Common use of Redevelopment Agreement Clause in Contracts

Redevelopment Agreement. (a) As it relates exclusively to the Phase 1 Project, the Redevelopment Agreement and the Phase 1 Modification Agreement are hereby deemed null and void and no longer in effect and the Parties shall have no further duties, obligations, responsibilities or liabilities thereunder. With respect to the Revised Project, except as set forth at subsection (d), below, the Parties shall continue to have the right to exercise the rights and remedies set forth in the Redevelopment Agreement as of the date hereof. (b) The Parties hereto expressly acknowledge and agree that Prism Green’s obligation to provide no less than seventy-one (71) low and moderate income affordable residential units as required by the Redevelopment Agreement (less any units that may have been provided in accordance with the Redevelopment Agreement prior to the date hereof) is not in any way altered or diminished by this Modification Agreement and/or by the removal of Prism Green’s previous designation as redeveloper of the Phase 1 Project or the undertaking of the Phase 1 Project by the Phase 1 Redeveloper. (c) The Parties hereby expressly agree and covenant to negotiate in good faith a revised Redevelopment Agreement with respect to the Revised Project (the “Negotiations”) for a period commencing on the date of execution of this Agreement and continuing for six months therefrom (the “Negotiation Period”). The objective of the Negotiations is to revise the Redevelopment Agreement in such a way that the entire Redevelopment Project, and not just a distinct phase thereof, is mutually acceptable and economically feasible to both Parties, including, without limitation, terms relating to project phasing and development schedules, affordable housing obligations, infrastructure requirements, property acquisition, the issuance of redevelopment area bonds, and a payment-in-lieu-of-tax structure that recognizes both the importance of this form of financial assistance to the implementation of the Revised Project and the need for revenues to be generated in order for the Township to provide governmental services. The Parties acknowledge that the terms of the Revised Project are interrelated with the Phase 1 Project, and for purposes of such Negotiations shall be viewed in light of the overall economics of the entire Redevelopment Project, and not any single or distinct Phase thereof. The Parties further acknowledge that the Negotiations shall take into account changes to market conditions since the execution of the Redevelopment Agreement, including but not limited to those market conditions affecting rents, capitalization rates, and the cost of debt. (d) The Township hereby expressly agrees and covenants that during the Negotiation Period it shall not declare an Event of Default under the Redevelopment Agreement for non- construction of the Revised Project, provided however, that the Parties hereto expressly agree and acknowledge that the Township retains the right to declare an Event of Default with respect to items other than non-construction, e.g., failure to maintain insurance, non-payment of taxes, non-permitted transfers, etc.

Redevelopment Agreement. (a) As it relates exclusively to the Phase 1 Project, the Redevelopment Agreement and the Phase 1 Modification Agreement are hereby deemed null and void and no longer in effect and the Parties shall have no further duties, obligations, responsibilities or liabilities thereunder. With respect to the Revised Project, except as set forth at subsection (d), below, the Parties shall continue to have the right to exercise the rights and remedies set forth in the Redevelopment Agreement shall control and continues in full force and effect, except as of the date hereofexpressly set forth herein. (b) The Parties hereto expressly acknowledge and agree that Prism Green’s obligation to provide no less than seventy-one (71) low and moderate income affordable residential units as required by the Redevelopment Agreement (less any units that may have been provided in accordance with the Redevelopment Agreement prior to the date hereof) is not in any way altered or diminished by this Modification Agreement and/or by the removal of Prism Green’s previous designation as redeveloper of the Phase 1 Project or the undertaking of the Phase 1 Project by the Phase 1 Redeveloper. (c) The Parties hereby expressly agree and covenant to negotiate in good faith a revised Redevelopment Agreement with respect to the Revised Project (the “Negotiations”) for a period commencing on the date of execution of this Agreement and continuing for six months therefrom (the “Negotiation Period”). The objective of the Negotiations is to revise the Redevelopment Agreement in such a way that the entire Redevelopment Project, and not just a distinct phase thereof, is mutually acceptable and economically feasible to both Parties, including, without limitation, terms relating to project phasing and development schedules, affordable housing obligations, infrastructure requirements, property acquisitionacquisition of the Township-Owned Property, the issuance of redevelopment area bonds, and a payment-in-lieu-of-tax structure that recognizes both the importance of this form of financial assistance to the implementation of the Revised Project and the need for revenues to be generated in order for the Township to provide governmental services. The Parties acknowledge that the terms of the Revised Project are interrelated with the Phase 1 Project, and for purposes of such Negotiations shall be viewed in light of the overall economics of the entire Redevelopment Project, and not any single or distinct Phase thereof. The Parties further acknowledge that the Negotiations shall take into account changes to market conditions since the execution of the Redevelopment Agreement, including but not limited to those market conditions affecting rents, capitalization rates, and the cost of debt. (d) The Township hereby expressly agrees and covenants that during the Negotiation Period it shall not declare an Event of Default under the Redevelopment Agreement for non- construction of the Revised Project, provided however, that the Parties hereto expressly agree and acknowledge that the Township retains the right to declare an Event of Default with respect to items other than non-construction, e.g., failure to maintain insurance, non-payment of taxes, non-permitted transfers, etc. (e) The Parties hereto expressly acknowledge and agree that nothing contained in this Modification Agreement shall limit or restrict Prism Green’s right to undertake and develop any or all of the Revised Project in separate and distinct phases pursuant to and in accordance with the Redevelopment Agreement, as modified hereby.