HomeMy WebLinkAbout5240 1121 Route 28 B DeedBk 36039 PS224 �41681
1 C1-17-2023 of 03 2 221P
BARNSTABLE COUNTY EXCISE TAX
BARNSTABLE COUNTY REGISTRY DE DEEDS MASSACHUSETTS STATE EXCISE TAX
Date: 10-17-2023 8 03:22pm BARNSTABLE COUNTY REGISTRY OF DEEDS
Ct1A: 521 Doc': 41681 Data: 10-17-2023 01 03:22on
Fee. $It4ft.34 Cons: $489,OA0.00 Ct14: 521 Doc:: 41681
Fee.. $i,672.38 Cons: 640VY000.00
QUITCLAIM DEED
SHOESTRING PROPERTIES LLC, a Massachusetts limited liability company having a
business address of 297 North Street, Hyannis, Massachusetts 02601
In consideration of Four Hundred Eighty -Nine Thousand and 00/100 Dollars
($489,000.00) paid,
grant to HABITAT FOR HUMANITY OF CAPE COD, INC. ("Habitat"), a
Massachusetts non-profit corporation having its offices at 411 Main Street, Suite 6,
Yarmouthport, Massachusetts 02675,
With QUITCLAIM COVENANTS,
The land situated in the Town of Yarmouth (South), Barnstable County, Massachusetts,
commonly known and numbered It 21 Route 28, more particularly described as follows:
being shown as LOT 2 on plan of land entitled "Approval Not Required
Plan of Land at 1121 Route 28, Yarmouth, Massachusetts as surveyed and
prepared for MRL Realty, LLC, 37 Industrial Park Road, Plymouth, MA
02630 and Shoestring Properties, LLC, 297 North Street, Hyannis, MA
02601 ", dated August 4, 2023, made by J. M. O'Reilly & Associates, Inc.,
and recorded with the Barnstable County Registry of Deeds in Plan Book
, Page .
Subject to and with the benefit of all rights, reservations, easements and restrictions of
record insofar as the same are in force and applicable.
Said premises are conveyed subject to the following covenants, conditions and
restrictions:
1. Subject in perpetuity to the Affordable Housing Restriction attached hereto as
Exhibit A. It is expressly intended that said Restriction is an affordable housing
Bk 36039 Pg225 #41681
restriction defined by G.L. c. 184 § 31 and 32 and shall be deemed to be covenants
running with the premises in perpetuity.
2. Subject to the condition that Habitat simultaneously record with any deed from
Habitat a My executed Affordable Housing Restriction substantially the same in form
and substance as that which is attached hereto as Exhibit A.
3. The Affordable Housing Restriction shall be deemed to be an "other restriction"
held by a governmental body, as that term is used in M.G.L. c. 184 §26, such that the
restrictions contained therein shall be enforceable for its full term and not be limited in
duration by any contrary rule or operation of law.
The Grantor hereby releases any and all rights and interest in any homestead for the above -
referenced property and hereby swears under the pains and penalties of perjury that there
are no persons entitled to any rights of homestead under M.G.L. Chapter 188 in the
premises conveyed by this deed.
This conveyance does not represent all or substantially all of the assets of the Grantor.
For title see Deed from Shoestring Properties, LLC and MRL Realty, LLC, dated October
& 2023 and recorded with the Barnstable Registry of Deeds herewith.
Bk 36039 Pg226 #41681
Witness my hand and seal this Away of October 2023.
Shoestring Properties LLC
By: Holly Management and Supply Corporation
By: Aaron Bo in
Its: President and Treasurer
COMMONWEALTH OF MASSACHUSETTS
Barnstable, ss
On this -0&ay of October 2023, before me, the undersigned notary public,
personally appeared Aaron Bornstein, who proved to me through satisfactory evidence of
identification which was [ ] Driver's License [ 14ersonally known to me [ ] Other:
to be the person whose name is signed on the preceding or attached document and
acknowledged to me that he signed it voluntarily as his free act and deed as President and
Treasurer of Holly Management and Supply Corporation, Manager of Shoestring
Properties LLC and who swore or affirmed to me that the contents of this document are
truthful and accurate to the best of her knowledge and belief.
)J-P A h
Publi c�h(1 �.�1veYr�
commission expires: 2, ItOV9
(SEAL) )tnnifer M. Sturm
* NOTARY PUBL]c
Commenweatth of
MasRehusam
My Commission Expires
219l2029
EXHIBIT A
I.XDeedRiderSAR-MamchusOKUniveml)
5/3016
Bk 36039 Pg227 #41681
LOCAL INITIATIVE PROGRAM
AFFORDABLE HOUSING DEED RIDER
For Projects In Which
Affordability Restrictions Survive Foreclosure
made part of that certain deed (the 'Deed") of certain property (the "Property') from
("Grantor') to (11ONAMUM
dated 200. The Property is located in the City ft of
4)
(the "Municipality"). VkWOF
RECITALS
WHEREAS, the Grantor is conveying that certain real prope ore particularly
described in the Deed to the Owner at a consideration which is I fair market value of
the Property; and
WHEREAS, the Property is part of a project whys: heck all that are applicable]
(i) ❑ granted a Compreh nsiv Pe nit under Massachusetts General Laws
Chapter 40B, Sections 2 from the Board of Appeals of the
Municipality orOHppeals Committee and recorded/filed with
the gistry of Deeds/Registry District of Land
Court (the "Re , Page /Document
..
0i) ❑ s Regulatory Agreement among (the
"%wousifingP'),
] Massachusetts Housing Finance Agency
[ ] the Massachusetts Department of Housing and
roWunity Development] ("DHCD") [ ] the Municipality; and [ ]
dated and recorded/filed
with the Registry in Book , Page /as Document No.
(the "Regulatory Ammement'j; and
01 (iii) subsidized by the federal or state government under the Local
Initiative Pro rg_am, a program to assist construction of low or moderate
A44*0 income housing the "Program'); and
WHEREAS, pursuant to the Program, eligible purchasers such as the Owner are given
the opportunity to purchase residential property at less than its fair market value if the purchaser
agrees to certain use and transfer restrictions, including an agreement to occupy the property as a
principal residence and to convey the property for an amount not greater than a maximum resale
price, all as more fully provided herein; and
Bk 36039 Pg228 #41681
EXHIBIT
WHEREAS, DHCD (singly, or if more than one entity is listed, collectively, the
"Monitoring Agent") is obligated by the Program or has been retained to monitor compliance
with and to enforce the terms of this Deed Rider, and eligible purchasers such as the Owner may
be required to pay to the Monitoring Agent, or its successor, a small percentage of the resale
price upon the Owner's conveyance of the Property, as set out in the Regulatory Agreement and
as more fully provided herein; and ,
WHEREAS, the rights and restrictions granted herein to the Monitoring Ag
Municipality serve the public's interest in the creation and retention of affordabl for
persons and households of low and moderate income and in the restricting of e e price of
property in order to assure its affordability by future low and moderate in teasers.
NOW, THEREFORE, as further consideration for the conveyan ON9 Property at less
than fair market value, the Grantor and the Owner, including hislhcrl heirs, successors and
assigns, hereby agree that the Property shall be subject to the foil i n is and restrictions
which are imposed for the benefit of, and shall be enforceable unicipality and the
Monitoring Agent, and, if DHCD is a party to the Regula ement and is not the
Monitoring Agent, by DHCD.
1. Definitions. In this Deed Rider, in ad do the terms defined above, the
following words and phrases shall have the follcng pings:
Affordable Housing Fund meanselundiaby the Municipality for the purpose of
reducing the cost of housing for rs or for the purpose of encouraging, creating,
or subsidizing the construction ohousing for Eligible Purchasers or, if no such
fund exists, a fund established by pursuant to Massachusetts General Laws
Chapter 44 Section 53A, et
Applicable Foreclosure P ' l have the meaning set forth in Section 7(b) hereof.
A roriate Size Ho a means a household containing a number of members equal to the
number of bedrqM in to Property plus one.
Appmved bpi mprovements means the documented commercially reasonable cost of
extrao pital improvements made to the Property by the Owner; provided that the
M,g ht gent shall have given written authorization for incurring such cost prior to the cost
co
Area means the Primary Metropolitan Statistical Area or non -metropolitan area that includes the
Municipality, as determined by HUD, which in this case is
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Bk 36039 Pg229 #41681
EXHIBIT A
Area Median Income means the most recently published median income for the Area adjusted
for household size as determined by HUD. If HUD discontinues publication of Area Median
Income, the income statistics used by MassHousing for its low and moderate income housing
programs shall apply.
Base Income Number means the Area Median Income for a four (4)-person household.
Chief Executive Officer shall mean the Mayor in a city or the Board of Selectmen in a
unless some other municipal office is designated to be the chief executive officer uAF
provisions of a local charter.
Closinn shall have the meaning set forth in Section 5(b) hereof.
Compliance Certificate shall have the meaning set forth in Section 6(a) e
Conve, rye Notice shall have the meaning set forth in Section
Eligible Purchaser means an individual or household earn ore than eighty percent (80%)
of Area Median Income (or, if checked [ ] e nt C_%) of Area Median
Income, as required by the Program) and owning asse t I excess of the limit set forth in the
Program Guidelines. To be considered an Eligible rc r, the individual or household must
intend to occupy and thereafter must occupy th ope as his, her or their principal residence
and must provide to the Monitoring Agent su a ications as to income, assets and residency
as the Monitoring Agent may require to a eligibility as an Eligible Purchaser. An
Eligible Purchaser shall be a First -Tim yer if required by the Program and as specified
in the Regulatory Agreement. %,
First -Time Homebuyer means idual or household, of which no household member has
had an ownership interest' 1 residence at any time during the three (3)-year period
prior to the date of quali an Eligible Purchaser, except that (i) any individual who is a
displaced homemaker defined by DHCD) (i i) and any individual age 55 or over
(applying for age 55 o er housing) shall not be excluded from consideration as a First -Time
Homebuyer and is fmition on the basis that the individual, owned a home or had an
ownershipJnJggW a principal residence at any time during the three (3)-year period.
shall have the meaning set forth in Section 7(a) hereof.
the United States Department of Housing and Urban Development.
Ineligible Purchaser means an individual or household not meeting the requirements to be
eligible as an Eligible Purchaser.
Maximum Resale Price means the sum of (i) the Base Income Number (at the time of resale)
multiplied by the Resale Price Multiplier, plus (ii) the Resale Fee and any necessary marketing
3
Bk 36039 Pg230 #41681
EXHIBIT
expenses (including broker's fees) as may have been approved by the Monitoring Agent, plus
(iii) Approved Capital Improvements, if any (the original cost of which shall have been
discounted over time, as calculated by the Monitoring Agent); provided that in no event shall the
Maximum Resale Price be greater than the purchase price for which a credit -worthy Eligible
Purchaser earning seventy percent (70%) of the Area Median Income (or, if checked [ ]
percent C_%) of Area Median Income, as required by the Program) for an
Appropriate Size Household could obtain mortgage financing (as such purchase price is
determined by the Monitoring Agent using the same methodology then used by DHC r i
Local Initiative Program or similar comprehensive permit program); and further e
the Maximum Resale Price shall not be less than the purchase price paid for the 1 y the
Owner unless the Owner agrees to accept a lesser price.
Monitoring Services Agreement means any Monitoring Services Agreem fo onitoring and
enforcement of this Deed Rider among some or all of the Developer, th M ' ring Agent, the
Municipality, MassHousing and DHCD.
Mortgage Satisfaction Amount shall have the meaning set fort in 5iion 7(b) hereof.
Mortgagee shall have the meaning set forth in Section 7
Program Guidelines means the regulations and/or guQtime.
s issued for the applicable Program
and controlling its operations, as amended fromre
Resale Fee means a fee of 2% of the B ee umber (at the time of resale) multiplied by
the Resale Price Multiplier, to be paid nitoring Agent as compensation for monitoring
and enforcing compliance with the is Deed Rider, including the supervision of the
resale process. I
Resale Price CertifieC4 " btificate issued as may be specified in the Regulatory
Agreement and recorded h19, 1 first deed of the Property from the Developer, or the
subsequent certificVione
issued as may be specified in the Regulatory Agreement, which
sets forth the Resalltiplier to be applied on the Owner's sale of the Property, as
provided herein, s the restrictions set forth herein continue. In the absence of
contrary s ec' ff hi in the Regulatory Agreement the Monitoring Agent shall issue the
certificate.
R e ri Multi lier means the number calculated by dividing the Property's initial sale price
bfN,BW Income Number at the time of the initial sale from the Developer to the first Eligible
Purch er. The Resale Price Multiplier will be multiplied by the Base Income Number at the
time of the Owner's resale of the Property to determine the Maximum Resale Price on such
conveyance subject to adjustment for the Resale Fee, marketing expenses and Approved Capital
Improvements. In the event that the purchase price paid for the Property by the Owner includes
such an adjustment a new Resale Price Multiplier will be recalculated by the Monitoring Agent
by dividing the purchase price so paid by the Base Income Number at the time of such purchase,
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Bk 36039 Pg231 #41681
EXHIBIT
and a new Resale Price Certificate will be issued and recorded reflecting the new Resale Price
Multiplier. A Resale Price Multiplier of is hereby assigned to the Property.
Term means in perpetuity, unless earlier terminated by (i) the termination of the term of
affordability set forth in the Regulatory Agreement or Comprehensive Permit, whichever is
longer; or (ii) the recording of a Compliance Certificate and a new Deed Rider executed by the
purchaser in form and substance substantially identical to this Deed Rider establishing
term.
2. Owner-Occupancy/Principal Residence. The Property shall be o d used
by the Owner's household exclusively as his, her or their principal residence. of the
Property or activity thereon which is inconsistent with such exclusive rest se is expressly
prohibited.
1W
3. Restrictions Against Leasing,Refinancing and Junior 11mbrances. The
Property shall not be leased, rented, refinanced, encumbered (vo y otherwise) or
mortgaged without the prior written consent of the Monitoring ge rovided that this
provision shall not apply to a first mortgage granted on th ereof in connection with this
conveyance from Grantor to Owner securing *indebted n ter than one hundred percent
(100%) of the purchase price. Any rents, profits, or p om any transaction described in
the preceding sentence which transaction has not rec 'v a requisite written consent of the
Monitoring Agent shall be paid upon demand b the Municipality for deposit to its
Affordable Housing Fund. The Monitoring t Municipality may institute proceedings to
recover such rents, profits or proceeds, a o collection, including attorneys' fees. Upon
recovery, after payment of costs, the b 11 be paid to the Municipality for deposit to its
Affordable Housing Fund. In the a Monitoring Agent consents for good cause to
any such lease, refinancing, enc or mortgage, it shall be a condition to such consent
that a]I rents, profits or proc such transaction, which exceed the actual carrying costs of
the Property as determined itoring Agent, shall be paid to the Municipality for deposit
to its Affordable Housin
4. Optio6 LckTurchase. (a) When the Owner or any successor in title to the Owner
shall desire to selLdisp se of or otherwise convey the Property, or any portion thereof, the
Owner shall nod6e Monitoring Agent and the Municipality in writing of the Owner's
intention to nvey the Property (the "Conveyance Notice'). Upon receipt of the Conveyance
Notice, rtonng Agent shall (i) calculate the Maximum Resale Price which the Owner
m re i on the sale of the Property based upon the Base Income Number in effect as of the
t Conveyance Notice and the Resale Price Multiplier set forth in the most recently
recor Resale Price Certificate together with permissible adjustments for the Resale Fee,
marketing expenses and Approved Capital Improvements (as discounted), and (ii) promptly
begin marketing efforts. The Owner shall fully cooperate with the Monitoring Agent's efforts to
locate an Eligible Purchaser and, if so requested by the Monitoring Agent, shall hire a broker
selected by the Monitoring Agent to assist in locating an Eligible Purchaser ready, willing and
able to purchase the Property at the Maximum Resale Price after entering a purchase and sale
Bk 36039 Pg232 #41681
EXHIBIT
agreement. Pursuant to such agreement, sale to the Eligible Purchaser at the Maximum Resale
Price 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. If the
Owner fails to cooperate in such resale efforts, including a failure to agree to reasonable terms in
the purchase and sale agreement, the Monitoring Agent may extend the 90-day period for a
period commensurate with the time the lack of cooperation continues, as determined by the
Monitoring Agent in its reasonable discretion. In such event, the Monitoring Agent shall
Owner written notice of the lack of cooperation and the length of the extension added t e
day period. r IV
s
(b) The Monitoring Agent shall ensure that diligent marketing efforts �i"o locate
an Eligible Purchaser ready, willing and able to purchase the Property at um Resale
Price within the time period provided in subsection (a) above and to ente a uisite purchase
and sale agreement. If more than one Eligible Purchaser is located, the on ing Agent shall
conduct a lottery or other like procedure to determine which Eligible baser shall be entitled
to enter a purchase and sale agreement with Owner and to punch perry. Preference
shall be given to Appropriate Size Households. The procedure r eting and selecting an
Eligible Purchaser shall be approved as provided in the R Agreement and any
applicable Program Guidelines. If an Eligible Purchaser ' to within ninety (90) days after
receipt of the Conveyance Notice, but such Eligible proves unable to secure mortgage
financing so as to be able to complete the purchase th roperty pursuant to the purchase and
sale agreement, following written notice to wi the 90-day period the Monitoring
Agent shall have an additional sixty (60) day o to another Eligible Purchaser who will enter
a purchase and sale agreement and purc perty by the end of such sixty (60)-day
period or such further time as reasonab ted to carry out the purchase and sale agreement.
(c) In lieu of sale to an Eli haser, the Monitoring Agent or the Municipality or
designee shall also hean!
hase the Property at the Maximum Resale Price, in
which event the purcement shall he entered, and the purchase shall occur
within ninety (90) daof the Conveyance Notice or, within the additional sixty
(60)-day period specion (b) above, or such further time as reasonably requested to
carry out the purchasement. Any lack of cooperation by Owner in measures
reasonably nece§pW to effect the sale shall extend the 90-day period by the length of the delay
caused by su f cooperation. The Monitoring Agent shall promptly give Owner written
notice of t ac o cooperation and the length of the extension added to the 90-day period. In
the eve f s a sale to the Monitoring Agent or Municipality or designee, the Property shall
re in ub ct to this Deed Rider and shall thereafter be sold or rented to an Eligible Purchaser
ANGrmore particularly set forth in the Regulatory Agreement.
(d) If an Eligible Purchaser fails to purchase the Property within the 90-day period (or
such further time determined as provided herein) after receipt of the Conveyance Notice, and the
Monitoring Agent or Municipality or designee does not purchase the Property during said period,
then the Owner may convey the Property to an Ineligible Purchaser no earlier than thirty (30)
days after the end of said period at the Maximum Resale Price, but subject to all rights and
6
Bk 36039 Pg233 #41681
EXHIBIT
restrictions contained herein; provided that the Property shall be conveyed subject to a Deed
Rider identical in form and substance to this Deed Rider which the Owner agrees to execute, to
secure execution by the Ineligible Purchaser and to record with the Deed; and further provided
if more than one Ineligible Purchaser is ready, willing and able to purchase the Property the
Owner will give preference and enter a purchase and sale agreement with any individuals or
households identified by the Monitoring Agent as an Appropriate Size Household earning more
than eighty percent (80%) but less than one hundred twenty percent (120%) of the Area "an
Income.
(e) The priority for exercising the options to purchase contained in this 4 all be
as follows: (i) an Eligible Purchaser located and selected by the Monitoring Ale rovided
in subsection (b) above, (ii) the Municipality or its designee, as provided ' tion (c) above,
and (iii) an Ineligible Purchaser, as provided in subsection (d) above.
(f) Nothing in this Deed Rider or the Regulatory Agreement itutes a promise,
commitment or guarantee by DHCD, MassHousing, the Munici Monitoring Agent
that upon resale the Owner shall actually receive the Maximu Re Price for the Property or
any other price for the Property.
(g) The holder of a mortgage on the Property " o igated to forbear from exercising
the rights and remedies under its mortgage, at law o ity, after delivery of the Conveyance.
Notice.
5. Delivery of Deed. (a) In n with any conveyance pursuant to an option to
purchase as set forth in Section 4 abov perly shall be conveyed by the Owner to the
selected purchaser by a good ands i ' quitclaim deed conveying a good and clear record
and marketable title to the Pro'
orn all encumbrances except (i) such taxes for the then
current year as are not due and on the date of delivery of the deed, (ii) any lien for
municipal betterments asses a date of the Conveyance Notice, (iii) provisions of local
building and zoning law easements, restrictions, covenants and agreements of record
specified in tje dead er to the selected purchaser, (v) such additional easements,
restrictions, enan agreements of record as the selected purchaser consents to, such
consent not to re nably withheld or delayed, (vi) the Regulatory Agreement, and (vii),
except as oth a rovided in the Compliance Certificate, a Deed Rider identical in form and
substance i eed Rider which the Owner hereby agrees to execute, to secure execution by
the sel d p baser, and to record with the deed. -aid-deedhall clearly state that t
ma#e b ct to the Deed Rider which is made part of the deed. Failure to comply with the
in sentence shall not affect the validity of the conveyance from the Owner to the selected
purchaser or the enforceability of the restrictions herein.
(b) Said deed, including the approved Deed Rider, shall be delivered and the purchase
price paid (the "Closing") at the Registry, or at the option of the selected purchaser, exercised by
written notice to the Owner at least five (5) days prior to the delivery of the deed, at such other
place as the selected purchaser may designate in said notice. The Closing shall occur at such
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Bk 36039 Pg234 #41681
EXHIBIT A
time and on such date as shall be specified in a written notice from the selected purchaser to the
Owner, 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 Section 4(a) above.
(c) To enable Owner to make conveyance as herein provided, Owner may, if Owner so
desires 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 b
recorded simultaneously with the delivery of said deed. Nothing contained herein as to e
Owner's obligation to remove defects in title or to make conveyance or to deliver ses f
the Property in accordance with the terns hereof, as to use of proceeds to clear ti as o the
election of the selected purchaser to take title, nor anything else in this Deed 'd t be
deemed to waive, impair or otherwise affect the priority of the rights here' I
tters
appearing of record, or occurring, at any time after the recording of this d er, all such
matters so appearing or occurring being subject and subordinate in all even the rights herein.
(d) Water and sewer charges and taxes for the then curre4
shall be
apportioned and fuel value shall be adjusted as of the date of C osi d he net amount thereof
shall be added to or deducted from, as the case may be, th ase price payable by the
selected purchaser.
(e) Full possession of the Property free from I pants is to be delivered at the time of
the Closing, the Property to be then in the same ndi as it is in on the date of the execution
of the purchase and sale agreement, reasonable and tear only excepted.
(f) If Owner shall be unaPe't�tAr to make conveyance as above required, or if
any change of condition in the Peluded in the above exception shall occur, then
Owner shall be given a reasonabto exceed thirty (30) days after the date on which the
Closing was to have occurred iemove any defect in title or to restore the Property to
the condition herein requirhall use best efforts to remove any such defects in the
title, whether voluntary o tary, and to restore the Property to the extent permitted by
insurance proceeds or de ation award. The Closing shall occur fifteen (15) days after
notice by Owner that uc efect has been cured or that the Property has been so restored. The
selected purchas ha ave the election, at either the original or any extended time for
performance, to pt such title as the Owner can deliver to the Property in its then condition
and to pay a purchase price without deduction, in which case the Owner shall convey
such titl ex that in the event of such conveyance in accordance with the provisions of this
cl e, ft Property shall have been damaged by fire or casualty insured against or if a portion
arty shall have been taken by a public authority, then the Owner shall, unless the
Owne has previously restored the Property to its former condition, either:
(A) pay over or assign to the selected purchaser, on delivery of the deed, all
amounts recovered or recoverable on account of such insurance or condemnation
award less any amounts reasonably expended by the Owner for any partial
restoration, or
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Bk 36039 Pg235 #41681
EXHIBIT A
(13) 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
selected purchaser 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 Owner for any partial restoration.
6. Resale and Transfer Restrictions. (a) Except as otherwise provoth
Property or any interest therein shall not at any time be sold by the Owner, orsuccessors and assigns, and no attempted sale shall be valid, unless the aggreconsideration and payments of every kind given or paid by the selected porchrt}
for and in connection with the transfer of such Property, is equal to or less Resale Price for the Property, and unless a certificate (the "Com liance ificte) is obtained
and recorded, signed and acknowledged by the Monitoring Agent whit Co lance Certificate
refers to the Property, the Owner, the selected purchaser thereof, and aximum Resale Price
therefor, and states that the proposed conveyance, sale or transfe perty to the selected
purchaser is in compliance with the rights, restrictions, coven is grements contained in
this Deed Rider, and unless there is also recorded a new er executed by the selected
purchaser, which new Deed Rider is identical in form an to a to this Deed Rider.
(b) The Owner, any good faith pure
a security interest in such Property and any
Certificate as conclusive evidence that the I
to the selected purchaser is in complian
contained in this Deed Rider, and may
conveyance of the Property. t
of tierty, any lender or other party taking
kir rty may rely upon a Compliance
onveyance, sale or transfer of the Property
ie rights, restrictions, covenants and agreements
.h Compliance Certificate in connection with the
(c) Within ten (10) day closing of the conveyance of the Property from the
Owner to the selected pa wrier shall deliver to the Monitoring Agent a copy of the
Deed of the Property, inure a deed rider, together with recording information. Failure of
the Owner, or Owner' sors or assigns to comply with the preceding sentence shall not
affect the -validity of c1conveyance or the enforceability of the restrictions herein.
7. al of Restrictions Upon Exercise of Remedies b Morta ees. (a) The
holder of r any mortgage on the Property (each, a "Mortgagee") shall notify the
Monito ' A t, the Municipality and any senior Mortgagee(s) in the event of any default for
w ' e ortgagee intends to commence foreclosure proceedings or similar remedial action
n its mortgage (the "Foreclosure Notice"), which notice shall be sent to the Monitoring
Agent nd the Municipality as set forth in this Deed Rider, and to the senior Mortgagee(s) as set
forth in such senior Mortgagee's mortgage, not less than one hundred twenty (120) days prior to
the foreclosure sale or the acceptance of a deed in lieu of foreclosure. The Owner expressly
agrees to the delivery of the Foreclosure Notice and any other communications and disclosures
made by the Mortgagee pursuant to this Deed Rider.
:7
Bk 36039 Pg236 #41681
EXHIBIT
(b) The Owner grants to the Municipality or its designee the right and option to purchase
the Property upon receipt by the Municipality of the Foreclosure Notice. In the event that the
Municipality intends to exercise its option, the Municipality or its designee shall purchase the
Property within one hundred twenty (120) days of receipt of such notice, at a price equal to the
greater of (i) the sum of the outstanding principal balance of the note secured by such foreclosing
Mortgagee's mortgage, together with the outstanding principal balance(s) of any note(s) secured
by mortgage(s) senior in priority to such mortgage (but in no event shall the aggree
thereof be greater than one hundred percent (100%) of the Maximum Resale Price t
the time of the granting of the mortgage) plus all future advances, accrued interestreasonable costs and expenses which the foreclosing Mortgagee and any seniorre
entitled to recover pursuant to the terms of such mortgages (the "Mortgage S 's n
Amount', and (ii) the Maximum Resale Price (which for this purpose ma than the
purchase price paid for the Property by the Owner)(the greater of (i) and Vab a herein
referred to as the "A licable Foreclosure Price'l. The Property shall b conveyed in its
then -current "as is, where is" condition, without representation or w of any kind, direct or
indirect, express or implied, and with the benefit of and subject 0,rights of way,
restrictions, easements, covenants, liens, improvements, housi cCift
tions, public
assessments, any and all unpaid federal or state taxes (sub' y rights of redemption for
unpaid federal taxes), municipal liens and any other enc c of record then in force and
applicable to the Property having priority over such f s g Mortgagee's mortgage, and
further subject to a Deed Rider identical in form and ub ce to this Deed Rider which the
Owner hereby agrees to execute, to secure exec ' n b e Municipality or its designee, and to
record with the deed, except that (i) during f ownership of the Property by the
Municipality or its designee the owner-o requirements of Section 2 hereof shall not
apply (unless the designee is an Eligibl er), and (ii) the Maximum Resale Price shall be
recalculated based on the price pai o roperty by the Municipality or its designee, but not
greater than the Applicable Force ice. Said deed shall clearly state that it is made
subject to the Deed Rider whic ade nart of the deed. Failure to comply with the
preceding sentence shall nowVO&validity of the conveyance from the Owner to the
Municipality or its desiggq,,Xt1Te enforceability of the restrictions herein.
(c) Not earlieiWone hundred twenty (120) days following the delivery of the
ForeclosureNot' to M Monitoring Agent, the Municipality and any senior Mortgagee(s)
pursuant to s n (a) above, the foreclosing Mortgagee may conduct the foreclosure sale or
accept a d in ieu of foreclosure. The Property shall be sold and conveyed in its then -current
"as is, where ► condition, without representation or warranty of any kind, direct or indirect,
e s r plied, and with the benefit of and subject to all rights, rights of way, restrictions,
en , covenants, liens, improvements, housing code violations, public assessments, any and
all un id federal or state taxes (subject to any rights of redemption for unpaid federal taxes),
municipal liens and any other encumbrances of record then in force and applicable to the
Property having priority over the foreclosing Mortgagee's mortgage, and further subject to a
Deed Rider, as set forth below.
U#
Bk 36039 Pg237 #41681
EXHIBIT A
(d) In the event that the foreclosing Mortgagee conducts a foreclosure sale or other
proceeding enforcing its rights under its mortgage and the Property is sold for a price in excess
of the greater of the Maximum Resale Price and the Mortgage Satisfaction Amount, such excess
shall be paid to the Municipality for its Affordable Housing Fund after (i) a final judicial
determination, or (ii) a written agreement of all parties who, as of such date hold (or have been
duly authorized to act for other parties who hold) a record interest in the Property, that the
Municipality is entitled to such excess. The legal costs of obtaining any such judicial
determination or agreement shall be deducted from the excess prior to payment to the
Municipality. To the extent that the Owner possesses any interest in any amount w w
otherwise be payable to the Municipality under this paragraph, to the fullest exte ible
by law, the Owner hereby assigns its interest in such amount to the Mortgage o ment to the
Municipality. ®�
(e) If any Mortgagee shall acquire the Property by reason of forqploslWor upon
conveyance of the Property in lieu of foreclosure, then the rights and 'ctions contained
herein shall apply to such Mortgagee upon such acquisition of thh^erl and to any purchaser
of the Property from such Mortgagee, and the Property shall b con ed subject to a Deed
Rider identical in form and substance to this Deed Rider, a Mortgagee that has so
acquired the Property agrees to annex to the deed and to th the deed, except that (i)
during the term of ownership of the Property by such ee
y the owner -occupancy
requirements of Section 2 hereof shall not applan ii a Maximum Resale Price shall be
recalculated based on the price paid for the Pro b uch Mortgagee at the foreclosure sale,
but not greater than the Applicable Foreclosu Said deed shall clearly state that it is
made subject to the Deed Rider whichx1a part of the de d. Failure to comply with the
preceding sentence shall not affect the f the conveyance to the Mortgagee or the
enforceability of the restrictions het4t6N�r
�f
(f) If any party other rtgagee shall acquire the Property by reason of foreclosure
or upon conveyance of the a lieu of foreclosure, the Property shall be conveyed subject
to a Deed Rider identica ' and substance to this Deed Rider, which the foreclosing
Mortgagee agrees to t e deed and to record with the deed, except that (i) if the
purchaser at such fo to ure sale or assignee of a deed in lieu of foreclosure is an Ineligible
Purchaser, then OuVpg a term of ownership of the Property by such Ineligible Purchaser, the
owner-occ p uirements of Section 2 hereof shall not apply, and (ii) the Maximum Resale
Price shall culated based on the price paid for the Property by such third party purchaser
at the flos sale, but not greater than the Applicable Foreclosure Price. Said deed shall
llillt comply with the preceding sentence shall not affect the validity of the conveyance to
such Ord party purchaser or the enforceability of the restrictions herein.
(g) Upon satisfaction of the requirements contained in this Section 7, the Monitoring
Agent shall issue a Compliance Certificate to the foreclosing Mortgagee which, upon recording
in the Registry, may be relied upon as provided in Section 6(b) hereof as conclusive evidence
11
Bk 36039 Pg238 #41681
EXHIBIT A
that the conveyance of the Property pursuant to this Section 7 is in compliance with the rights,
restrictions, covenants and agreements contained in this Deed Rider.
(h) The Owner understands and agrees that nothing in this Deed Rider or the Regulatory
Agreement (i) in any way constitutes a promise or guarantee by MassHousing, DHCD, the
Municipality or the Monitoring Agent that the Mortgagee shall actually receive the Mortgage
Satisfaction Amount, the Maximum Resale Price for the Property or any other price for
Property, or (ii) impairs the rights and remedies of the Mortgagee in the event of a defi nc
(i) If a Foreclosure Notice is delivered after the delivery of a Conveyan .ce
provided in Section 4(a) hereof, the procedures set forth in this Section 7 shal u e e Vthe
provisions of Section 4 hereof.
8. Covenants to Run With the Property. (a) This Deed Rid , in ding all
restrictions, rights and covenants contained herein, is an affordable h g restriction as that
term is defined in Section 31 of Chapter 184 of the Massachuse a ra Laws, having the
benefit of Section 32 of such Chapter 184, and is enforceable as su is Deed Rider has been
approved by the Director of DHCD.
(b) In confirmation thereof the Grantor and th intend, declare and covenant (i)
that this Deed Rider, including all restrictions, rights n venants contained herein, shall be
and are covenants running with the land, encu ing a Property for the Term, and are binding
upon the Owner and the Owner's successors ' tl d assigns, (ii) are not merely personal
covenants of the Owner, and (iii) shall e e benefit of and be enforceable by the
Municipality, the Monitoring Agent an and their successors and assigns, for the Term.
Owner hereby agrees that any and ments of the laws of the Commonwealth of
Massachusetts have been satisfie for the provisions of this Deed Rider to constitute
restrictions and covenants the land and that any requirements of privity of estate
have been satisfied in full.
9. Notice. aUces, demands or requests that may be given under this Deed
Rider shall be sufficigN. IkeRved if given in writing and delivered by hand or mailed by certified
or registered mail, pol4LA prepaid, return receipt requested, to the following entities and parties
in interest at th esses set forth below, or such other addresses as may be specified by any
party (or i r) by such notice.
Grantor:
Owner:
12
EXHIBIT A
Monitoring _A eg_ntfsl
(1) Director, Local Initiative Program
DHCD
100 Cambridge Street
Suite 300
Boston, MA 02114
(2)
Others:
Bk 36039 Pg239 #41681
.\\A IV -
Any such notice, demand or request shall bed Save been given on the day it is hand
delivered or mailed. �
10. Further Assurances.
required by the Monitoring Agent,
written statement, signed and, if r&
occupancy of the Property, info
information pertaining to the
Comprehensive Permit, Pr
The VkWgrees from time to time, as may be reasonably
D e Monitoring Agent upon its request with a
acknowledged, setting forth the condition and
oncerning the resale of the Property and other material
and the Owner's conformance with the requirements of the
rogram Guidelines, as applicable.
11. Enforce nt. (a) The rights hereby granted shall include the right of the
Municipality and theObtain
ring Agent to enforce this Deed Rider independently by appropriate
legal proceedin d injunctive and other appropriate relief on account of any
violations inclu ' ithout limitation relief requiring restoration of the Property to the
condition, o l ity or occupancy which existed prior to the violation impacting such
conditio a ability or occupancy (it being agreed that there shall be no adequate remedy at
XI
Mailable
violation), and shall be in addition to, and not in limitation of, any other rights and
to the Municipality and the Monitoring Agent.
r
(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 and Monitoring Agent shall be entitled to the following remedies, which shall be
cumulative and not mutually exclusive:
13
Bk 36039 Pg240 #41681
EXHIBIT A
(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 to an Ineligible Purchaser except
as permitted herein, the Monitoring Agent and the Municipality shall have e
option to locate an Eligible Purchaser to purchase or itself purchase the ope
from the Ineligible Purchaser on the terms and conditions provided n,
purchase price shall be a price which complies with the provisio o is eed
Rider; specific performance of the requirement that an Ineligib P r shall
sell, as herein provided, may be judicially ordered.
(iv) the right to void any contract for sale or any sale, co ce or other
transfer of the Property in violation of the provisions 9 t s Deed Rider in the
absence of a Compliance Certificate, by an actio to enforce this Deed
Rider, and
(v) money damages for the cost of crea btaining a comparable
dwelling unit for an Eligible Purchaser. 4
"\
(c) In addition to the foregoing, the Owner h agrees and shall be obligated to pay
all fees and expenses (including legal fees) of tiNionitoring Agent and/or the Municipality in
the event successful enforcement action is cost the Owner or Owner's successors or
assigns. The Owner hereby grants to the ing Agent and the Municipality a lien on the
Property, junior to the lien of any instiOolder of a first mortgage on the Property, to
secure payment of such fees and ex any successful enforcement action. The Monitoring
Agent and the Municipality shal 'led to seek recovery of fees and expenses incurred in a
successful enforcement action eed hider against the Owner and to assert such a lien on
the Property to secure pay n Owner of such fees and expenses. Notwithstanding
anything herein to the in the event that the Monitoring Agent and/or Municipality fails
to enforce this Deed provided in this Section, DHCD, if it is not named as Monitoring
Agent, shall have the-13 rights and standing to enforce this Deed Rider as the Municipality
and Monitoringept.
(d) er for himself, herself or themselves and his, her or their successors and
assi s eb grants to the Monitoring Agent and the Municipality the right to take all actions
w' to the Property which the Monitoring Agent or Municipality may determine to be
ne ry or appropriate pursuant to applicable law, court order, or the consent of the Owner to
preven remedy or abate any violation of this Deed Rider.
12. Monitoring Agent Services,• Fees. The Monitoring Agent shall monitor
compliance of the Project and enforce the requirements of this Deed Rider. As partial
compensation for providing these services, a Resale Fee [4] shall [ ] shall not be payable to the
Monitoring Agent on the sale of the Property to an Eligible Purchaser or any other purchaser in
14
Bk 36039 Pg241 #41681
EXHIBIT A
accordance with the terms of this Deed Rider. This fee, if imposed, shall be paid by the Owner
herein as a closing cost at the time of Closing, and payment of the fee to the Monitoring Agent
shall be a condition to delivery and recording of its certificate, failing which the Monitoring
Agent shall have a claim against the new purchaser, his, her or their successors or assigns, for
which the Monitoring Agent may bring an action and may seek an attachment against the
Property.
13. Actions by Municipality. Any action required or allowed to be taken
Municipality hereunder shall be taken by the Municipality's Chief Executive Office]
14. Severability. If any provisions hereof or the application thereo to n or
circumstance are judicially determined, to any extent, to be invalid or une le, he
remainder hereof, or the application of such provision to the persons or c' um s other than
those as to which it is held invalid or unenforceable, shall not be affect th
15. Independent Counsel. THE OWNER ACKNO THAT HE, SHE, OR
THEY HAVE READ THIS DOCUMENT IN ITS ENTIRETY HAD THE
OPPORTUNITY TO CONSULT LEGAL AND FINANC ORS OF HIS, HER OR
THEIR CHOOSING REGARDING THE EXECUTION, RY AND PERFORMANCE
OF THE OBLIGATIONS HEREUNDER.
16. Binding Agreement. This Deed ide I bind and inure to the benefit of the
persons, entities and parties named herein and successors or assigns as are permitted by
this Deed Rider.
17. Amendment. This Dee may not be rescinded, modified or amended, in
whole or in part, without the writte t of the Monitoring Agent, the Municipality and the
holder of any mortgage or other instrument encumbering all or any portion of the
Property, which written conse recorded with the Registry.
Executed as a sealed insert this day of , 200_.
Grantor: l 3 Owner:
15
Bk 36039 Pg242 #41681
EXHIBIT
COMMONWEALTH OF MASSACHUSETTS
County, ss.
On this day of , 200__, before me, the undersigned notary public,
personally appeared , the eact
in its capacity as the of
to me through satisfactory evidence of identification, which was [a current driver
current U.S. passport] [my personal knowledge], to be the person whose name is
preceding instrument and acknowledged the foregoing instrument to be his oredeed and the free act and deed of as
vwA,
Notary Public
My commiss ires:
COMMONWEAL SSACHUSETTS
County, ss.
11016
On this day of
personally appeared
in i
to me through satisfacto
current U.S. passportwuwrsor
preceding instrumeenVandeed
no,%
deed and the freemact of
200_, before me, the undersigned notary public,
the of
ras:the of proved
of identification, which was [a current driver's license] [a
knowledge], to be the person whose name is signed on the
aged the foregoing instrument to be his or her free act and
as of
Notary Public
My commission expires:
16
BARNSTABLE REGISTRY OF DEEDS
John F. Meade, Register
Bk 36039 Pg243 #41681
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BARNSTABLE REGISTRY OF DEEDS
- -John F. Meade, Register