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Resolution of the Mayor and Council of Princeton Authorizing an Amended License Agreement with the Princeton Ballet Society
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WHEREAS, the Municipality of Princeton (the "Municipality") is the owner of the real properties commonly known as the Westminster Choir College Campus located at 27 Franklin Avenue, Princeton, New Jersey, and 101 Walnut Lane, Princeton, New Jersey, and designated on the municipal tax maps as Block 7301, Lot 1, and Block 31.01, Lot 105, respectively (collectively, the "Property"); and
WHEREAS, on May 3, 2024, the University of Rider (the "University") and the Princeton Ballet Society ("Princeton Ballet") entered into a license agreement (the "Original License Agreement") to grant Princeton Ballet a non-exclusive license for the use of certain facilities located on the Property, subject to the terms and conditions set forth therein; and
WHEREAS, on September 16, 2024, the University and Princeton Ballet entered into a first amendment to the License Agreement (the "First Amendment", collectively with the Original License Agreement, the "License Agreement"); and
WHEREAS, the Municipality acquired the Property from the University and was assigned the University's rights and interest in the License Agreement; and
WHEREAS, the License Agreement terminates on June 30, 2025; and
WHEREAS, the Municipality and Princeton Ballet desire to enter into an amended license agreement to extend the termination date of the License Agreement and further set forth the rights and obligations of the Parties with respect to the grant of the license to use the Property (the "Amended License Agreement"); and
WHEREAS, the Mayor and Council of the Municipality of Princeton desire to authorize the execution of the Amended License Agreement in substantially the form attached hereto as Exhibit A.
NOW, THEREFORE, BE IT RESOLVED by the Council of Princeton, Co...
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