HomeMy WebLinkAbout1979-07-06 Subdivision Control Agreement _ F
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SUBDIVIS10N CON'f'ROL AQEEMENT
SECURING TJ�E CONS'_�3.Zi7C:'t'ION OF
WAYS AND_ MLfNICIPAL SERVICES
Agreement made this eleventh day of September, 1978, by and
between OLYMPIC CONSTMaTION, INC . , a Massachubetts corporation
having a usual place of business at SOO Broadway, Lowell,
Middlesex County, Massachusetts , hereinafter referred to as the
"Applicant" ; ANDOVER SAVYWO BANX, hereinafter referred to as the
"Lender" ; and the TOWN OF NORTH ANDOVER, acting through its
planning Board, hereinafter referred to as the "Board" , viz:
WHEREAS, pursuant to the provisions of the Massachusetts
Subdivision Control Law and the 1.3oa d ' s Roles and .Reg"l.al'A8
ln1?F rid ihE3x' ltk7t t-: , the Board has "appr_ovad a f tyf.).oiti_ve plan
entitled " Ingalls C ossinq" dated April 1.1, 19V7 , and rc-cnrded
in the E,7:nex North District Registry of Dcads as Plan No. 7855 ;
and
WHEREAS, the Applicant and the Board have executed an in-
s tr_Qment entitled "Covenant" , dated July 10, 1978 , recorded
in said Regist& of Deeds, as I nstrlrnent 49823 on. Sept. 11, 1970
WHYPEAS, the Applicant has grantod to the Lender a mortgage
GuptnAav 12, iiq�73 � recorded in said .aZf'.gistry of Deeds,
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Book Page covering lots numbered 1 through 10,
inclusive; Lots 13 through 39, inclusive; and Lots A and B shown
on said plan as security for the payment of a certain note in
the principal. sum of 1392, 000. 00 ; and
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WBARKS, the Lender has withheld $21.7 , 000. 00 of said prin-
cipal sum to be disbursed to the Applicant as and when municipal
services shall have been installed and ways constructed pursuant
to said plan, said Rules and Regulations, and said covenant;
Wa THEREFORE, it is understood and agreed that the Lender
shall retain the following sums deemed by the Board to be suffi-
cient, releasing only such funds, from time to time, as approved
by a vote of the Board as the municipal services and ways shall
be deemed to have been completed or partially completed in
accordance with its applicable rules and regulations :
(Amounts) (services ways)
.`:1nd
it is further understood and agreed that all of the above
services and ways shall be completed no later than
19?9 D unless the date be extended by written amendment by
mutual agreement of the parties thereto.
In the event ;;he work is not completed within the time set
forth or as extended, said funds as retained by the Lender shall
be made available to the Board for completion of the work, and the
Applicant shall be deemed to have authorized the ro7_ease of said
funds for said purposes and to have relinquished all claims to
said funds .
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in consideration of the foregoing, 'the Board hereby releases
lots nudbered 1 Mo` 9b. 10 inclusive, Lots 13 through .39 WHO•:'E;'
and. Lots A aid. B
shown on said ' definitive plan from the provisions of said cov-
enant and conditions therein imposed.
The obligations of the parties hereunder are to be construed
consistent with the subdivision control ' .law, and no rights
granted thereunder are waived.
Executed as a sealed instrument this eleventh day of
September, 1978.
I w:l.11i4txl1 Mamma. =::T'!'):7.34 ..,m......._�._.r_.... ..__�_�_.T-.._.,..._. _.,. .,_.,.� .._.--._.�._—.... _, .. ..._
R ;.{iAQ;t xtx of the Planning r'va.Ld, acting for the Toi+vi7 of
North Andover, nod .truly Mho:t-°:i,ned by vote of said PoW.
ANDOVER SAV:LNGS' BANK OLYMPIC CONSTRUCTION, INC.
res3_dent:and Trea f r er
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COMMONWEALTH OF MASSACHUS h':k'TS
Essex, Pis : 11, 1978
Then personally appeared =} .��f .���/� � r Way �� r�J• i'f' �
acknowledged the foregoing
instrument to be tAfree act and deed of the Andover savings
Bank; and Anastasios KaVg:i.anos, President & Treasurer as afore-
said, and acknowledge the foregoing instrument to be the tree act
and deed of Olympic Construction, Inc. , before me
APPROVEM �'S TO FORM
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