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No. 2246 approving a form of dev agreement with JF+A Properties,LTD/CII&P, County Mayo/SB LLC and related matters
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No. 2246 approving a form of dev agreement with JF+A Properties,LTD/CII&P, County Mayo/SB LLC and related matters
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10/18/2012 1:30:59 PM
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days of the receipt of a complete and fully executed original of this Agreement, so that the <br />Easement Amendment With License appears in the chain of title of any and all subsequent <br />owners of any and all property encumbered by each of the Pipeline Easements, specifically, <br />Easement No. 1, Easement No. 2 and Easement No. 3. The SBRA shall provide a minimum of <br />four (4) copies of the recorded original Easement Amendment With License fully executed by <br />the SBRA to MPL within three (3) business days of the SBRA's receipt of the recorded original <br />Easement Amendment With License's recording. <br />2. DEVELOPMENT AGREEMENT. In consideration of the foregoing and <br />following mutual promises and representations, the SBRA and MPL agree to execute the <br />Development Agreement attached as Exhibit E. The SBRA shall further obtain the authorized <br />signature of each Developer acknowledging its review of and agreement to be bound by the <br />Development Agreement. Said Development Agreement shall be executed by MPL within <br />fifteen (15) business days of its receipt of proof of the successful recording of the Easement <br />Amendment With License together with a written warranty from the SBRC covenanting that it <br />remained the owner of the Site and all portions thereof from the date the Easement Amendment <br />With License was executed until after its recording, and that it did not transfer, sell, assign or <br />otherwise divest itself of its ownership interest in any land, or any portion thereof, encumbered <br />by any of the Pipeline Easements as amended before the Easement Amendment With License <br />was recorded. The SBRA shall record the Development Agreement within thirty (30) days of its <br />execution and shall provide a minimum of four (4) copies of the recorded original Development <br />I* Agreement fully executed by the SBRA to MPL within ten (10) days of the Development <br />Agreement's recording. The SBRA shall not sell, assign, transfer or otherwise divest itself of its <br />fee simple interest in and title to Lot 3A and the portion of Lot 7 impacted by the Development <br />Agreement until the Development Agreement is successfully recorded so that the Development <br />Agreement appears in the chain of title of any and all subsequent owners of any and all property <br />impacted by the Development Agreement. <br />3. RELEASE. Effective with the successful recording of the Easement Amendment <br />With License and the Development Agreement attached hereto as Exhibits D and E, respectively, <br />as set forth in numbered paragraphs 1 and 2 above, and not before, MPL and the SBRA mutually <br />release each other and no other person or entity from any Claim relating to or arising from any <br />act or omission of the other involving the Lot lA Dispute from the time the pipeline was laid to <br />the date of this Agreement to the extent such a dispute exists. "Claim" includes without limit <br />any claim, liability, loss, damage, cost or expense and includes without limit such for personal <br />injury or death, property damage, environmental damage, remediation, lost business and /or profit <br />and lost use. Nothing in this Agreement shall be construed to release any claim or right against <br />any owner, occupant or invitee of Lot IA or any damage to the pipeline that may have been <br />caused by the construction of the Asphalt Drive over the pipeline on Lot 1 B and Lot 1 C. <br />4 WARRANTY. The SBRA covenants that: (i) the SBRA owns the Site in fee <br />simple absolute and has right, title and power to grant the rights granted herein; (ii) MPL shall <br />quietly enjoy its Pipeline Easements as amended by the Easement Amendment With License; <br />and (iii) the SBRA shall execute any further necessary assurance of title and documents required <br />to effect recording of the Easement Amendment With License and Development Agreement, <br />respectively. Any individual signing this Agreement in a representative capacity further <br />Page 3 of 6 <br />
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