Township Council Meeting — Agenda

NOW, THEREFORE, Seller and Purchaser agree, for good and valuable consideration, as follows: 1. Capitalized terms not otherwise defined herein shall have the meanings assigned to such terms in the Original Agreement, unless the context otherwise requires. 2. The parties agree that the deed restriction encumbering the individual units within the Property restricting their use to low- and moderate-income residential housing shall run in perpetuity. Accordingly, Paragraphs 4 and 5(a)(v) of the Agreement are hereby amended to state the following: 4. Condition Regarding Use of Property. Performance by Seller under this Agreement, including but not limited to conveyance of title to the Property, is conditioned upon the representation by Purchaser that Purchaser will utilize the Property solely for (i) the construction and operation of age-restricted low and/or moderate-income housing, and (ii) the construction of a 7,500 square foot public use room (to serve as a community room, satellite library, or other public use as determined by the Township) (the “Community Room Use”). These conditions shall be effectuated by: a. the preparation of a 99-year deed restriction on the Project restricting all residential units, except one (1) on-site superintendent unit, to occupancy by low- and moderate-income residents in compliance with applicable State and Municipal laws and regulations related to development and marketing of affordable housing units; and b. the preparation and recording of an easement on, over, in, upon and through the Property reserved for by the Seller for the public benefit for use of the Community Room Use (the “Easement”). The Community Room Use and Easement shall be perpetual and recorded as a deed restriction. 5(a)(v). The preparation and execution of a deed restriction that restricts the rent or use of the units as low- and moderate-income residential housing in accordance with Paragraph 4 herein for each residential unit to be recorded with the Closing Deliverables listed in paragraph 7. 3. The parties further agree to negotiate in good faith the following: (i) an easement on, over,

dential unit to be recorded with the Closing Deliverables listed in paragraph 7. 3. The parties further agree to negotiate in good faith the following: (i) an easement on, over, in upon and through the Property for the Community Room and for the provision of ingress and egress to and from the Community Room, and (ii) an easement on, over, in upon and -2-