AGREEMENT OF SALE
AGREEMENT OF SALE (this “Agreement”), dated as of _________________, 2008,
between PULTE HOMES OF NJ, LIMITED PARTNERSHIP having an address of 222 Mt.
Airy Road, Suite 210, Basking Ridge, NJ 07920 (“Seller”), TOWNSHIP OF CLINTON, a
Municipal Corporation of the State of New Jersey, having a mailing address of 1225 Route 31
South, Suite 411, Lebanon, New Jersey 08833 (“Purchaser”).
Seller is the owner in fee simple of approximately 292 (+/-) acres of land and the
improvements located thereon situated at 200 and 234 Main Street in the Township of Clinton,
County of Hunterdon, State of New Jersey, more particularly described as Lots 18, 18.01 and 31,
Block 7 as shown on the official Tax Map of the Township of Clinton, (the “Property”). Seller
desires to sell the Property to Purchaser, and Purchaser desires to purchase and acquire the
Property from Seller for open space and general municipal purposes, subject to and in
accordance with the provisions of this Agreement.
NOW, THEREFORE, for and in consideration of the mutual covenants and agreements
herein set forth, and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged by each party hereto, Seller and Purchaser hereby agree as follows:
Definitions. As used in this Agreement, the following terms have the following
“Township” means the Township of Clinton and all agencies and
“Closing Date(s)” shall have the meaning specified in Section 8.1.
“Hazardous Substance” means any substance, chemical or waste
that is listed as hazardous, toxic or dangerous under any applicable federal, state,
county or local statute, rule, regulation, ordinance or order.
“ISRA” means the Industrial Site Recovery Act of the State of
New Jersey, N.J.S.A. 13:1k-6 et seq., as amended.
“Legal Requirements” mean