2563-19 Agreement of Sale - Rock Spring Club to West Orange 2-13-19 Final.pdf

2019.02.13 Rock Spring Club to West Orange 2-13-19 43 EXHIBIT F FORM OF TAX ESCROW AGREEMENT Tax Escrow Agreement This tax escrow agreement (this “Tax Escrow Agreement”) is made as of the ________ day of _________, 2019, between __________________________, having an address of _________________, ______________, New Jersey ______, Attn: ________________, referred to in this Tax Escrow Agreement as the “Tax Escrow Agent”, MONTCLAIR GOLF CLUB, a New Jersey not for profit corporation, having an address of 25 Prospect Avenue, West Orange, New Jersey 07052, referred to in this Tax Escrow Agreement as the “Seller”, -and- Township of West Orange, a body politic of the State of New Jersey, having an address of 66 Main Street, West Orange, New Jersey 07052, referred to in this Tax Escrow Agreement as the “Buyer”. Background A. Seller and Buyer entered into an agreement of sale on the ___ day of _____, 2019 for the sale of real property located at _____________________, New Jersey (the “Premises”). B. Pursuant to N.J.S.A. 54:50-38, Buyer notified the Bulk Sale Section of the Division of Taxation, Department of Treasury, State of New Jersey (the “Division”) of the impending sale. C. Pursuant to N.J.S.A. 54:50-38 and the letter received from the Division dated ______________, Tax Escrow Agent is to withhold certain sums from the closing proceeds, to wit: the sum of __________________ and 00/100 Dollars ($___________.___).