
Each party agrees to indemnify and hold harmless the other party, its officers, directors, employees, and agents from and against any and all claims, damages, liabilities, costs, and expenses arising out of or related to the indemnifying party's use of the Parking Facilities.
7. Termination
This Agreement may be terminated by either party upon 12 days written notice to the other party in the event of a material breach of this Agreement that is not cured within 7 days of receipt of such breach notice.
8. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of California.
9. Signatures
In witness whereof, the parties hereto have executed this Shared Parking Agreement as of the day and year first above written.
Organivu
Diversa
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