REDEVE! ENT ‘THIS AGREEMENT, (hereafter referred to 2s the Agreement”) entered into as of the Gt day or OHV BHAL-2003 between THE CITY OF HOBOKEN, the MAYOR AND CITY COUNCIL OF THE CITY OF HOBOKEN and THE HOBOKEN REDEVELOPMENT AGENCY (hereinafter collectively referred to as the “City") a municipal comporation of the State of New Jersey, exercising redevelopment powers under N.J.S.A. 40A:12-4, City Hall, Hoboken, New Jersey 07030; and Metro Stop Enterprises, LLC located at P.O. Box 271, Hoboken, N. J. 07030 (hereinafter referred to as the “Redeveloper’, WITNESSETH: WHEREAS, in furtherance of the objectives of the Local Redevelopment and Housing Law, NJS.A.40A;12A41 gt seu, the City has undertaken a program for the acquisitior, clearance and reconstruction or rehabilitation of areas in need of redevelopment as defined by said Local Redevelopment and Housing Law which areas are situated in the City, and in this connection is engaged in carrying cut a redevelopment project known as the Northwest Redevelopment Plan in areas located in the City and which have been declared in need of redevelopment by the City; and WIHERUAS, 2s of the date of this Agreement the Northwest Redevelopment Plan coatrola ail land uses within ts legally established boundaries and adopted by the City, whieh plan is hereinafter called “Redevelopment Plan’, the provision of which are hero incorporated by reference in this Agreement; and WHEREAS, a copy of the Redevelopment Plan as constituted on the date of the Agreement hhas been filed in the Office of the Clerk of the City of Hoboken located at City Hall, 94 Washington Street, City of Hoboken, 07030; and WHEREAS, by resolution of tiie City Council of the City of Hoboken dated September 3, 2003, attached hereto as Exhibit A, the Redeveloper was designated in accordance with the‘Redevelopment Plan ss the redeveloper for the following portions of he Nowthwest Redevelopment area: 800 Jackson Stret, Tax Block 86, Lots 1 and as more fully deseribed in Exhibit B attached hereto (hereinafter the “Project Area”); and WHEREAS, the Redeveloper is the eontract purchaser ofthe Project Area; and WHERWAS, the Redeveloper proposes to redevelop the Project Area pursuant to the Redevelopment Plan; and WHEREAS, the City believes that the redevelopment of the Project Area pursuant to this x’ Agreement, and fulfilment generally of this Agreement, ate Jin the vital and best interests of the City and promotes the health, safety, morals and welfare of ts residents, and are in accordance with the public purposes and provisions of the applicable Federal, State and loval laws, regulations, and requirements under Which the redevelopment will be undertaken; NOW, THEREFORE, in consideration of the promises and the mutual obligations and responsibilities of the parties hereto, each of them does hereby covenant and agree with the other as follows: 1. The Redeveloper shall satisfy all legal requirements of any governmental entity having jurisdiction concerning remedial environmental action and of complying with ell regulations and standards regarding the environmental remediation of the Project Arca. Reseveloper will perform or cause to be performed the cleanup, remediation and initigation ofthe Project Ares accordingly at the Redeveloper’s sole cost and expense as is the case with cbtaining all of the approvals required for it. ‘The City and Redeveloper further understand, agree and state that the City shall be unger no obligation to mitigate any contamination by pollutants on the Project Area; 2, Upon, fiom and after the date of execution of this Agreement, Redeveloper shall indemnify and hold the City harmless against any and cll liabilities, obligations, losses, damages,penalties, actions judgments, suits, eosts, expenses (including without limitation, fees for counsel) and/or disbursement(s) of any Kind whatsoever arising Som any laine that hazardous oF toxic substanees have been stored or discharged at ny tm, upon or from any Porton of the Project _Avea and against eny claim thet the Project Ares or any portions ofthe Project Area leased oF conveyed by the City is subject to any remedial action ox the imposition of any penalty or other cbtigation under any laws pertsining fo environmental protection ofthe State of New Jersey or the United States of America, inchading withoxt limitation, the New Jessey Industral Site Recovery Act (SRA), NISLA. 13K:9-l etseq, the New Jersey Spill Compensation and control Act; N.LS.A. 58:10:23 1) et son. and the New jersey Water Poilution Control Act, NJLS.A. S8:10A-1 sh seas N.LS.A.23:5-28, ‘These provisions shall survive the termination ofthis Agreement for whatever reason. 3, Redeveloper shall, at ts own cost, cause to be prepared by the appropriate professional licensed in the State of New Jersey, and submit tothe City Preliminary Site Plan for constrution ofthe Project Area or portions thereaf consistent with the Redevelopment Plan (“Site Plan”) and in accordance with applicable legal requirements end those of the Planning Bow. ‘The Redeveloper shall submit tothe City @ copy ofthe application prior to the submission to he Planning Board. 4, Within thirty (30) calendar days afier the submission to the City of the Prelisninary Site Plan, the Redeveloper shall prepare and submit to the Planning Board, o is successors, the ‘Site Plan, all applications and other documents as shall be required to obtain site plan approval forthe Project Area, in accordance with applicable City Ordinances and the Municipal Land Use Law (NUS.A, 40:55D-1 etsea.). Redevoloper shall, at its own expense, obtain Site Plan approval as required herein, for the constuction of the Project Area or portion thereof, Notwithstanding the