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HomeMy Public PortalAboutr 11-040Poolution of #lie P ornuA of Caurtere#, � 11 -40 11 Date of Adoptio February 17, 2011 RESOLUTION OF THE BOROUGH OF CARTERET IN CONNECTION WITH THE PROPOSED TRANSFER OF THE COMPLETED LANDFILL REDEVELOPMENT PROJECT AND THE EXECUTION AND DELIVERY OF CERTAIN DOCUMENTS RELATED THERETO WHEREAS, the Borough, pursuant to and in accordance with the Redevelopment and Housing Law, constituting Chapter 79 of the Pamphlet Laws of 1992 of the State, and the acts amendatory thereof and supplemental thereto, previously entered into several agreements (the `Borough Agreements ") with Titan -PDC Carteret Urban Renewal, LLC ( "Titan"), for the redevelopment of that certain real property designated as Block 11. 1, Lot 15.1 on the tax map of the Borough (the "Property"); and WHEREAS, Titan has completed the redevelopment of the Property as contemplated by the above agreements; and WHEREAS, Titan has entered into a purchase and sale agreement with KTR NJ Urban Renewal LLC ( "KTR ") pursuant to which KTR shall purchase the redeveloped Property from Titan; and WHEREAS, the Carteret Redevelopment Agency previously entered into several agreements in connection with the financing of the remediation of the Property, including without limitation, (i) that certain Loan Agreement, by and between the Agency and the State of New Jersey, acting by and through the Department of Environment Protection, dated as of November 1, 2006; (ii) that certain Loan Agreement, by and between the Agency and the New Jersey Environmental Infrastructure Trust, dated as of November 1, 2006; (iii) that certain Redeveloper Fund' Loan Agreement, by and between the Agency and Titan, dated as of November 1, 2006; (iv) that certain Redeveloper Trust Loan Agreement, by and between the Agency and Titan, dated as of November 1, 2006; (v) that certain Agreement of Guaranty, by and between the Agency and Panattoni Investments, LLC, dated as of November 1, 2006; and (vi) that certain,Indenture of Trust, by and between the Agency anti Manufacturers and Traders Trust Company, previously known as North Fork Bank, dated as of November 1, 2006 (the agreements referred to in (i) through (vi) hereof shall be collectively referred to as the "Original Agency Agreements "); and WHEREAS, in connection with the sale of the Property and given that Titan shall no longer be the fee title outer of the Property, the Agency has agreed to enter into certain agreements that amend and/or modify the Agency Agreements, including without limitation, the (i) Amended Borrower Trust Loan Agreement, by and between the Agency and KTR, (ii) Amended Borrower Fund Loan Agreement, by and between the Agency and KTR; (iii) Amendment No. I to Loan Agreement, by and between the Agency and the New Jersey Enviromnental Infrastructure Trust; (iv) Amendment No. I to Loan Agreement, by and between the Agency and the State of New Jersey, acting by and through the New Jersey Department of Environment Protection; (v) Termination of Guaranty, by and between the Agency and Panattoni Investments, LLC; (vi) Assignment and Assumption Agreement, by and between the Agency, Titan and KTR; and (vii) First Supplemental Indenture of Trust, by and between the Agency and Manufacturers and Traders Trust Company (the agreements referred to in 0) through (vii) hereof shall be collectively referred to as the "Updated Agency Agreements "); and WHEMNs mc;E 2 WHEREAS, the Agency, at a meeting duly held on February 3, 2011, approved of the execution and delivery of the Updated Agency Agreements; and WHEREAS, in connection with tire sale of the Property, the Borough, Titan and KTR desire to enter into (i) that certain Assignment and Assumption Agreement (the "Assignment Agreement ", a form of which is attached hereto as Exhibit A) and (ii) that certain First Amendment to Amended and Restated Declaration of Covenants and Restrictions (tire "First Amendment to Declaration ", a fomr of which is attached hereto as Exhibit B ). NOW, THEREFORE, BE IT RESOLVED as follows: Section 1. The Mayor, Chief Financial Officer or the Director of Law (each an "Authorized Officer "), are hereby each severally authorized and directed, upon the satisfaction of any and all legal precedents related thereto, to (i) execute and deliver the Ass ignment Agreement and the First Amendment to Declaration, with such changes as such Authorized Officer, after consultation with such counsel and any advisors to the Borough (collectively, the "Borough Consultants "), deems necessary, desirable or convenient in such Authorized Officer's sole discretion and (ii) acknowledge or consent to any of the Updated Agency Agreements, as such Authorized Officer, after consultation with Borough Consultants, deems necessary, desirable or convenient in such Authorized Officer's sole discretion. Section 2. The Borough Clerk is hereby authorized and directed, upon the execution, acknowledgement or consent of any of the agreements referred to in Section I hereof, to attest to the Authorized Officer's execution, acknowledgement or consent of subh agreements and is hereby further authorized and directed, to the extent applicable, to thereupon affix tire seal of the Borough. Section 3. Upon the execution, acknowledgment or consent and attestation of and if required, the placing of the seal of the Borough on any agreement as contemplated by Sections I and 2 hereof, the Authorized Officer is hereby authorized and directed to (i) deliver such frilly executed, attested or consented and sealed agreement to the other parties thereto and (ii) perform such other actions as the Authorized Officer deems necessary, desirable or convenient in relation to the execution, acknowledgement or consent and delivery thereof. Section d. The Authorized Officers are each hereby further authorized to perform any act, execute, acknowledge or consent and deliver any other document, instrument or certificate, which the Authorized Officer, after consultation with the Borough Consultants, deems necessary, desirable or convenient in connection with the transaction referred to herein, and the Borough Clerk is hereby further authorized and directed to attest to such execution, acknowledgement or consent and to affix the seal of fire Borough to any such document, instrument or certificate. 1 PAc-E 3 1 Section 5. Upon the Borough's „;ecution and delivery of the Assignment and Assumption Agreement, the Borough shall be deemed to have consented to the sale of the Property from Titan to i<_TR for the purposes set forth therein. Seciion 6. This resolution shall take effect at the time and in the manner prescribed by law. Section 7. Upon the adoption hereof, the Borough Clerk shall `forward certified copies of this resolution to 'Matthew C. K_arrenber?, Esq., DeCotiis, FitzPatrick & Cole, LLP, Special Redevelopment Counsel to the Borou Adopted this 17th day of February 2011 and certified as a true copy of the original on February - 18, 2011 MTnEEN M. BARPiEY, M IC Municipal Clerk . 1 I ! , t r �I , 1 1 , 1 PAc-E 3 1 Section 5. Upon the Borough's „;ecution and delivery of the Assignment and Assumption Agreement, the Borough shall be deemed to have consented to the sale of the Property from Titan to i<_TR for the purposes set forth therein. Seciion 6. This resolution shall take effect at the time and in the manner prescribed by law. Section 7. Upon the adoption hereof, the Borough Clerk shall `forward certified copies of this resolution to 'Matthew C. K_arrenber?, Esq., DeCotiis, FitzPatrick & Cole, LLP, Special Redevelopment Counsel to the Borou Adopted this 17th day of February 2011 and certified as a true copy of the original on February - 18, 2011 MTnEEN M. BARPiEY, M IC Municipal Clerk . 1 I ! , t r �I , , 1 1 PAc-E 3 1 Section 5. Upon the Borough's „;ecution and delivery of the Assignment and Assumption Agreement, the Borough shall be deemed to have consented to the sale of the Property from Titan to i<_TR for the purposes set forth therein. Seciion 6. This resolution shall take effect at the time and in the manner prescribed by law. Section 7. Upon the adoption hereof, the Borough Clerk shall `forward certified copies of this resolution to 'Matthew C. K_arrenber?, Esq., DeCotiis, FitzPatrick & Cole, LLP, Special Redevelopment Counsel to the Borou Adopted this 17th day of February 2011 and certified as a true copy of the original on February - 18, 2011 MTnEEN M. BARPiEY, M IC Municipal Clerk . 1 I ! , t r , , 1 I 1 ' - RECORD Or COTJNCDL VOTE 1 , COUNCIL4td<4 I YES NO NY : :AA. COUCiCILINLSIN '40 IVV d.9. _ EKT ,1 _ I x I 1 II m-m Ix 1 I - I I T 'C(- I I I I 11 STEN7 x I I Ix S - tndica[e Vac- A.a _ gb,aa[ pi'/ _ Clc[ Vo[in_ ri07 - Indinles `iaa Io , A.d00tsd a! a Megan' of [he 4IUMCIpal Council , r hrnar•' 17 2011 EXHIBIT A FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT EXHIBIT B FORM OF FIRST AMENDMENT TO AMENDED AND RESTATED DECLARATION OF COVENANTS AND RESTRICTIONS Prepared by: FIRST AMENDMENT TO AMENDED AND RESTATED DECLARATION OF COVENANTS AND RESTRICTIONS THIS FIRST AMENDMENT TO AMENDED AND RESTATED DECLARATION OF COVENANTS AND RESTRICTIONS (the "First Amendment to Declaration ") made as of this _ day of April, 2011, by: THE DECLARANT: KTR NJ URBAN RENEWAL, LLC, a limited liability company of the State of Delaware, having an address at Five Tower Bridge, 300 Barr Harbor Drive, Suite 150, Conshohocken, PA 19428 (hereinafter referred to as "Declarant" or "Redeveloper Urban Renewal Entity "), FOR THE BENEFIT OF: THE BOROUGH OF CARTERET, a municipal corporation of the State of New Jersey, having offices at Borough Hall, 61 Cooke Avenue, Carteret, New Jersey 07008 (hereinafter referred to as the `Borough "), for and in its own right and also for the purposes of protecting the interests of the connnunity and other parties, public and private, in whose favor and for whose benefit the covenants and restrictions set forth herein shall ram, WITNESSETH: WHEREAS, Titan -PDC Carteret Urban Renewal, LLC, (the "Original Declarant" or "Original Redeveloper Urban Renewal Entity "), previously entered into that certain "Declaration of Covenants and Restrictions ", for the benefit of the Borough, dated as of August 18, 2006, as filed and recorded with the Middlesex County Clerk, as reflected in Book 05711, Pages 0817 -0842, as amended and restated, in its entirety, as set forth in that certain "Amended and Restated Declaration of Restrictions and Covenants ", dated as of June 17, 2009, as filed and recorded with the Middlesex County Clerk, as reflected in Book 06068, Pages 0495 -0524 (the "Amended and Restated Declaration "); and WHEREAS, on the date hereof, the Declarant purchased the Encumbered Lands, as such term is defined in the Amended and Restated Declaration, from the Original Declarant; and Wanage_1244762_2 WHEREAS, on the date hereof, the Borough, the Declarant and the Original Declarant entered into that certain "Assignment and Assumption Agreement', whereby the Original Declarant assigned all of its right, title and interest in and to all existing agreements by and between the Borough and the Original Declarant, as set forth therein, and the Declarant assumed all of the obligations of the Original Declarant thereunder, including without limitation, the Amended and Restated Declaration; and WHEREAS, the Borough and the Declarant have each agreed to amend the Amended and Restated Declaration as set forth herein. NOW, THEREFORE, in consideration of the foregoing, the Declarant, for itself, its legal and personal representatives, successors and assigns, and for the benefit and with the agreement of the Borough hereby amends the Amended and Restated Declaration as follows: Section 1. Section 3.01(a) of the Amended and Restated Declaration is hereby amended to read in its entirety as follows: "(a) Not devote the Encumbered Lands to any uses associated with dry cleaning facilities or an open air facility for bulk storage of hazardous materials, including petroleum products, with an aggregate storage capacity greater than 100,000 gallons;" Section 2. To the extent there are any inconsistencies between the Amended and Restated Declaration, as amended by this First Amendment of Declaration, and the Certificate of Completion issued by the Borough on June 17, 2009, as filed and recorded with the Middlesex County Clerk, as reflected in Book 06068, Pages 0479 -0493, including without limitation, any inconsistencies with respect to the PL &L Policy referred to in Section 3 01(f) of the Amended and Restated Declaration and Section 5(c) of the Certificate of Completion, the provisions of the Amended and Restated Declaration, as further amended by this First Amendment to Declaration, shall govern and control. Section 3. The Declarant hereby expressly acknowledges, consents and agrees that the recording of this First Amendment to Declaration shall in no way alter, modify, revise or otherwise impair the priority of the Amended and Restated Declaration, which, in accordance with Section 8.05 thereof, shall be deemed to have priority as of the date of the original recording of the Original Declaration. Section 4. Other than as may be set forth in Sections I through i 3 hereof, nothing contained herein shall alter, modify or amend any other provision of the Amended and Restated Declaration and the Amended and Restated Declaration, including each and every other such provision therein, shall remain in full force and effect. iMmiage_1244762_2 2 IN WITNESS WHEREOF, the officers of the Declarant and the Borough have hereunto set their hands and seals the day and year first above written to indicate the parties' consent to the terms and provisions set forth in the within First Amendment to Declaration. KTR NJ URBAN RENEWAL, LLC, a Delaware limited liability company ATTEST By: KTR Property Trust I, Sole Member By: By: Name: John P. DiCola Title: Senior Vice President ATTEST: THE BOROUGH OF CARTERET By: Name: Kathleen M. Barney Name: Daniel J. Reiman Title: Borough Clerk Title: Mayor iManage_1244762_2 3 STATE OF NEW JERSEY SS: COUNTY OF MIDDLESEX The foregoing instrument was acknowledged before me this day of 2011, by KTR NJ URBAN RENEWAL, LLC, a Delaware limited liability company (the "Company "), by John P. DiCola, Senior Vice President of KTR Property Trust I, its sole member, on behalf of the Company. Notary Public Commission Expiration: iMmiage_1244762_2 STATE OF NEW JERSEY SS: COUNTY OF MIDDLESEX The foregoing instrument was acknowledged before me this °i day of April, 2011, by the BOROUGH OF CARTERET (the "Borough "), a municipal corporation of the State of New Jersey, by Daniel J. Reiman, its Mayor, on behalf of the Borough. Matthew C. Karrenberg, Esq. Attorney at Law State of New Jersey Ninage_1244762_2 FIRST AMENDMENT TO AMENDED AND RESTATED DECLARATION OF COVENANTS AND RESTRICTIONS Dated April _, 2011 Declarant KTR NJ Urban Renewal LLC, Beneficiaries The Borough of Carteret, Middlesex County, New Jersey RECORD AND RETURN TO DeCotiis, FitzPatrick & Cole, LLP 500 Frank W. Burr Boulevard Suite 31 Teaneck, New Jersey 07666 Attn: Matthew C. Karrenberg, Esq. Attorneys for the Borough of Carteret, Middlesex County, New Jersey Wanage_1244762_2 6 ASSIGNMENT AND ASSUMPTION OF BOROUGH AGREEMENTS THIS ASSIGNMENT AND ASSUMPTION OF BOROUGH AGREEMENTS (this "Assignment and Assumption Agreement ") made as of this day of 2011 by and between TITAN -PDC CARTERET URBAN RENEWAL, LLC ( "Assignor "), KTR NJ URBAN RENEWAL LLC, formerly known as KTR NJ LLC ( "Assignee ") and THE BOROUGH OF CARTERET (the "Borough "). WITNESSETI -I: WHEREAS, Assignor and Assignee have entered into a Purchase and Sale Agreement dated as of the November 30, 2010 (the "PSA ") pursuant to which Assignee is purchasing the real property designated as Block 1 LI, Lot 15.1 on the tax map of the Borough of Carteret, Middlesex County, New Jersey (the "Real Property ") and the other property more particularly described in the PSA; and WHEREAS, in connection with the redevelopment of the Real Property, Assignor, as the redeveloper, entered into various redevelopment related and other agreements with the Borough more particularly set forth on Schedule A attached hereto (the "Borough Agreements "); and WHEREAS, the Carteret Redevelopment Agency (the "Agency ") financed certain remediation work on the Real Property through the New Jersey Environmental hifiastructure Trust Program, issued bonds and loans from the State of New Jersey (the "State "), acting through the New Jersey Department of Environmental Protection ( "NJDEP ") and loaned the proceeds thereof to Assignor; and WHEREAS, in connection with such financing, Assignor entered into various agreements with the Agency (the "Agency Agreements ") and Panattoni Investments, LLC ( "Guarantor "), an affiliate of Assignor, guaranteed the liabilities of Assignor owing to the Agency pursuant to a Guaranty dated November 1, 2006 (the "Agreement of Guaranty"); and WHEREAS, the Borough provided a guaranty of all payments on the bonds and is a third party beneficiary of the Agreement of Guaranty; and WHEREAS, simultaneously herewith Assignor, Assignee and the Agency are entering into an assignment and assumption agreement with respect to the Agency Agreements (the "Agency Assignment and Assumption "); and WHEREAS, in connection with the sale of the Real Property, Assignor and Assignee have agreed to enter into this Assignment and Assumption Agreement whereby Assignor shall assign all of Assignor's right, title and interest in and to the Borough Agreements to Assignee and Assignee shall accept such assignment, and assume the obligations of Assignor under the Borough Agreements as provided for in this Assignment and Assumption Agreement; and WHEREAS, Assignee and Assignor have requested the Borough's consent to the assignment and assumption of the Borough Agreements; and Deleted: 124694 11.130 WHEREAS, on , the Agency adopted Resolution — which sets forth the consent of the Agency in accordance with the Agency Agreements to, among other things, the sale of the Real Property from Assignor to Assignee and the assignment and assumption of the Agency Agreements in accordance with the Agency Assignment and Assumption Agreement, and authorizing the Agency to enter into the Agency Assignment and Assumption and any other agreements in connection therewith; and WHEREAS, on , the Borough adopted Resolution _ which sets forth the consent of the Borough in accordance with the Borough Agreements to, among other things, the sale of the Real Property from Assignor to Assignee and the assignment and assumption of the Borough Agreements in accordance with the terms of this Assignment and Assumption and authorizing the Borough to enter into the this Assignment and Assumption and any other agreements in connection therewith; and WHEREAS, on , the New Jersey Environmental Infrastructure Trust ( "EIT ") adopted Resolution approving, among other things, the sale of the Real Property from Assignor to Assignee, the assignment and assumption of the Agency Agreements in accordance with the terms of the Agency Assignment and Assumption and the termination of the Agreement of Guaranty, and authorizing the EIT to enter in all agreements in connection therewith; and WHEREAS, on the Commissioner of the NJDEP on behalf of the State approved certain amendments to the agreement between the Agency and the State; and WHEREAS, in connection with the termination of the Agreement of Guaranty, Assignee and the Agency have agreed that all references to the Agreement of Guaranty and Guarantor in the Borough Agreements shall be void as of the date hereof and of no further force and effect. NOW THEREFORE, in consideration of the foregoing recitals, which by reference are incorporated herein, and for ten dollars and other good and valuable consideration, the parties agree as follows: 1. Assignor hereby assigns, sets over and transfers unto Assignee, all of the rights, title, interests, duties, covenants, agreements and obligations of Assignor in, to and under the Borough Agreements. 2. Assignee hereby accepts the within assigmnent and assumes and agrees to perform, comply with, and to be bound by all of the duties, covenants, agreements, obligations and terms of the Borough Agreements on the part of Assignor thereunder, and to assume all liabilities for the performance and observance of all duties, covenants, agreements, obligations and terms set forth in the Borough Agreements on the part of Assignor thereunder, whether arising or accruing prior to, on or after the date hereof, and all in the same manner and with the same force and effect as if Assignee had originally executed the Borough Agreements, except for Assignor's obligations with respect to financial reporting due with respect to all periods prior to the period ending December 31, 2010, pursuant to Article VII of the Financial Agreement (as defined in Schedule A) (the "Prior Reporting ") which the Borough acknowledges have been received as set forth in paragraph 7 below. Assignor shall be obligated to file the report under Uart28q I24av (1_Jr_ .(Deleted: 1246941 I Doc 2 the Financial Agreement with respect to the period from January 1, 2010 to December 31, 2010 in substantially the same form as previously submitted to the Borough (the "2010 Report"). 3. All insurance required to be maintained by Assignor under the Borough Agreements shall be maintained by Assignee, commencing as of the date hereof. 4. The Borough consents to the sale of the Real Property from Assignor to Assignee and the assignment and assumption of the Borough Agreements pursuant to the terms of this Assignment and Assumption Agreement, The Borough agrees that it shall first reasonably pursue remedies against Assignee prior to pursuing Assignor with respect to the past, present and future keeping, performance and observance of obligations, covenants, agreements, terms and conditions set forth in the Borough Agreements, provided however, that nothing contained in this provision is intended to (i) remove, relinquish, surrender, release or discharge the Assignor from any of its duties, obligations, representations, covenants, responsibilities or liabilities as set forth in, or otherwise derived from, the Borough Agreements or applicable law, (ii) alter, amend or modify any of the Borough Agreements, or (iii) constitute a waiver, release, relinquishment or surrender of any of the rights, remedies, privileges or benefits of the Borough as set froth in, or otherwise derived from, the Borough Agreements or applicable law. Under no circumstances whatsoever shall the Borough be obligated to forebear or otherwise delay in the pursuit of any rights or remedies it may have against Assignor if, in the sole determination of the Borough, such forbearance or delay may result in the waiver of, or have all adverse affect on, any rights or remedies that the Borough may have pursuant to the Borough Agreements or applicable law. 5. The Borough represents and warrants that it has the legal power, right and authority to enter into this Assignment and Assumption Agreement, to consummate the transactions contemplated hereby and to perform its obligations hereunder 6. The Borough represents and covenants that (i) all payments of land taxes, pledged and unpledged animal service charges under the Financial Agreement, special improvement district taxes, payments under the Guaranty Fee Agreement and all other payments expressly required to be made by the Assignor to the Borough under the Borough Agreements are current as of the date hereof provided, however, that, other than as set forth in Paragraph 10 hereof, the Borough makes no representations with regard to any payments the Borough may be entitled to arising out of claims for damages, remedies or indemnities and (ii) Assignee has no obligations with respect to the Prior Reporting. 7. Assignor shall file the 2010 Report pursuant to the Financial Agreement and the Borough acknowledges that such filing shall be the obligation of Assignor and not assumed by Assignee. Pursuant to Section 7(c) of the PSA, Assignor shall cooperate with Assignee in the preparation of financial reporting for the year ending December 31, 2011 so that such reports may be timely filed. 8. All references to the Agreement of Guaranty and Guarantor in the Borough Agreements shall be void as of the date hereof and of no further force and effect. 9. The address for all notices to Assignor under the Borough Agreements shall be as follows: I iM.n,s t246941�__ _.. 3___.. Deleted: 1246941 I.DOC KTR Capital Partners 5 Tower Bridge 300 Barr Harbor Drive, Suite I50 Conshohocken, Pennsylvania 19428 With a copy to: Farer Fersko, a Professional Association 600 South Avenue P.O. Boa 580 Westfield, New Jersey 07091 Attention: Jack Fersko, Esq. 10. The Borough represents and covenants that as of the date hereof, it has not previously asserted any claim against Assignor or any Guarantor and, on information and belief, it does not have any actual knowledge that it has any unasserted claims or causes of action against the Assignor and /or Guarantor provided however, the Borough makes no representations whatsoever with regards to any claims or causes of action related to, arising out of, or otherwise associated with the environmental condition of the Real Property. 11. Assignor represents and warrants that to its actual knowledge, and with commercially reasonable inquiry within Assignor, it has not received any written notice of default from any municipality, county, state or other governmental authority or from Consolidated Rail Corporation, with respect to any agreement with Assignor which has not been addressed. 12. Assignor and Assignee represent and warrant that to their actual knowledge and with commercially reasonable inquiry within each of their respective entities, no other consent, authorization or approval is required or necessary fiom any governmental authority or Consolidated Rail Corporation in order to effectuate the transfer of the Property, other than the consent, authorizations and approvals which will be received as of the date hereof. 13. Assignee represents and warrants that as of the date hereof, it has acquired fee title to the Real Property, free and clear of the liens and assignment in favor of Bank of America, and that based upon a policy of title insurance issued by First American Title Insurance Company, there are no liens encumbering the Real Property other than those pursuant to the Financial Agreement, real estate taxes and Special Improvement District charges not yet due and owing. 14. Assignee represents and warrants that it is assuming as of the date hereof, all agreements with private parties concerning the Real Property pursuant to separate agreements of assignment with the Assignor, including, but not limited to the "Grade Crossing Agreement, Consolidated Rail Corporation' dated September 30, 2005. 15. Assignee represents and warrants that it is assuming as of the date hereof, all governmental permits and approvals and the obligations thereunder concerning the Real Property pursuant to separate agreements of assignment with Assignor, including, but not limited to, those Permits issued by the NJDEP and that Assignee has applied for or obtained all required permit assignments or replacement permits in connection with the assumption of such permits. Vlii I'4(911_�_. _4__. �Dele[ed: 1246941 1 DOC 16. This Assignment and Assumption Agreement shall be binding and inure to the benefit of the parties hereto and their respective successors and assigns. 17. This Assignment and Assumption Agreement may be signed in counterparts, each of which shall be deemed an original and which together shall constitute one and the same instrument. 18. The parties agree to execute such other instruments and to do such ftuther acts as may be reasonably necessary to carry out the provisions of this Assignment and Assumption Agreement. 19. This Assignment and Assumption Agreement shall be governed by and construed in accordance with the laws of the State of New Jersey. 20. The Whereas clauses are incorporated herein by reference as if set forth at length. 21. Every provision of the Assignment and Assumption Agreement is intended to be severable, and if any term or provision herein shall be invalid, illegal or unenforceable for any reason, the validity, legality and enforceability of the remaining provisions shall not be affected or impaired thereby. Nh�a_,. 124041_J 4 _..._ 5__. {Deleted: 1296411 I n0C IN WITNESS WHEREOF, the patties hereto have hereunto set their hands and seals the day and year first above written. TITAN -PDC CARTERET URBAN RENEWAL, LLC a Delaware limited liability company By: Carteret PDC, LLC, Delaware limited liability company Managing Member By: Panattoni brvestments, LLC California limited liability company, Sole Member By: Carl D. Panattoni, Trustee of the Panattoni Living Trust, Dated April 8, 1998, Sole Member For the avoidance of doubt, or ambiguity, Carl D. Panattoni, is signing this Agreement not personally, but solely in his capacity as Trustee of the Panattoni Living Trust, which is acting solely in its capacity as the sole member of Panattoni Investments, LLC KTR NJ URBAN RENEWAL LLC, a Delaware limited liability company By: KTR Property Trust 1, a Maryland Real Estate Investment Trust, sole member Name: John P. DiCola Title: Senior Vice President Attest: THE BOROUGH OF CARTERET Daniel J. Reiman Mayor Deleted: 1246941 I DOC _.6 SCHEDULE A R 3. 4. 5. 6. 7. Amended and Restated Indemnification Agreement dated as of June 17, 2009. Financial Agreement dated August 18, 2006, as re- recorded on August 31, 2007 (the "Financial Agreement'). Guaranty Fee Agreement dated August 18, 2006. Certificate of Completion dated June 17, 2009. Amended and Restated Declaration of Covenants and Restrictions dated June 17, 2009 (as further amended as of the date hereof). Assignment dated August 18, 2006. Construction Contract Assignment, dated as of August 18, 2006 from the Borough to the Agency. C Deleted: 1246941 I.o0C Vhnayg f >4694 L.1.__. _7.. _.. STATE OF NEW JERSEY ) ) ss. COUNTY OF ) The foregoing instrument was acknowledged before me this day of , 2011, by TITAN -PDC CARTERET URBAN RENEWAL, LLC, a Delaware limited liability company (the "Company "), by , the of Managing Member of Carteret -PDC, LLC, its on behalf of the Company. Notary STATE OF NEW JERSEY ) ) ss. COUNTY OF ) The foregoing instrument was acknowledged before me this day of , 2011, by KTR NJ URBAN RENEWAL LLC, a Delaware limited liability company (the "Company"), by the of Managing Member of its on behalf of the Company. Notary Public STATE OF NEW JERSEY ) ) ss. COUNTY OF MIDDLESEX) The foregoing instrument was acknowledged before me this day of 2011, by the BOROUGH OF CARTERET (the "Borough "), a municipal corporation of the State of New Jersey, by Daniel J. Reiman, its Mayor, on behalf of the Borough. Notary Public iNbllag 1 2769 !1...4_.._ _... _. _.8 _. (Deleted: 1246941 LDOC