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HomeMy WebLinkAboutDeed Rider for New England Fund - Legal Document - 0000 Meetinghouse Road 7/11/2005 1 BK 9653 PG 319 f Xk11HlT B DEED RIDER For tFUL1313 New Eng)and Fund i Ownership Project (annexed to attd made pant of that certain deed(the"Deexl") From MWWAM= -m ins :1, ("Grantor') TO Dated 2(X) WnWE,SSR`l'1 , W EREAS,a compre110wive permit fir land in the City/Town o£k[odh AudQw, Mamachusetts has been granted by the`Gown of North Andover,by and thmugh its Ong Board of Appals(thee"Municipality")under Chapter 40D of M.(J.jL,fi)t the puaposc f constructing N residential units(the-project")cornpriOf sed of at tbarket rati, 66 unite to be sold try the Grantor units to be sold to households with low and moderato in( es in aexordanec with the terms and provision of'be Regulatory Agreement by and between Meotinghouse COmrnon%LL.G(the"Devclolree)and 5 rnX ant nk-A o r _yt; t3 nk the"Bank"),as p nl`the New gland Fund Program the"R - AMt t' Agreement is slated ne ( "Regulatory 118reeme�t"}which Regulatory ,�� and is recorded/riled with the FAsex North District Registry of Deeds(the"Registry")in Boolt `,at Page . WHEREAS,the rights and restrictions granted in this Rider to the Municipality serve the public's interest in the cr dota anti retention of afrordsble housing for peesons and families of low and moderate income and in the restricting the resale prim of property in order to assures its affordability by future low and moderate income purchasers; WTLEREA.S,pursuant to the Regulatory Agreement,eligible purchascrs such as the Grantee are given the opportunity to purchase certain property ttt an affordable is ice if the Purchaser agrees to convey the property on resale to an eligible Purchaser located by the Municipality or,to the Municipality,for a"Maximmn Resale Price"as specified in this Rider and in the,Regulatory Agreement; WHF,RF,AS,the Grantor and the Grantee are participating in the NEF Program,and in acc*.ordanm with the NRF Pmgrarn the Grantor is-conveying that cermin real property more pa6rticulatly described in the Deed to which this Deed Rider is attached("Prnpeerty')to the Citsntee at a comideration which is 1e,5s than the:appraised value of the Property,and 13 i BK 9653 PG 320 WMREAg,the Muximnm Resale Price shall be determined as that price which is i aMAble to an eligible purchaser whose income does not exceed the Base lnoome as described in the Regulatory Agreement, NOW THEREFORE,as further cMideration from the Grantee to the Grantor and the Munic'lpality for the conveyance of the Property at an Off dab ie price In accvrdarttae with the Regulatory Agreement,the Gmtec,his/her firs,sueeessors and assigos,a$rm that the j Property shall be subject to the following rights and restrictions which are imposed for the j benefit of and shall be enforceable by,the Onntor's assignees and designees,or the Monitoring Agent,or the Municipality,acting by and through its zoning board of appear. f t o,f.First,Refusal. (a) When tlyc Grantee or any successor in title to the Grantee shall desire to sell,dispose of or otherwise convey the Property,or any portion ihereof, the Grantee shall first notify the Monitoring Agent and subsequently the Municipality in writing of the Grantee's intention to so convey the Piuperty(the"Notice"), The NvtiCC Shall set forth the Maximum Resale Price of the Property and shall advise the Mgtricip a€ity of a ninety(cIQ)ally aright of first refusal in favor of the Municipality. The Maximum Resale Price is equal to the amount which Is affordable to an eligible purchaser whose income does not exceed the fuse Income as defined in the Regulatory Agreement, Within sixty(60)days of the giving of the Notice by the Grantee,the Municipality shall notify the Grantee in writing as to whether the Municipality is proceeding to locate an eligible purchaser of the Property or the Municipality shall exercise its right of first refusal to purchase the Property(the"Municipality's Notit;e"). For the purpow of the Deed Rider,an "eligible purchaser"shall mean a purchaseir whose household income does not exceed the Base Income as defined in the Regulatory Agreement, located by the Municipality,is ready and williastg to purchase the Propertwithin ninety(90)days; after tie Grantee gives the Notice. (b) In the event that(i)the Municipality's Notice states that the Municipality does not intend to proceed to locate an eligilft purchaser and that the Municipality does not intend to exerdi.5e its right of first refusal to purchase the Proport�►,or the Mecipality fails to give the Municipality's Notice within sixty(60)days,the Granter:trust use diligoat ctforts to fold an eligible purchaser within a one hundred twenty(120)day period from the elate the Property is put on the market,as determined by the date of the first advertisement For sale as;set forth blow. 'Me term"diligent e#forta"shall mean(A)the placement of an advertisement in the real estate section of at least one(1)newspaper of gene circulation for a period of three(3) consecutive weep which sets forth a customary description of the unit for sale,a single pries Which in not in excess of the Maximum Resale Price,Grantee's telephone number,and the phrase: "Sale of unit.vubject to certain guidelines and restrictions with rg peel to the matntenance and retention qfqffordable hoasing for haresehaldf of row and moderate income," and(H)the receipt of satisfactory evidence that the new purchaser qualities as an eligible Purchaser. It the Grantee is unable to locate an eligible purchaser within une hundred twenty t;12A)days from file data the Property is put on The market,the Grantee may convey tho Ptoparty to arty third party,regardless of incnrnc,who may or may not qualify as an eligible purchaser (`'Ineligible Purchase ),at an amount that does not exc:et�d the Maximum.Resale Price. Upon request of the unit owner or grantee;,the Municipality,acting by and through its Zoning Board of Appeals or its designee,shall issue to the unit owner or a third party a certif'ic�ate in recordable form(tire"C`ompliaatoe Certificate")statiag that the Municipality has elected not to exercise its 14 i BK 9653 PG 321 right of first areNsal hereundor. This Compliance Certificate may be recorded in the appropriate f Registry of Deeds or registered with the appropriate Registry District of the Land Court and such Compliance Certificate may be relied upon by the there owner of the Property and by third parties. The Property sold to an Ineligible Purchaser shall be subject to the continuing obligations and restrictions contained in this deed rider,so that when the Property is resold by the ineligible Pure6ser,the sale procedure outlined above must bo Followed by the selling Ineligible Purchaser,with the right of first refusal stated above still existing and the restriction of the,side being to an eligible purchaser. The deed to the ineligible Purchaser shall clearly state that the Property 1%being conveyed subject to this deed rider. (c) In the event the Municipality,within said sixty(60)day period,notifies tho Grantee that the Municipality is proceeding to locate an eligible purchaser or that the Municipality shall nxerciae the Municipality's right of first refusal to purchase the Property(the "Municipality's Notice"),the Municipality may locate an eligible purchaser,who shall purchase the Property at a price not in excess of the Maxi murn Resale Price subject to a Deed Rider, within nutty(90)daps of the date that the Notice is given or stick further time as reasonably requested to arrango for details of the closing,or the Municipality may purchase the property itself at a price not in excess of the Maximum Resale Price within ninety(90)days of the date that the Notice is given or such further time as reasonably requested to arrange for details of the closing,provided that the:Municipality has titnely provided the Municipality's Notice. if more; than one(1)eligible purchaser is located by the Municipality,the Municipality:shall conduct a lottery or other like procedure to detennine which eligible purchaser shall be entitled to the conveyance of the Property. (d) If a#R eligible purchaser is selected to purchm the Property,or if the Municipatity elects to purchase the Property, the Property shall be waveyed by the:Grantee to such eligible purchaser or to the Municipality 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 arc not due and payable on the date of delivery of the deed,01)any lien for municipal bettorments assessed after the date of the Notice,(iii)provisions of local building and zoning laws,(iv)all easements,restrictions, covenants and agreements of remrd specified in the Dced from the Grantor to Grantee,(v)the Regulatory Agxeernent which cannot be amended without the consent of the Monitoring Agent and Zoning Board of Appeals,(vi)such additional aasernonts,rc.4trictiotes,covenants and agreements of record as the Municipality and the Monitoring Agent consent to,such consent not to be unreasonably withheld or delayed, and(vii)in the event that the Property is conveyed to an eligible purchaser,a need Rider satisfactory in form and substance to the Monitoring Agent which the Grantee agrees to annex to weld deed. (e) Said dWd shall be deliverod and the purchase price paid(the"Closing")at the Registry,or at the option of the eligible purchawr(or the Municipality,as the case may be, if the Municipality is purchasing the Property),exercised by written notice to the Grantee at laagt five(s)days prior to the delivery of the deed,at such other place as the eligible purchaser(or the Municipality,as tho case may be, if the Municipality is purchasing the Property),may designate in said notice. The Closing shall o=r at mach tune and on such date as shall be specified in a written notice from the elit,lble purchaser(or the Munloipality,as the case neay Ix-,if the Municipality is purchasingop the Property)to the Grantee, which date shall be at least five( )d ay; 1S 1 B 3 PG 322 after the date on which Wh notice is given,and if the eligible purchamr is a purchaser located i by the Municipality,or.it'the Municipality is purchasing the Property no later than the end of the HMO period specified in subsection(a)above. (f) To enable Grantee to make odnveyance as provided in this Deed Rider, Grantee may if he/she 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 enctubbrauocs or interests;all imtrurnents so procured to be recorded simultaneously with the delivery of said deed, (g) Water and sewer charps and traces fOr the them current tax period shall'be apportioned and fuel value and any common areas charges or ttssociatiou fees,if any,shall be adjusted as of tho 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, (h) Ftll pOsseMion of the Property free from all ompsnts is to be delivered at the tune of the Closing, the Property to be then in the same condition as it is in on the date of the Grantee's Notice,reasonable wear and tear only excepted. (i) If Grantee shall be unable to give title of to make conveyance as above stipulated,or if any change of condition in the Property not Included in the above exception shall occur,then the Closing shall be extended for up to thirty(30)days and Grantee shall remove any defect in title or restore the Property to the condition required by this Deed Rider. 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 eligible purchaser(or the Municipality,as the case may be,if the Municipality is purchasing the Property)shall have the election,at either the original or any extended time for perf 0rMM e, to accept such title as the Grantee can deliver to the Property in its then condition and to pay therefore 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 Proferty shall have been taken by a public authority,thou the Grantee shall,unless the Grantee has greviouNly restored the Property to its former condition, either: (i) pay ever or assign to the eligible purchaser or the Munici*ty,as the case may be,can delivery of file deed,aft arnomnis recovered or recoverable on account of such insurance or condemnation award less arty amounts reasonably expended by the Grantee for the partial restoration,or (ii) if a holder of a mortgage on the Property shall.not permit the insurance procXeds 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,as the case may lrc,a credit against the purchase Prim,on delivery of the deed,equal to said amounts so retained by the holder of the said mortgage-less any aluounts reasonably expended by the Grantee for any partial restoration. 16 i 9653 P6 323 0) If the Municipality fails to locate an eligible purchaser who purchases the Property within ninety(90)days(with any requested additional time for closing details as Provided in sut3section(a)above)after the Notice is given,and the Municipality does not purchase the Property during said period,the Grantee may convey the Property to any third party,regardless of income,who may or may not qualify as an eligible perrchasor("ineligible Purchaser"),at an amowit that does not excood the Maximum Resale Price. Upon request of the unit owner or grantee,the Municipality,acting by and through its Zoning Board of Appeals or its designee,shall issue to the unit owner or a third party a certificate in recordable farm(the "Compliance Certificate")stadrig that the Muidelpality has elected not to exercise its right of first refusal.Hereunder, This Compliance Certificate may be recorded its the appropriate Registry of Deeds or registered with the appropriate Registry District of the Land Court and such Compliance C'ertif[Cate may be relied upon by the then owner of the Property and by third parties. The Property sold to an Ineligible Purchaser er shall be subject to the continuing obligatiom4 and restrictions contained in this deed rider,so that when the Property is resold by the Ineligible Purchaser,the sale procedure outlined above most be followed by hire selling lncligibte Pur&aser,with the right of first,refusal stated above still existing and the restriction of the We being to an eligible purchaser. The deed to the Ineligible Purchaser shall clearly state that the Property is being oonveyed subject to this deed rider. Moreover,upon the death of the owner of an Affordable Unit who is as Ineligible Purchaser, the Monitoring Agent(with the consent of the Zoning Board of Appeals)shall determine whether said Affordable Unit must be conveyed or transferred,consistent with current DHCD policy and practice,and;if such conveyance at transfer is required,then it shall be occur only if it is in compliance with applicable fair housing laws and other applicable lawn. 2, Ruale ADAr• §L_r trr tia ., Except as otherwise stated I"this Agreement, the Property or any h t m,%t therein,sW(riot At Piny time be sold by the Cmmtec,the Grantne'st 5 u cxessors and assigns,and na attempted We sktall be valid,unilesa ouch side or conveyance complies with the fallowing requirements: (a) the aggregate value of all consideration and payments of every kin d givers or paid by the eligible purchaser(as located and defined in aWo rclance with Section I above)or the Municipality,as the case nmy be,to this then owner of the Property for and in connection with the transfer of such Property,prior to customary dosing adjustments for fuel,taxes,or I imilar items,shall not be in excess of the Maximum Resale Prico for the Property. if the Property is conveyed to an eligible purchaser,a certificate(the"Eligible Prcrchnser CGrtifleavc'� shall be obtained and recorded,signed and acknowledged by the Monitoring Agent which Eligibl$[uMbaser C,ortificate Rhsdl refer to the Property,the Grantee,the eligible purchaser thereof and the Maximum Resale price therefore, and:Mate that the proposed conveyance,salt or transfer of the Property to the eligible purchaser is in compliance with the Deed Rider and the Regulatory Agreement, There also shun be mWrded a new Deed Rider executed by the eligible purchaser.The Eligible Purchaser Certificate small certify that the now Deed Rider is satisfactory in form and substance to the Monitoring Agent. If the Property is conveyed to the Municipality, a Certificate(the"Municipality Purchaser Certificate")shall be obtained front the Monitoring Agent and signed and acknowledged by the Municipality and the Monitoring Agent and recorded with the Registry of Deeds,which Municipal Purchaser Cdrtiticate shall retbr to the Property,the Grantee,the Municipality,the Maximuin Resale Priers and state that the proposed conveyance, i i BK 9653 P6 324 salu Or t€=15tr Of the Property to the Municipality is in complianoe with the fights,restric iarta, cwvenants and aVreernertts contained in this Deed hider. There also shBR bo recorded a new Deed Rider which Used Rider shall be satisfactory in form and substance to the Monitoring Agent. if the Property is conveyed to a[bud party in ac cordanoe with Section 1,the ManiEori Agent shall execute and deliver an UVeplarwe of the Compliance Certificate in acoordame with Section 1;or, i (b) pursuant to gect'Ons l(b)or 16),the Municipality,atiing by and through its pains Board of Appeals or its designee,executes and delivers a Compliance Certificate as described in Section 10)ar Section 10)for recording with the appropriate registry of deeds or registry district. (c) Any Vod faith purchaser of the Property,any lender or other party taking a security interest in such Property and any other third party way rely upon a t'ompiianc'e Certificate or an Eligible Purchaser Certificate or a Municipal Purchaser certifCate referring to the Property as c Onclsive evidence of the matters stated ah crein and may rowed such Certificate in connection with conveyance of the Pmperty,provided,in the case of an Eligible Purchaser Certificate and a Municipal Purchaser Certificate the consideration rr�cited in the deed or outer in.'itrument conveying the Property upon such resale sleall not be greater than the nnardmum . permitted prig stated in the F-ligible Purchaser Certificate or the Municipal Purchmer Certificate as the case may be. If the Property is conveyed to the Municipality,any future,sale of the Property by€lee Municipality shalt be sub}ect to the Regulatory Agreement and the Deed from the Municipality shall contain a Deed Rider in form and substance satisfactory tQ the MQnit fin ag Agent together with an Eligible Purchaser Certificate from tiro Monitoring Ag�ant. (d) Within ten(10)days of the closing of the:conveyance of the Property from Grantor to Grantet,the Grantee shall deliver to the Monitoring Agent and to the Muwlch all a true and certified IS eel on tY of the deed COPY ft o the �PertY,together with enforrnatitrn as to the placac of recording thereof in the public records. Failure of the Grantee,or fsrantce,,y successors or assigns to comply with th:.preceding sentence shall not affect the validity of such conveyance, (e) Notwithstanding anything to the contrary.conUdned in this Deed Rider,the Maxinium Resale Pride shall not be less than the purchase pride paid by the Grantee which at the time of purchase complied with the requirements of the preceding deed rider and of the Regulatory Agreement aild which is recited In an Eligible Purchaser Certificate or a Municipal Purchaser Certificate or recorde4 filed with the Registry plu&the coats of approved capital improvements arid marketing expenae,%m determined by the Monitoring Agent, Gaanteo understands turd mesa that nrnhittg in this Dead Rldor or the Regulatory Agreement in any way Constitutes a prontise or guarantee�, the lvlunii Monitoring Agent ar any Other person or entity that the Grantee shall aq.�ally receiv�thte, the Maximum Resale primfir the Property or arty Other price for tho Property, 3. R t U iqr loaacd,rcfnanced,on he Pra cuEttbered(voluntarily or otherwise)car rep d Wl,erty Shall not be consent of the Monitoring V9e throat the prior written Mort a 8 ant,provided,however, that this provision shall not apply to a#'trst B gage granted in connection with this conveyance far a principal amount less than the price $g i i BK 9653 PG 325 approved by the Monitoring Agent in the Eligible Purchaser CertWcztte,or the Municipal Purcbase Certificate. Any rents,profits,or proceeds from any transaction which has not received the prior written consent of the Monitoring Agent shall be paid to and be the property of the Municipality for deposit into a fund for affordable housing. In the;event that the Monitoring Agent,in the exercise Of its absolute discretion,consent`s to any such lease,refinancing, encumbrance or m;ortgags,it shall he a condition to such consent that all rents,profits or promeds from auah transaction which exceed the,carrying costs of the Property aS determined by the Monitoring Agent in its We discretion shall be paid to and be tho property of the Municipality for deposit into a fund for affordable housing. Notwithstanding the restrictions outlined in this paragraph,any Property purchased by the Municipality,under its Right of Forst Refusal,may be rented by the Municipality, at its discretion,so long as the income limits for the lessee household do not exceed the Base income as defined in the Regulatory Agreemont. Funch received by a Municipality under this paragraph shalt be deposited in an affordable houaiug fund to be expended by the Municipality for the purposes of encouraging,creating or subsidizing the construction or rehabilitation of affordable housing elsewhere in the Municipality. 4. RiAW ofMafg�es. (a) Notwithstanding anything in this Agreement and the Regulatory Agreement to the contrary,but subject to the next succeeding paragraph hereof,if the holder of record of a first mortgage granted to a state or national banlr,:state or federal savings wW loan association,cooperative bank,mortgage company,trust wtnpany,insuranoc company Or other institutional lender or its successors or assign(other than the Grantee or any person related to the Cn antee by blood,adoption,or marriage(any of the fon;go%ng,a ,Relat�sci Party")) smell acquire the Property by reason of foreclosure or similar remedial action under the ProvL"Ons of such mortgage or upon c aveyance of the Property in lieu of foreclosure,UL0Vjdgd that the holder of such mortgage has givers the Monitoring Agent and the Municipality,not loss than sixty(60)days prior writton notice of its intention to foreclose upon its mortgage or to accept a conveya=of the Property in lieu of.foreclosure, and nci amount secured by such mortgage did not oxmd one hundred permat ofthehMpaximum Resale Prue ralculatcd at the time of the granting of the mortgagr(the"I'errriitted Indebtedness"),then the rights and restrictions contained herein and in the Regulatory Agreement.shall not apply to such}colder upon such woluisition of the Property,any purchaser (other than an Interested Party)of the Property at a foreclosure sale conducted by such holder,or MY purChaRer(other than a Related Party)of the Property frnm such bolder,and such PropCrty shall thereupon and thoregfter be free from all snc:h rights and restrictions contained herein and in the Regulatory Agreement. no holder of Permitted Indebtedness is referred to herein as a (b) In the event such Permitted Mortgagee conducts a foreclosure or other praceeding enforoing its rights wader such mortgage and the Property is sold fora price in exocss of the greater of(i)the sum of the autstandiatg principal balarcoe of the note ser,-uEred by such mortgage ptu.q all future advances,accrued interest and all:masonable Mats and cxpeaases which the Permitted Mortgagee is entitled to recover pcsrsuant to the terms of the mortgage(the"Mnrt S Eis a Amount'),and(ii)the Maiximul°n Resale PricgUe e, smuh exe�ss shall be paid to the Municipality in consideration of the loss of the Property as affordable housing, if necess after a final jW!cdal clotermination that the Municipality is entitled to such excess,the costs ofryj such determination to be deducted from the excess prior to payment to the Municipality. To the extent the graatec paWsses any interest in any amount which would otherwise be payable to the 19 BK 9653 PG 326 Mmiicipatity under this paragraph,to the f ullegt extent permissible by law,the Grantee hereby i assigns its int�em9t in such amount to such holder for payment to the Municipality. In order to determine tltr Maximum Resale Price of the Property at the time of foreclosure or other proceeding,the Municipality shall consult with the Monitcrrietg Agent,and the Maximum Regale Price stall be equal to the price as determined by tho Monitoring Agent under the definitions set forth in Section !of this Rider. Funds mpelved by a MuniCipality under this paragraph shalt be deposited in an affordable housing fund to be expended by the Municipality for the purposes of Mccuraging,creating or subsidizing the construction or rehabilitation of affordable ltousirtg C19ewhere in the Municipality. (c) A Permitted Mortgagee shall notify the Monitoring Agent and the Municipality in the event of any default for which the Permitted Mortgagee intend$to commence for-eclosetre proceedings,which notice shall be sent to the Monitoring Agent and the Municipality al set forth in Section 6 of this Deed Rider. No failure to notify the Monitoring Agent and the Municipality Pwsuaat to the previous sentence shall impair the validity of the Foreclosure. (d) The Grantee grants to the Municipality the right and option to purchase the Property upon receipt by the Municipality of notice in any form(including notice by newspawr publication deemed to be received on the date of publication)of an impending foreclosure against the Property, In the event the Municipality intends to exercise its option,tho Municipalily shall purchm the Property at a price ec}uaI W the greater of the MaximLa Resale Price or the Mortgage SAtisfaction Amount within Sixty(60)days after receipt of such notice. '17ta dead to ttte Municipality shall irtclutie a deed rider containing all of the rights and restrictions sat forth in this Deed Rider and othomise.wfisfatlory in form and substance to the Monitoring A.pot which the Municipality,as a condition to such purchase,agrees to attztex to said deed.Any excess received by the Permitted Mortgagee over the Mortgap SaWacction Amount shall'be paid to the grantee(provided,that in the event that such excels paid shall be So demnify such permitted Mortgagee against paid to the Grantee,the Grantee shall thereafter in loss or damage to such Permitted Mortgagee resulting from any claim made by any other p8rty to it extent that Such claim is based upon payment of such eavem by such Permitted Mortgagee:to the Grantee in accordance herewith,Provided that such Permitted Mortgagee shall give the Granted prampt notice of any such claim and shall not object to intervention by the grantee in any proweding relating thereto). 5. Y-gzl o R Vim' rite P,4tt�eA (a) The Grantor and the Grantee,for good and valuable consideration,the receipt and sufficiency of which is acknowledged,grant and assign to tltL Municipality,the Municipality's agents,ssuoaessom designees and assi�r s the right of first refusal to purchase the Property as set forth in tills Deed Rider, and to tha Monitoring Agent and the Municipality the right to enforce the right,and restrictions,covonartts artd agreements set forth in this Mcd Rider. The Grat►tor and the Grantee Agent and the Mu�nicipatity the right to enter upon the Fraporty far the t#a the Monitoring lord all restdctioas,Covenants and agreements cxtntained in this Deed Rider,and taking�E any actions with respect to the Property which the Monitc n ' dot�ermina to be ncces.ury or appropriate,with our wleout court order,to rev Municipality may Abate any violation of the restriction$,c�aven�tg and a P . rerrredy o! The rights granted to the MonitoringA dents set forth in this Deed Ititier, in limitaiiatt of any other rights and rt,�edie,available to theGrmtipality turlolr the MonitoringAin addition to d not 20 to the Municipality for enforcement of the,restrictions lights,covenants and agmerments set forth in this Deed Rider.The Monitoring Agent fihall bo entitled to a fee of three-fourths of one percent Of the Maximum Resale Price of the Property to the Municipality or an eligible purchaser ar an ineligible Purchaser in accordallm with the provisions of this Deed.Rider and tlw Regulatory Agmment for the services performed according to the Monitoring Services Agrcement(and referenced in the Regulatory Agreement). This fee shall be paid by the Grantec as a closing cost at the time of closing,and payment of the fee of the Monitoring Agent shall he a condition to delivery and recording of its certificate,failing which the Monitoring Agent shall have a Chdm against the Grantee and persons claiming under the grantee for which the Monitoring Agency may-seek an attachment against the Property. (b) This Deed Rider and all of the covenan%agrsements and matrictions contained herein shall be deemed to be an affordable housh%restriction as that term i, de€inad in G-L c. 184,it 3i and as that term is used in�G.L.c.184, $26,3l,32 and 33 and which shall ire in Perpetuity as dcfined in the Comprehensive Pennit Decision, dated May 24,2002,as amended and as the same may be amended from time to time(tho"Comprehensive Penrrtit nwision'5, unless one of the fallowing events Occttr:Q)the re cordW of an Eligible Purchaser Certificate, which includes a new deed rider both in a form and substance satisfactory to the Municipality, (ii)upon the conveyance of the Property to the Municipality and the recording of a Municipal Purchaser Certificate in a form and substance satisfactory or as otherwiso permitted by this deed rider or as otherwise pernutted by law;or,(iii)upon the acquW ioh of the Property by reason of foreclosure or similar remedial action tender the provisions of suCh mortgage or U n co L cc of the P"roperiy in lieu of foreclosure in accordance with Paragraph 4 above(collectively, the "'Perm"). This Deed Rider i.R made for the benefit of the Municipality,and the Municipality sh all deemed Ga lac the,igoldar of the affordable housing restriction created by this Decd Rider, The MurriC*lity leas determined that the acquiring,of such affordable housing restriction is in the public interest. Further,the Resale Restrictions contained in this Deed Rider which shall encumber each of the Affordable Units at the Project shall alfio constitute an affordable housing testriction as that term is defined in G.L C. 184,§31 and as that term is used in G.L c. 784, 26,31,32,and 33 which shall be in porpetuity,subject to condition described in this Deed Rider. Such Resale Restriction shall be for the benefit of the Municipality and the Municipality shall be deemed to be the bolder of the affordable housing restriction created by the Rasate Restrictions in osacb of the Deed Riders. TM Municipality has determined that the acquiring of such affordable housing restriction is In the public interest. To the extent that Life Municipality is the holder of the Resale Restric,#ions to>be contained in each of the Deed Riders,the Director of DHCD by the execution of the CcTtificaie of Re; attar Approval attached to an made a part of the tom' y Agreement hereby approves such Resale Restrictions in each of the Deed Riders for the Affordable Units of the Project as required by the provisions of QL c. 184, §32, (c) The Grantee intends,declaws and covenants On behalf Of itself and its succeSsors and asaigtta(i)that th&Deed Rider and the covenants restrictions contained in this Deed Rider shall be and are covenant running s gthte land, an encurnbaring the Property for the term of this Deed Rider,and are binding,upon the Grantee's suomsors in title,0i)urn not merely personal covenants of the Orar±tee, and(iii)shall triad the Grtuttce,its successors and assigns and enure to the berte€it of the Municipality, the te+Monitoling Agent,and their successors and a,WVS for the Term of the Deed Rider. Grantee agrees that an and all requirements of the taws of the Commonwealth of Massachuse y tts to be, in older 21 I I K 9653 PG 38 for the provisions of this Deed Rider to(*n.stitate restrictions and covenants ruoniog with the land shall be deemed to be satisfied in full and that any requirements of privity of eRtate rare also deemed to be satisfied in full, (d) Without limitation on any other is or remedial of the Monitoring Agent,the Municipality,their agents,succ�ots designees and ass Chart� Sala or other transfer or cOuveyance of the Property iri violatioan of the provisions vi of.this Deed Rider, Shall,to the maximum extent pemitted by lave,be voidable by the Municipality or the Monitoring Agent,or their agents,suc cr-vors,designees and&%signs by suit.in equity to enforce such rights,restrictions,covenants,and agreements. (e) Notwithstanding any other provision in this Deed Rider, after the end of the Term(the"Tern*tation DRt e'),the then owner of the Property then subject to tl�ts ik ed [hider may sell the Property at a price equal to the fair market value of the Property as of the dame of sate and not subject to this Deed Rider,providod,however that the owner,at the time of such sale must pay to the Municipality the difference between the fair market value as so determined and the Maximum Resale price which the owner could realize in a safe to an Eligible Purchaser were this Deed Rider to have remained in effect,and upon such pa rent the Property will be deeded free and clear of this Deed Rider. In the even!of any failuie of any owner to make x Payment under this Deed Rider the Municipality shall have the right to seek payment from the Purchaser of the Property,and his/her sutx;essors and asMsigns,which right shall be prior to the encumbrance of any mortgage upon the property. Tice owner of the Property aftor the Termination Date:shall have the right to snake a payment by refinancing or from other sources in the same amount to the Municipality as the Municipality would receive were this Deed Rider to have remained in effect in the event of a sale at fair market value on the date of payment after the Termination Hate,and in the event or such payment the owner shall hold the Property free and c1car of this Deed Rider. The provisions of this arc graph shall survive the terra of this Deed Rider. p lid P expiration of the 6. NO ce. Any notices,demands or requesxtg 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 at the addresses sect forth below,or such other addresses as may be,specified by any party by such notice. North Andover Leming Bwrd of Appeals 400 Osgood Street North Andover, Mamachusetjg Q1ti45 Attention: Chairperson r vr. Meetinghouse Commons,LLC 121 Carter Field Road North Andover, Massachusetts 0184S Attn. Thomas D.Zahoruiko,Manager 22 BK 9653 PG 329 0 Monitorin&A Citizens Housing and Planing AW4460n,Inc. 18 Tremont Street Bettors,Massachusetts 02108 Any such nokc,demand or fqaost shall be deemed to have been given on the day it is hand delivored or mailed. 7. Fmdhq ce& The Grantee agrees from time to time,as may be masonably required by the Monitoring Agent or the Municipality,to furnish the Monitoring Agent mid the Municipality wilt a written statement,signed and,if requested,acknDwlcdWd,setting forth the condition and occupancy of the Property,information concerning the resale of tk Property and all other information pertaining to the Property or the Grantee's eligibility for and conformance with the Regulatory Agwernent for this Project. 8. Waiver. Nothing contained in this Deed Rider shall limit the rights of the Monitoring Agent and/or the Municipality to release or waive,from tame to time,in whale Ix or In party,arty of the rights,restrictions,covenants or agreements contained in this Deed Rider with respect to the Property. Any such release or waiver must he mado' in writing and must be executed by the Monitoring Agent and/or the Municipality or designee. 9. Syetabilit If any provisions of this Deed Rider or the application thereof to any person or circumstance shall come,to any extent,to be invalid or unenforceable,the remainder of this Deed Rider or the application of such provision to ffie persons of circumstances Other than those as to which it is hold invalid or unenforceable,shall not be affetled dwmby,and each provision of this Dced Rider shall be valid and enforced to the fullest"tent permitted by law. 10. ftoMmibility pf tbQ Monito .m&Appl. The Monitoring Agent SIWI not he held liable ror any action talon or omitted under this Deed r1det so long as it shall have acted in good faith and without grass negligence. IL hWLm-n4.The Grantor and the Grantee agree to indemnify ant)hold hannkess the Monitoring Agent againfft all damages,costs anti I jobjUties,including w o Ic attorneys fees nalp att o asserted against the Monitoring Agent by reason of itsreladonshi with the Project under dais Deed Rider and not involving claims that the Monitoring Agent alted in bad faith and with gross Executed as a sealed instrument this day of 200 23 BK 9653 PG 330 GRANMR. GRANnE.- MEETINGHOUSE COMMONS,LLC By- By: 111onm ID.Zahoruiko Its: ManaWr COMMONWEALUI OF MASSAC14USP-ITS ss On this day of 2005, before rat, the undersigned notary public, personally appeared II-e-mas a 7%.W-D&q proved- to me through utisfactory evidence of idgntificader4 which was driver's license,E personally known to me,or Ii personally known to 3' party witneass personally known to me, to be the person whow name is signed on the preceding or attached document, and acknowledged to me that he signed it voluntarily for its stated purpose ks Manager,for Meelin&ausr,�ommo LLC,a limited liability company. Notary Public COMMONWFALTH OF MASSACHUSEWS ss On this day of 2001, before me, the undandguod notary public, personally appeared proved to ate through satisfactory evidence of identification,which was U driver's Wemo,J Personally IMown to Me,or LI personally known to 3rd party witness personally known to me, to be the person whow name is signed on the prece-4ing or attached document, and acknowledged to me thache signed it voluntarily for its -stated purpose as Manager,for LLC,a limited liability company. Notary Public 24 I i BK 9653 PS 31 's CONSENT TO REGULATORY AGREEMENT Re: l��m house Cagtmans (Project]atone) Northadovet (City/Town) Meets oust✓Cam�tOR LLC (Projml Sponsor) I The Undersigned, Stoteham0a&-A Cooperative Baalc, ling the holder of a tewrtgape on the above described Project recorded with the F—%sex North Registry of Deod3 in Book 2528, Page 249, hereby consents to the execution 9d rcoording of this Agreement and to the terms and cand6ns hereof. StortehamH -A C"Puative Bank (name of4—"0r By, )ar itscc President COMMONWEALTH OF MASSACHIISIRTTS Middlesex,ss e On this r Iaay of July 2005, before me, the undm. i 8nt notary public, personally appeared Janet Spencer,proved to me tf rough satisfactory e'vide=of identification, which was L' driver's licei8e, R Personalty known to me, or Il per,.on€lly kltawtl to 3 art witness personally known to me, to be the person whose a is signed on the preceding or attached document, and acknowledged to mo that she signed it voluntaril for its stated as Senior Vlce Preslda# care ank. ,for t nv ank. Y P pose 've U Notary Public tt nf11 �°hr^n,h,l►a..r {c^►,P�,1�S in f 3v ��6 ', (if the Projcet has more thin ow m011ga8m,add additional aomnt#brine. , mu"gagae i$only fleC"aary if(tie mortgage has been recorded prior to the F..V14U ry of r t cm.) Porto by e �I�Y�t�ettiept.) 25 BK 9653 PG 332 CONSENT TO RECUL.A'CORY AGREEMENT Re: Meetuigh=Le Commons (Project name) North Andover (City/Town) Mcet!mhoumc Common- (Project Sponor) 'Do Undersigned, Smolak Farms Realty, LLC, being the holder of a mortgage on the above described Project re corded with the Essex North Registry of Deeds in Book 8941, Page 223, hereby consents to the executicui and recording of this Agreement and to the terms and conditions hereof. Smolak Farms Realty, LLC (nacre of tender) ichael Smalak, Jr. its Mana�ex COMMONWEALTH OF MASSACNU'SH1T-, i E.SSEX,ss On this 7th clay of June, 2.Ut)5, before Me, the undersigned notary public, personally appeared H. Michael Smolak, Jr., proved to rue througb satisfactory evidence of idontification, Which was 1V driver's license, - personally known to me, or U Personally known to bra party witness personalty known to me, to be the person whose name is signed An the preceding or attached documont,and acknowledged to roe that he signed it voluntarily for its stated purpose as Manager,for Smolak Farms Realty, LLC. r Notary Public BRIAR!G.VAUGHAN Caretncn orY Public of Massach��tq �CJul�y7,2011�es fV the ProjeLl has more than One mortgagca,W additional wasont fartm. twatenitkm of the fifrrtt by a mortgagee Is only nccwmry if dte morlgw has been rcorr dW Prior to the Regulatory Agrecmeru.) 26 BK 9653 PG 333 r Certificate of Approval Affordable Housing Restriction G.L. c. 184, §32 The undersigned Direetor of the Ma hu=tts Department of dousing and Community Developtnent hweby c WL-a that the Affordable HousiM Restriction made and declined by Meetinghouse Commmns LI C and mcorded with the Fssex North Registry of Deeds in Book ,Pue ,or filed with the Registry District of the i., nd Court as Document No. , noted on Certificate of Title No. ,with respect to land in the City/Town of North Andover described in deed to Meetinghouse Commons, LLC recorded with lira Essex North Registry of Deeds at Book 9941, Page 220,is hereby deelttrecl to be in the public interest and is approved pursuant to the provisions of Massachuserttrg General Laws chador 184,section 32. COMMONWEAL TM OF MASSACIIIJSr-.yt'S JaO ne Director,DLTAntment of Housing and Community Development Corrtmpnwcalth of M'assacltu Suft'olk,ss. ]haw;itmo 2005 On this -ZtJ&Y of Jutre,2005,WOW me,the undersign notary public,personally appeared Jane W. Guutble,proved to the ttltrough satisfactory evidenee of idwitifleation,w}t'rch was i i driver's lic:emXPcrsonally known to mc.,or: ! perwnally known to 3r'party winless personally known to nee, to be the person whose name is signed on the preceding or attached docutnen4 and acknowledged to me that she signed it voluntarily for its stated purpose for the commonwealth of Massa,chusotts acting by and through the Department of Housing told C mmuttity Development, stud acknowledged to me that he signed 4 voluntarily for' ated r{r t. Nataey Public Print Name: My commisaion expires. D'�1h92 1 -. 3re�cv:.*.[av�.�?++;r�7! .�.aus�r�ovx�ccwco�a.-�n,•�•...i.Mrr;utSm�rnswvrrrcvrrys�vc�t %�:.•••..