191-18 Exhibit.pdf

which the tax exemption has been granted are no longer being served. 9. Transfer to Another Urban Renewal Entity. The Municipality will consent to a sale or other transfer of the Project by LLC to another urban renewal entity organized under the Law, their successors, assigns so long as such urban renewal entity does not own any other project receiving tax exemption under the Law. At the time of transfer and upon assumption by the transferee urban renewal entity of the transferor's obligations under this financial agreement, the tax exemption of the Project shall continue and inure to the transferee urban renewal entity, its respective successors or assigns. In the event the Project becomes owned by a non profit corporation then, as allowable by the Law, the term of this Agreement shall extend for forty (40) years and the minimum Annual Service Charge for the entire term of this Agreement shall be the amount specified in Paragraph 4. 10. Notice: Any approval, consent, request, waiver, notice or other document required or permitted to be given pursuant to any provision of this Agreement shall be deemed duly given only when in writing, signed by or on‘behalf of the person giving the same, and either personally delivered (with receipt acknowledged by the recipient) or deposited in a designated United States mail depository registered or certified mail, return receipt requested, postage prepaid, addressed to the person or persons to whom such approval, consent, request, waiver or notices to be given at their respective addresses: If to the Township of West Orange to: Clerk, Township of West Orange 66 Main Street West Orange, New Jersey 07052 If to LLC to: Joseph Alpert The Alpert Group LLC One Parker Plaza Fort Lee, New Jersey 07024 11. Binding Effect: The provisions of this agreement shall be binding upon and inure to the benefit of the parties hereto, their respective personal representatives, heirs, successors or assigns. ROS:864 175.1/lea056-240825 4