2010-Aqg-12 04:02 PH DeCotlls Law, (201)928-0588
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DECOTIIS DeCotiis, FitzF trlck & colr, LLP
OFFICE GLENPOINTE CENTFE WEET 5OO FRANK W. BURR BLVO. SUITE 31 TEANECK, NEW JERSEY Tr
201.928.1100
07688
?01,9?6.0588 www.DEc0Tilst4w.c0M F;
DIRECT FRANCI5 X, REGAN. ESO. FREOANODECOTIISI.AW,COM
101,e07.8280
August 12,2010
VIA FACSIMILE AFID OVERNIGIIEMAIL DELIVHBY
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Oordon N. Litwin, Esq. Ansoll Grimm & Aaron 60 Park Place Suite I I 14
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Newark, New Jersey A7l0Z
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City of Hoboken to SHG Hoboken Urban Renewal Arsoclstee' LLC Block I, Lot I - Hoboken, NJ NOTICE oF +TTICIPATqRV EREACH.
Dear Mr. Litwin:
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SHG Floboken Urban Renewal Associates, LLC ("SHO") is in receipt of your lettcr dated August 11,2010, purporting to unilaterally terminate the Purehase and Sale Agreement, dated June 30, 2008 (the "PSA") and the Redeveloper's Agreunent, dated June 30, 2008 (the "RDA") by and between SHG rnd the City of Hoboken (the "City'') in regards to the City DPW garage property (Blook l, Lot l). The grounds upon which the City attempts to terminate thc PSA and thc RDA aro specious and lack any legal or factual basis. SHG at no time acted in bad faith or interfered with the City's obligation to obtain any and all environmental approvals. It is readily apparent that the City's eleventh hour attempt to terminate the PSA and RDA stems from the City's inability to meet its contractual requirements and satisfy all conditions prso€dent to closing, as sct forth in the PSA, including without limitatiorr delivery of the No Further Action letter from the New Jersey Department of Environmental Proteotion and vacation of the DPW garage ProPerty.
SHO is ready, willing and ablc to closc and, pursuant to the tsrms of the PSA, hae set an l:00 a.m. closing time for Friday, Auguet 13, 20I0 at our offices. Despite the City's attempted wrongful termination of the PSA and RDA, SHG will appear and will be ready, willing and able to clore, provided the City has satisfied all conditions precedent to closing' I
If the City fails to Rppear and fails to satis$r all conditions precedent to closing, it will be in breach of the PSA, and pursuant to Section 1s(bxii) of the PSA, SHG shall be entitled to and
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NEW YOFK
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04:02 PM DeCotlls Law, (201)928'0588 2010-Auo-12 ft
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Ar.rgust I2. 301 0 PAGE 2
hereby demands - the immediate return of the City Fee paid by SHG and the Deposit Monies, with interest, being held by your firm as escrow agent.
SHG hereby resewes all rights and rorncdios undor tho PSA, the RDA, and any other applicable law,
Very huly yours, DdCotllc, FltzPstrlck & Cole, LLP
By:
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Michael Kates, Esq. Corporation Counsel, Cityof Hoboken Peter Hekemian, SHG Hoboken Urban Renewal Associates, LLC Douglas M. Cohen, Esq., SHG Hobokcn Urban Renewal Associates, LLC Robert Crespi, Esq., Wolff& Samson PC
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