44-22 MOU-Studio Interim Redevelopment Agreement.pdf

4#12941409.1 period of one hundred and eighty (180) days from the date of this MOU, in good faith, for the redevelopment of the Project Site, which period can be extended by the Parties’ mutual written agreement. 2. Redevelopment Agreement. The Parties hereby agree to immediately commence good faith negotiations of the intended terms and conditions of a Redevelopment Agreement and other agreements, which shall include, but not be limited to, provisions for the following: project schedule; financial guarantee(s); financial assistance, compliance with the Redevelopment Plan; local planning approval; property acquisition, environmental remediation and project oversight. During the term of this MOU, and any extension thereof, the Township shall negotiate exclusively with Conditional Redeveloper and shall not solicit, consider or negotiate with any other person or entity for the redevelopment of the Project Site. 3. Amendments. Any and all amendments to this MOU shall be in writing and shall require the mutual agreement of both Parties. 4. Entire Agreement. This MOU sets forth all of the promises, covenants, agreements, conditions and undertakings between the Parties hereto with respect to the subject matter hereto, and supersedes all prior or contemporaneous agreements and undertakings, inducements or conditions, express or implied, oral or written, between the Parties hereto. 5. Not Binding on Individuals. No covenant, condition or agreement contained in this MOU shall be deemed to be the covenant, condition or agreement of any past, present or future member, manager, trustee, official, officer, agent or employee of either Party, in his or her individual capacity, and neither the members, managers, trustees, officials, officers, agents or employees of such Party or Parties, nor any individual executing this MOU, shall be personally