Reciprocal Parking Agreement
1. Introduction
This Reciprocal Parking Agreement ("Agreement") is entered into as of March 9, 2050, by and between Nautix, whose address is Richmond, CA 94801, and Auxilux, whose address is Oxnard, CA 93030. Both parties may also be referred to individually as "Party" or collectively as "Parties".
2. Purpose
The purpose of this Agreement is to formalize the terms and conditions under which both Parties agree to allow shared parking access across specified properties owned or managed by the respective Parties. This arrangement is intended to enhance convenience and maximize the utilization of available parking spaces for both Parties' employees, visitors, and clients.
3.1 Definitions
For the purposes of this Agreement, the following definitions shall apply:
"Parking Facilities" refers to the designated parking areas owned or operated by either Party.
"Users" refers to employees, visitors, or clients of the Parties who utilize the parking facilities.
3.2 Term
This Agreement shall commence on March 12, 2050 and shall remain in effect for a period of 6 months, unless terminated earlier in accordance with the terms herein.
4. Reciprocal Parking Grant
Each Party hereby grants the other Party a non-exclusive, revocable right to utilize a portion of their respective Parking Facilities. The specific number of parking spaces and their location shall be determined and agreed upon in writing by both Parties.
5. Obligations of the Parties
5.1 Responsibilities of the Parties
Each Party agrees to maintain their Parking Facilities in a reasonably safe and accessible condition and adhere to any applicable local, state, or federal regulations. Each Party also agrees to notify the other Party promptly of any scheduled maintenance or disruptions that might affect access to the parking spaces.
5.2 Indemnification
Each Party agrees to indemnify, defend, and hold harmless the other Party from and against all claims, damages, losses, and expenses arising out of or resulting from the use of the parking facilities by their Users, provided such claims are not due to the gross negligence or willful misconduct of the other Party.
6. Termination
This Agreement may be terminated by either Party with sixty (60) days written notice to the other Party, without penalty or further obligation.
7. Miscellaneous
7.1 Governing Law
This Agreement shall be governed by and construed in accordance with the laws of California.
7.2 Entire Agreement
This Agreement constitutes the entire understanding between the Parties with regard to the subject matter herein and supersedes all prior agreements, whether written or oral, related to the same.
7.3 Amendments
No amendment or modification of this Agreement shall be valid unless in writing and signed by both Parties.
8. Signatures
IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.
Nautix
Auxilux
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