44-22 MOU-Studio Interim Redevelopment Agreement.pdf

5#12941409.1 liable on this MOU or by reason of the execution hereof by such person, or arising out of any transaction or activity relating to this MOU. 6. Governing Law. The terms of this MOU shall be governed, construed, interpreted and enforced in accordance with the laws of the State of New Jersey, including all matters of enforcement, validity and performance. 7. Non-Binding Effect. Except for the Township’s obligation to negotiate exclusively and in good faith with Conditional Redeveloper, as well as Conditional Redeveloper’s obligation to negotiate in good faith, this MOU does not constitute a binding commitment between the Parties hereto, as the Parties’ respective rights and obligations remain to be fully defined in their Redevelopment Agreement(s). 8. Counterparts. This MOU may be executed in counterparts. All such counterparts shall be deemed to be originals and together shall constitute but one and the same instrument. 9. Effective Date. This MOU shall become effective upon the execution of this MOU. 10. Termination. In the event that the Parties are unable to reach agreement on the terms of a Redevelopment Agreement, this MOU shall be automatically terminated and the designation of The MBS Group as the Conditional Redeveloper of the Project Site shall also be immediately terminated and the Parties shall have no further obligations under this MOU with respect to the Project Site.