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Home My Public Portal AboutCarteret Landing TerminationTERMINATION AGREEMENT BETWEEN THE BOROUGH OF CARTERET AND CARTERET LANDING, L.L.C. DATED August 11, 2010 13030 -033 410545 -3 THIS TERMINATION AGREEMENT (the "Agreement') made this I Vh day of August, 2010 by and between THE BOROGH OF CARTERET (hereinafter referred to as "Borough "), a municipal corporation of the State of New Jersey with offices at 61 Cooke Avenue, Carteret, New Jersey; Wilt CARTERET LANDING, LLC, a New Jersey Limited Liability Company, with offices at 90 Woodbridge Center Drive, Suite 60, Woodbridge, New Jersey 07095 (hereinafter refereed to as "Carteret Landing" and, together with the Borough, the "Parties "). WITNESSETH WHEREAS, pursuant to the New Jersey Local Redevelopment and Housing Law, N.J.S.A. 40A: 12A-1 et seq. (the "Redevelopment Law ") the Borough designated the properties known as Block 4, Lots 1, 2 (C.O. 100, C.O. 200, C.O. 300 and C.O. 400), 3 and 4, Block 5. 1, Lots 1, 1.02, 1.03, 2, 5 and 6, Block 5.02, Lots 1.01, 1.02, 1.03 and 2.1, Block 6.1, Lot I and Block 6.2, Lot 12, and various parcels within Block 500 (collectively, the "Redevelopment Area "); and WHEREAS, the Borough designated Carteret Landing as the redeveloper for portions of the Redevelopment Area known as Block 4, Lots I and 2 (C.O. 100, C.O. 200, C.O. 300 and C.O. 400), and Block 5.02, Lots 1.01, 1.02, 1.03 and 2.01 (the 'Project Area "); and WHEREAS, on May 12, 2004, the Parties entered into a redevelopment agreement (the Redevelopment Agreement "), which provides for the redevelopment of the Project Area by Carteret Landing through the construction of, among other things, 957 Townlrouses with an option to construct 575 more, 514 apartments with an option to construct 90 more, 215,000 square feet of retail and office space with an option to construct an additional 231,000 square feet of such space, a 220 unit extended -stay hotel, a ferry pier landing and various recreational facilities, as well as infrastructure and other public improvements to be dedicated to the Borough upon completion (collectively, the "Project ") ; and WHEREAS, since the execution of the Redevelopment Agreement, the Parties have invested a significant amount of time, effort and expense to study the environmental condition of the Project Area; and WHEREAS, in light of the nature and extent of certain contaminants in the soil on the properties in the Project Area, together with the recent downturn in the housing market, the Parties recognize that it is not financially feasible for Carteret Landing to undertake the constriction of the Project; and WHEREAS, the Parties have explored alternative ways to develop the Project Area, however, they have been unable to agree on how best to do so; and WHEREAS, the Parties desire to express their agreement that Carteret Landing be de- 13030 -033 410545 -3 designated as the Redeveloper of the Project Area and that the Redevelopment Agreement be terminated. NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, the Parties hereto do hereby covenant and agree, each with the other, as follows: Section 1 Termination of Redevelopment Agreement The Redevelopment Agreement is hereby terminated and, except as otherwise set forth herein, neither party shall have any fiuther rights or obligations thereunder. Section 2 . Termination of Redeveloper Carteret Landing is hereby terminated as the redeveloper of the Project Area and, except as otherwise set forth herein, it shall have no further rights or obligations in connection with the redevelopment of the Project Area. Section 3 . Representations Each party hereto represents to the other party hereto that: a) it is duly organized and validly existing under the laws of the jurisdiction of its organization or incorporation; b) it has the power and authority to execute and deliver this Termination Agreement; e) the person executing this Termination Agreement on its behalf is duly authorized to do so; d) to the best of its knowledge, its execution, delivery and performance of this Termination Agreement does not violate or conflict with any law applicable to it, or any order or judgment of any court or other agency of government applicable to it; and e) its obligations under this Termination Agreement constitute its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors' rights generally and subject, as to enforceability, to equitable principles of general application, regardless of whether enforcement is sought in a proceeding in equity or in law). Section 4 . Severability The validity of any Sections, clause or provision of this Agreement shall not affect the validity of the remaining Sections, clauses or provisions hereof. Section 5 . Governing Law This Agreement shall be governed by and construed by the laws of the State of New Jersey. Section 6 . Counterparts This Agreement may be executed in counterparts. All such counterparts shall be deemed to be originals and together shall constitute but one and the same instrument. Section 7 . Review by Counsel This Agreement shall be construed and enforced in accordance with the laws of the State of New Jersey without regard to or any presumption or other rule requiring construction against the party drafting this Agreement, since counsel for both the Borough and Carteret Landing have combined in their review and approval of same. 13030.033 410545 -3 Section 8 . Successors and Assigns This Agreement shall be binding upon the Parties and their respective successors and assigns. Section 9 Recitals Incorporated; Definitions Incorporated The Recitals appearing in the Preamble of this Agreement are hereby incorporated by reference into tlris Agreement, as if set forth in full. The Definitions contained within this Agreement are hereby incorporated by reference into this Agreement, as if set forth in Rill. THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK. SIGNATURES APPEAR ON THE FOLLOWING PAGE.] 13030 -033 410545 -3 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be properly executed and witnessed or attested as of the date first written above. WITNESS: I WITNESS: By: CARTERET LANDING, LLC By: arl Got erg CARTERET LANDING, LLC 0 Jeremy Halpern WITNESS: By: CAICI'ERET LANDING, LLC Larry Pautirer ATTEST: Kathleen M. Barney, Borough Clerk BOROUGH Or CARTERET in Daniel J. Reiman Mayor 13030.033 410545 -3 IN WITNESS WHEREOF, the patties hereto have caused this Agreement to be properly executed and witnessed or attested as of the date first written above. WITNESS: IIn 0 CARTERET LANDING, LLC By: Carl Goldberg CARTERET LANDING, LLC e Jay CARTERET LANDING, LLC By: Larry Pantirer ATTEST:BOROUGH OF CARTERET By: By: Kathleen M. Barney, Borough Clerk Daniel J. Reiman Mayor 13030.033 410545 -3 WITNESS: IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be properly executed and witnessed or attested as of the date first written above. WITNESS: CARTERET LANDING, LLC By: By: Carl Goldberg WITNESS: CARTERET LANDING, LLC By: By: Jeremy Halpern WITNESS: CARTERET LANDING, LLC Larry Pia trer ATTEST: IC Kathleen M. Barney, Borough Clerk BOROUGH OF CARTERET n Daniel J. Reiman Mayor 13030 -033 910545 -3 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be properly executed and witnessed or attested as of the date first written above. WITNESS:CARTERET LANDING, LLC By: Carl Goldberg WITNESS: By: CARTERET LANDING, LLC By: Jeremy Halpern WITNESS: ATTEST: CARTERET LANDING, LLC By: 1 uerevglr 13030 -033 410545 -3 Larry Pantirer