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and it is further RESOLVED 2. The Properties inclusive of Lots 1 and 1.01 in Block 174 shall be assessed for tax year 2011 at a combined total value of $22 million to be allocated and directed by West Orange Tax Assessor1; 3. CCC agrees not to file any further farmland assessment applications for the Properties through 2015; 4. CCC agrees not to file or prosecute any valuation appeals on the Properties for the years 2011 through 2015 provided the total assessment does not exceed $22 million. To the extent that there is any increase in assessment for the Properties, CCC reserves all rights. 5. In the event of any conveyance between now and 2015, CCC agrees that any new owner shall be bound by this agreement and shall not seek to reduce the $22 million assessment and shall not seek any farmland assessments for the Properties through 2015. 1 To the extent that the final tax rate has not been struck for 2011, CCC reserves the right to file an appeal for 2011 so as to ensure that the aggregate tax for both lots does not exceed the sum of $660,000. If the combined final 2011 real estate tax for Lots 1 and 1.01 exceed $660,000, the 2011 appeal will be settled upon terms reducing the combined assessment to an amount that will produce a final 2011 tax bill of $660,000. In the event the final 2011 total tax due is $660,000 or less, the 2011 tax appeal will be withdrawn with prejudice. Karen J. Carnevale, Municipal Clerk Sal M. Anderton, Council President Adopted: September 28, 2010