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Resolution of the Mayor and Council of Princeton Authorizing an Amended License Agreement with Rider University
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WHEREAS, the Municipality of Princeton (the "Municipality") acquired from Rider University (the "University") 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, the University operates the nationally recognized Westminster Conservatory of Music (the "Conservatory") at the Property; and
WHEREAS, the Municipality and the University entered into a license agreement to permit the continued operation of the Conservatory, subject to the terms, covenants and conditions, for the term commencing on execution of the agreement and terminating on June 30, 2025 (the "License Agreement"); and
WHEREAS, the Municipality and the University 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, County of Mercer, State of New Jersey, as follows:
1. The Amended License Agreement, in substantially the form attached hereto as Exhibit A, is approved. The Mayor is hereby authorized to execute, on the Municipality's behalf, Amended License Agreement in substantially such form, with such editorial changes as the Mayor shall determine, in consultation with counsel, such...
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