109-22 Developers Construction Agreement.pdf

1152-121 224456-3 25 4. The Developer understands that any failure by the Developer in violation of the terms of this Agreement to immediately correct any deficiency determined by the Township to be an imminent hazard or an imminent threat to public health or safety will be considered automatic authorization for the Township to have said deficiency corrected and the Township and the Township’s Agents have the right (but not the obligation) to enter the Property to remedy any such defects. The Developer agrees to reimburse the Township for all reasonable costs resulting from the repair of said deficiency and all reasonable costs of damages resulting from the Developer’s lack of response to correct said deficiency in breach of this Agreement. 5. In the event that the Township must advance monies to repair any deficiencies, such costs shall be a lien on the Property. The Developer shall sign a lien form to be held in escrow by the Township Attorney for purposes of filing in the event of violation of the within provision. 6. The Township consents to the discharge of the recorded Developer’s Agreements dated July 12, 1997, and recorded in Essex County deed book 550, pages 167 et seq. and dated July 12, 1997 and recorded in Essex County Deed Book 5509, pages 611 et seq (collectively, the “Original Developer’s Agreements”). The Township will take all necessary action reasonably required to release the Original Developer’s Agreement of record, at the Developer’s sole cost and expense, concurrently with the Township’s execution and delivery of this Agreement. 7. It is understood between the parties that the obligations under this Developer’s Agreement will terminate when the required bonds are discharged by resolution of the Township Council. Upon such discharge by resolution, the Township promptly will execute one or more