203-22 Mutual General Release Covenant Not to Sue and Dismissal of Litigaiton - (combined).pdf

UPDATED 7/15/2022 — 5 PM NOW, THEREFORE, Seller and Purchaser agree, for good and valuable consideration, as follows: L Capitelized terms not otherwise defined herein shall have the meanings assigned to such terms in the Original Agieement, unless the context otherwise requires. 2 The parties agree that the deed restriction encumbering the individual units within the Property restricting their use to low- and moderate-income residential housing shall run in perpetuity. Accorilingly; Paragraphs 4 and 5(a)(v) of the Agreement are hereby amended to state the following: 4, Condition Regarding Use of Property. Performance by Seller under this Agreement, including but not, limited to conveyance of title to the Property, is conditioned upon the representation by Purchaser that Purchaser will utilize the Property solely for (i) the construction and operation of at least 40 age-restricted low and/or moderate-income housing, and Gi) the construction of a 7,500 square foot public use room to be controlled by the Seller (to serve as a community room, satellite library, or other public use as determined by the Townsbip)(the “Community Room Use”), all in accordance with and subject to the provisions of NWJ.S.A. 40A:12-21. These conditions shall be effectuated by: a, the preparation of a perpetual deed restriction, in accordance with and subject to the provisions of N./S.A. 40A:12-21, for the benefit of the general public that restricts the use of the Property to the construction and operation of at least 40 age-restricted low and/or moderate- income housing, and that all residential units, except one (1) on-site superintendent unit, shall be restricted to occupancy by low- and moderate-income residents in compliance with applicable State and Municipal laws and regulations related to development and marketing of affordable housing units. The superintendent unit shall be the residential unit which is reserved for the use of an individual and his/her family that is responsible for routine maintenance and repairs of the Property; and