149-22 Exhibit - Parking Agreement for the Property at 14 Northfield Avenue.pdf

WHEREAS, the Township desires to promote the reuse of vacant upper story apartment space in downtoun buildings to avoid that space remaining vacant. NOW, THEREFORE, in consideration of the mutual coyenants contained herein and for good and valuable consideration, it is mutually covenanted and agreed as follorvs: l. The Township agrees to provide annual parking permits in Municipal Parking Lot 3 on Lindsley Avenue and Lot 4 on Valley Street and Main Street for up to twelve (12) parking spaces to Owner for parking for tenants in the building at 14 Northfield Avenue. These permits will be renewed automatically on an annual basis for a total period of five years, provided that all conditions for permits are met. 2. The Owner or its designee will make a payment in the amount consistent with the rate set forth by the Township Council of the Township of West Orange or its designee lbr all parking permits issued by the Township, a rate that is curently set at $140.00 per calendar year per space. The Owner will also provide proof to the Township that each user of a space is a bona fide resident of the building located at 14 Northfield Avenue. No refunds shall be made for any portion of time when the issued permits are not used. No transfers or assignment of permits shall be made to any non-tenants of the Properly. 3. The Owner further certifies that the use of these spaces will be consistent with any otlrer applicable requirements of Ordinance Section 7'50.3. 4. This Agreement is being entered for the purpose of demonstrating available off-site parking in connection with an anticipated application to the Planning Board or for other land use or zoning approvals by the Township. In the event that the Owner does not proceed with those applications and renovate the upper floors ofthis building for occupancy by residential tenants, the Owner will notify the Township and this Agteement shall be terminated. 5. At the commencement of each annual renewal period, the Ovr.ner will notiff the Township of the number of spaces required for the residential tenants occupying the building. The Owner will only be responsible for providing parking spaces for tenants of the residential units. 6. The Township will issue placards to the tenarils, or authorize the Owner to do so, so that tenants can place the

e for providing parking spaces for tenants of the residential units. 6. The Township will issue placards to the tenarils, or authorize the Owner to do so, so that tenants can place the placards in a visible location in their vehicles when parking in a space available to them. 7. There shall be no modification of this Agreement except by virtue of a written instrument executed by and between both parties. 8. The rights under this Agreement shall not be assigned or transferred absent written consent from the Township which it may deny at its sole discretion. 9. All notices required hereunder shall be sent by certified mail, return receipt requested or by a recognized overnight courier, with proof of delivery, or an email transmission 2 4872-650&0069, v. 1