When parking is to be provided off the regularly subdivided lot on which the structure, or some portion thereof, is located, the owner or lessee of record of the development site shall furnish satisfactory evidence to the planning official that he owns or has available sufficient property to provide the minimum off street parking required by the provisions of section 10-3-2730 of this chapter. Whether parking is to be provided on property owned by the applicant or is in another ownership, there shall have been recorded in the office of the county recorder, prior to the issuance of any building permit, a covenant executed by the owners of such property for the benefit of the city, in a form approved by the city attorney, to the effect that the owners will continue to maintain such parking space so long as such structure or improvement exists. Such covenant shall also recite that the title to and right to use the lots upon which the parking space is to be provided will be subservient to the title to the premises upon which the structure is to be erected and shall warrant that such lots are not and will not be made subject to any other covenant or contract for such use without the prior written consent of the city. In the event the owners of such structure should thereafter provide parking space equal in area within the same distance and under the same conditions as to ownership upon another lot than the premises made subservient in a prior such covenant, the city will, upon a written application therefor, accompanied by the filing of a similar covenant, release such original subservient premises from such prior covenant, and the owners shall furnish at their own expense such title reports or other evidence as the city may require to ensure compliance with the provisions of this section. (1962 Code § 10-747)