192-18 Exhibit - First Amendment to Interim Redevelopment Agreement between Township of West Orange and the Alpert Group LLC.pdf

2 2. The Interim Redeveloper agrees to execute the Agreement of Sale for the Property (“8-10 Agreement”) and to assign it to the Township or its designated entity prior to the closing. 3. The Township agrees to accept the assignment of the 8-10 Agreement. 4. The Interim Redeveloper agrees to advance the Purchase Price of $100,000 needed to purchase the property (“Purchase Price”). 5. The Demolition costs set forth in Section 3.05 shall be increased to a total of $375,525 in accordance with Exhibit “A” annexed hereto. 6. The Purchase Price shall be added to the fees/reimbursements set forth in Section 2.05 of the Interim Redevelopment Agreement. 7. In the event that the Interim Redeveloper acquires the Selecto Flash Building Property, the $100,000 shall be a credit against the Purchase Price. In the event that the Interim Redeveloper does not acquire the property, the Interim Redeveloper shall be entitled to reimburse the $100,000 in addition to the demolition costs as set forth in Section 3.05 of the Interim Redevelopment Agreement. 8. The parties agree to work together to further their mutual interest in the Township or its designee acquiring the Property. 9. VRRUR is beginning construction of the Valley Residential site which is located immediately adjacent to the Parcels (“Valley Residential Project”). The Valley Residential Project is owned by Alpert or entities in which he has an ownership interest. The Township agrees that the Interim Redeveloper/Valley Residential and their representatives and agents may utilize the Selecto Flash Property for storage and staging during construction of the Valley Residential Project. At the conclusion of the Valley Residential Project, the Interim Redeveloper/Valley Residential shall remove any items placed on the Parcel and restore it to its current condition. The Interim Redeveloper and Valley Residential agree to comply with all state, federal and local laws, regulations and ordinances and insure that throughout its use, the