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121 Camp St Unit 89 Affordable Rental Memorandum December 6 2012TOWN OF YARMOUTH Board of rr�c�E£ 1146 ROUTE 28, SOUTH YARMOUTH, MASSACHUSETTS 02664-4451 Appeals a Telephone (508) 398-2231 Ext. 1285, Fax (508) 398-0836 MEMORANDUM To: File From: Sandi Clark, Office Administrator Date: December 6, 2012 Subject: Mill Pond Village — Unit 89 — 121 Camp Street The attached e-mail and information was sent to the Board of Appeals via e-mail from Mary Waygen, Community Development Office/Affordable Housing. Please see Mary's complete file in her office for any review of this subject. Enclosure Page 1 of 2 Clark, Sandi From: Waygan, Mary Sent: Thursday, December 06, 2012 10:34 AM To: 'Katherine Lacy'; 'KDavis@haconcapecod.org'; 'GKelleher@haconcapecod.org'; 'Inna Ivers' Cc: Greene, Karen; Clark, Sandi Subject: Mill Pond Village - Unit 89 - 121 Camp Street Attachments: Deed and rider.pdf; Reg Agreement.pdf; Mill Pond Comp Permit BOA Decision.pdf; Mill Pond Master Deed with out ammendments.pdf; DOC678.pdf; DOC679.pdf; Yarmouth Rent Limit Worksheet 2012.xlsm; Yarmouth Rent Limit Worksheet 2012m.pdf Hi! Tuesday night 1214112 the Board of Selectmen voted affirmatively to approve the renting of unit 89 in Mill Pond Village for no more than 24 months provided it is rented affordably to a household that earns no more than 80% AMI, that the rent is not more than the owner's carrying cost of the unit, and that the lease is reviewed and approved by the Town to be incompliance with the Town's Affordable Housing Program. Attached please find the Deed Rider for unit 89, the Regulatory Agreement, the Board of Appeals Decision and the Master Deed. Attached please find the current federal income limits, utility allowance worksheet, and the maximum allowable rent calculations. Please let me know if you agree with my math. Inna, please confirm these are your carrying costs for the unit — and please provide documentation of these costs. Also, are you sure you have no homeowners insurance on the unit?? Please note — this rent calculation is proposed and must be approved by Housing Assistance and MassHousing Finance. Also, this is not a guarantee that the market will bear this rent. Unit Carrying Costs Mortgage 717 Condo Fees 132 Property Tax 83 Septic Fee 52.5 Water 12.5 PROPOSED MAX RENT 997 Mary Waygan Town of Yarmouth Department of Community Development 1146 Route 28 South Yarmouth, MA 02664 Tel: 508-398-2231 Ext 1275 Fax: 508-398-2365 From; Katherine Lacy [mai Ito: KLacy@masshousing.com] Sent: Tuesday, December 04, 2012 9:43 AM To: Waygan, Mary Subject: 12/6/2012 Page 2 of 2 Remember to send that reg agreement, etc.! Thanks Katy Lacy Permitting/Monitoring Specialist Comprehensive Permit Program Massachusetts Housing Finance Agency 1 Beacon Street, 28th Floor Boston, MA 02108 1-617-854-1098 12/6/2012 03-1 4-2007 & 1 1 = 37u MILL POND VILLAGE CONDOMINIUM �t��l-fl li7�hl7 The Villages at Camp Street, LLC, a Massachusetts limited liability company, with Its principal place of business at 1600 Falmouth Road, Suite 25, Centerville, MA 02632 For consideration of One Hundred Twenty -Five Thousand and 001100 ($125,000.00) paid Grants to Mark A. Ivers and Inna K. Ivers, as Husband and Wife as Tenants by the Entirety of Unit 89, 121 Camp Street, West Yarmouth, MA BAR1ISTAELE C:QUh! f't EXCISE,. BARNSTABLE COUNTY REGISTRY OF DEEDS with QUITCLAIM COVENANTS Date: 03--14-2€ 07 D 11:.37am C:s, i : 973 Doc'v: 16-742 The land with buildings thereon situated in Yarmouth, Barnstable County, Massachusetts, described as follows: Unit No. 89 (the "Unit") PHASE 6 of MILL POND VILLAGE CONDOMINIUM (the "Condominium"), created by Master Deed dated March 17, 2005 and recorded in Barnstable County Registry of Deeds on March 18, 2005 and recorded in Book 19633, Pagel and amended by Amendment No. 6 creating Phase 6 recorded on January 17, 2007 at Book 21703, Page 232 and shown on a plan recorded in said Registry of Deeds on January 17, 2007 in Plan Book 615, Page 11-13, in accordance with the provisions of Massachusetts General Laws Chapter 183A, The Unit is shown on the plan attached hereto as Exhibit A and to which is affixed a verified statement in the form provided for in Massachusetts General Laws Chapter 183A, Section 9. The Unit is conveyed with an undivided percent interest ownership in common areas and facilities re® The Post Office address of this Unit is: 121 Camp Street Unit 89, West Yarmouth, MA MASSACHUSETTS STATE EXCISE TAX BARNSTABLE COUNTY REGISTRY OF DEEDS Data_: 03-14-2007 a 11:37am The Unit is conveyed together with: Ct1x: 873 DOCA: 14742 Fee". $427.50 Cons; $125F000.00 (a) the undivided percent interest in the common areas and facilities of the Condominium as listed above, as such percentage interest may change upon amendment of the Master Deed pursuant to Section 13 thereof and the inclusion of additional phases in the Condominium; (b) an easement for the exclusive use of certain common areas of the Condominium to the extent set forth in the Master Deed; DJL L -L V '3 V r y .J 3 3 W l'S 1-2 L (c) an easement for the continuance of all encroachments by the Unit on any other Unit or the common areas and facilities existing as a result of construction of the Buildings, or which may come into existence hereafter as a result of the reconstruction, repair, shifting, settlement or other movement of any portion of the improvements comprising the Condominium; (d) the right to use the common areas and facilities in common with other Units and others entitled thereto in the Condominium, except for the common areas subject to exclusive uses by other Unit Owners described in the Master Deed which are reserved for the use of the applicable Units to which such rights of exclusive use appertain; and (f) any other appurtenant rights of the Unit provided in the Master Deed or the Declaration of Trust of the Mill Pond Village Condominium Trust (the "Declaration of Trust"), dated March 17, 2005 and recorded with the Registry at Book 19532, Page 254, the By -Laws set forth in Article V of the Declaration of Trust. The Unit is conveyed subject to: (a) easements in favor of all other Units and in favor of the common areas and facilities for the continuance of all encroachments of such other Units or common areas and facilities on the Unit existing as a result of construction of the Buildings, or which may come into existence hereafter as a result of the reconstruction, repair, shifting, settlement or other movement of any portion of the improvements comprising the Condominium; (b) the provisions of the Master Deed, the Declaration of Trust, the By -Laws set forth in the Declaration of Trust and any rules and regulations promulgated thereunder, as the same may be amended from time to time by the recording of an instrument effectuating the same, which provisions, together with any amendments thereto, shall constitute covenants running with the Land and shall bind any person having at any time any interest or estate in the Unit, its family, servants, invitees or visitors, as though such provisions were recited and stipulated in their entirety herein; (c) the rights of the Grantor hereunder as Declarant (as defined in the Master Deed) to amend the Master Deed in accordance with the provisions thereof, including, without limitation, the right to amend the Master Deed to include additional phases in the Condominium pursuant to Section 13 thereof and to exercise the rights and easements necessary or desirable to construct additional phases of the Condominium pursuant to said Section 13, and any other rights and easements in favor of, and reserved by, the Declarant under the provisions of said Section 13 and as otherwise provided in the Master Deed; _2. GSDOCS-1282349-1 L7n. L 1 V Z V t J -J ..J Z Ti 1 Z 1 -2 , (d) easements, covenants, agreements and restrictions of record, as the same may now be in force and applicable; (e) such taxes for the current fiscal year as are not now due and payable; (f) the provisions of the Massachusetts General Laws Chapter 183A, as such Chapter 183A may be amended from time to time; and (g) the Comprehensive Permit issued by the Yarmouth Board of Appeals on January 25, 2001, as modified by the Stipulation of the Parties recorded with the Barnstable County Registry of Deeds at Book 14755, Page 218, and by a Modification Decision recorded July 25, 2003, recorded with said Registry at Book 17335, Page 131. (h) the terms of the Deed Rider attached hereto. The Grantee, by accepting this Unit Deed, and by executing this Unit Deed in the space provided below hereby consents, for the Grantee, the Grantee's heirs, administrators, executors, successors and assigns and all other persons claiming by, through or under Grantee, or any other party whatsoever, to (x) Declarant's right to amend the Master Deed as set forth in, and subject to the provisions of, Section 13 thereof, including, without limitation, the right to amend the Master Deed to include additional phases in the Condominium, and (y) the granting or exercise of any right or easement in favor of, and reserved by, Declarant as described in the Master Deed, and hereby expressly agrees to the alteration of the Unit's percentage interest in the common areas and facilities of the Condominium upon the creation of additional phases to the Condominium and as otherwise provided in the Master Deed. For title reference, see Deed from James F. Ruhan recorded in Book 13045, Page 136 with the Barnstable Registry of Deeds and Deed from Hudson H. Baxter and Peter H. Baxter, Trustees of Oakwood Avenue Realty Trust, recorded with said Deeds in Book 13783, Page 233. WITNESS the execution hereof under seal this GRANTOR: By. I �k. Name: M,r Title: MP -3- GSDOCS-f 282349-9 r day of j 2007. T CAMP STREET, LLC JJJL G 1 V 'Y V r%j J _.7 J 7T 1 Y / Y< COMMONWEALTH OF MASSACHUSETTS Barnstable County, ss. January 3, 2007 The personally appeared the above -named Michael A. Valerio, Jr., Manager of The Villages at Camp Street, LLC, prove to me through satisfactory identification Drivers License, to be the person whose name is signed above personally known unto me to be duly authorized and acknowledged the foregoing instrument to be his free act and deed before me Notary Public My Commission Expires: & SUSAN S. MANNING NoiRry Public Cammonwu ,11t, at Massachusetts My oomnjission Expires U)11 s February 12, 2010 A- GSDOCS-1282349-1 - -- - 7 .. - - . II I- I K:= I r L.GJUFG q36 SCJ.FT_t OF �, UNIT ADDRE55L UNIT #aq /rs��, 121 CAMP STREET R U c . A. YARMOUTP, MA. 02673 R. ' GREGi ; TAYLDIi ; 6'4 INFORMED KITH rHk RULES THE REGISTERS OF DEEDS I FIR ( E+ PLAN. I CERTIFIED THAT T44 LAN ULLTr ACCURATELY DEPICTS THE LA , LOCATION, UNIT NUMBER AND DIMENSIONS II MILL POND V I L L AG E II OF THE UNIT tteq AS-DUILT. PLAN OF LAND IN YARMOIJTl4 MADE FOR: FOR REGISTRY USE VILLAGES AT CAMP STREET, LLC. 1600 FALMOUTH ROAD CENTERVILLE, MA. 02632 SCALE-- I 1N. = 8 FT. TAYLOR DESIGN ASSOC. 28 SARNSTABLE ROAD HYANNIS, MA. 02601 0 2 4 9 16 i7.lt G 1 V Y C7 r y J J! Tr 1'Y ! 't L MASSACHUSETTS HOUSING FINANCE AGENCY Housing Starts Program DEED RIDER annexed to and made part of that certain deed (the "Deed") from The Villages at a Camp Street, LLC ("Grantor") to Mark A. and Inna K. Ivers ("Grantee") dated .2007 RECITALS WHEREAS, the Grantor is conveying that certain real property more particularly described in the attached Deed ("Property") to the Grantee at a consideration which is less than the appraised value of the Property; and WHEREAS, the Property is part of a project which was originally financed under a construction loan program of the Massachusetts Housing Finance Agency ("MassHousing") known as the Housing Starts Program (the "Program") and was granted a Comprehensive Permit under Massachusetts General Laws Chapter 40B, Sections 20- 23, from the Town of Yarmouth (the "Municipality"); and ' WHEREAS, pursuant to the Program, eligible purchasers such as the Grantee are given the opportunity to purchase certain property at a discount of the property's appraised fair market value if the purchaser agrees to certain use and transfer restrictions, including the agreement to occupy the Property as a principal residence and to convey the Property on resale to an income -eligible purchaser, or to the Municipality, or under certain circumstances described in the Comprehensive Permit, to the Developer for an amount not greater than the Maximum Resale Price, all as more fully provided herein; and WHEREAS, in order to make it most likely that an income -eligible purchaser who can afford to buy the Property can be located when the Grantee desires to sell, the Maximum Resale Price is limited by percentage change in median income, with a credit for certain capital repairs and replacements as more fully provided herein; and WHEREAS, Housing Assistance Corporation of Cape Cod, Inc. ("HACC") has been retained to monitor compliance with the terms of this Deed Rider, and eligible purchasers such as the Grantee are required to pay to HACC, or its successor, a small percentage of the resale price upon the purchaser's conveyance of the Property, as more fully provided herein. NOW, THEREFORE, as further consideration for the conveyance of the Property at a discount in accordance with the Program, the Grantee, his/her/their heirs, successors and assigns, hereby agrees that the Property shall be subject to the following rights and restrictions which are hereby imposed for the benefit of, and shall be enforceable by, the Municipality and the Monitoring Agent (as herein defined). -s- GSDoCS-1282349-1 1. Definitions. In this Deed Rider, the following words and phrases shall have the following meanings: Affordable Housing Fund shall have the meaning set forth in Section 7 of the Regulatory Agreement. Approved Capital Repairs and Replacements means the documented commercially reasonable cost of capital repairs and replacements made to the Property, provided that such cost is approved by the Monitoring Agent and further provided that such cost was not previously included in the calculation of the Maximum Resale Price for any prior sale of the Property. Exafnple: The documented commercially reasonable cost of a new roof paid for by the Grantor may be included in the Maximum Resale Price on the sale to the Grantee, but the documented commercially reasonable cost of a new septic system included in the Maximum Resale Price when the Grantor purchased the Property is not included in calculating the Maximum Resale Price to the Grantee. Area means the Primary Metropolitan Statistical Area which includes the Municipality (or successor demographic area as may be designated by the United States Department of Housing and Urban Development ("HUD"). Base Income Number means the most recently published Area median income number, or successors measurement as determined by the United States Department of Housing and Urban Development ("HUD"). Chief Elected Official means, with respect to a city, the Mayor of such city, and with respect to a town, the Board of Selectmen of such town. Closing shall have the meaning set forth in Section 4(d) hereof. Comprehensive Permit means the Decision on Stipulation, Villages at Camp Street LLC v. Yarmouth Board of Appeals, pursuant to Chapter 40B, Sections 20-23, of the Massachusetts General Laws, which decision is recorded with the Registry of on January 29, 2002, as Instrument No. 8884, Book 14755, Page 192 through 263, as amended by the Town of Yarmouth Modification of Appeals Decision dated April 7, 2003 and recorded at Book 17335, Page 131. Conveyance Notice shall have the meaning set forth in Section 4(a) hereof. Developer means the entity designated as the Developer in the Regulatory Agreement. Eligible Purchaser means an individual(s) or household who qualifies as a First -Time Homebuyer earning no more than eighty percent (80%) of the Area "Median Income" as published from time to time by HUD. If HUD discontinues publication of median -a- GSOOCS-1282349-1 aJt LJ.VYV rJ JJ-7 V-L-2 l't( income statistics, then the Monitoring Agent shall designate another measure of eligible income. To be considered an Eligible Purchaser, the individual(s) or household must intend to Occupy and thereafter occupy the Property as his, her or their principal residence and must provide to the Monitoring Agent such income certifications and verificating as the Monitoring Agent may require to justify designation as an Eligible Purchaser. Eligible Purchaser Certificate shall have the meaning set forth in Section 5(a) hereof First -Time Homebuyer means an individual(s) or household, none of whom have had an ownership interest in a principal residence at any time during the three (3)-year period prior to the purchase date of the Property. HUD means the United States Department of Housing and Urban Development. Initial Sales Price means the price at which the Property is first sold by the Developer to an Eligible Purchaser. Maximum Resale Price means the sum of: (A) the Base Income Number (at the time of resale) multiplied by the Resale Price Multiplier; (B) the Resale Fee; (C) Approved Capital Repairs and Replacements, if applicable; and (D) reasonable and customary closing costs, including brokerage commissions and recording fees, but excluding attorneys fees. MonitoringAgent means HACC, as monitoring agent under the Monitoring Services Agreement, or any successor monitoring agent selected in accordance with the provisions of Section 6 of the Monitoring Services Agreement. The Monitoring Agent may also include the Municipality under contract with HACC (or any other duly selected successor monitoring agent) and MassHousing to provide a portion of the services under the Monitoring Services Agreement. Monitoring Services A rg eement means the Monitoring Services Agreement of even date with the Regulatory Agreement among the Developer, the Monitoring Agent, the Municipality and MassHousing, in the form attached as Exhibit D to the Regulatory Agreement. Municipal Compliance Certificate shall have the meaning set forth in Section 5(a) hereof. Permitted Indebtedness shall have the meaning set forth in Section 6(a) hereof. Project means the 136 unit development located along Camp Street Municipality, and known as Mill Pond, which, pursuant to the terms of the Comprehensive Permit and the Program, includes 35 detached dwellings to be sold as Affordable Units to Eligible Purchasers. Regis means the Barnstable County Registry of Deeds. -a- GSDOCS-1282349-1 Regulatory A eement means the Regulatory Agreement among MassHousing, the Monitoring Agent, the Municipality and the Developer dated July 22, 2003 and recorded with the Registry in Book 17335, Page 89. Related Party shall have the meaning set forth in Section 6(a) hereof. Resale Fee means two and three quater of a percent (2.75%) of the actual resale price of the Property to be paid to the Monitoring Agent as compensation for monitoring compliance with the terms of this Deed Rider, including the resale process, as more fully described in Section 11 hereof. Resale Price Certificate means the certificate issued by MassHousing and recorded with the first deed of the Property from the Developer, or the subsequent certificate (if any) issued by the Monitoring Agent in accordance with Section 3 of the Regulatory Agreement, which sets forth the Resale Price Multiplier to be applied on the Grantee's sale of the Property, according to the terms of this Deed Rider, for so long as the restrictions set forth herein continue. Resale Price Multiplier means 1.87, which is the number set forth in the most recently recorded Resale Price Certificate. The original Resale Price Multiplier was calculated by MassHousing by dividing the Initial Sale Price by the Base income Number at the time of the initial sale from the Developer to the first Eligible Purchaser, and unless a new Resale Price Certificate is recorded as provided below and in accordance with Section 3 of the Regulatory Agreement, this number will be multiplied by the Base Income Number at the time of resale by the Grantee to determine (in part) the Maximum Resale Price on such resale. In the event that the purchase price paid for the Property by the Grantee includes Approved Capital Repairs and Replacements, the Resale Price Multiplier will be recalculated by the Monitoring Agent by dividing the purchase price so paid (not including the Resale Fee or closing costs) by the Base Income Number at the time of such purchase, and a new Resale Price Certificate will be recorded immediately following the recording of this Deed. Example; Assume the Base Income Number at the time of the initial sale is $80,800 and the Initial Sale Price is $150,000. The Resale Price Multiplier would equal 1.86 (150,000/80,800 = 1.86). Then assume that at the time the initial purchaser sells the unit, the Base Income Number has increased to $88,072 and the cost of Approved Capital Repairs and Replacements (e.g., a new rood equals $5,000, the Maximum Resale Price (herein defined) would be calculated as follows: $88,072 x 1.86 = $163,814 + the Resale Fee (herein defined) + closing costs + $5,000. If the subsequent purchaser sells the unit at a time when the Base Income Number is $85,000, the Maximum Resale Price would be calculated as follows: (i) recalculated Resale Price Multiplier = 1.92 (168,814/88072 = 1.92); (ii) $85,000 x 1.92 = $163,200 + the Resale Fee + Approved Capital Repairs and Replacements (if applicable) + closing costs. -9- Gsoocs-12a23as-1 JDJL L1UYU ry -.)`tl Tr J.'S I'SL Term means, unless terminated earlier according to Section 6 hereof, the period from the date hereof until the earliest to occur of (i) the termination of the term of affordability set forth in the Comprehensive Permit, (ii) the recording of an Eligible Purchaser Certificate and a new Deed Rider executed by the Eligible Purchaser referenced in the Eligible Purchaser Certificate, which new Deed Rider the Eligible Purchaser Certificate certifies is in form and substance satisfactory to the Monitoring Agent and the Municipality, or (iii) the conveyance of the Property to the Municipality or the Monitoring Agent and the recording of a Municipal Purchaser Certificate or a Monitoring Agent Certificate, as applicable, as set forth herein. 2. Owner-OccuQaney/Principal Residence. The Property shall be occupied and used by the Grantee as his, her or their principal residence. Any use of the Property or activity thereon which is inconsistent with the purpose of this Deed Rider is expressly prohibited. 3. Restrictions Ajzainst Leasing and Junior Encumbrances. The Property shall not be leased, refinanced, encumbered (voluntarily or otherwise) or mortgaged without the prior written consent of the Monitoring Agent; provided, however, that this provision shall not apply to a first mortgage granted in connection with this conveyance or to any lien in favor of the Municipality or Monitoring Agent as permitted by the Regulatory Agreement. Any rents, profits, or proceeds from any transaction described in the last preceding sentence which transaction has not received the prior written consent of the Monitoring Agent shall be recoverable by the Monitoring Agent or the Municipality, together with all costs of collection, including attorneys fees, and shall be paid upon recovery and payment of costs to the Municipality for deposit to its Affordable Housing Fund. 4. ProyisiODS for Resale. (a) When the Grantee or any successor in title to the Grantee shall desire to sell, dispose of or otherwise convey the Property, or any portion thereof, the Grantee shall notify the Municipality and the Monitoring Agent in writing of the Grantee's intention to so convey the Property (the "Conveyance Notice"). The Conveyance Notice shall set forth the Resale Price Multiplier and the Maximum Resale Price of the Property. Such actual resale price to be determined by the Monitoring Agent. Upon receipt of the Conveyance Notice, the Monitoring Agent shall promptly begin locating an Eligible Purchaser. The Grantee shall fully cooperate with the Monitoring Agent's efforts to locate an Eligible Purchaser and may be required by the Monitoring Agent to hire a broker to assist the Monitoring Agent in locating an Eligible Purchaser. The Eligible Purchaser located by the Monitoring Agent shall purchase the Property at the lesser of the Maximum Resale Price or the fair market value of the Property within ninety (90) days after the Monitoring Agent receives the Conveyance Notice, or such further time as reasonably requested to arrange for details of closing or to clear title as permitted by section 4(h) below. The Municipality and the Monitoring Agent shall also have the right to purchase the Property at the lesser of the Maximum Resale Price or the fair market value of the Property, in which event the purchase shall occur within ninety (90) days after the Monitoring Agent receives the Conveyance Notice, or such further time as reasonably requested to arrange for details of closing. -10- GSDOGS-1282349-1 Any lack of cooperation by Grantee in resale efforts shall extend this period for the length of the delay caused by such lack of cooperation, not to exceed an additional ninety (90) days. (b) The Monitoring Agent shall devote diligent marketing efforts to locate an Eligible Purchaser ready, willing and able to purchase the Property at the Maximum Resale Price within the time period provided in subsection (a) above. Diligent marketing efforts shall include those efforts that are consistent with the Affirmative Fair Marketing efforts required by the Developer by the Regulatory Agreement. If more than one Eligible Purchaser is located through diligent marketing efforts of the Monitoring Agent, it shall conduct a lottery or other like procedure to determine which Eligible Purchaser shall be entitled to the conveyance of the Property. The procedure for locating and selecting an Eligible Purchaser shall be approved as provided in the Regulatory Agreement. (c) If an Eligible Purchaser is selected to purchase the Property, or if the Municipality or Monitoring Agent elects to purchase the Property, the Property shall be conveyed by the Grantee to such Eligible Purchaser or to the Municipality or Monitoring Agent as the case may be, by a good and sufficient quitclaim deed conveying a good and clear record and marketable title to the Property free from all encumbrances except (i) such taxes for the then current year as are not due and payable on the date of delivery of the deed, (ii) any lien for municipal betterments assessed after the date of the Conveyance Notice, (iii) provisions of local building and zoning laws, (iv) all easements, restrictions, covenants and agreements of record specified in the deed from the Grantor to Grantee, (v) such additional easements, restrictions, covenants and agreements of record as the Eligible Purchaser or the Municipality or Monitoring Agent, as applicable, consents to, such consent not to be unreasonably withheld or delayed, and (vi) a Deed Rider satisfactory in form and substance to the Monitoring Agent which the Grantee hereby agrees to annex to said deed. (d) Said deed shall be delivered and the purchase price paid (the "Closinu") at the Registry, or at the option of the Eligible Purchaser (or the Municipality or the Monitoring Agent, if the Municipality or the Monitoring Agent is purchasing the Property), exercised by written notice to the Grantee at least five (5) days prior to the delivery of the deed, at such other place as the Eligible Purchaser (or the Municipality or the Monitoring Agent, if the Municipality or the Monitoring Agent is purchasing the Property) may designate in said notice. The Closing shall occur at such time and on such date as shall be specified in a written notice from the Eligible Purchaser (or the Municipality or the Monitoring Agent if the Municipality or the Monitoring Agent is purchasing the Property) to the Grantee, which date shall be at least five (5) days after the date on which such notice is given, and no later than the end of the time period specified in subsection (a) above. (e) To enable Grantee to make conveyance as herein provided, Grantee may, if so desired at the time of delivery of the deed, use the purchase money or any portion thereof to clear the title of any or all encumbrances or interests, all instruments with respect thereto to be recorded in accordance with customary conveyance practices. Nothing GSDOCS-1282349-1 aiL Z- LV 62V r%J. J'YJ Ti 1'Y 1 'YL contained herein as to the Grantee's obligation to remove defects in title or to make conveyance or to deliver possession of the Property in accordance with the terms hereof, as to use of proceeds to clear title or as to the election of the Eligible Purchaser, the Municipality or the Monitoring Agent to take title, nor anything else in this Deed Rider shall be deemed to waive, impair or otherwise affect the priority of the Municipality's rights herein over matters appearing of record, or occurring, at any time after the recording of this Deed Rider, all such matters so appearing or occurring being subject and subordinate in all events to the Municipality's rights herein. (f) Water and sewer charges and taxes for the then current tax period shall be apportioned and fuel value shall be adjusted as of the date of Closing and the net amount thereof shall be added to or deducted from, as the case may be, the purchase price payable by the Eligible Purchaser or by the Municipality or Monitoring Agent. (g) Full possession of the Property free from all occupants is to be delivered at the time of the Closing, the Property to be then in the same condition as it is in on the date hereof, reasonable wear and tear only excepted. (h) If Grantee shall be unable to give title or to make conveyance as above stipulated, or if any change of condition in the Property not included in the above exception shall occur, then Grantee shall be given a reasonable time not to exceed thirty (30) days after the date on which the Closing was to have occurred in which to remove any defect in title or to restore the Property to the condition hereby provided for. The Grantee shall use best efforts to remove any such defects in the title whether voluntary or involuntary and to restore the Property to the extent permitted by insurance proceeds or condemnation award. The Closing shall occur fifteen (15) days after notice by Grantee that such defect has been cured or that the Property has been so restored. The Eligible Purchaser (or the Municipality or the Monitoring Agent, if the Municipality or the Monitoring Agent is purchasing the Property) shall have the election, at either the original or any extended time for performance, to accept such title as the Grantee can deliver to the Property in its then condition and to pay therefor the purchase price without deduction, in which case the Grantee shall convey such title, except that in the event of such conveyance in accordance with the provisions of this clause, if the Property shall have been damaged by fire or casualty insured against or if a portion of the Property shall have been taken by a public authority, then the Grantee shall, unless the Grantee has previously restored the Property to its former condition, either: (i) pay over or assign to the Eligible Purchaser or the Municipality or the Monitoring Agent, on delivery of the deed, all amounts recovered or recoverable on account of such insurance or condemnation award less any amounts reasonable expended by the Grantee for the partial restoration, or (ii) if a holder of a mortgage on the Property shall not permit the insurance proceeds or the condemnation award or part thereof to be used to restore the Property to its former condition or to be so paid over or assigned, give to the Eligible Purchaser or to the Municipality or the -12- GSDOCS-1282349-1 Monitoring Agent a credit against the purchase price, on delivery of the deed, equal to said amounts so retained by the holder of the said mortgage less any amounts reasonably expended by the Grantee for any partial restoration. (i) If the Monitoring Agent is successful in locating an Eligible Purchaser within ninety (90) days after receipt of the Conveyance Notice, but the Eligible Purchaser is unable to secure mortgage financing so as to be able to complete the purchase of the Property, the Monitoring Agent will have an additional sixty (60) days from the date of written notification from the first Eligible Purchaser that he/she/they are unable to complete the purchase, to find another Eligible Purchaser to purchase the Property. If the Monitoring Agent fails to locate an Eligible Purchaser who purchases the Property within ninety (90) days (with any requested additional time for closing details) after receipt of the Conveyance Notice (or within the sixty (60)-day period allowed under the previous sentence), and the Municipality or the Monitoring Agent does not purchase the Property during said period, then no later than six (6) months following expiration of such period, the Grantee may convey the Property to any third party at no more than the Maximum Resale Price and subject to the Deed Rider. 0) The Grantee understands and agrees that nothing in this Deed Rider or the Regulatory Agreement in any way constitutes a promise or guarantee by MassHousing, the Municipality or the Monitoring Agent that the Grantee shall actually receive the Maximum Resale Price for the Property or any other price for the Property. (k) In the event that the Monitoring Agent shall fail to locate an Eligible Purchaser within a reasonable time specified in paragraph (d) and if the Municipality or the Monitoring Agent shall not have elected to purchase the Property, and in the event that within the following six (6) months the Grantee shall be unable to sell the Property at a price not greater than the Maximum Resale Price, the Grantee shall notify the Monitoring Agent in the same manner as set forth under Section 4(a) above, and the Monitoring Agent shall have a new ninety (90) day period to locate an Eligible Purchaser to purchase the Property. 5. Resale and Transfer Restrictions. Except as otherwise provided herein, the Property or any interest therein shall not at any time be sold by the Grantee, the Grantee's successors and assigns, and no attempted sale shall be valid, unless: (a) the aggregate value of all consideration and payments of every kind given or paid by the Eligible Purchaser (as located and defined in accordance with Section 4 above) or the Municipality, to the grantee for and in connection with the transfer of such Property, is equal to or less than the Maximum Resale Price for the Property, and (i) if the Property is conveyed to an Eligible Purchaser, unless a certificate (the "Eligible Purchaser Certificate") is obtained and recorded, signed and acknowledged by the Monitoring Agent which Eligible Purchaser Certificate refers to the Property, the Grantee, the Eligible Purchaser thereof, and the Maximum Resale Price therefor, and states that the proposed conveyance, sale or transfer of the Property to the Eligible -13- GSDOCS-1282349-1 JDJL L 1 V 12 V J: y .J Y J Ti 1.2 ! •t L Purchaser is in compliance with the rights, restrictions, covenants and agreements contained in this Deed Rider, and unless there is also recorded a new Deed Rider executed by the Eligible Purchaser, which new Deed Rider is substantially in the same form as this Deed Rider; or (ii) if the Property is conveyed to the Municipality or the Monitoring Agent unless a Certificate (the "Municipal Purchaser Certificate" or the "Monitoring Agent Certificate" as the case may be) is obtained and recorded, signed and acknowledged by the Monitoring Agent, which Municipal Purchaser Certificate or the Monitoring Agent Certificate refers to the Property, the Grantee, the Municipality or the Monitoring Agent, as applicable, and the Maximum Resale Price for the Property and states that the proposed conveyance, sale or transfer of the Property to the Municipality or the Monitoring Agent is in compliance with the rights, restrictions, covenants and agreements contained in this Deed Rider, and unless there is also recorded a new Deed Rider executed by the Municipality or the Monitoring Agent, which new Deed Rider is substantially in the same form as this Deed Rider; or (b) Any good faith purchaser of the Property, any lender or other party taking a security interest in such Property and any other third party may rely upon an Eligible Purchaser Certificate, a Municipal Purchaser Certificate or a Monitoring Agent Certificate referring to the Property as conclusive evidence of the matters stated therein and may record such Certificate in connection with conveyance of the Property, provided, in the case of an Eligible Purchaser Certificate, a Municipal Purchaser Certificate or the consideration recited in the deed or other instrument conveying the Property upon such resale shall not be greater than the consideration stated in the Eligible Purchaser Certificate, the Municipal Purchaser Certificate or a Monitoring Agent Certificate, as the case may be. (c) Within ten (10) days of the closing of the conveyance of the Property from Grantor to Grantee, the Grantee shall deliver to the Monitoring Agent a copy of the Deed of the Property, together with recording information. Failure of the Grantee, or Grantee's successors or assigns to comply with the preceding sentence shall not affect the validity of such conveyance, 6. Rights of Mort ag�gees. (a) Notwithstanding anything herein to the contrary, but subject to the next succeeding paragraph hereof, if the holder of record (other than the Grantor or any person related to the Grantor by blood, adoption, or marriage, or any entity in which the Grantor has a financial interest (any of the foregoing, a "Related Part ")) of a first mortgage granted to a state or national bank, state or federal savings and loan association, cooperative bank, mortgage company, trust company, insurance company or other institutional lender or its successors or assigns (other than a Related Party) shall acquire the Property by reason of foreclosure or similar remedial action under the provisions of such mortgage or upon conveyance of the Property in lieu of foreclosure, provided that the holder of such mortgage has given. the Monitoring Agent not less than seventy-five (75) days prior written notice of its intention to foreclose upon its mortgage or to accept a conveyance of the Property in lieu of foreclosure (and that such holder considers increasing such seventy-five (75) day period by an additional thirty (30) days) then the rights and restrictions contained herein shall not apply to such holder -14- GSDOCS-1282349-1 , A- f �..._�. ty .«z , z. upon such acquisition of the Property, any purchaser (other than a Related Party) of the Property at a foreclosure sale conducted by such holder, or any purchaser (other than a Related Party) of the Property from such holder, and such Property shall thereupon and thereafter be free from all such rights and restrictions. In the event that MassHousing shall ever modify its policies so as not to require such a result, this provision shall then and thereafter be deemed void and of no force or effect. (b) In the event such holder conducts a foreclosure or other proceeding enforcing its rights under such mortgage and the Property is sold for a price in excess of the greater of (i) the sum of the outstanding principal balance of the note secured by such mortgage plus all future advances, accrued interest and all reasonable costs and expenses which the holder is entitled to recover pursuant to the terms of the mortgage and (ii) the Maximum Resale Price applicable on the date of the sale, such excess shall be paid to the Municipality for its Affordable Housing Fund in consideration of the loss of the Property as affordable housing (provided, that in the event that such excess shall be so paid to the Municipality by such holder, the Municipality shall thereafter indemnify such holder against loss or damage to such holder resulting from any claim made by the mortgagor of such mortgage to the extent that such claim is based upon payment of such excess by such holder to the Municipality in accordance herewith, provided that such holder shall give the Monitoring Agent and the Municipality prompt notice of any such claim and shall not object to intervention by the Municipality in any proceeding relating thereto.) To the extent the Grantee possesses any interest in any amount which would otherwise be payable to the Municipality under this paragraph, to the fullest extent permissible by law, the Grantee hereby assigns its interest in such amount to said holder for payment to the Municipality and releases the Municipality from any and all claims in connection therewith. (c) A holder of a mortgage shall notify the Monitoring Agent in the event of any default for which the lender intends to commence foreclosure proceedings, which notice shall be sent to the Monitoring Agent and the Municipality as set forth in this Deed Rider. No failure to notify the Monitoring Agent pursuant to the previous sentence shall impair the validity of a foreclosure. (d) If any person who was a Related Party prior to any foreclosure acquires an interest in the Property after foreclosure, then all covenants and options contained herein shall apply to all subsequent occupancy and sale of the Property and the release provisions of section 5(a) shall be deemed inoperable and of no force or effect. (e) A certificate signed under penalties of perjury by a purchaser at a foreclosure sale (or any subsequent purchaser) certifying that such purchaser is not a Related Party shall, if recorded with the Registry, be conclusive evidence in favor of any subsequent good faith purchaser that such purchaser is not a Related Party but such affidavit shall not bar any action by the Municipality or Monitoring Agent seeking in good faith to disprove the averments of the affidavit. 7. Covenants to Run With the Proert . (a) It is intended and agreed that all of the agreements, covenants, rights and restrictions set forth herein shall be deemed to be -15- GSDOCS-1282349-1 n� c.iU12U ry a-21 W-L.* 1 'st covenants running with the Property and shall be binding upon and enforceable against the Grantee, the Grantee's successors and assigns and any party holding title to the Property, for the benefit of and enforceable by the Municipality and the Monitoring Agent, their successors and assigns, during the Term of this Deed Rider. (b) This Deed Rider and all of the agreements, restrictions, rights and covenants contained herein shall be deemed to be an affordable housing restriction as that term is defined in Section 31 of Chapter 184 of the Massachusetts General Laws. (c) The Grantee intends, declares and covenants on behalf of Grantee and Grantee's successors and assigns (i) that this Deed Rider and the covenants, agreements, rights and restrictions contained herein shall be and are covenants running with the land, encumbering the Property for the Term, and are binding upon the Grantee's successors in title, (ii) are not merely personal covenants of the Grantee, and (iii) shall bind the Grantee, and Grantee's successors and assigns and enure to the benefit of the Municipality and the Monitoring Agent, and their successors and assigns, for the Term. Grantee hereby agrees that any and all requirements of the laws of the Commonwealth of Massachusetts to be satisfied in order for the provisions of this Deed Rider to constitute restrictions and covenants running with the land shall be deemed to be satisfied in full and that any requirements of privity of estate are also deemed to be satisfied in full. (d) Without limitation on any other rights or remedies of the Grantor, the Municipality, and the Monitoring Agent, their successors and assigns, any sale or other transfer or conveyance of the Property in violation of the provisions of this Deed Rider, shall, to the maximum extent permitted by law, be voidable by the Municipality, and the Monitoring Agent, their successors and assigns, by an action to enforce such rights, restrictions, covenants, and agreements. 8. Notice. Any notices, demands or requests that may be given under this Deed Rider shall be sufficiently served if given in writing and delivered by hand or mailed by certified or registered mail, postage prepaid, return receipt requested, to the parties hereto at the addresses set forth below, or such other addresses as may be specified by any party (or its successor) by such notice. Munici alit . Town of Yarmouth Yarmouth Town Hall Municipal Building South Yarmouth, MA 02664 Attention: Director of Planning and Town Manager Grantor: The Villages at Camp Street 1600 Falmouth Road, Suite 25 Centerville, MA 02632 -18- GSD005-1282349-1 Grantee: Monitoring Aft: Housing Assistance Corporation of Cape Cod 460 West Main Street Hyannis, MA 02601 Attention: Executive Director Any such notice, demand or request shall be deemed to have been given on the day it is hand delivered or mailed. 9. Further Assurances. The Grantee agrees from time to time, as may be reasonably required by the Monitoring Agent, to furnish the Monitoring Agent with a written statement, signed and, if requested, acknowledged, setting forth the condition and occupancy of the Property, information concerning the resale of the Property and all other material information pertaining to the Property or the Grantee's conformance with the requirements of the Comprehensive Permit and the Program. 10. Enforcement. (a) The rights hereby granted shall include the right of the Municipality and the Monitoring Agent to enforce this Deed Rider independently by appropriate legal proceedings and to obtain injunctive and other appropriate relief against any violations including without limitation relief requiring restoration of the Property to its condition prior to any such violation (it being agreed that there shall be no adequate remedy at law for such violation), and shall be in addition to, and not in limitation of, any other rights and remedies available to the Municipality and the Monitoring Agent. (b) Without limitation of any other rights or remedies of the Municipality and the Monitoring Agent, or their successors and assigns, in the event of any sale, conveyance or other transfer or occupancy of the Property in violation of the provisions of this Deed Rider, the Municipality shall be entitled to the following remedies, which shall be cumulative and not mutually exclusive: (i) specific performance of the provisions of this Deed Rider; (ii) money damages for charges in excess of the Maximum Resale Price, if applicable; (iii) if the violation is a sale of the Property at a price greater than the Maximum Resale Price as provided herein, the Monitoring Agent and the Municipality shall have the option to locate an Eligible Purchaser or purchase the Property on the terms and conditions provided herein; the purchase price shall be a price which complies with the provisions of this Deed Rider; (iv) the right to void any contract for sale or any sale, conveyance or other transfer of the Property in violation of the provisions of this Deed Rider in the absence of a Certificate of Compliance, by an action in equity GSDOGS-1282349-1 J7JL L 1 V 'Y V r y .7 -1 :y 'r 1'Y ! -2 L to enforce this Deed Rider and to appoint or have appointed a Commissioner to reconvey the Property, and (v) money damages for the cost of creating or obtaining a comparable dwelling unit for an Eligible Purchasers. (c) In addition to the foregoing, in the event of a violation of the provisions of this Deed Rider, the Monitoring Agent and the Municipality may take appropriate enforcement action against the Grantee or the Grantee's successors in title, including, without limitation, legal action to compel the Grantee to comply with the requirements of this Deed Rider. The Grantee hereby agrees to pay all fees and expenses (including legal fees) of the Monitoring Agent and/or the Municipality in the event successful enforcement action is taken against the Grantee hereunder. The Grantee hereby grants to the Monitoring Agent and the Municipality a lien on the Property, junior to the lien of any institutional holder of a first mortgage on the Property, to secure payment of such fees and expenses in any successful enforcement action. The Monitoring Agent and the Municipality shall be entitled to seek recovery of fees and expenses incurred in a successful enforcement action of this Deed Rider against the Grantee and to assert a lien on the Property to secure payment by the Grantee of such fees and expenses. Notwithstanding anything herein to the contrary, in the event that the Monitoring Agent and/or Municipality fails to enforce this Deed Rider as provided in this Section, the Department of Housing and Community and Development, its successors and assigns, shall have the same right to enforce this Deed Rider as provided herein. (d) The Grantee for himself, herself or themselves and his, her or their successors and assigns, hereby grants to the Monitoring Agent and the Municipality the right to enter upon the Property for the purpose of enforcing the restrictions herein contained, or of taking all actions with respect to the Property which the Monitoring Agent may determine to be necessary or appropriate pursuant to court order, or with the consent of the Grantee to prevent, remedy or abate any violation of this Deed Rider. 11. Monitoring Agent Services, Fees. The Monitoring Agent has been engaged to monitor compliance of the Project with ongoing requirements of the Comprehensive Permit and this Deed Rider, including the requirement that the Property be sold and resold to Eligible Purchasers (or to the Municipality or Monitoring Agent) as provided therein. As partial compensation for providing these services, the Monitoring Agent shall receive the Resale Fee on the sale of the Property to an Eligible Purchaser or any other purchaser in accordance with the terms of this Deed Rider. This fee shall be paid by the Grantee at the time of Closing, and payment of the fee of the Monitoring Agent shall be a condition to delivery and recording of its certificate, failing which the Monitoring Agent shall have a lien arising automatically and immediately prior to the time of delivery of the deed which shall secure a claim against the new purchaser and persons claiming under the new purchaser for which the Monitoring Agent may bring an action and may seek an attachment against the Property. Such lien shall expire if no attachment has been recorded within thirty (30) days after delivery of the deed. IEF:11 GSDOCS-1282349-1 iy ✓✓M 1f iZ FZ& 12. Severability. If any provisions hereof or the application thereof to any person or circumstance shall come, to any extent, to be invalid or unenforceable, the remainder hereof, or the application of such provision to the persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby, and each provision hereof shall be valid and enforced to the fullest extent permitted by law. Executed as a sealed instrument this day of 2007 Gra r- Villa s C Str t LLC By } i Michael A. Valeri Jr. Grantee: .19_ GSDOCS-1282349-1 i=JJt L. _L U 12 V tl� JJl WZ'21.2.4 COMMONWEALTH OF MASSACHUSETTS County of Barnstable_, ss January 3, 2007 Then personally appeared the above -named Michael A. Valerio, Jr., Grantor, proven to me through satisfactory identification a Drivers License to be the person who executed the attached document and acknowledged the foregoing inent to be the free act and sm deed of said Corporation, before me. y n A , Notary Public ML come � Notary Public Commonwealth of Massachusetts My February �12, 2010 ion plrae COMMONWEALTH OF MASSACHUSETTS County of Fu"N'51P r, , ss 1+aRCH \ q , 2007 _ Then personally appeared the above-named-4*4% 15. ` NLv6 , Grantee(s), proven to me through satisfactory identification Drivers License to be the person who executed the attached document and acknowledged the foregoing instrument to be his/her/their free act and deed, before me. STEPHAN DANIELCAHILL Notary Public Commonwealth of Massachusetts My Commission Expires September 1, 2011 -20- GS ROCS-12=48-1 �_ a �1�. � Notary Public My commission expires: t!�;7e cot., �Iecf�etar�rt 0 `" Stag � '00&A 02933 William Francis Calvin secretary of the Commonwealth March 8, 2007 TO WHOM IT MAY CONCERN: I hereby certify that a certificate of organization of a Limited Liability Company was filed in this office by THE VILLAGES AT CAMP STREET LLC in accordance with the provisions of Massachusetts General Laws Chapter 156C on May 25, 2000. I further certify that said Limited Liability Company has filed all annual reports due and paid all fees with respect to such reports; that said Limited Liability Company has not filed a certificate of cancellation or withdrawal; and that, said Limited Liability Company is in good standing with this office. I also certify that the names of all managers listed in the most recent filing are: MICHAEL VALERIO I further certify, the names of all persons authorized to execute documents filed with this office and listed in the most recent filing are: MICHAEL VALERIO, JOHN R. LAUNIE JR. The names of all persons authorized to act with respect to real property listed in the most recent filing are: MICHAEL VALERIO In testimony of which, I have hereunto affixed the Great Seal of the Commonwealth on the date first above written. Secretary of the Commonwealth Processed By:jb 0 BARNSTABLE REGISTRY OF DEEDS TO: TOWN OF YA R M O U T H DEPARTMENT OC 1 146 ROUTE 28 SOUTH YARMOUTH MASSACHUSETTS 02604-4451 COMMUNITY Telephnne (508) 398-2231, Ext. 1275 - Fax (508) 398.2305 DEVCLC)RMENT ofjset 1. I � Erik Tolley, Chairman k �N� Board of Selectmen FROM: Karen M. Greene, Director SUBJECT: Mill Pond Village Affordable Rental Request Unit 89, 121 Camp Street DATE: November 16, 2012 CC: Greg Watson, MassHousing Finance Karen Davis, Housing Assistance Corporation Mary Ann Gray, Chairman, Community Housing Committee Steve DeYoung, Chairman, Board of Appeals "' ;,,tf II IJIN Nov i 6 20, This Department has been in contact with Inna Ivers, owner of an affordable unit at Mill Pond Village. For the past two years, Ms. Ivers has been trying to sell her affordable unit. She has recently moved due to a change in employment. Her efforts to sell have been unsuccessful and, in order to avoid foreclosure, she would like to rent her property. In order to move forward, your approval as well as that of the subsidizing agency (in this case, Mass Housing Finance Agency) is required. We respectfully recommend that you approve the rental of Unit 89, 121 Camp Street, West Yarmouth for up to 24 months to an income eligible tenant at an affordable rent. This Department will continue to monitor the situation to ensure the unit stays in compliance with the Town's and the state's affordable housing program. Printed on Recycled Paper