Township Council Meeting — Agenda

NOW THEREFORE, Intending to be legally bound hereby, the Parties hereto agree as follows: 1. Property To Be Conveyed. The Property consists of all those certain lots, tracts or parcels of land as defined in the Recitals hereto and more particularly described by the description attached hereto as Exhibit A, together with any buildings and improvements thereon contained and the privileges contained and appurtenances thereto appertaining, including but not limited to all rights, title and interest of the Seller in and to any water rights, mineral rights, air rights, rights of surface support, adjoining strips and gores, and casements and rights of way incidental thereto. Seller shall deliver a bargain and sale deed with covenants for the Property using the legal description pursuant to which the Property was conveyed to it, and specify that the property being conveyed is “also described as” set forth in the legal description of the Property set forth in the Survey, and shall quitclaim such legal description to the Seller. Seller, as Executor of the Estate of Donald J. Carroll, is legally authorized to convey the fee simple title and ownership of Property. 2. Purchase Price. The aggregate purchase price (the “Purchase Price”) to be paid by Buyer to Seller for the Property is Seven Hundred and Twenty Five Thousand Dollars ($725,000.00), subject to the proration and adjustments set forth in in this Agreement as of 120 days subsequent to date of this Agreement. 3. Payment of Purchase Price. Buyer agrees to pay the entire Purchase Price to Seller on the Closing Date (as hereinafter defined) subject to the proration and adjustments, if any, set forth in this Agreement. Prior to the Closing, Seller shall provide written instructions to the settlement agent with respect to the disbursement of the proceeds set forth on the closing statement to be received by Seller on the Closing Date, including but not limited to whether the proceeds shall be disbursed to the Seller or its designee, any wire transfer information and/or other written instructions. 4. Title. A. Title to the Property shall be good and marketable, free and clear of all liens, encumbrances, easements, restrictions, and other title objections. In addition, such title shall be insurable as such under an ALTA (2006) owner’s policy of

nd marketable, free and clear of all liens, encumbrances, easements, restrictions, and other title objections. In addition, such title shall be insurable as such under an ALTA (2006) owner’s policy of title insurance (as most recently revised) issued at regular rates by any reputable title insurance company, in an amount equal to the Purchase Price (the “Title Policy”), which Title Policy shall include extended coverage over the pre-printed exceptions thereon, and without any so called creditor’s rights exception or exclusion. B. Within ten (10) days after Buyer’s receipt of a fully executed copy of this Agreement (the “Effective Date”), Buyer shall order, at Buyer’s election, either a title report or a commitment for a title policy for the Property (the “Title Commitment”) and, if desired by Buyer, surveys (the “Survey”) of the Property by a licensed New Jersey surveyor. Within ten (10) days after the later of (i) Buyer’s receipt of the Title Commitment; and (ii) Buyer’s receipt of the Survey, Buyer shall deliver copies thereof to Seller, together with a written notice of the objections to the Title Commitment and the Survey, if any, which are not acceptable to Buyer 2 #13069278.1 #13244508.1