73-18 Exhibit - Authorizing License Agreement for Parking on 471 Pleasant Valley Way.pdf

PARKING LICENSE AGREEMENT This PARKING LICENSE AGREEMENT (this “License”) is made as of the ____ day of February 2018, by and between 2017 EAGLE ROCK WEST ORANGE LLC, a New Jersey limited liability company, having an address c/o The Ferber Company, 151 Sawgrass Corners Road, Ponte Vedra Beach, Florida 32082 (“Licensor”), and THE TOWNSHIP OF WEST ORANGE, a municipal corporation of the State of New Jersey, having principal offices at 66 West Main Street, West Orange, New Jersey 07052 (“Licensee”). WITNESSETH: WHEREAS, Licensor is the contract purchaser of certain tracts of land located at 662 Eagle Rock Avenue in the Township of West Orange, County of Essex, State of New Jersey and more fully described on Exhibit A attached hereto, and also known as a portion of existing Lots 12, 12.13 and 14 in Block 176.05 on the Official Tax Map of the Township of West Orange (the “Property”); WHEREAS, as a condition to the variance and site plan approvals for the development of the remaining portions of the existing Lots 12 12.3 and 14 in Block 176.05 with a commercial bank and associated improvements (the “Bank Construction”), the Township of West Orange Zoning Board of Adjustment is requiring Licensor to convey the Property to Licensee (the “Conveyance”) following the construction of certain improvements on the Property (the “Parking Lot Work”); WHEREAS, prior to the Conveyance, Licensor is willing to permit Licensee to use the parking areas on the Property (the “Parking Areas”) for the limited and restricted purpose of public parking of standard passenger vehicles, provided such parking does not interfere with the Parking Lot Work or the Bank Construction (the “Limited Use”), upon the terms and conditions set forth herein. NOW, THEREFORE, in consideration of the mutual covenants contained herein and other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 1. (a) Subject to terms of this License, beginning on the date hereof (the “Commencement Date”), Licensor hereby grants unto Licensee a license to use the Parking Areas for the Limited Use only. Licensee covenants and agrees to use the Parking Areas solely for public parking of standard passenger vehicles, and for no other purpose or purposes.

e Parking Areas for the Limited Use only. Licensee covenants and agrees to use the Parking Areas solely for public parking of standard passenger vehicles, and for no other purpose or purposes. (b) Licensee agrees to accept the Parking Areas in their “AS-IS” condition as of the Commencement Date and throughout the term of this License. Licensor makes no representations to Licensee regarding the condition of the Parking Areas. Licensor has no obligation to perform any work or provide any services to prepare or maintain the Parking Areas for the Limited Use. 53271403.v2