Loading...
432 CHARTER STREET- LAND APPRAISAL A Ama .�„r. EAST INDIA SHARESAL , cabodyEssex TFLE506�745-I676SFAXS506I446776 1 2 A Dept.U S E U M C? Dept.. S March 2, 1998 AR 1 0 tco?, The Honorable Stanley J. Usovicz, Jr. CITY OF SALEM Mayor's Office MAYOR'S O'FFiCE City Hail 93 Washington Street Salem, Massachusetts 01970 Dear Stan, Many thanks for the opportunity to tell you about the exciting new development with respect to our expansion plan. The Huang residence will certainly be a major new attraction for the Museum and for Salem. We have had a chance to further investigate the possibilities for placement of the structure, and it is very clear that the only viable possibility is to the south of the new atrium, adjacent to Charter Street. While this location presents some additional complexities for us, it should mitigate any concerns on the part of the Derby Street merchants that the Museum's new southern entrance will be a"back door.” In fact, this area will become quite a dramatic locale in downtown Salem. We will, of course, keep you regularly apprised of plan refinements. Best wishes, Sincerely, Jan . Monroe �utiu v !Gl E e tive Director HUD-6209A (2-71) U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT URBAN RENEWAL PROGRAM PART I OF STANDARD FORM OF CONTRACT FOR SALE OF LAND FOR PRIVATE REDEVELOPMENT Part I I�(" of ON CONTRACT FOR SALE OF LAND FOR PRIVATE REDEVELOPMENT By and Between and r HUD-6209• (2-71) PART I CONTENTS Section Page 1. Sale: Purchase Price . . . . . . . . . . . . . 4 2. Conveyance of Property . . . . . . . . . . . . . . . 4 3. Good Faith Deposit . . . . . . . . . . . . . . . . . 6 4. Time for Commencement and Completion of Improvements . . . . . . . . . . . . . . . . . . . 8 5. Time for Certain Other Actions . . . . . . . . . . . 8 6. Periou of Duration of Covenant on Use . . . . . 9 7. Notices and Demands . . . . . . . . . . . . . . . . 10 8. Special Provisions . . . . . . . . . . . . . . . . . . 10 9. Modifications of Part II . . . . . . . . . . . . . . . 10 10. Counterparts . . . . . . . . . . . . . . . . . . . . . 11 i HUD-6209A (7-71) WHEREAS, as of the date of the Agreement there has been prepared and approved by the Agency an urban renewal plan for the Project, consisting of Insert description of the plan, as, for example: "the Urban Renewal Plan, dated 19_, and approved by the City Council of the City on 19_, by Resolution No. as amended by Amendment No. 1 thereof, dated and approved by such Council on , 19_, by Reso- lotion No. (which plan, I as so amended, and I as it may hereafter by [ further ] amended from time to time pursuant to law, and as so constituted from time to time, is, unless otherwise indicated by the context, hereinafter called "Urban Rene%,al Plan"); and - WHEREAS, a copy of the Urban Renewal Plan as constituted on the date of the Agreement has been recorded among the land records for the place in which the Project Area is situated, namely, Insert recording date, as, for example: "in the Office of the Clerk of the of _ in Book of at page —, and in Book_ of at page_ ;" or, if the Urban Renewal Plan is not recordable in the jurisdic- tion, in lieu of the above, change to: "has been filed in the 'Office of the Clerk of the City located at in the City;" I and WHEREAS, in order to enable the Agency to achieve the objectives of the Urban Renewal Plan and particularly to make the land in the Project Area available for redevelopment by private enterprise for redevelopment for and in accordance with the uses specified in the Urban Renawal Plan, both the Federal Government and the City have undertaken to provide and have r.•ruvidea substantial HUD-6209A (2-71) aid and assistance to the Agency through a Contract for [ Loan and] Capital Grant dated 19_, in the case of the Federal Government and [ a Cooperation Agreement, dated 19_,] in the case of the City; and WHEREAS, the Agency has offered to sell and the Redeveloper is willing to purchase certain real property located in the Project Area and more particularly described in Schedule A annexed hereto and made a part hereof (which property as so described is hereinafter called "Property") and to redevelop the Property for and in accordanr_e with the uses specified in the Urban Renewal Plan and in accordance with the Agreement; and WHEREAS, the Agency believes that the redevelopment of the Property pursuant to the Agreement, and the fulfillment generally of the Agreement, are in the ."*al and best interests of the City and the health, safety, morals, and welfare of its residents, and in accord Nvith the public purposes and provisions of the applicable Federal, State, and local laws -and requirements under which the Project has been undertaken and is being assisted: NOW, THEREFORE, in consideration of the premises and the mutual obliga- tions of the parties hereto, each of them does hereby covenant and agree kith the other as follows: SEC. 1. SALE: PURCHASE PRICE. Subject to all the terms, covenants, and conditions of the agreement, the Agency will sell the Property to the Redeveloper for, and the Redeveloper will purchase the Property from the Agency and ray therefor, the amount of Dollars ($ ), hereinafter called "Purchase Price", to be said in cash or by certifies; check simultaneously with the delivery of the deed conveying the Property to the Re- developer. - 3 - HUD-6209A (2-71) SEC. 2. CONVEYANCE OF PROPERTY. (a) Form of Deed. The Agency shall convey to the Redeveloper title to the Property by deed [deeds] (hereinafter [collectively ] called "Deed"). Such conveyance and title shall, in addition to the condition subsequent provided for in Section 704 hereof, and to all other conditions, covenants, and restrictions set forth or referred to elsewhere in the Agreement, be subject to: (1) Here set forth in full detail all easements with respect to the Property which are to be continued or are to be newly created or reserved (2), (3), etc. Here set forth other reservations, encumbrances, or exceptions, if any. There should be included in this Section the customary standard printed exceptions found in a title policy, as well as the other exceptions noted in a title policy with respect to the particular property. (b) Time and Place for Delivery of Deed. The Agency shall deliver the Deed and possession of the Property to the Redeveloper on 19 , or on such earlier date as the parties hereto may mutually agree in writing. Conveyance shall be made at the principal office of the Agency and the Redeveloper shall accept such conveyance and nay the Purchase Price to the Agency at such time and place. (c) Apportionment of Current Taxes. The portion of the current taxes, if any, on the Property which are a lien on the date of delivery of the Deed to the Redeveloper allocable to buildings and other improvements which have been demolished or removed from the Property by the Agency shall be borne by the Agency, and the portion of such current taxes allocable to the land shall be apportioned between the Agency and the Redeveloper as of the date of the delivery of the Deed. If the amount of the current taxes on the Property is not ascertain- able on such date, the apportionment hetween the Agency and the Redeveloper shall be on the basis of the amount of the most recently ascertainable taxes on - 4 - - — - - ------------- - HUD-62"A (7-711 the Property, but such apportionment shall be subject to final adjustment within (30)days after the date the actual amount of such current taxes is ascertained. (b) Recordation of Deed. The Redeveloper shall promptly file the Deed for recordation among the land records of the place in which the Property is situated. The Redeveloper shall pay all costs (including the cost of the State documentary stamp tax, if any, on the Deed, for which stamps in the proper amount shall be affixed to the Deed by the Redeveloper) for so recording the Deed. (e) etc. There should also be included in this Section any other obligations of the Agency and the Redeveloper, respectively, in regard to the formalities and mechanics of conveyance and related obligations, as may be agreed upon on the basis of local custom or otherwise. For example, provision may be necessary or desirable to indicate which party is to provide or bear the cost of title insurance or other title evidence; what the amount of the title policy coverage is to be; what the nature of the title evidence shall be and who is to provide it (title insurance companies or title attorneys); which party is to pay the State transfer tax, if any, rrovided that, if the Agency is exempt from such transfer tax, the Redeveloper shall be obligated to pay it, as well as other miscellaneous costs, etc.J SEC. 3. GOOD FAITH DEPOSIT. (a) Amount. The Redeveloper has, prior to or simultaneously with the execution of the Agreement by the Agency, delivered to the Agency a good faith deposit of cash or a certified check satisfactory to the Agency in the amount of Dollars ($ ), hereinafter called "Deposit", as security for the performance of the obligations of the Redeveloper to be performed prior to the return of the Deposit to the Redeveloper, or its retention by the Agency as liquidated damages, or its application on account of the Purchase Price, as the case may be, in accordance with the Agreement. [or, in lieu of cash or certified check, substitute and describe in full either: (i) "negotiable bonds or other similar obligations of the United States of America in the total principal amount of - 5 - HUD-6209A (2-71) Dollars ($ ), as follows:"; or (ii) "a surety bond in the penal amount of Dollars ($ ), in form and substance satisfactory to the Agency, in which the Agency is the obligee, issued by a surety company regularly engaged in the issuance of such undertakings and on the list of surety companies approved by the United States Treasury for at least such amount, " The Deposit, if cash or certified check, shall be deposited in an account of the Agency in a bank or trust company selected by it. (b) Interest. The Agency shall be under no obligation to pay or earn interest—on the Deposit, but if interest is payable thereon such interest when received by the Agency shall be promptly paid to the Redeveloper. (c) Application to Purchase Price. In the event the Redeveloper is other- wise entitled to return of the Deposit pursuant to paragraph (e) of this Section, upon written request of the Redeveloper the amount of the Deposit if paid in cash or by certified check shall be applied on account of the Purchase Price at the time payment of the Purchase Price is made. (d) Retention by Agency. ,Upon termination of the Agreement as provided in Sections 703 and 704 hereof, the Deposit or the proceeds of the Deposit, if not theretofore returned to the Redeveloper pursuant to paragraph (e) of this Section, including all interest payable on such Deposit or the proceeds thereof after after such termination, shall be retained by the Agency as provided in Sections 703 and 704 hereof. (e) Return to Redeveloper. Upon termination of the Agreement as provided in Section 702 hereof, the Deposit shall be returned to the Redeveloper by the 6 A J Agency a8 they Provided . etofore to in Section shall re rtninated ��2 hereo f. followinghall return the Deposit to the if no cause for ff the Agreemen NUO-6209 shal (i) A co the Rede"elOPer 'Pon p nination then exists! not have been py Of the Agen th r the rn°r Bage+n�itment or com receipt by the Agencye f the Ree ImProvernents lo,n or loans to assist obtained developer (ae define 1st in fi by the R (ii) Evidenc to be a true din Section 3 nancing the cons edevelOPer a8 a satisfacto and correc 01 hereof), °nstruction silt in fins rY to the A t copy or CO certified b Of ' (iii) g co Sed; ally CIO 8edcing the CO. struction °that the .nte Pies thereon Y the tot for y Of the contract the Irnprovertle Ortgage loan to etwe oyer to be the cOnstruction of th en the Redevelo s has been (i v) A copy of the true and correct a frnProve tnentsPer and the general copy nectio a Penalty with the afor BtabOnd provided by the and certlf ied by the Redev lac ne Price sum equal to d cons ed a general co be a e under Said cons not ies8 than ten n contract which contractor in con, true an construct. Aercent bOnd shall SEC 4. M E PO copy cOPY thereplttact• certified!b%) of the contract a in s. shall bee construct!nzl�T CoMMFNCEMENT A1VD Y the Redeveloper to the conl the Deed• andmexced in any eyenP ovements referred Co�Ip—, 2'101V of IMpR !thin cePt Within d tO in OVE- as otherwi � Section securing` ( ) Inont se provided ( ) fiont 3`01 hereof fn °ney loaned hs after in the hs after suz. by the aned to finan such date. Agreement the date of secre ary e the Pro ll be co ,rnPletion time shalltnot of Hous ng an UrbPrOverne ts`n khat if aamO tga mPleted PpIY• but instead an Deyelopment Part thereof• isge the construction of the the e afOres aid Provements I HUD-6209A (2-71) or any part thereof, shall be completed within the time specified in the applicable Building Loan Agreement approved by the Secretary of Housing and Urban Develop- ment. SEC. 5. TIME FOR CERTAIN OTHER ACTIONS. (a) Time for Submission of Construction Plans. The time within which the Redeveloper shall submit its "Construction Plans" (as defined in Section 301 hereof) to the Agency in any event, pursuant to Section 301 hereof, shall be not later than ( ) days from the date of the Agreement. (b) Time for Submission of Corrected Construction Plans. Except as pro- vided in Paragraph (c) of this Section 5, the time within which the Redeveloper shall submit any new or corrected Construction Plans as provided for in Section 301 hereof shall be not later than ( ) days after the date the Rede- veloper receives written notice from the Agency of the Agency's rejection of the Construction Plans referred to in the latest such notice. (c) ly,aximum Time for Approved Construction Plans. In any event, the time within which the Redeveloper shall submit Construction Plans which conform to the requirements of Section 301 hereof and are approved by the Agency shall be not later than ( ) days after the date the Redeveloper receives written notice from the Agency of the Agency's first rejection of the original Con- struction Plans submitted to it by the Redeveloper. (d) Time for Agency Action on Change in Construction Plans. The time c ithin which the Agency may reject any change in the Construction Plans, as provided in Section 302 hereof, shall be ( ) days after the date of the Agency' receipt of notice of such change. (e) Time for Submission of Evidence of Equity Capital and Mortgage Finaricing. The time within which the Redeveloper shall submit to the Agency, in any event, - g - HUD-6209A 12-0p evidence as to equity capital and any commitment necessary for mortgage financ- ing, as provided in Section 333 hereof, shall be not later than ( } days after the date of written notice -to the Redeveloper of approval of the Construc- tion Plans by the Agency, or, if the Construction Plans shall be deemed to have been approved as provided in Section 301 hereof, after the expiration of thirty (33) days following the date of receipt by the Agency of the Construction Plans so deemed approved. SEC. 6. PERIOD OF DURATION OF COVENANT ON USE. The covenant pertaining to the use of the Prooerty, set forth in Section 401 hereof, shall remain in effect from the date of the Deed until l9_, the period specified or referred to in the Urban Renewal Plan, or until such date thereafter to which it may be extended by proper amendment of the Urban Renewal Plan, on which date, as the case may be, such covenant shall terminate. SEC. 7. NGTICES AND DEMANDS. A notice, demand, or other communication under the Agreement by either ?arty to the other shall be sufficiently given or delivered if it is dispatched by registered or certified mail, postage prepaid, return receipt requested, or delivered personally, and (i) in the case of the Redeveloper, is addressed to or delivered personally to the Redeveloper at and (ii) in the case of the Agency, is addressed to or delivered personally to the Agency at or at such other other address with respect to either such rarty as that party may, - 9 - f HUD-6709A (2-71) from time to time, designate in writing and forward to the other as provided in this Section. SEC. 8. SPECIAL PROVISIONS. Add other special provisions, if any, to cover various situations which are not already covered in Part I of Part II-1 SEC. 9. MODIFICATIONS OF PART U. The following amendments and modifications are hereby made in the terms, covenants, and conditions forming Part II hereof: Delete Section 404 (added by former LPA Letter No. 318, Supplement No. 2). Insert after subsection 401(b) the following subsection: (c) All advertising (including signs) for sale and/or rental of the whole or any part of the Property shall include the legend, "An Gpen Occunancy Building" in type or lettering of easily legible size and design. The word "Project" or "Development" may be substituted for the word "Building" where circumstances require such substitution. SEC. 10. COUNTERPARTS. The Agreement is executed in three (3) counterparts, each of which shall constitute one and the same instrument. IN WITNESS WHEREOF, the Agency has caused the Agreement to be duly executed in its name and behalf by its and its seal to be hereunto duly affixed and attested by its and the Redeveloper has caused the Agreement to be duly executed in its name and behalf by its President and its corporate seal to be 10 _ s MUD-6209A hereunto duly affixed and attested by its Secretary, on or as of the day first above written. (Agency) Attest: By (Secretory) (Redeveloper) By Attest: (President) (Secretary) - 11 - HUD-6709A (2-71) SCHEDULE A Description of Property All that certain parcel or parcels of land located in the City of , County of State of , more particularly described as follows: ) together with 1 • HUD•62098 (9.69) U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT URBAN RENEWAL PROGRAM S TERMS AND CONDITIONS Part 11 of Contract for SALE OF LAND FOR PRIVATE REDEVELOPMENT By and Between and HUD-62098 (9.69) PART II C O N T E N T S Section Page ARTICLE I. PREPARATION OF PROPERTY FOR REDEVELOPMENT r 101. Work To Be Performed by Agency 1 102. Expenses, Income, and Salvage 1 103. Agency's Responsibilities for Certain Other Actions 2 104. Waiver of Claims and Joining in Petitions by Redeveloper 3 ARTICLE II. RIGHTS OF ACCESS TO PROPERTY 201. Right of Entry for Utility Service 3 202. Redeveloper Not To Construct Over Utility Easements 3 203. Access to Property 3 ARTICLE III. CONSTRUCTION PLANS; CONSTRUCTION OF IMPROVEMENTS; CERTIFICATE OF COMPLETION 301. Plans for Construction of Improvements 4 302. Changes in Construction Plans 5 303. Evidence of Equity Capital and Mortgage Financing 5 304. Approvals of Construction Plans and Evidence of Financing 5 As Conditions Precedent to Conveyance 305. Commencement and Completion of Construction of 5 Improvements 6 306. Progress Reports 6 307. Certificate of Completion i r `j HUD-62098 (9.69) Section Page ARTICLE IV. RESTRICTIONS UPON USE OF PROPERTY 401. Restrictions on Use 7 402. Covenants; Binding Upon Successors in Interest; Period of 7 Duration 403. Agency and United States Rights To Enforce 8 ARTICLE V. PROHIBITIONS AGAINST ASSIGNMENT AND TRANSFER 5C1. Representations As to Redevelopment 8 502.. Prohibition Against Transfer of Shares of Stock; Binding 9 Upon Stockholders Individually 503. Prohibition Against Transfer of Property and Assignment of 10 Agreement 504. Information As to Stockholders 12 ARTICLE VI. MORTGAGE FINANCING; RIGHTS OF MORTGAGEES 601. Limitation Upon Encumbrance of Property 12 602. Mortgagee Not Obligated To Construct 13 603. Copy of Notice of Default to Mortgagee 13 604. Mortgagee's To Cure Defaults 1 Sag 's OP tion 3 605. Agency's Option To Pay Mortgage Debt or Purchase Property 14 606. Agency's Option To Cure Mortgage Default 15 607. MortgaL-t and Holder 15 ARTICLE VII. REMEDIES 701. In General 15 702. Termination by Redeveloper Prior to Conveyance 15 703. Termination by Agency Prior to Conveyance 16 11 HUD-6209B (9.69) Section Page 704. Revesting Title in Agency Upon Happening of Event Subsequent 17 to Conveyance to Redeveloper 705. Resale of Reacquired Property; Disposition of Proceeds 18 706. Other Rights and Remedies of Agency; No Waiver by Delay 19 707. Enforced Delay in Performance for Causes Beyond Control of 19 Party 708. Rights and Remedies Cumulative 20 709. Party in Position of Surety With Respect to Obligations 20 ARTICLE VIII. MISCELLANEOUS 801. Conflict of Interests; Agency Representatives Not Individually 21 Liable 802. Equal Employment Opportunity 21 803. Provisions Not Merged With Deed 22 804. Titles of Articles and Sections 22 iii HUD-6209B (9.69) ARTICLE I. PREPARATION OF PROPERTY FOR REDEVELOPMENT SEC. 101. Work To Be Performed by Agency. The Agency shall, prior to conveyance of the Property and without expense to the Redeveloper, prepare the Property for redevelopment by the Redeveloper in accordance with the Urban Renewal Plan and the Agreement. Such preparation of the Property shall consist of the following (unless the Agency and the Redeveloper hereafter agree in writing that any of such preparation shall not be done, or that it shall be done subsequent to the conveyance of the Property): (a) Demolition and Removal. The demolition and removal to the surface elevation of the adjoining ground of all existing buildings, other structures and improvements on the Property, including the removal of all bricks, lumber, pipes, equipment and other material, and all debris and rubbish resulting from such demolition, except such material and debris as may be used for any filling required by this Section. (b) Reduction of Walls. The reduction of all walls, including foundation walls, to the surface elevation of the adjoining ground. (c) Breaking Up Basement Floors. The breaking up of all basement or cellar floors sufficiently to permit proper drainage. (d) Removal of Paving. The removal by the Agency or by the appropriate public body of all paving (including catch basins, curbs, gutters, drives, and sidewalks) within or on the Property. (e) Removal of Public Utility Lines. The removal or abandonment by the Agency or by the appropriate public body or public utility company of all public utility lines, installations, facilities, and related equipment within or on the Property. (f) Fillip and Grading. Such filling, grading, and leveling of the land but not including topsoil or landscaping) as will permit proper drainage and place the Property in a safe, clean, sanitary, and nonhazardous condition. (g) Filling Materials. The filling of all basements or other excavations exposed as a result of the work performed by the Agency pursuant to this Section, with noncombustible materials to a level twelve (12) inches below the surface of the adjoining ground on all sides thereof. 'c SEC. 102. Expenses, Income, and Salvage. All expenses, including current taxes, if any, relating to buildings or other structures demolished or to be demolished in accordance with Section 101 hereof shall be borne by, and all income or salvage received as a result of the demolition of such buildings or structures shall belong to, the Agency. 1 MUD.6209B (9.69) SEC. 103. Agency's Responsibilities for Certain Other Actions. The Agency, without expense to the Redeveloper or assessment or claim against the Property and prior to completion of the Improvements (or at such earlier time or times as the Redeveloper and the Agency may agree in writing), shall, in accordance with the Urban Renewal Plan, provide or secure or cause to be provided or secured, the following: (a) Vacation of Streets, Etc. The closing and vacation of all existing streets, alleys, and other public rights-of-way within or abutting on the Property. (b) . R_eplatting, Resubdivision, or Rezoning. The replatting, resubdivision, or rezoning of the Property, if necessary for the conveyance thereof to the Redeveloper. (c) Improvements of Existing Streets. The improvement (by the Agency or by the appropriate public body) by resurfacing, rebuilding, or new construction, in accordance with the technical specifications, standards, and practices of the City, of the existing streets, alleys, or other public rights-of-way (including catch basins, curbs and gutters, drive and curb cuts, and drives between the property line of the Property and the public rights-of-way) abutting on the Property. (d) Construction and Dedication of New Streets. The construction (by the Agency or by the appropriate public body), in accordance with the technical specifications, standards, and practices of the City, and the dedication of all new streets, alleys, and other public rights-of-way (including catch basins, curbs, and gutters) abutting on the Property. (e) Installation of Sidewalks. The installation (by the Agency or by the appropriate public body), in accordance with the technical specifications, standards, and practices of the City, of public sidewalks along the frontage of the public streets abutting on the Property or within the rights-of-way lines of such public streets, together with sodding or seeding of any such public area between such sidewalks or the curb lines of such public streets. (f) Street Lighting, Signs, and Fire Hydrants. The installation (by the Agency or by the appropriate public body), in accordance with the technical specifications, standards, and practices by the City, of street lighting, signs, and fire hydrants in connection with all new streets abutting on the Property and to be constructed pursuant to this Section. (g) Installation of Public Utilities. The installation or relocation by the Agency or by the appropriate public body or public utility company) of such sewers, drains, water and gas distribution lines, electric, telephone, and telegraph lines and all other public utility lines installations and facilities as P Y � 2 _ HUD.62098 (9.69) are necessary to be installed or relocated on or in connection with the Property by reason of the redevelopment contemplated by the Urban Renewal Plan and the development of the Property; Provided, That the Agency shall not be responsible for, nor bear any portion of the cost of, installing the necessary utility connections within the boundaries of the Property between the Improvements to be constructed on the Property by the Redeveloper and the water, sanitary sewer, and storm drain mains or other public utility lines owned by the City or by any public utility company within or without such boundaries, or electric, gas, telephone, or other public utility lines owned by any public utility company within or without such boundaries, and the Redeveloper shall secure any permits required for any such installation without cost or expense to the Agency. SEC. 104. Waiver of Claims and Joining in Petitions by Redeveloper. The Redeveloper hereby waives as the purchaser of the Property under the Agreement and as the owner after the conveyance of the Property provided for in the Agreement) any and all claims to awards of damages, if any, to compensate for the closing, vacation, or change of grade of any street, alley, or other public right-of-way within or fronting or abutting on, or adjacent to, the Property which, pursuant to subdivision (a) of Section 103 hereof, is to be closed or vacated, or the grade of which 1s to be changed, and shall upon the request of the Agency subscribe to, and join with, the Agency in any petition or proceeding required for such vacation, dedication, change of grade, and, to the extent necessary, rezoning, and execute any waiver or other document in respect thereof. ARTICLE II. RIGHTS OF ACCESS TO PROPERTY SEC. 201. Right of Entry for Utility Service. The Agency reserves for itself, the City, and any public utility company, as may be appropriate, the unqualified right to enter upon the Property at all reasonable times for the purpose of reconstructing, maintaining, repairing, or servicing the public utilities located within the Property boundary lines and provided for in the easements described or referred to in Paragraph (a), Section 2 of Part I hereof. SEC. 202. Redeveloper Not To Construct Over Utility Easements. The Redeveloper shall not construct any building or other structure or improvement on, over, or within the boundary lines of any easement for public utilities described or referred to in Paragraph (a), Section 2 of Part. I hereof, unless such construction is provided for in such easement or has been approved by the City. If approval for such construction is requested by the Redeveloper, the Agency shall use its best efforts to assure that such approval shall not be withheld unreasonably. SEC. 203. Access to Property. Prior to the conveyance of the Property by the Agency to the Redeveloper, the Agency shall permit representatives of the Redeveloper to have access to any part of the Property as to which the Agency holds title, at all reasonable times for the purposerof obtaining data - 3 - HUD-62098 (9.69) and making various tests concerning the Property necessary to carry out the Agreement. After the conveyance of the Property by the Agency to the Redeveloper, the Redeveloper shall permit the representatives of the Agency, the City, and the United States of America access to the Property at all reasonable times which any of them deems necessary for the purposes of the Agreement, the Cooperation Agreement, or the Contract for Loan and Capital Grant, including, but not limited to, inspection of all work being performed in connection with the construction of the Improvements. No compensation shall be payable nor shall any charge be made in any form by any party for the access provided for in this Section. ARTICLE III. CONSTRUCTION PLANS; CONSTRUCTION OF IMPROVEMENTS; CERTIFICATE OF COMPLETION SEC. 301. Plans for Construction of Improvements. Plans and specifications with respect to the redevelopment of the Property and the construction of improvements thereon shall be in conformity with the Urban Renewal Plan, the Agreement, and all applicable State and local laws and regulations. As promptly as possible after the date of the Agreement, and, in any event, no later than the time specified therefor in Paragraph (a), Section 5 of Part I hereof, the Redeveloper shall submit to the agency, for approval by the Agency, plans, drawings, specifications, and related documents, and the proposed construction schedule (which plans, drawings, specifications, related documents, and progress schedule, together with any and all changes therein that may thereafter be made and submitted to the Agency as herein provided, are, except as otherwise clearly indicated by the context, hereinafter collectively called "Construction Plans") with respect to the improvements to be constructed by the Redeveloper on the Property, in sufficient completeness and detail to show that such improvements and construction thereof will be in accordance with the provisions of the Urban Renewal Plan and the Agreement. The Agency shall, if the Construction Plans originally submitted conform to the provisions of the Urban Renewal Plan and the Agreement, approve in writing such Construction Plans and no further filing by the Redeveloper or approval by the Agency thereof shall be required except with respect to any material change. Such Construction Plans shall, in any event, be deemed approved unless rejection thereof in writing by the Agency, in whole or in part, setting forth in detail the reasons therefor, shall be made within thirty (30) days after the date of their receipt by the Agency. If the Agency so rejects the Construction Plans in whole or in part as not being in cinformity with the Urban Renewal Plan or the Agreement, the Redeveloper shall submit new or corrected Construction Plans which are in conformity with the Urban Renewal Plan and the Agreement, within the time specified therefor in Paragraph (b), Section 5 of Part I hereof, after written notification to the Redeveloper of the rejection. The provisions of this Section relating to approval, rejection, and resubmission of corrected Construction Plans hereinabove provided with respect to the original Construction Plans shall continue to apply until the Construction Plans have been approved by the Agency Provided, That in any event the Redeveloper shall submit Construction Plans which are in conformity with the requirements of the Urban Renewal Plan and the Agreement, as determined by the Agency, no later than the time specified therefor in Paragraph (c), Section 5 of Part I - 4 f • - HUD-62098 (9.69) hereof. All work with respect to the improvements to be constructed or provided by the Redeveloper on the Property shall be in conformity with the Construction Plans as approved by the Agency. The term "Improvements", as used in this Agreement, shall be deemed to have reference to the improvements as provided and specified in the Construction Plans as so approved. SEC. 302. Changes in Construction Plans. If the Redeveloper desires to make any change in the Construction Plans after their approval by the Agency, the Redeveloper shall .submit the proposed change to the Agency for its approval. If the Construction Plans, as modified by the proposed change, conform to the requirements of Section 301 hereof with respect to such previously approved Construction Plans, the Agency shall approve the proposed change and notify the Redeveloper in writing of its approval. Such change in the Construction Plans shall, in any event, be deemed approved by the Agency unless rejection thereof, in whole or in part, by written notice thereof by the Agency to the Redeveloper, setting forth in detail the reasons therefor, shall be made within the period specified therefor in Paragraph (d), Section 5 of Part I hereof. SEC. 303• Evidence of Equity Capital and Mortgage Financing. As promptly as possible after approval by the Agency of the Construction Plans, and, in any event, no later than the time specified therefor in Paragraph (e), Section 5 of Part I hereof, the Redeveloper shall submit to the Agency evidence satisfactory to the Agency that the Redeveloper has the equity capital and commitments for mortgage financing necessary for the construction of the Improvements. SEC. 304• �provals of Construction Plans and Evidence of Financing As Conditions Precedent to Conveyance. The submission of Construction Plans and their approval by the Agency as provided in Section 301 hereof, and the submission of evidence of equity capital and commitments for mortgage financing as provided in Section 303 hereof, are conditions precedent to the obligation of the Agency to convey the Property to the Redeveloper. SEC. 305• Commencement and Completion of Construction of Improvements. The Redeveloper agrees for itself, its successors and assigns, and every successor in interest to the Property, or any part thereof, and the Deed shall contain covenants on the part of the Redeveloper for itself and such successors and assigns, that the Redeveloper, and such successors and assigns, shall promptly begin and diligently prosecute to completion the redevelopment of the Property through the construction of the Improvements thereon, and that such construction shall in any event be begun within the period specified in Section 4 of Part I hereof and be completed within the period specified in such Section 4. It is intended and agreed, and the Deed shall so expressly provide, that such agreements and covenants shall be covenants running with the land and that they shall, in any event, and without regard to technical classification or designation, legal or otherwise, and except only as otherwise specifically provided in the Agreement itself, be, to the fullest extent permitted by law and equity, binding for the benefit of the community and the Agency and enforceable by the Agency against the Redeveloper and its successors and assigns to or of the Property or any part thereof or any interest therein. - 5 - �. HUD-62098 (9.69) SEC. 306. Progress Reports. Subsequent to conveyance of the Property, or any part thereof, to the Redeveloper, and until construction of the Improvements has been completed, the Redeveloper shall make reports, in such detail and at such times as may reasonably be requested by the Agency, as to the actual progress of the Redeveloper with respect to such construction. SEC. 307. Certificate of Completion. (a) Promptly after completion of the Improvements in accordance with those provisions of the Agreement relating solely to the obligations of the Redeveloper to construct the Improvements (including the dates for beginning and completion thereof), the Agency will furnish the Redeveloper with an appropriate instrument so certifying. Such certification by the Agency shall be (and it shall be so provided in the Deed and in the certification itself) a conclusive determination of satisfaction and termination of the agreements and covenants in the Agreement and in the Deed with respect to the obligations of the Redeveloper, and its successors and assigns, to construct the Improvements and the dates for the beginning and completion thereof; Provided, That if there is upon the Property a mortgage insured, or held or owned, by the Federal Housing Administration and the Federal Housing Administration shall have determined that all buildings constituting a part of the Improvements and covered by such mortgage are, in fact, substantially completed in accordance with the Construction Plans and are ready for occupancy, then, in such event, the Agency and the Redeveloper shall accept the determination of the Federal Housing Administration as to such completion of the construction of the Improvements in accordance with the Construction Plans, and, if the other agreements and covenants in the Agreement obligating the Redeveloper in respect of the construction and completion of the Improvements have been fully satisfied, the Agency shall forthwith issue its certification provided for in this Section. Such certification and such determination shall not constitute evidence of compliance with or satisfaction of any obligation of the Redeveloper to any holder of a mortgage, or any insurer of a mortgage, securing money loaned to finance the Improvements, or any part thereof. (b) With respect to such individual parts or parcels of the Property which, if so provided in Part I hereof, the Redeveloper may convey or lease as the Improvements to be constructed thereon are completed, the Agency will also, upon proper completion of the Improvements relating to any such . part or parcel, certify to the Redeveloper that such Improvements have been made in accordance with the provisions of the Agreement. Such certification shall mean and provide, and the Deed shall so state, (1) that any party purchasing or leasing such individual part or parcel pursuant to the authorization herein contained shall not (because of such purchase or lease) incur any obligation with respect to the construction of the Improvements relating to such part or parcel or to any other part or parcel of the Property; and (2) that neither the Agency nor any other party shall thereafter have or be entitled to exercise with respect to any such individual part or parcel so sold (or, in the case of lease, with respect to the leasehold interest) any rights or remedies or controls that it may - 6 - HUD-67098 (9.69) otherwise have or be entitled to exercise with respect to the Property as a result of a default in or breach of any provisions of the Agreement or the Deed by the Redeveloper or any successor in interest or assign, unless (i) such default or breach be by the purchaser or lessee, or any successor in interest to or assign of such individual part or parcel with respect to the covenants contained and referred to in Section 401 hereof, and (ii) the right, remedy, or control relates to such default or breach. (c) Each certification provided for in this Section 307 .;hall be in such form as will enable it to be recorded in the proper office for the recordation of deeds and other instruments pertaining to the Property, including the Deed. If the Agency shall refuse or fail to provide any certification in accordance with the provisions of this Section, the Agency shall, within thirty (30) days after written request by the Redeveloper, provide the Redeveloper with a written statement, indicating in adequate detail in what respects the Redeveloper has failed to complete the Improvements in accordance with the provisions of the Agreement, or is otherwise in default, and what measures or acts it will be necessary, in the opinion of the Agency, for the Redeveloper to take or perform in order to obtain such certification. ARTICLE IV. RESTRICTIONS UPON USE OF PROPERTY SEC. 401. Restrictions on Use. . The Redeveloper agrees for itself, and its successors and assigns, and every successor in interest to the Property, or any part thereof, and the Deed shall contain covenants on the part of the Redeveloper for itself, and such successors and assigns, that the Redeveloper, and such successors and assigns, shall: (a) Devote the Property to, and only to and in accordance with, the uses specified in the Urban Renewal Plan; and (b) Not discriminate upon the basis of race, color, creed, or national origin in the sale, lease, or rental or in the use or occupancy of the Property or any improvements erected or to be erected thereon, or any part thereof. SEC. 402. Covenants; Binding Upon Successors in Interest; Period of Duration. It is intended and agreed, and the Deed shall so expressly provide, that the agreements and covenants provided in Section 401 hereof shall be covenants running with the land and that they shall, in any event, and without regard to technical classification or designation, legal or otherwise, and except only as otherwise specifically provided in the Agreement, be binding, to the fullest extent permitted by law and equity, for the benefit and in favor of, and enforceable by, the Agency, its successors and assigns, the City and any successor in interest to the Property, or any part thereof, and the owner of any other land (or of any interest in such land) in the Project Area which is subject to the land use requirements and restrictions of the Urban Renewal Plan, and the United - 7 - MUD-62098 (9.69) States (in the case of the covenant provided in subdivision (b) of Section 401 hereof), against the Redeveloper, its successors and assigns and every successor in interest to the Property, or any part thereof or any interest therein, and any party in possession or occupancy of the Property or any part thereof. It is further intended and agreed that the agreement and covenant provided in subdivision (a) of Section 401 hereof shall remain in effect for the period of time, or until the date, specified or referred to in Section 6 of Part I hereof (at which time such agreement and covenant shall terminate) and that the agreements and covenants provided in subdivision (b) of Section 401 hereof shall remain in effect without limitation as to time: Provided, That such agreements and covenants shall be binding on the Redeveloper itself, each successor in interest to the Property, and every part thereof, and each party in possession or occupancy, respectively, only for such period as such successor or party shall have title to, or an interest in, or possession or occupancy of, the Property or part thereof. The terms "uses specified in the Urban Renewal Plan" and "land use" referring to provisions of the Urban Renewal Plan. or similar. language, in the Agreement shall include the land and all building, housing, and other requirements or restrictions of the Urban Renewal Plan Pg ertainin to such land. SEC. 403. Agency and United States Rights To Enforce. In amplification, and not in restriction of, the provisions of the preceding Section, it is intended and agreed that the Agency and its successors and assigns shall be deemed beneficiaries of the agreements and covenants provided in Section 401 hereof, and the United States shall be deemed a beneficiary of the covenant provided in subdivision (b) of Section 401 hereof, both for and in their or its own right and also for the purposes of protecting the interests of the community and other parties, public or private, in whose favor or for whose benefit such agreements and covenants have been provided. Such agreements and covenants shall (and the Deed shall so state) run in favor of the Agency and the United States, for the entire period during which such agreements and covenants shall be in force and effect, without regard to whether the Agency or the United States has at any time been, remains, or is an owner of any land or interest therein to or in favor of which such agreements and covenants relate. The Agency shall have the right, in the event of any breach of any such agreement or covenant, and the United States shall have the right in the event of any breach of the covenant provided 1n subdivision (b) of Section 401 hereof, to exercise all the rights and remedies, and to maintain any actions or suits at law or in equity or other proper proceedings to enforce the curing of such breach of agreement or covenant, to which it or any other beneficiaries of such agreement ur covenant may be entitled. ARTICLE V. PROffiBITIONS AGAINST ASSIGNMENT AND TRANSFER SEC. 501. Representations As to Redevelopment. The Redeveloper represents and agrees that its purchase of the Property, and its other undertakings pursuant to the Agreement, are, and will be used, for the - 8 - r MUD.6309B (9.69) purpose of redevelopment of the Property and not for speculation in land holding. The Redeveloper further recognizes that, in view of (a) the importance of the redevelopment of the Property to the general welfare of the community; (b) the substantial financing and other public aids that have been made available by law and by the Federal and local Governments for the purpose of making such redevelopment possible; and (c) the fact that a transfer of the stock in the Redeveloper or of a substantial part thereof, or any other act or transaction involving or resulting in a significant change in the ownership or distribution of such stock or with respect to the identity of the parties in control of the Redeveloper or the degree thereof, is for practical purposes a transfer or disposition of the Property then owned by the Redeveloper, the qualifications and identity of the Redeveloper, and its stockholders, are of particular concern to the community and the Agency. The Redeveloper further recognizes that it is because of such qualifications and identity that the Agency is entering into the Agreement with the Redeveloper, and, in so doing, is further willing to accept and rely on the obligations of the Redeveloper for the faithful performance of all undertakings and covenants hereby by it to be performed without requiring in addition a surety bond or similar undertaking for such performance of all undertakings and covenants in the Agreement. SEC. 502. Prohibition Against Transfer of Shares of Stock; Binding Upon Stockholders Individually. For the foregoing reasons, the Redeveloper represents and agrees for itself, its stockholders, and any successor in interest of itself and its stockholders, respectively, that: Prior to completion of the Improvements as certified by the Agency, and without the prior written approval of the Agency, (a) there shall be no transfer by any party owning 10 percent or more of the stock in the Redeveloper (which term shall be deemed for the purposes of this and related provisions to include successors in interest of such stock or any part thereof or interest therein), (b) nor shall any such owner suffer any such transfer to be made, (c) nor shall there be or be suffered to be by the Redeveloper, or by any owner of 10 percent or more of the stock therein, any other similarly significant change in the ownership of such stock or in the relative distribution thereof, or with respect to the identity of the parties in control of the Redeveloper or the degree thereof, by any other method or means, whether by increased capitalization, merger with another corporation, corporate or other amendments, issuance of additional or new stock or classification of stock, or otherwise. With respect to this provision, the Redeveloper and the parties signing the Agreement on behalf of the Redeveloper represent that they have the authority of all of its existing stockholders to agree to this provision on their behalf and to bind them with respect thereto. - 9 - HUD-6209B (9.69) 503• Prohibition Against Transfer of Property and Assignment of ,+greement. Also, for the foregoing reasons the Redeveloper represents and agrees for itself, and its successors and assigns, that; (a) Except only (1) by way of securiLy for, and only for, (i) the purpose of obtaining financing necessary to enable the Redeveloper or any successor in interest to the Property, or any part thereof, to perform its obligations with respect to making the Improvements under the Agreement, and (ii) any other purpose authorized by the Agreement, and (2) as to any individual parts or parcels of the Property on which the Improvements to be constructed thereon have been completed, and which, by the terms of the Agreement, the Redeveloper is authorized to convey or lease as such Improvements are completed, the Redeveloper (except as so authorized) has not made or created, and that it will not, prior to the proper completion of the Improvements as certified by the Agency, make or create, or suffer to be made or created, any total or partial sale, assignment, conveyance, or lease, or any trust or power, or transfer in any other mode or form of or with respect to the Agreement or the Property, or any part thereof or any interest therein, or any contract or agreement to do any of the same, without the prior written approval of the Agency; Provided, That, prior to the issuance by the Agency of the certificate provided for in Section 307 hereof as to completion of construction of the Improvements, the Redeveloper may enter into any agreement to sell, lease, or otherwise transfer, after the issuance of such certificate, the Property or any part thereof or interest therein, which agreement shall not provide for payment of or on account of the purchase price or rent for the Property, or the part thereof or the interest therein to be so transferred, prior to the issuance of such certificate. (b) The Agency shall be entitled to require, except as otherwise provided in the Agreement, as conditions to any such approval that; (1) Any proposed transferee shall have the qualifications and financial responsibility, as determined by the Agency, necessary and adequate to fulfill the obligations undertaken in the Agreement by the Redeveloper (or, in the event the transfer is of or relates to part of the Property, such obligations to the extent that they relate to such part). (2) Any proposed transferee, by instrument in writing satisfactory to the Agency and in form recordable among the land records, shall, for itself and its successors and assigns, and expressly for the benefit of the Agency, have expressly assumed all of the obligations of the Redeveloper - 10 - HUD-6209B (9.69) under the Agreement and agreed to be subject to all the conditions and restrictions to which the Redeveloper is subject (or, in the event the transfer is of .or relates to part of the Property, such obligations, conditions, and restrictions to the extent that they relate to such part): Provided, That the fact that any transferee of, or any other successor in interest whatsoever to, the Property, or any part thereof, shall, whatever the reason, not have assumed such obligations or so agreed, shall not (unless and only to the extent otherwise specifically provided in the Agreement or agreed to in writing by the Agency) relieve or except such transferee or successor of or from such obligations, conditions, or restrictions, or deprive or limit the Agency of or with respect to any rights or remedies or controls with respect to the Property or the construction of the Improvements; it being the intent of this, together with other provisions of the Agreement, that (to the fullest extent permitted by law and equity and excepting only in the manner and to the extent specifically provided otherwise in the Agreement) no transfer of, or change with respect to, ownership in the Property or any part thereof, or any interest therein, however consummated or occurring, and whether voluntary or involuntary, shall operate, legally or practically, to deprive or limit the Agency of or with respect to any rights or remedies or controls provided in or resulting from the Agreement with respect to the Property and the construction of the Improvements that the Agency would have had, had there been no such transfer or change. (3) There shall be submitted to the Agency for review all instruments and other legal documents involved in effecting transfer; and if approved by the Agency, its approval shall be indicated to the Redeveloper in writing. (4) The consideration payable for the transfer by the transferee or on its behalf shall not exceed an amount representing the actual cost (including carrying charges) to the Redeveloper of the Property (or allocable to the part thereof or interest therein transferred) and the Improvements, if any, theretofore made thereon by it; it being the intent of this provision to preclude assignment of the Agreement or transfer of the Property (or any parts thereof other than those referred to in subdivision (2), Paragraph (a) of this Section 503) for profit prior to the completion of the Improvements and to provide that in the event any such assignment or transfer is made (and is not canceled), the Agency shall be entitled to increase the Purchase Price to the Redeveloper by the amount that the consideration payable for the assignment or transfer is in excess of the amount that may be authorized pursuant to this subdivision (4), and such consideration shall, to the extent it 1s in excess of the amount so authorized, belong to and forthwith be paid to the Agency. - 11 - { HUD-6209B (9.69) (5) The Redeveloper and its transferee shall comply with such , other conditions as the Agency may find desirable in order to achieve and safeguard the purposes of the Urban Renewal Act and the Urban Renewal Plan. Provided, That in the absence of specific written agreement by the Agency to the contrary, no such transfer or approval by the Agency thereof shall be deemed to relieve the Redeveloper, or any other party bound in any way by the Agreement or otherwise with respect to the construction of the Improvements, from any of its obligations with respect thereto. SEC. 504, Information As to Stockholders. In order to assist in the effectuation of the purposes of this Article V and the statutory objectives generally, the Redeveloper agrees that during the period between execution of the Agreement and completion of the Improvements as certified by the Agency, (a) the Redeveloper will promptly notify the Agency of any and all changes whatsoever in the ownership of stock, legal or beneficial, or of any other act or transaction involving or resulting in any change in the ownership of such stock or in the relative distribution thereof, or with respect to the identity of the parties in control of the Redeveloper or the degree thereof, of which it or any of its officers have been notified or otherwise have knowledge or information; and (b) the Redeveloper shall, at such time or times as the Agency may request, furnish the Agency with a complete statement, subscribed and sworn to by the President or other executive officer of the Redeveloper, setting forth all of the stockholders of the Redeveloper and the extent of their respective holdings, and in the event any other parties have a beneficial interest in such stock their names and the extent of such interest, all as determined or indicated by the records of the Redeveloper, by specific inquiry made by any such officer, of all parties who on the basis of such records own 10 percent or more of the stock in the Redeveloper, and by such other knowledge or information as such officer shall have. Such lists, data, and information shall in any event be furnished the Agency immediately prior to the delivery of the Deed to the Redeveloper and as a condition precedent thereto, and annually thereafter on the anniversary of the date of the Deed until the issuance of a certificate of completion for all the Property. ARTICLE VI. MORTGAGE FINANCING; RIGHTS OF MORTGAGEES SEC. 601. Limitation Upon Encumbrance of Proverty, Prior to the completion of the Improvements, as certified by the Agency; neither the Redeveloper nor any successor in interest to the Property or any part thereof shall engage in any financing or any other transaction creating any mortgage or other encumbrance or lien upon the Property, whether by express agreement or operation of law, or suffer any encumbrance or lien to be made on or attach to the Property, except for the purposes of obtaining (a) funds only to the extent necessary for making the Improvements and (b) such additional funds, if any, in an amount not to exceed the Purchase Price paid by the Redeveloper to the Agency. The Redeveloper (or successor in interest) shall notify the Agency in advance of any financing, secured by mortgage or other - 12 - HUD-620B (9.69) similar lien instrument, it proposes to enter into with respect to the Property, or any part thereof, and in any event it shall promptly notify the Agency of any encumbrance or lien that has been created on or attached to the Property, whether by voluntary act of the Redeveloper or otherwise. For the purposes of such mortgage financing as may be made pursuant to the Agreement, the Property may, at the option of the Redeveloper (or successor in interest), be divided into several parts or parcels, provided that such subdivision, in the opinion of the Agency, is not inconsistent with the purposes of the Urban Renewal Plan and the Agreement and is approved in writing by the Agency. SEC. 602. Mortgagee Not Obligated To Construct. Notwithstanding any of the provisions of the Agreement, including but not limited to those which are or are intended to be covenants running with the land, the holder of any mortgage authorized by the Agreement (including any such holder who obtains title to the Property or any part thereof as a result of foreclosure proceedings, or action in lieu thereof, but not including (a) any other party who thereafter obtains title to the Property or such part from or through such holder or (b) any other purchaser at foreclosure sale other than the holder of the mortgage itself) shall in no wise be obligated by the provisions of the Agreement to construct or complete the Improvements or to guarantee such construction or completion; nor shall any covenant or any other provision in the Deed be construed to so obligate such holder: Provided, That nothing in this Section or any other Section or provision of the Agreement shall be deemed or construed to permit or authorize any such holder to devote the Property or any part thereof to any uses, or to construct any improvements thereon, other than those uses or improvements provided or permitted in the Urban Renewal Plan and in the Agreement. SEC. 603. Copy of Notice of Default to Mortgagee. Whenever the Agency shall deliver any notice or demand to the Redeveloper with respect to any breach or default by the Redeveloper in its obligations or covenants under the Agreement, the Agency shall at the same time forward a copy of such notice or demand to each holder of any mortgage authorized by the Agreement at the last address of such holder shown in the records of the Agency. SEC. 604. Mortgagee'sOption To Cure Defaults. After any breach or default referred to in Section 03 hereof, each such holder shall (insofar as the rights of the Agency are concerned) have the right, at its option, to cure or remedy such breach or default (or such breach or default to the extent that it relates to the part of the Property covered by its mortgage) and to add the cost thereof to the mortgage debt and the lien of its mortgage: Provided, That if the breach or default is with respect to construction of the Improvements, nothing contained in this Section or any other Section of the Agreement shall be deemed to permit or authorize such holder, either before or after foreclosure or action in lieu thereof, to undertake or continue the construction or completion of the Improvements (beyond the extent necessary to conserve or protect improvements or construction already made) without first having expressly assumed the obligation to the Agency, by written agreement satisfactory to the Agency, to complete, in the manner provided in the Agreement, the Improvements on - 13 - HUD-62098 (9.69) the Property or the part thereof to which the lien or title of such holder relates. Any such holder who shall properly complete the Improvements relating to the Property or applicable part thereof shall be entitled, upon written request made to the Agency, to a certification or certifications by the Agency to such effect in the manner provided in Section 307 of the Agreement, and any such certification shall, if so requested by such holder, mean and provide that any remedies or rights with respect to recapture of or reversion or revesting of title to the Property that the Agency shall have or be entitled to because of failure of the Redeveloper or any successor in interest to the Property, or any part thereof, to cure or remedy any default with respect to the construction of the Improvements on other parts or parcels of the Property, or because of any other default in or breach of the Agreement by the Redeveloper or such successor, shall not apply to the part or parcel of the Property to which such certification relates. SEC. 605. Agency's Option To Pay Mortgage Debt or Purchase Pro erLy. In any case, where, sub,equent to default or breach by the Redevelo er or successor in interest under the P Agreement, the holder of any mortgage on the Property or part thereof (a) has, but does not exercise, the option to construct or complete the I p Improvements relating to the Property or part thereof covered by its mortgage or to which it has obtained title, and such failure continues for a period of sixty (60) days after the holder has been notified or informed of the default or breach; or (b) undertakes construction or completion of the Improvements but does not complete such construction within the period as agreed upon by the Agency and such holder (which period shall in any event be at least as long as the period prescribed for such construction or completion in the Agreement), and such default shall not have been cured within sixty (60) days after written demand by the Agency so to do, the Agency shall (and every mortgage instrument made prior to completion of the Improvements with respect to the Property by the Redeveloper or successor in interest shall so provide) have the option of paying to the holder the amount of the mortgage debt and securing an assignment of the mortgage and the debt secured thereby, or, in the event ownership of the Property (or part thereof) has vested in such holder by way of foreclosure or action in lieu thereof, the Agency shall be entitled, at its option, to a conveyance to it of the Property or part thereof (as the case may be) upon payment to such holder of an amount equal to the sum of: (i) the mortgage debt at the time of foreclosure or action in lieu thereof (less all appropriate credits, including those resulting from collection and application of rentals and other income received during foreclosure proceedings); (ii) all expenses with respect to the foreclosure; (iii) the net expense, if any (exclusive of general overhead), ir_curred by such holder in and as a direct result of the subsequent management of the Property; (iv) the costs of any Improvements made by such holder; and (v) an amount equivalent to the interest that would have accrued on the - 14 - HUn•6209B (9.69) aggregate of such amounts had all such amounts become part of the mortgage debt and such debt had continued in existence. SEC. 606. Agency's Option To Cure Mortgage Default. In the event of a default or breach prior to the completion of the Improvements by the Redeveloper, or any successor in interest, in or of any of its obligations under, and to the holder of, any mortgage or other instrument creating an encumbrance or lien upon the Property or part thereof, the Agency may at its option cure such default or breach, in which case the Agency shall be entitled, in addition to and without limitation upon any other rights or remedies to which it shall be entitled by the Agreement, operation of law, or otherwise, to reimbursement from the Redeveloper or successor in interest in curing such default or d expenses incurred b the Agency g costs an of all co Y xp n the Property art thereof to which the breach and to a lien upon p Yor the part mortgage, encumbrance, or lien relates) for such reimbursement: Provided, That any such lien shall be subject always to the lien of (including any lien contemplated, because of advances yet to be made, by) any then existing mortgages on the Property authorized by the Agreement. SEC. 607. Mortgage and Holder. For the purposes of the Agreement: The term "mortgage shall include a deed of trust or other instrument creating an encumbrance or lien upon the Property, or any part thereof, as security for a loan. The term "holder" in reference to a mortgage shall include any insurer or guarantor of any obligation or condition secured by such mortgage or deed of trust, including, but not limited to, the Federal Housing Commissioner, the Administrator of Veterans Affairs, and any successor in office of either such official. ARTICLE VII. REMEDIES SEC. 701. In General. Except as otherwise provided in the Agreement, in the event of any default in or breach of the Agreement, or any of its terms or conditions, by either party hereto, or any successor to such party, such party (or successor) shall, upon written notice from the other, proceed immediately to cure or remedy such default or breach, and, in any event, LwiLhin sixty (60) days after receipt of such notice. In case such action is not taken or not diligently pursued, or the default or breach shall not be cured or remedied within a reasonable time, the aggrieved party may institute such proceedings as may be necessary or desirable in its opinion to cure and remedy such default or breach, including, but not limited to, proceedings to compel specific performance by the party in default or breach of its obligations., SEC. 702. Termination by Redeveloper Prior to Conveyance. In the event that (a) the Agency does not tender conveyance of the Property, or possession thereof, in the manner and condition, and by the date, provided in the Agreement, and any such failure shall not 15 HUD.62099 (9.69) be cured within thirty (30) days after the date of written demand by the Redeveloper; or (b) the Redeveloper shall, after preparation of Construction Plans satisfactory to the Agency, furnish evidence satisfactory to the Agency that it has been unable, after and despite diligent effort for a period of sixty (60) days after approval by the Agency of the Construction Plans, to obtain mortgage financing for the construction of the Improvements on a basis and on terms that would generally be considered satisfactory by builders or contractors for improvements of the nature and type provided in such Construction Plans, and the Redeveloper shall, after having submitted such evidence and if so requested by the Agency, continue to make diligent efforts to obtain such financing for a period of sixty (60) days after such request, but without success, then the A6reement shall, at the option of the Redeveloper, be terminated by written notice thereof to the Agency, and, except with respect to the return of the Deposit as provided in Paragraph (e), Section 3 of Part I hereof, neither the Agency nor the Redeveloper shall have any further rights against or liability to the other under the Agreement. that SEC. 703. Termination by Agency Prior to Conveyance. In the event (a) prior to conveyance of the Property to the Redeveloper and in violation of the Agreement (1) the Redeveloper (or any successor 1n interest) assigns or attempts to assign the Agreement or any rights therein, or in the Property, or (ii) there is any change in the ownership or distribution of thet s ock of the Redeveloper or with respect to the identity Y of the parties in control of the Redeveloper or the degree thereof; or (b) the Redeveloper does not submit Construction Plans,' as required by the Agreement, or (except as excused under subdivision (b) of Section 702 hereof) evidence that it has the necessary equity capital and mortgage financing, in satisfactory form and in the manner and by the dates respectively provided in the Agreement therefor; or (c) the Redeveloper does not pay the Purchase Price and take title to the Property upon tender of conveyance by the Agency pursuant to the Agreement, and if any default or failure referred to in subdivisions (b) and (c) of this Section 703 shall not be cured within thirty (30) days after the date of written demand by the Agency, - 16 - f HUD-6209B (9.69) then the Agreement, and any rights of the Redeveloper, or any assignee or transferee, in the Agreement, or arising therefrom with respect to the Agency or the Property, shall, at the option of the Agency, be terminated by the Agency, in which event, as provided in Paragraph (d), Section 3 of Part I hereof, the Deposit shall be retained by the Agency as liquidated damages and as its property without any deduction, offset, or recoupment whatsoever, and neither the Redeveloper (or assignee or transferee) nor the Agency shall have any further rights against or liability to the other under the Agreement. SEC. 704. Revesting Title in Agency Upon Happening of Event Subsequent to Conveyance to Redeveloper. In the event that subsequent to conveyance of the Property or any part thereof to the Redeveloper and prior to completion of the Improvements as certified by the Agency (a) the Redeveloper (or successor in interest) shall default in or violate its obligations with respect to the construction of the Improvements (including the nature and the dates for the beginning and completion thereof), or shall abandon or substantially suspend construction work, and any such default, violation, abandonment, or suspension shall not be cured, ended, or remedied within three (3) months (six (6) months, if the default is with respect to the date for completion of the Improvements) after written demand by " the Agency so to do; or (b) the Redeveloper (or successor in interest) shall fail to pay real estate taxes or assessments on the Property or any part thereof when due, or shall place thereon any encumbrance or lien unauthorized by the Agreement, or shall suffer any levy or attachment to be made, or any materialmen's or mechanics' lien, or any other unauthorized encumbrance or lien to attach, and such taxes or assessments shall not have been paid, or the encumbrance or lien removed or discharged or provision satisfactory to the Agency made for such payment, removal, or discharge, within ninety (90) days after written demand by the Agency so to do; or (c) there is, in violation of the Agreement, any transfer of the Property or any part thereof, or any change in the ownership oz distribution of the stock of the Redeveloper, or with respect to the identity of the parties in control of the Redeveloper or the degree thereof, and such violation shall not be cured within rixty (60) days after written demand by the Agency to the Redeveloper, then the Agency shall have the right to re-enter and take possession of the Property and to terminate (and revest in the Agency) the estate conveyed by the Deed to the Redeveloper, it being the intent of this provision, together with other provisions of the Agreement, that the conveyance of the Property to the Redeveloper shall be made upon, and that the Deed shall contain, a condition subsequent to the effect that in the event of ary default, failure, violation, or other action or inaction by the Redeveloper specified in subdivisions. (a), (b), and (c) of this Section 704, failure on the part of - 17 - HUD-6209D (9-69) the Redeveloper to remedy, end, or abrogate such default, failure, violation, or other action or inaction, within the period and in the manner stated in such subdivisions, the Agency at its option may declare a termination in favor of theenc Ag y of the title, and of all the rights and interests in and to the Property conveyed by the Deed to the Redeveloper,r and that such title d an all rights and interests of the Redeveloper, apd any assigns or successors in interest to and in the Property, shall revert to the Agency.. Provided, That such condition subsequent and any revesting of title as a result thereof in the Agency (1) shall always be subject to and limited by, and shall not defeat, render invalid, or limit in any way, (i) the lien of any mortgage authorized by the Agreement, and (ii) any rights or interests provided in the Agreement for the protection of the holders of such mortgages; and (2) shall not apply to individual parts or parcels of the Property (or, in the case of parts or parcels leased, the leasehold interest) on which the Improvements to be constructed thereon have been completed in accordance with the Agreement and for which a certificate of completion is issued therefor as provided in Section 307 hereof. In addition to. and without in any way limiting the Agency's right to reen- try as provided for in the preceding sentence, the Agency shall have the right to retain the Deposit, as provided in Paragraph (d), Section 3 of Part I hereof, without any deduction, offset or recoupment whatsoever, in the event of a default; violation or failure of the Redeveloper as speci- fied in the preceding sentence. SEC. 705. Resale of Reacquired Property; Disposition of Proceeds. . Upon the revesting in the Agency of title to the Property or any part thereof as provided in Section 704, the Agency shall, pursuant to its responsibilities under State law, use its best efforts to resell the Property or part thereof (subject to such mortgage liens and leasehold interests as in Section 704 set forth and provided) as soon and in such manner as the Agency shall find feasible and consistent with the objectives of such law and of the Urban Renewal Plan to a qualified and responsible party or parti•:s (as determined by the Agency) who will assume the obligation of making or completing the Improvements or such other improvements in their stead as shall be satisfactory to the Agency and in accordance with the uses specified for such Property or part thereof in the Urban R newal Plan. Upon such resale of the Property, the proceeds thereof shall be applied: (a) Firat, to reimburse the Agency, on its own behalf or on behalf of the City, for all costs and expenses incurred by the Agency, including but not limited to salaries of personnel, in connection with the recapture, management, and resale of the Property or part thereof (but less any income derived by the Agency from the Property or part thereof in connection with such management); all taxes, assessments, and water and sewer charges with respect to the Property or part thereof (or, in the event the Property is exempt from taxation or assessment or such charges during the - 18 - HUD-62096 (9.69) period of ownership thereof by the Agency, an amount, if paid, equal to such taxes, assessments, or charges (as determined by the City assessing official) as would have been payable if the Property were not so exempt); any payments made or necessary to be made to discharge any encumbrances or liens existing on the Property or part thereof at the time of revesting of title thereto in the Agency or to discharge or prevent from attaching or being made any subsequent encumbrances or liens due to obligations, defaults, or acts of the Redeveloper, its successors or transferees; any expenditures made or obligations incurred with respect to the making or completion of the Improvements or any part thereof on the Property or part thereof; and any amounts otherwise owing the Agency by the Redeveloper and its successor or transferee; and (b) Second, to reimburse the Redeveloper, its successor or transferee, up to the amount equal to (1) the sum of the purchase price paid by it for the Property (or allocable to the part thereof) and the cash actually invested by it in making any of the Improvements on the Property or part thereof, less (2) any gains or income withdrawn or made by it from the Agreement or the Property. Any balance remaining after such reimbursements shall be retained by the Agency as its property. SEC. 706. Other Rights and Remedies of Agency; No Waiver by Delay. The Agency shall have the right to institute such actions or proceedings as it may deem desirable for effectuating the purposes of this Article VII, including also the right to execute and record or file among the public land records in the office in which the Deed is recorded a written declaration of the termination of all the right, title, and interest of the Redeveloper, and (except for such individual parts or parcels upon which construction of that part of the Improvements required to be constructed thereon has been completed, in accordance with the Agreement, and for which a certificate of completion as provided in Section 307 hereof is to be delivered, and subject to such mortgage liens and leasehold interests as provided in Section 704 hereof) its successors in interest and assigns, in the Property, and the revesting of title thereto in the Agency: Provided, That any delay by the Agency in instituting or prosecuting any such actions or proceedings or otherwise asserting its rights under this Article VII shall not operate as a waiver of such rights or to deprive it of or limit such rights in any way (it being the intent of this provision that the Agency shou. d not be constrained (so as to avoid the risk of being deprived of or limited in the exercise of the remedy provided in this Section because of concepts of waiver, laches, or otherwise) to exercise such remedy at a time when it may still hope otherwise to resolve the problems created by the default involved); nor shall any waiver in fact made by the Agency with respect to any specific default by the Redeveloper under this Section be considered or treated as a waiver of the rights of the Agency 19 - HUD-6209B (9-69) with respect to any other defaults by the Redeveloper under this Section or with respect to the particular default except to the extent specifically waived in writing. SEC. 707. Enforced Delay in Performance for Causes Beyond Control of Party. For the purposes of any of the provisions of the Agreement, neither the Agency nor the Redeveloper, as the case may be, nor any successor in interest, shall be considered in breach of, or default in, its obligations with respect to the preparation of the Property for redevelopment, or the beginning and completion of construction of the Improvements, or progress in respect thereto, in the event of enforced delay in the performance of such obligations due to unforeseeable causes beyond its control and without its fault or negligence, including, but not restricted to, acts of God, acts of the public enemy, acts of the Federal Government, acts of the other party, fires, floods, epidemics, quarantine restrictions, strikes, freight, embargoes, and unusually severe weather or delays of subcontractors due to such causes; it being the purpose and intent of this provision that in the event of the occurrence of any such enforced delay, the time or times for performance of the obligations of the Agency with respect to the preparation of the Property for redevelopment or of the Redeveloper with respect to construction of the Improvements, as the case may be, shall be extended for the period of the enforced delay as determined by the Agency; Provided, That the party seeking the benefit of the provisions of this Section shall, within ten (10) days after the beginning of any such enforced delay, have first notified the other party thereof in writing, and of the cause or causes thereof, and requested an extension for the period of the enforced delay. SEC. 708. Rights and Remedies Cumulative. The rights and remedies of the parties to the Agreement, whether provided by law or by the Agreement, shall be cumulative, and the exercise by either party of any one or more of such remedies shall not preclude the exercise by it, at the same or different times, of any other such remedies for the same default or breach or of any of its remedies for any other default or breach by the other party. No waiver made by either such party with respect to the performance, or manner or time thereof, or any obligation of the other party or any condition to its own obligation under the Agreement shall be considered a waiver of any rights of the party making the waiver with respect to the particular obligation of the other party or condition to its own obligation beyond those expressly waived in writing and to the extent thereof, or a waiver in any respect in regard to any other rights of the party making the waiver or any other obligations of the other party. SEC. 709. Party in Position of Surety With Respect to Obligations. The Redeveloper, for itself and its successors and assigns, and for all other persons who are or who shall become, whether by express or implied assumption or otherwise, liable upon or subject to any obligation or burden under the Agreement, hereby waives, to the fullest extent permitted by law and equity, any and all claims or defenses otherwise available on the ground of its (or their) being or having become a person in the position of a surety, whether real, personal, or otherwise or whether by agreement or operation of law, including, without limitation on the generality of the foregoing, any and all claims and defenses based upon extension of time, indulgence, or modification of terms of contract. - 20 - I HUD-67096 (9.69) ARTICLE VIII. MISCELLANEOUS SEC. 801. Conflict of Interests; Agency Representatives Not Individually Liable. No member, official, or employee of the Agency shall have any personal interest, direct or indirect, in the Agreement, nor shall any such member, official, or employee participate in any decision relating to the Agreement which affects his personal interests or the interests of any corporation, partnership, or association in which he is, directly or indirectly, interested. No member, official, or employee of the Agency shall be personally liable to the Redeveloper, or any successor in interest, in the event of any default or breach by the Agency or for any amount which may become due to the Redeveloper or successor or on any obligations under the terms of the Agreement. SEC. 802. Equal Employment Opportunity. The Redeveloper, for itself and its successors and assigns, agrees that during the construction of the Improvements provided for in the Agreement: (a) The Redeveloper will not discriminate against any employee or applicant for employment because of race, color, religion, sex, or nation- al origin. The Redeveloper will take affirmative action to insure that applicants are employed, and that employees are treated during employment, without regard to their race, color, religion, sex, or national origin. Such action shall include, but not be limited to, the following: employ- ment, upgrading, demotion, or transfer; recruitment or recruitment adver- tising; layoff or termination; rates of pay or other forms of compensation; and selection for training, including apprenticeship. The Redeveloper agrees to post in conspicuous places, available to employees and applicants for employment, notices to be provided by the Agency setting forth the pro- visions of this nondiscrimination clause. (b) The Redeveloper will, in all solicitations or advertisements for employees placed by or on behalf of the Redeveloper, state that all qualified applicants will receive consideration for employment without re- gard to race, color, religion, sex, or national origin. (c) The Redeveloper will send to each labor union or representative of workers with which the Redeveloper has a collective bargaining agreement or other contract or understanding, a notice, to be provided, advising the labor union or workers' representative of the Redeveloper's commitments under Section 202 of Executive Order 11246 of September 24, 1965, and shall post copies of the notice in conspicuous places available to employees and applicants for employment. (d) The Redeveloper will comply with all provisions of Executive Order 11246 of September 24, 1965, and of the rules, regulations, and relevant orders of the Secretary of Labor. - 21 - MUD.6709B (9.69) (e) The Redeveloper will furnish all information and reports required by Executive Order 112L6 of September 24, 1965, and by the rules, regulations, and orders of the Secretary of Labor or the Secretary of Housing and Urban Development pursuant thereto, and will permit access to the Redeveloper's books, records, and accounts by the Agency, the Secretary of Housing and Urban Development, and the Secretary of Labor for purposes of investigation to ascertain compliance with such rules, regulations, and orders. (f) In the event of the Redeveloper's noncompliance with the nondiscrimination clauses of this Section, or with any of the said rules, regulations, or orders, the Agreement may be canceled, terminated, or suspended in whole or in part and the Redeveloper may be declared ineligible for further Government contracts or federally assisted construction contracts in accordance with procedures authorized in Executive Order 11246 of September 24, 1965, and such other sanctions may be imposed and remedies invoked as provided in Executive Order 11246 of September 24, 1965, or by rule, regulation, or order of the Secretary of Labor, or as otherwise provided by law. (g) The Redeveloper will include the provisions of Paragraphs (a) through (g) of this Section in every contract or purchase order, and will require the inclusion of these provisions in every subcontract entered into by any of its contractors, unless exempted by rules, regulations, or orders of the Secretary of Labor issued pursuant to Section 204 of Executive Order 11246 of September 24, 1965, so that such provisions will be binding upon each such contractor, subcontractor, or vendor, as the case may be. The Redeveloper will take such action with respect to any construction contract, subcontract, or purchase order as the Agency or the Department of Housing and Urban Development may direct as a means of enforcing such provisions, including sanctions for noncompliance: Provided, however, That in the event the Redeveloper becomes involved in, or is threatened with, litigation with a subcontractor or vendor as a result of such direction by the Agency or the Department of Housing and Urban Development, the Redeveloper may request the United States to enter into such litigation to protect the interests of the United States. For the purpose of including such provisions in any construction contract, subcontract, or purchase order, as required hereby, the first three lines of this Section shall be changed to read "During the performance of this Contract, the Contractor agrees as follows:", and the term "Redeveloper" shall be changed to "Contractor". SEC. 803. Provisions Not Merged With Deed. None of the provisions of the Agreement are intended to or shall be merged by reason of any deed transferring title to the Property from the Agency to the Redeveloper or any successor in interest, and any such deed shall not be deemed to affect or impair the provisions and covenants of the Agreement. SEC. 804. Titles of Articles and Sections. Any titles of the several parts, Articles, and Sections of the Agreement are inserted for convenience of reference only and shall be disregarded in construing or interpreting any of its provisions. - 22 - Form Approved OMB No.63R-0867 U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT URBAN RENEWAL PROGRAM REDEVELOPER'S STATEMENT FOR PUBLIC DISCLOSURE (PART 1) and REDEVELOPER'S STATEMENT OF QUALIFICATIONS AND FINANCIAL RESPONSIBILITY (PART 11) (Redevelopment or Rehabilitation by an Owner-Occupant for Residential Structure Containing Not More Than Four Dwelling Units) Purpose and Applicability of These Forms Form HUD-6004A (Parts I and II) may be used for LPA sales of improved�or unimproved project land having a reuse value under$30,000, to an individual or two persons as joint owners, who will use the land for residential or non-residential purposes involving new construction or rehabilitation. The attached form of Redeveloper's Statement for Public Disclosure is to be used by the LPA inobtaining the information from proposed redevelopers to be made public by the LPA in accordance with the requirements of Section 105(e) of the Housing Act of 1949, as amended. This form is to be completed by each individual (or indi- viduals jointly) with whom the LPA proposes to enter into a contract for, or understanding with respect to, the dis- posal. The attached form of Redeveloper's Statement of Qualifications and Financial Responsibility is to be used by the LPA in prescribing the information to be furnished by proposed redevelopers as evidence of their qualifica- tions to undertake the obligations to be imposed under proposed agreements for the purchase of project property for redevelopment or rehabilitation. Submission to HUD. Submit one certified conformed copy or duplicate original of the Redeveloper's Statement for Public Disclo- sure to the HUD Area Office (Regional Office where no Area Office exists). Do not submit a copy of the Redevel- oper's Statement of Qualifications and Financial Responsibility to HUD unless requested. Responsibility of LPA To Determine Adequacy and Legality No assurance is given that the provisions of the suggested forms will supply all of the information needed by the LPA or that such forms will comply with State and local law. If additional information is needed, the LPA is responsible for making adjustments in the forms so that they will comply with such requirements, bearing in mind also the applicable provisions of the Contract for Loan and Grant and the HousingAct of 1949, as amended. Use of the Forms This page.should be removed before the forms are furnished to prospective redevelopers. HUD-6004A(4-68) Form Approved U.S.DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT .OMB N6.63R-0867 PART I - REDEVELOPER'S STATEMENT FOR PUBLIC DISCLOSURE (Redevelopment or rehabilitation for any use by an individual or two persons as joint owners when the reuse value is under $30,000) A. REDEVELOPER AND LAND 1. a. Name of Redeveloper: - b. Address and ZIP Code of Redeveloper: 2. The land on whichtheRedeveloper proposes to enter into a.contract for, or understanding with respect to, the purchase or lease of land from (Name of Loc.! P.blic Agency) (Nmae of Urban Renewal or Redevelopment Project Area) in the City of , State of is described as follows:2 3. State the reuse value $ - B. RESIDENTIAL REDEVELOPMENT OR REHABILITATION - 1. State the Redeveloper's estimates, exclusive of payment for the land, for: a. Total cost of the residential redevelopment. . . . . . . . . . . . . . . . . . . . . . . $ b. Cost per dwelling unit of the residential redevelopment. . . . . . . . . . . . . . . $ c. Total cost of the residential rehabilitation . . . . . . . . . . . . . . . . . . . . . . . $ d. Cost per dwelling unit of the residential rehabilitation . . . . . . . . . . . . . . . $ 2. a. If the proposed redevelopment or rehabilitation is for'more than one dwelling unit, state the Redeveloper's estimate of the monthly rental (if to be rented) or average sale price (if to be sold) of the dwelling units involved: - ESTIMATED ESTIMATED TYPE AND SIZE OF DWELLING UNIT MONTHLY RENTAL SALE PRICE $ $ If spice on this form is inadequate for any requested inl'ornrttiun, it should be furnished on an attached page which is referred to undor the appropriate numbered iteni on the form. :Any run%enient mean, of identifving the land (wch us block and lot numbers of street boundaries) is sufficient. A description be metes and bounds or other technical description is averptahb-, but not required. Page 1 of 4 pages HUD-6004A (4-68) Form Approved 7-" U.S.DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT OMB No.63R-0867 PART I - REDEVELOPER'S STATEMENT FOR PUBLIC DISCLOSURE (Redevelopment or rehabilitation for any use by an individual or two persons as joint owners when the reuse value is under $30,000) A. REDEVELOPER AND LAND i 1. a. Name of Redeveloper. .. b. Address and ZIP Code of Redeveloper: 2. The land on which the Redeveloper proposes to enter into acontract for, or understanding with respect to, the purchase or lease of land from fName ofLocW Public Agency) (Name of Urban Renewul or Redevelopment Po ject Area) in the City of State of , is described as follows:2 3. State the reuse value $ B. RESIDENTIAL REDEVELOPMENT OR REHABILITATION 1. State the Redeveloper's estimates, exclusive of payment for the land, for: a. Total cost of the residential redevelopment. . . . . . . . . . . . . . . . . . . . . . . $ b. Cost per dwelling unit of the residential redevelopment . . . . . . . . . . . . $ c. Total cost of the residential rehabilitation . . . . . . . . . . . . . . . . . . . . . . . $ d. Cost per dwelling unit of the residential rehabilitation . . . . . . . . . . . . . . . $ 2. a. If the proposed redevelopment or rehabilitation is for more than one dwelling unit, state the Redeveloper's estimate of the monthly rental (if to be rented) or average sale price (if to be sold) of the dwelling units involved: ESTIMATED ESTIMATED TYPE AND SIZE OF DWELLING UNIT MONTHLY RENTAL SALE PRICE $ $ If spa rc on this fonu is inadequate for nnv roque=ted informrition, it should be furni.hnd on an ata.chod page which is referred to under the appropriate munbered item oilthe fonu. - 2 Ane vonNenient nu,an. of idenlifc ing tht, land (shah a9 block and lot nuwhers of .tre(,t boundaries) is sufficient. A description by metes and hounds or other Icehnieal do.crifeion it at ceptable, but not required. Page 1 of 4 pages HUD-6004A (4.68) 1*'0' Form Approved U.S.DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT OMB No.63R-0867 PART I - REDEVELOPER'S STATEMENT FOR PUBLIC DISCLOSURE (Redevelopment or rehabilitation for any use by an individual or two ` persons as joint owners when the reuse value is under $30,000) A. REDEVELOPER AND LAND 1. a. Name of Redeveloper: b. Address and ZIP Code of Redeveloper. 2. The land on which the Redeveloper proposes to enter into acontract for, or understanding with respect to, the purchase or lease of land from (Name of Luca[PubL,Agency) s (Name of Urban Renewal or Redevelopment Project Area) in the City of , State of , is described as follows:2 3. State the reuse value $ B. RESIDENTIAL REDEVELOPMENT OR REHABILITATION 1. State the Redeveloper's estimates, exclusive of payment for the land, for: a. Total cost of the residential redevelopment. . . . . . . . . . . . . . . . . . . . . . . $ b. Cost per dwelling unit of the residential redevelopment. . . . . . . . . . . . . . . $ c. Total cost of the residential rehabilitation . . . $ d. Cost per dwelling unit of the residential rehabilitation . . . . . . . . . . . . . . . $ 2. a. If the proposed redevelopment or rehabilitation is for more than one dwelling unit, state the Redeveloper's estimate of the monthly rental (if to be rented) or average sale price (if to be sold) of tht e dwelling units involved: ESTIMATED ESTIMATED TYPE AND SIZE OF DWELLING UNIT MONTHLY RENTAL SALE PRICE If space on this form is inadequate for any requested information, it should be furnished un an attached page which is referred to and cr the. approprimte numbered item on the torn. 2 :Ann cou,enwnt loran, of identifcing the band (sit, It ms block and lot nwnbers of Greet boundaries) is sufficient. A description by nu-tvs and hounds ar other Icchnical de,criplmn i, accepWbdo, but not requiral. Page t of 4 pages HUD-6004A (4-68) 4 U.S.DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT PART I -.REDEVELOPER'S STATEMENT FOR PUBLIC DISCLOSURE (Continued) Form Approved OMB No.63R-0867 b. State the utilities and parking facilities, if any, included in the foregoing estimates of rentals: c. State equipment, such as refrigerators, washing machines, airconditioners, if any, included in the foregoing estimates of sales prices: CERTIFICATION I (We) I certify that this Redeveloper's Statement for Public Disclosure is true and correct to the best of my (our) knowledge and belief? Dated: Dated: Signature Signature Title Title Address and ZIP Code Address and ZIP Code If the Redeveloper consists of two or more persons jointly (including tenants by the entirety), this statement must be signed by each of them. 2 Penalty for False Certification: Section 1001, Title 18, of the C.S. Code, provides a fine, of not more than $10,000 or impris- onment of not more than five years, or both, for knooingly and willfully making or using any false writing or document, knowing the some to contain any false, fictitious or fraudulent statement, or entry in a matter within the jurisdiction of any Department of the United States. Page 2 of 4 pages HUD-6004A(4-68) U.S.DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT PART I - REDEVELOPER'S STATEMENT FOR PUBLIC DISCLOSURE (Continued) Form Approved OMB No.63R-0867 b. State the utilities and parking facilities, if any, included in the foregoing estimates of rentals: c. State equipment, such as refrigerators, washing machines, air conditioners, if any, included in the foregoing estimates of sales prices: CERTIFICATION I (We) 1 certify that this Redeveloper's Statement for Public Disclosure is true and correct to the best of my (our) knowledge and belief? Dated: Dated; t Signature Signature Title Title Address and ZIP Code Address and ZIP Code If the Redeveloper consists of two or more per=ons jointly (including tenants by the entirety), this statement must be signed by each of them. 2 Penalty for False Certification: Section 1001, Title 18, of the C.S. Code, provides a fine of not more than $10,000 or impris- onment of not more than five years, or both, for knowingly and willfully making or using any false writing or document, knowing the same to contain any false, fictitious or fraudulent statement, or entry in a matter within the jurisdiction of any Department of the United States. Page 2 of 4 pages - HUD-6004A(4-66) ^� U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT PART I - REDEVELOPER'S STATEMENT FOR PUBLIC DISCLOSURE (Continued) Form Approved OMB No.63R-0867 :+ b. State the utilities and parking facilities, if any, included in the foregoing estimates of rentals: c. State equipment, such as refrigerators, washing machines, air.conditioners, if any, included in the foregoing estimates of sales prices: CERTIFICATION I (We) 1 certify that this Redeveloper's Statement for Public Disclosure is true and correct to the best of my (our) knowledge and belief. Dated: Dated: t Signature Signature Title Title Address and ZIP Code Address and ZIP Code If the Redeveloper consists of two or more persons jointly (including tenants by the entirety), this statement must be signed by each of them. 2 Penalty for False Certification: Section 1001, Title 18, of [lie C.S. Code, provides a fine of not more than $10,000 or impris- onment of not more than five years, or both, for knowingly and willfully making or using any false writing or document, knowing the same to contain any false, fictitious or fraudulent statement, or entry in a matter within the jurisdiction of any Department of the United States. Page 2 of 4 pages - - HUD-6004A(4-68) '1' Form Approved U.S.DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT OMB No.63R-0867 PART II - REDEVELOPER'S STATEMENT OF QUALIFICATIONS AND FINANCIAL RESPONSIBILITY (Redevelopment or rehabilitation for any use by an individual or two persons as joint owners when the reuse value is under $30,000) (For confidential official use of the Local Public Agency and the Department of Housing and Urban Development. Do Not Transmit to HUD Unless Requested.) ` 1. a. Name of Redeveloper:. b. Address and ZIP Code of Redeveloper: 2. The land on which the Redeveloper proposes to enter into a contract for, or understanding with respect to, the purchase or lease of land from (Name of Local Pnblie Agency) in (Name of Urban Renewal or Redevelopment Project Area) in the City of , State of is described as follows: 3. If funds for the development of the land are to be obtained from sources other than the Redeveloper's own funds, a statement of the Redeveloper's plan for financing the acquisition and development of the land: 4. Sources and amount of cash available to the Redeveloper to meet equity requirements of the proposed undertaking, and creditors of the Redeveloper: a. In banks: NAME, ADDRESS AND ZIP CODE OF BANK AMOUNT b. By loans from other: NAME, ADDRESS AND ZIP CODE OF SOURCE AMOUNT c. By sale of readily salable assets: DESCRIPTION MARKET VALUE MORTGAGES OR LIENS d. List of creditors to whom $100 or more AMOUNT OWED is owed $ Page 3 of 4 pages HUD-6004A (4-68) Form Approved U.S.DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT OMB No.63R-0867 PART II - REDEVELOPER'S STATEMENT OF QUALIFICATIONS AND FINANCIAL RESPONSIBILITY (Redevelopment or rehabilitation for any use by an individual or two - persons as joint owners when the reuse value is under $30,000) (For confidential official use of the Local Public Agency and the Department of Housing and Urban Development Do Not 'Transmit to HUD Unless Requested.) 1. a. Name of Redeveloper:. b. Address.and ZIP Code of Redeveloper, 2. The land on which the Redeveloper proposes to enter into a contract for, or understanding with respect to, the purchase or lease of land from (Name of Local Public Agency) in (Name of Urban Renewal or Redevelopment Project Area) in the City of State of , is described as follows: 3. If funds for the development of the land are to be obtained from sources other than the Redeveloper's own funds, a statement of the Redeveloper's plan for financing the acquisition and development of the land: 4. Sources and amount of cash available to the Redeveloper to meet equity requirements of the proposed undertaking, and creditors of the Redeveloper: a. In banks: NAME, ADDRESS AND ZIP CODE OF BANK AMOUNT $ b. By loans from other: NAME, ADDRESS AND ZIP CODE OF SOURCE AMOUNT $ c. By sale of readily salable assets: r DESCRIPTION MARKET VALUE MORTGAGES OR LIENS $ $ d. List of creditors to whom $100 or more - AMOUNT OWED is awed $ ' k Page 3 of 4 pages HUD-6004A(4-68) Form Approved U.S.DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT OMB No.63R-0867 PART II - REDEVELOPER'S STATEMENT OF QUALIFICATIONS AND FINANCIAL RESPONSIBILITY (Redevelopment or rehabilitation for any use by an individual or two persons as joint owners when the reuse value is under $30,000) (For confidential official use of the Local Public Agency and the Department of housing and Urban Development. Do Not Transmit to HUD Unless Requested.) 1. a. Name of Redeveloper:. b. Address and ZIP Code of Redeveloper: 2. The land on which the Redeveloper proposes to enter into a contract for, or understanding with respect to, the t purchase or lease of land from (Name of Local Public Agency) in (Name of Urba Renewal or Redevelopment Project Area) in the City of State of , is described as follows: 3. If funds for the development of the land are to be obtained from sources other than the Redeveloper's own funds, a statement of the Redeveloper's plan for financing the acquisition and development of the land: 4. Sources and amount of cash available to the Redeveloper to meet equity requirements of the proposed undertaking, and creditors of the Redeveloper: a. In banks: NAME, ADDRESS AND ZIP CODE OF BANK AMOUNT $ b. By loans from other: NAME, ADDRESS AND ZIP CODE OF SOURCE AMOUNT $ c. By sale of readily salable assets: - -»- DESCRIPTION MARKET VALUE MORTGAGES OR LIENS $ $ d. List of creditors to whom $100 or more AMOUNT OWED is owed $ e Page 3 of 4 pages"" HUD-6004A(4-68) Form Approved U.S.DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT OMB No.63R-0867 PART II - RE DEVE LOPE R'S STATEMENT OF QUALIFICATIONS AND FINANCIAL RESPONSIBILITY (Redevelopment or rehabilitation for any use by an individual or two persons as joint owners when the reuse value is under $30,000) (For confidential official use of the Local public Agency and the Department of Housing and Urban Development. Do Not Transmit to HUD Unless Requested.) 1. a. Name of Redeveloper.. b. Address.and ZIP Code of Redeveloper: 2. The land on which the Redeveloper proposes to enter into a contract for, or understanding with respect to, the purchase or lease of land from (Name of Local Public Agency) in (Name of Urban Renewal or Redevelopment Project Area) in the City of State of , is described as follows: 3. If funds for the development of the land are to be obtained from sources other than the Redeveloper's own funds, a statement of the Redeveloper's plan for financing the acquisition and development of the land: 4. Sources and amount of cash available to the Redeveloper to meet equity requirements of the proposed undertaking, and creditors of the Redeveloper: a. In banks: NAME, ADDRESS AND ZIP CODE OF BANK AMOUNT $ b. By loans from other: NAME, ADDRESS AND ZIP CODE OF SOURCE AMOUNT $ c. By sale of readily salable assets: DESCRIPTION MARKET VALUE MORTGAGES OR LIENS $ $ d. List Of creditors to whom $100 of more AMOUNT OWED is owed $ Page 3 of 4 pages HUD-6004A (4-68) _ t Form Approved U.S.DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT OMB No.63R-0867 PART 11 - REDEVELOPER'S STATEMENT OF QUALIFICATIONS AND FINANCIAL RESPONSIBILITY (Continued) 5. Names, addresses and ZIP Codes of bank references: 6. Has the Redeveloper been adjudged bankrupt, either voluntary or involuntary, within the past 10 years? If Yes, give date, place, and under what name. ❑ YES ❑ NO 7. a. Does any member of the governing body of the Local Public Agency to which the accompanying bid or proposal is being made or any officer or employee of the Local Public Agency, who exercises any functions or respon- sibilities in connection with the carrying out of the project under which the land covered by the Redeveloper's proposal is being made available, have any direct or indirect personal interest in the Redeveloper or in the redevelopment or rehabilitation of the property upon the basis of such proposal? DYES ENO If Yes, explain. b. Does any member of the governing body of the locality in which the Urban Renewal Areais situated or any other public official of the locality, who exercises any functions or responsibilities in the review or approval of the carrying out of the project under which the land covered by the Redeveloper's proposal is being made available, have any direct or indirect personal interest in the Redeveloper or in the redevelopment or rehabil- itation of the property upon the basis of such proposal? ❑YES ❑NO If Yes, explain. CERTIFICATION I (We)1 certify that this Redeveloper's Statement of Qualifications and Financial Responsibility and the attached evidence of Redeveloper's qualifications and financial responsibility, including financial statements, are true and correct to the best of my (our) knowledge and belief.2 - Dated: Dated: Signature Signature Title Title Address and ZIP Code Address.and LIP Code 1 If the Redeveloper consists of two or more persons jointly (including tenants by the entirety), this statement must he signed by each of them. 2 Penalty for False Certification: Section 1001, Title 18, of the U.S. Code, provides a fine of not more than $10,000 or impris- onment of not more than five years, or both, for knowingly and willfully making or using any false writing or document, knowing the same to contain any false, fictitious or fraudulent statement, or entry in a matter within the jurisdiction of any Department of the United States. Page 4 of 4 pages HUD-6004A (4-68) Form Approved •'> U.S.DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT OMB No.63R-0867 •PART II - REDEVELOPER'S STATEMENT OF QUALIFICATIONS AND FINANCIAL RESPONSIBILITY (Continued) 5. Names, addresses and�ZIP Codes'l of bank references: t 6 \ 1 6. Has the Redeveloper been adjudged bankrupt, either voluntaryor involuntary, within the past 10 years? If Yes, give date, place, and under what name.` [] YES ❑ NO i 7. a. Does any member of the governing body of the Local Public Agency to which the accompanying bid or proposal is being made or any officer or employee of the Local Public Agency, who exercises any functions or respon- sibilities in connection with the carrying out of the project under which the land covered by the Redeveloper's proposal is being made available, have any direct or indirect personal interest in the Redeveloper or in the redevelopment or rehabilitation of the property upon the basis of such proposal? ❑YES NO i If Yes, explain. b. Does any member of the governing body of the locality in which the Urban Renewal Area is situated or any other public official of the locality, who exercises any functions or responsibilities in the review or approval of the carrying out of the project under which the land covered by the Redeveloper's proposal is being made available, have any direct or indirect personal interest in the Redeveloper or in the redevelopment or rehabil- itation of the property upon the basis of such proposal? ❑YES NO If Yes, explain. CERTIFICATION I (We)1 certify that this Redeveloper's Statement of Qualifications and Financial Responsibility and the attached evidence of Redeveloper's qualifications and financial responsibility, including financial statements, ate true and correct to the best of my (our) knowledge and belief.2 Dated: Dated: Signnture Signature Title Tide Address and ZIP Code Address.and ZIP Code 1 If the Redeveloper consists of two or more persons jointly (including tenants by the entirety), this statement must be signed by each of them. 2 Penalty for False Certification: Section 1001, Title 18, of the U.S. Code, provides a fine of not more than $10,000 or impris- onment of not more than five years, or both, for knowingly and willfully making or using any false writing or document, knowing the same to contain any false, fictitious or fraudulent statement, or entry in a matter within the jurisdiction of any Department of the United States. Page 4 of 4 pages HUD 6004A 0-68) Forrri APpTlk,48 , 3 f OMB No.63R-0867 U.S. DEPARTMENTOF HOUSING AND URBAN DEVELOPMENT PART II - REDEVELOPER'S STATEMENT OF QUALIFICATIONS AND FINANCIAL RESPONSIBILITY (Continued) 5. Names, addresses and ZIP Codes of bank references: 6. Has the Redeveloper been adjudged bankrupt, either voluntary or involuntary, within the past 10 years? If Yes, give date, place, and under what name. ❑ YES ❑ NO 7. a. Does any member of the governing body of the Local Public Agency to which the accompanying bid or proposal is being made or any officer or employee of the Local Public Agency, who exercises any functions or respon- sibilities in connection with the carrying out of the project under which the land covered by the Redeveloper's proposal is being made available, have any direct or indirect personal interest in the Redeveloper or in the redevelopment or rehabilitation of the property upon the basis of such proposal? DYES ONO If Yes, explain. I b. Does any/ember of the governing body of the locality in which the Urban Renewal Area is situated or any other public official of the locality, who exercises any functions or responsibilities in the review or approval of the carrying out of the project under which the land covered by the Redeveloper's proposal is being made available, have any direct or indirect personal interest in the Redeveloper or in the redevelopment or rehabil- itation of the property upon the basis of such proposal? ❑YES ONO If Yes, explain. CERTIFICATION I (We)1 certify that this Redeveloper's Statement of Qualifications and Financial Responsibility and the attached evidence of Redeveloper's qualifications and financial responsibility, including financial statements, are true and correct to the best of my (our) knowledge and belief. Dated: Dated: Sigoature Signature Title Title Address and ZIP Code Address and ZIP Code 1 If the Rede veleper consists of two or more persons jointly (including tenants by the entirety), this statement must be signed by each of them. 2 Penalty for False Certification: Section 1001, Title 18, of the U.S. Code, provides a fine of not more than $10,000 or impris- onment of not more than five years, or both, for knowingly and willfully making or using any false writing or document, knowing -� the same to contain any false, fictitious or fraudulent statement, or entry in a matter within the jurisdiction of any Department of the United States. ` Page 4 of 4 pages HUD6004A (4-68) SaleMEE Redevelopment 44-6900 Authority. ONE SALEM GREEN, SALEM, MASSACHUSETTS 01970 TELEPHONE 744-4580 PUBLIC NOTICE The Salem Redevelopment Authority, located at One Salem Green, Salem, MA, having office hours of 8:00 a.m. to 4:00 p.m. Monday through Friday, will, for consideration paid, transfer ownership of property located at 43-R Charter Street to the Peabody Museum, having its place of business at 161 Essex Street, Salem, MA. The 6,802 sq. ft. parcel will be used as a permanent location for the "Little Red Schoolhouse" (an exhibit) and as open space for passive recreational use by the residents of the Salem Housing Authority Elderly Complex. Any questions regarding this transfer should be directed to William Luster, Salem Redevelopment Authority, 744-6900. PUBLIC NOTICE The Salem Redevelopment Authority, located at One Salem Green, Salem, MA, having office hours of 8:00 a.m. to 4:00 p.m. Monday through Friday, will, for consideration paid, transfer ownership of property located at 43—R Charter Street to the Peabody Museum, having its place of business at 161 Essex Street, Salem, MA. The 6,802 sq. ft. parcel will be used as a permanent location for the "Little Red Schoolhouse" (an exhibit) and as open space for passive recreational use by the residents of the Salem Housing Authority Elderly Complex. Any questions regarding this transfer should be directed to William Luster, Salem Redevelopment Authority, 744-6900. HUD-6214 ` (12-68) GUIDE FORM OF CONTRACT FOR SALE OF LAND HAVING A REUSE VALUE UNDER $30,000 TO INDIVIDUAL, CORPORATE,AND OTHER PURCHASERS AGREEMENT, made on or as of the day of 19 , by and between the a public body corporate which, together with any successor public body or officer hereafter designated by or pursuant to law, is hereinafter called "Seller"), having its office at in the City of hereinafter called City ' , State of , and CHere characterize the nature and identity of the purchaser; for example: Ja2/ individual a fcorporation7 /—other form of organizational designation provided under applicable lag organized and existing under the laws of the State of partners L acting under the assumed name of '7 (hereinafter collectively] called "Purchaser") L residing ;at, having an office for the transaction of business at— in the City of , County of , and State of , WITNESSETH: WHEREAS, in furtherance of the objectives of, and pursuant to the . (Stat or Local Urban Renewal Enabling Act), the Seller is carrying out an urban renewal project known as the " Project" for which an Urban Renewal Plan, consisting of Cinsert description .of the plan, as, for example: "the Urban Renewal Plan, dated , 19_, and approved by the City Council of the City on , 19_, by Resolution No. , as amended by Amendment No. 1 thereof, dated 19 . , and approved by such Council on , 19 , by Resolution No. ,] is recorded among the land records for the place in which the Project Area is situate, namely: finsert recording data, as, for example: "in the Office of the Clerk of the of in Book _ of , at page or, if the _ 1 _ HUD-6214 (12-68) Urban Renewal Plan is not recordable in the ,jurisdiction, in lieu of the above, change to: "has been filed in the Office of the Clerk of the City located at in the City;"-i and the Seller has offered to sell and the Purchaser is willing to purchase certain real Property located in the Project Area (and more particularly described in Schedule A annexed hereto and made a part hereof) and to redevelop or rehabilitate the Property for and in accordance with the uses specified in the Urban Renewal Plan and the provisions of this Agreement: NOW, THEREFORE, in consideration of the premises and the mutual obliga- tions of the parties hereto, each of them does hereby covenant and agree with the other as follows: SEC. 1. SALE: PURCHASE PRICE. Subject to all the terms, covenants, and conditions of this Agreement, the Seller will sell the Property to the Purchaser for, and the Purchaser will purchase the Property from the Seller and pay therefor, the amount of Dollars $ hereinafter called 'Purchase Price", to be paid in cash or by certified check simultaneously with the delivery of the Deed conveying the Property to the Purchaser. SEC. 2. CONVEYANCE OF PROPERTY. (A) Form of Deed. The Seller shall convey to the Purchaser title to the Property by Deed. The conveyance and title shall, in addition to the provisions of Section 15(C) of this Agreement and all other conditions, covenants, and restrictions set forth or referred to elsewhere in this Agreement, be subject to: Here set forth in full detail all easements with respect to the Property which are to be continued or are to be newly created or reserved and other reservations, encumbrances, or exceptions, if any./ (B) Time and Place for Delivery of Deed. The Seller shall deliver the Deed and possession of the Property to the Purchaser on , 19—, or on such earlier date as the parties hereto may mutually agree in writing. Conveyance shall be made at the principal office of the Seller and the Purchaser shall accept the conveyance and pay the Purchase Price to the Seller at such time and place. (C) Apportionment of Current Taxes. The portion of the current taxes, if any, on the Property constituting a lien on the date of delivery of the Deed to the Purchaser allocable to buildings and other improvements which have been demolished or removed from the Property by the Agency shall be borne by the Agency. The portion of current taxes, if any, allocable to the land shall be apportioned between the Seller and the Purchaser as of the date of. the delivery - 2 - HUD-6214 (12-68) of the Deed. If the amount of the current taxes on the Property is not ascertainable on that date, the apportionment between the Seller and the Purchaser shall be on the basis of the amount of the most recently ascertainable taxes on the Property, but the apportionment shall be subject to final adjustment within thirty (30) days after the date the actual amount of current taxes is ascertained. (D) .Recordation of Deed. The Purchaser shall promptly file the Deed for recordation among the land records of the place in which the Property is located. The Purchaser shall pay all costs for so recording wJ the Deed. LThere may be included in this subsection any other obligations of the Seller and the Purchaser, respectively, in regard to the formalities and mechanics or conveyance and related obligations, as may be agreed upon the basis of local custom or otherwise. For example, provision may be necessary or desirable to indicate which party is to provide or bear the cost of title insurance or other title evidence; what the amount of the title policy coverage is to be; what the nature of the title evidence shall be and who is to provide it (title insurance companies or title attorneys); which party is to pay the State transfer tax, as well as responsi- bility for other miscellaneous costs, etc . SEC. 3. GOOD FAITH DEPOSIT. The Purchaser has, prior to or simultaneously with the execution of this Agreement by the Seller, delivered to the Seller a good faith deposit of cash or a certified check satisfactory to the Seller in the amount of Dollars ($ , hereinafter called "Deposit." The Deposit shall serve as security for the performance of the obligations of the Purchaser to cpnstruct or to rehabilitate the Improvements as provided herein. The . Deposit shall be returned to the Purchaser upon issuance of the certificate ' of completion pursuant to Section 8 or retained by the Seller as liquidated �. damages in accordance with the provisions of Section 15. SEC. 4. SITE PREPARATION AND CERTAIN OTHER ACTION BY SELLER. fThis Section, or either sentence, should be omitted if the pertinent work or action has been accomplished.—/ The Seller shall, prior to conveyance of the Property and without expense to the Purchaser, prepare the Property as follows: Insert here a brief description of site preparation) if any, to be done.) - 3 - HUD-6214 (12-68) The Seller shall (-alsg, prior to completion of the construction or rehabilitation of the Improvements and without expense to the Purchaser or assessment or claim against the Property, provide or secure or cause to be provided or secured the following: Insert here a brief description of actions, for example, vacation or improvement of streets, rezoning, etc., if any, to be completed by entities other than the Seller.) SEC. 5. Z7PLANS AND SPECIFICATIONS FORK WRITE-UE7 . The Purchaser will LredevelopV /rehabilitatl the Property for fresidential Znon-residential use in accordance with the Lplans and specification) (rehabilitation work write-us contained in Schedule B attached hereto and incorporated herein by reference. (Said plans and specifications for the redevelopment of the Property) (said work write-up for the rehabilitation of the Propertg are in conformity with the Urban Renewal Plan, and all applicable State and local laws and regulations. The term "Improvements", as used in this Agreement, means the improvements indicated in the /plans and specifications/ rehabilitation work write-UP-/. SEC. 6. TIME FOR COMMENCEMENT AND COMPLETION OF CONSTRUCTION OR REHABILITATION WORK. The construction or rehabilitation of the Improvements referred to in Section 5 shall be commenced in any event within ( ) months after the date of the Deed, and shall be completed within ( ) months after that date; Provided, That if a mortgage securing money loaned to finance the Improvements, or any part thereof, is insured by the Federal Housing Administration, then the aforesaid completion time shall not apply, but instead the construction of such Improvements or part thereof shall be completed within the time specified in the applicable Building Loan Agreement approved by the Federal Housing Administration. SEC. 7 COMMENCEMENT AND COMPLETION OF CONSTRUCTION OF IMPROVEMENTS. The Purchaser agrees for itself, its successors and assigns, and every successor in interest to the Property, or any part thereof, and the Deed shall contain covenants on the part of the Purchaser for itself and its successors and assigns, that the Purchaser, and its successors and assigns, shall promptly begin and diligently complete the redevelopment or rehabilitation of the Property through the construction or rehabilitation of the Improvements there- on, and that the.construction or rehabilitation shall in any event be begun and completed within the period specified in Section 6. It is intended and agreed, and the Deed shall so expressly provide, that these agreements and covenants shall be covenants running with the land, binding for the benefit of the community and the Seller, and enforceable by the Seller against the Purchaser and its successors and assigns to or of the Property or any part thereof or any interest therein. - 4 _ HUD-6214 (12-68) SEC. 8. CERTIFICATE OF COMPLETION. Promptly after completion of the construction or rehabilitation of the Improvements in accordance with this Agreement, the Seller will furnish the Purchaser with an appropriate instrument so certifying. The certification by the Seller shall be (and it shall be so provided in the Deed and in the certification itself) a conclusive determination of satisfaction and termina- tion of the covenants in the Agreement and the Deed with respect to the obligations of the Purchaser and its successors and assigns to construct or rehabilitate the Improvements and the dates for the beginning and completion thereof. The certification shall be in such form as will enable it to be recorded. If the Seller shall refuse or fail to provide the certification, the Seller shall, within ( ) days after written request by the Purchaser, provide the Purchaser with a written statement indicating in adequate detail how the Purchaser has failed to complete the construction or rehabilitation of the Improvements in conformity with the Urban Renewal Plan or this Agreement, or is otherwise in default, and what measures or acts it will be necessary, in the opinion of the Seller, for the Purchaser to take or perform in order to obtain the certification: Provided, That, if there is upon the Property a mortgage insured, or held or owned, by the Federal Housing Administration and the Federal Housing Administration shall have determined that all buildings constituting a part of the Improvements and covered by such mortgage are, in fact, substantially completed and are ready for occupancy, then, in such event, the Seller and the Purchaser shall accept the determination of the Federal Housing Administration as to such completion of the construction of the Improvements and, the Seller shall forthwith issue its certification provided for in this Section. Such certification and such determination shall not constitute evidence of compliance with or satisfaction of any obligation of the Purchaser to any holder of a mortgage, or any insurer of a mortgage, securing money loaned to finance the Improvements or any part thereof. SEC. 9. RESTRICTIONS ON USE. The Purchaser agrees for itself, and its successors and assigns, and every successor in interest to the Property, or any part thereof, and the Deed shall contain covenants on the part of the Purchaser for itself, and its successors and assigns, that the Purchaser and its successors and assigns shall: �. (a) Devote the Property only to and in accordance with the uses specified in the Urban Renewal Plan; and (b) Not discriminate upon the basis of race, color, creed, or national origin in the sale, lease, or rental or in the use or occupancy of the Property or any improvements located or to be erected thereon, or any part thereof. - 5 - HUD-6214 (12-68) SEC. 10. COVENANTS: BINDING UPON SUCCESSORS IN INTEREST: PERIOD OF DURATION. It is intended and agreed, and the Deed shall so expressly provide, that the covenants provided in Sections 7, 9, 11, and 12 shall be covenants running with the land binding to the fullest extent permitted by law and equity for the benefit and in favor of, and enforceable by, the Seller, its successors and assigns, the City, and any successor in interest to the Property, or any part thereof, and the owner of any other land (or of any interest in such land) in the Project area which is subject to the land use requirements and restrictions of the Urban Renewal Plan, and the United States (in the case of the covenant provided in Section 9(b)) against the Purchaser, its successors and assigns, and every successor in interest to the Property or any part thereof or any interest therein, and any party in possession or occupancy of the Property or any part thereof. It is further intended and agreed that the covenant provided in Section 9(b) shall remain in effect without limitation as to time. The terms "uses specified in the Urban Renewal Plan" and "land use" referring to provisions of the Urban Renewal Plan, or similar language, in this Agreement shall include the land and all building, housing, and other requirements or restrictions of the Urban Renewal Plan pertaining to such land. SEC. 11 PROHIBITION AGAINST TRANSFER OF PROPERTY. The Purchaser has not made or created, and (except as permitted by Section 12) will not, prior to the completion of the Improvements as certified by the Seller, make or suffer to be made any sale, assignment, conveyance, lease, or transfer in any other form of or with respect to this Agreement or the Property, or any part thereof or any interest therein, or contract or agree to do any of the same, without the prior written approval of the Seller. For the purposes of this Section, a transfer of stock in the Purchaser, in whole or in part, by a party holding ten percent or more of the stock of the Purchaser, or a transfer, by more than one stockholder of the Purchaser, of ten percent or more of the stock of the Purchaser, or any other similarly significant change in the ownership of such stock or in the relative distribu- tion thereof, or with respect to the parties in control of the Purchaser or the degree thereof, by any other method or means, whether by increased bapitalization, merger with another corporation, corporate or other Amendments, issuance of new or additional stock or otherwise, shall be deemed an assignment or conveyance with respect to this Agreement of the Property. With respect to this provision, the Purchaser and the parties signing this Agreement on behalf of the Purchaser represent that they have the authority of all of its existing stockholders to agree to this provision on their behalf and to bind them with respect thereto. "Stock in the Purchaser" means and includes any proprietary interest, susceptible of division or distribution among more than one person, constituting total or partial ownership in or of the Purchaser, regardless of the form taken by, or the designation or description attributed to, such proprietary interest, and regardless of the method, form, and nature of the Purchaser's organization, whether as a corporation, partnership, or any other incorporated or unincorporated association. "Stockholder" means any holder of such proprietary interest. - 6 - xuD-6214 (12-68) In order to assist in the effectuation of the purposes of this Section, the Purchaser agrees LnaL auring the period between execution of this Agreement and the completion of the Improvements as certified by the Seller, (a) the Purchaser will promptly notify the Seller of any and all changes whatsoever in the ownership of stock, legal or beneficial, or of any act or transaction involving or resulting in any change in the ownership of such stock or in the relative distribution thereof, or with respect to the identity of the parties in control of the Purchaser or the degree thereof, of which it or any of its officers have been notified or otherwise have knowledge or information; and (b) the Purchaser shall, at such time or times as the Seller may request, furnish the.Seller with a complete statement, subscribed and sworn to by the President or other executive officer of the Purchaser, setting forth all of the stockholders of the Purchaser and the extent of their respective holdings, and in the event any other parties have a beneficial interest in such stock, their names and the extent of such interest, all as determined or indicated by the records of the Purchaser, by specific inquiry made by any such officer, of all parties who on the basis of such records own ten percent or more of the stock in the Purchaser, and by such other knowledge or information as such officer shall have. Such lists, data, and information shall in any event be furnished the Seller immediately prior to the delivery of the Deed to the Purchaser and as a condition precedent thereto, and annually thereafter on the anniversary date of the Deed until the issuance of a certificate of completion for all the Property. SEC. 12. LIMITATION UPON ENCUMBRANCE OF PROPERTY. Prior to the completion of the Improvements as certified by the Seller, neither the Purchaser nor any successor in interest to the Property shall engage in any financing or any other transaction creating any mortgage or other encumbrance or lien upon the Property, whether by express agreement or operation of law, or suffer any encumbrance or lien to be made_ on or attach to the Property, except for the purposes only of obtaining (a) funds only to the extent necessary for making the Improvements and (b) such additions'_ funds, if any, in an amount not to exceed the Purchase Price paid by the Purchaser to the Seller. Until issuance of the certificate of completion, the Purchaser (or successor in interest) shall notify the Seller in advance of any financing, secured by mortgage or other similar lien instrument, it proposes to enter into with respect to the Property, and of any encumbrance t or lien that has been created on or attached to the Property, whether by voluntary act of the Purchaser or otherwise. SEC. 13. MORTGAGEES NOT OBLIGATED TO CONSTRUCT. Notwithstanding any of the provisions of this Agreement, including but not limited to those which are intended to be covenants running with the land, the holder of any mortgage authorized by this Agreement (including any holder who obtains title to. the Property or any part thereof as a result of fore- closure proceedings, or action in lieu thereof, but not including (a) any other party who thereafter obtains title to the Property or such part from or through such holder or (b) any other purchaser at foreclosure sale other - 7 - HND-6214 (12-68) than the holder of the mortgage itself) shall not be obligated by the provisions of this Agreement to construct or rehabilitate or complete the construction or rehabilitation of the Improvements or to guarantee such construction, rehabilitation or completion; nor shall any covenant or any other provision in the Deed be construed to so obligate such holder. Nothing in this Section or any other Section or provision of this Agreement shall be deemed or construed to permit or authorize any such holder to devote the Property or any part thereof to any uses, or to construct any improvements thereon, other than those uses or improvements provided or permitted in the Urban Renewal Plan and this Agreement. SEC. 14. ENFORCED DELAY IN PERFORMANCE. Neither the Seller nor the Purchaser, nor any successor in interest, shall be considered in breach, or default of, its obligations with respect to the preparation of the Property for redevelopment or rehabilitation, or the commencement and completion of construction or rehabilitation of the Improvements, in the event of enforced delay in the performance of such obligations due to unforeseeable causes beyond its control and without its fault or negligence. The time for the performance of the obligations shall be extended for the period of the enforced delay, as determined by the Seller, if the party seeking the extension shall request it in writing of the other Party within ten (10) days after the beginning of the enforced delay. SEC. 15. REMEDIES. (A) In General. Except as otherwise provided in this Agreement, in the event of any default in or breach of the Agreement, or any of its terms or conditions, by either party hereto, or any successor to such party, such party (or successor) shall, upon written notice from the other, proceed immediately to cure or remedy such default or breach, and, in any event, within sixty (60) days after receipt of such notice. In case such action is not taken or not diligently pursued, or the default or breach shall not be cured or remedied within a reasonable time, the aggrieved party may institute such proceedings as may be necessary or desirable in its opinion to cure and remedy such default or breach, including, but not limited to, proceedings to compel specific performance by the party in default or breach of its obligations. ' (B ) Prior to Conveyance. In the event that prior to the conveyance of the Property the Purchaser assigns or attempts to assign this Agreement or any rights hereunder, or there is any change in the ownership or distribution of the stock of the Purchaser or with respect to the identity of the parties in control of the Purchaser or the degree thereof, or the Purchaser fails to pay the Purchase Price and take title to the Property upon tender of conveyance by the Seller, then this Agreement and any rights of the Purchaser in this Agreement may at the option of the Seller be terminated by the Seller and the Deposit retained by the Seller as liquidated damages. In the event that the Seller does not tender conveyance or possession of the Property as provided in this Agreement or the Purchaser furnishes evidence satisfactorily to the Seller by , 19 , that it has been unable after diligent effo.t to obtain mortgage financing for the construction or rehabilitation of the Improve- ments upon satisfactory terms, then this Agreement, shall at the option of the Purchaser be terminated by the Purchaser and the Deposit returned, without interest, to the Purchaser. - 8 - HUD-6211, (12-68) (C) Revesting Title in Agency Upon Happening of Event Subsequent to Conveyance to Redeveloper. In the event that subsequent to conveyance of the Property or any part thereof to the Purchaser, and prior to completion of construction or rehabilitation of the Improvements as certified by the Seller: (a) the Purchaser (or successor in interest) shall default in or violate its obligations with respect to the construction or rehabilitation of the Improvements (including the nature and the dates for the beginning and completion thereof), or shall abandon or substantially suspend construction or rehabilitation work, and any such default, violation, abandonment, or suspension shall not be cured, ended, or remedied within ninety (90) days (one-hundred and eighty (180) days if the default is with respect to the date for completion of construction or rehabilitation of the Improvements) after written demand by the Seller so to do; or (b) the Purchaser (or successor in interest) shall fail to pay real estate taxes or assessments on the Property or any part thereof when due, or shall place thereon any encumbrance or lien unauthorized by this Agreement, or shall suffer any levy or attachment to be made, or any .atcrialmen-s or mechanics- lien, or any other urauthorized encumbrance or lien to attach, and such taxes or assessments shall not have been paid, or the encumbrance or lien removed or discharged or provision satisfactory to the Seller made for such payment, removal, or discharge, within ninety (90) days after written demand by the Seller so to do; or (c) there is, in violation of this Agreement, any transfer of the Property or any part thereof, or any change in the ownership or distribution of stock of the Purchaser, or with respect to the identity of the parties in control of the Purchaser or the degree thereof, and such violation shall not be cured within sixty (60) days after written demand by the Seller to the Purchaser, then the Seller shall have the right to reenter and take possession of the ` m Property and to terminate (and revest in the Seller) the estate conveyed by the Deed to the Purchaser, it being the intent of this provision, together with other provisions of this Agreement, that the conveyance of the Property to the Purchaser shall be made upon, and that the Deed shall contain, a condition subsequent to the effect that in the event of any default, failure, violation, or other action or inaction by the Purchaser specified in subdivisions (a), (b) and (c) of this Section 15(C), failure on the part of the Purchaser to remedy, end, or abrogate such default, failure, violation, or other action or inaction, within the period and in the manner stated in such subdivisions, the Seller at its option may declare a termination in favor of the Seller of the title, and of all the rights and interests in and to the Property conveyed by the Deed to the Purchaser, and that such title and all rights and interests of the Purchaser, and any assigns or successors in interest to and in the Property, shall revert to the Seller: Provided, That - 9 - HUD-6214 (12-68) such condition subsequent and any revesting of title as a result thereof in the Seller shall always be subject to and limited by, and shall not defeat, render invalid or limit in any way (a) the lien of any mortgage authorized by this Agreement, and (b) any right or interest provided in the Agreement for the protection of the holder of such mortgage. In addition to the right of re-entry and revesting of title provided for in the preceding sentence, upon the occurrence of a default, failure or violation by the Purchaser as specified in said sentence, the Seller shall also have the right to retain the Deposit as liquidated damages. (D) Other Rights and Remedies of Agency; No Waiver by Delay. The Seller shall have the right to institute such actions or proceedings as it may. deem desirable for effectuating the purposes of this Section 15, including also the right to execute and record or. file among the public land records in the office in which the Deed is recorded a written declaration of the termination of all the right, title, and interest of the Purchaser, and (subject to such mortgage liens and leasehold interests as provided in this Section 15 hereof), : its successors in interest and assigns, in the Property, and the revesting of title thereto in the Seller: Provided, That any delay by the Seller in instituting or prosecuting any such actions or proceedings or otherwise asserting its rights under this Section 15 shall not operate as a waiver of such rights or to deprive it of or limit such rights in any way (it being the intent of this provision that the Seiler should not be constrained, so as to avoid the risk of being deprived of or limited in the exercise of the remedy provided in this Section because of concepts of waiver, laches, or otherwise to exercise such remedy at a time when it may still hope otherwise to resolve the problems created by the default involved); nor shall any waiver in fact made by the Seller with respect to any specific default by the Purchaser under this Section be considered or treated as a waiver or the rights of the Seller with respect to any other defaults by the Purchaser under this Section or with respect to the particular default except to the extent specifically waived in writing. SEC.. 16. RESALE OF REACQUIRED PROPERTY; DISPOSITION OF PROCEEDS. Upon the revesting in the Seller of title to the Property or any part thereof as provided in Section 15(D), the Seller shall use its best efforts to resell the Property or part thereof (subject to such mortgage liens and leasehold interests as in Section 15 set forth and provided) as soon and in such manner as the Seller shall find feasible and consivtent with the objectives of applicable law and of the Urban Renewal Plan to a qualified and responsible party or parties (as determined by the Seller) who will assume the obligation of making or completing the construe- tion or rehabilitation of the Improvements or such other improvements in their stead as shall be satisfactory to the Seller and in accordance with the uses specified for such Property or part thereof in the Urban Renewal Plan. Upon such resale of the Property, the proceeds thereof shall be applied: (a) First, to reimburse the Seller, on its own behalf or on behalf of the City, for all costs and expenses incurred by the Seller, including, but not limited to, salaries of personnel in connection with the recapture, - 10 - HUD-5214 (12-68) management, and resale of the Property or part thereof (but less any income derived by the Seller from the Property or part thereof in connection with such management); all taxes, assessments, and water and sewer charges with respect to the Property or part thereof (or, in the event the Property is exempt. from taxation or assessment or such charges during the period of ownership thereof by the Seller, an amount, if paid, equal to such taxes, assessments, or charges (as determined by the City assessing official) as would have been payable if the Property were not so exempt; ) any payments made or necessary to 14 be made to discharge any encumbrances or liens existing on the Property or part thereof at the time of revesting of title thereto in the Seller or to discharge or prevent from attaching' or being made any subsequent encumbrances or liens due to obligations, defaults, or acts of the Purchaser, its successors or transferees; any expenditures made or obligations incurred with respect to the making or completion of the Improvements or any part thereof on the Property or part thereof; and any amounts otherwise owing the Seller by the Purchaser and its successor or transferee; and (b) Second, to reimburse the Purchaser, its successor or transferee, up to the amount equal to (1) the sum of the purchase price paid by it for the Property (or allocable to the part thereof) and the cash actually invested by it in performing any construction or rehabilita- tion of the Improvements on the Property or part thereof, less (2) any gains or income withdrawn or made by it from the Agreement or the Property. Any balance remaining after such reimbursements shall be retained by the Se1T as its property. SEC. 17. CONFLICT OF INTEREST: SELLER'S REPRESENTATIVES NOT INDIVIDUALLY LIABLE. � ® No member, official, or employee of the Seller shall have any personal interest, direct or indirect, in this Agreement, nor shall any such member, official, or employee participate in any decision relating to this Agreement which affects his personal interests or the interests of any corporation, partnership, or association in which he is, directly or indirectly, intereste�. No member, official, or employee of the Seller shall be personally liable to the Purchaser or any successor in interest, in the event of any default or breach by the Seller or for any amount which may become due to the Purchaser or successor or on any obligation under the terms of this Agreement. SEC. 18. PROVISIONS NOT MERGED WITH DEEM. No provision of this Agreement is intended to or shall be merged by reason of any deed transferring .title to the Property from the Seller to the Purchaser or any successor in interest, and any such deed shall not be deemed to affect or impair the provisions and covenants of this Agreement. HUD-6214 (12-68) SEC. 19. fSPECIAL PROVISIONS fAdd any special provisions. The Agreement must contain the provisions on Equal Opportunity in construction employment pursuant to requirements contained in Appendices 3 and 4, RHA 7214.1 of the Urban Renewal Handbook, fAdd the following paragraph, unless the Property, upon completion of the Improvements, will consist of a structure containing not more than four dwelling units at least one of which will be occupied by the Purchaser, All advertising (including signs) for sale and/or rental of the whole or any part of the Property shall include the legend, "An Open Occupancy Building" in type or lettering of easily legible size and design. The word "Project" or "Development" may be substituted for the word "Building" where circumstances require such substitution. SEC. 20. COUNTERPARTS. This Agreement is executed in counterparts, each of which shall constitute one and the same instrument. 12 HUD-6214 (12-68) IN WITNESS WHEREOF, the Seller has caused this Agreement to be duly executed in its name and behalf by its and its seal to be hereunto duly affixed and attested by its and the Purchaser has signed and sealed the same on oras of the day and year first above written. li Seller By Attest: Purchaser IN PRESENCE OF: F t a U. E. GOVERNMENT PRINTING OFFICE 1968:366-691/35 _ �3 _ n DEED ^ 1 �r a public body , politic and corporate, duly organized and existing pursuant to the laws of Massachusetts and having its usual place of business in the City and County of , Massachusetts , in consideration of - Dollars ( $ ) paid , grants unto and doing business under the name of and having its address at Massachusetts, with QUITCLAIM COVENANTS, the land in said City of described as follows : A parcel of land shown as on a plan entitled Urban Henewal Area, Disposition Parcel No . by dated 197 to be recorded herewith. C I The Grantees , for themselves and their successors and assigns, hereby covenant and agree that the Grantees , and their successors and assigns : (1) shall devote the granted premises to, and only to and in accordance with, the uses specified in the Urban Renewal Plan for the Urban Renewal Project , dated 19 . , as amended on 19 , and as the same may fro7. time to time be 'urther amended in accoi,ua7ce with the provisions therein contained ; and a copy of which Plan as amended to the date hereof is on file in the office of the City Clerk of the City of (hereinafter referred to as the "Urban Renewal Plan" ) ; (2 ) shall not discriminate upon the basis of race, color, religion, sex, or national origin in the sale, lease , or rental , or in the use or occupancy of the granted premises, or any improve- ments erected or to be erected thereon, or any part thereof; ( 3) shall not seek or apply, directly or indirectly, for real estate tax exemptions or other relief, with respect to any part of the granted premises or the improvements to be con- structed thereon under Chapter 121A of the Mass- chusetts General Laws or any similar provisions (but nothing herein shall prohibit the filing or prosecution of any applications for abatement of real estate taxes on the grounds of excessive valuation or other lawful grounds ) ; (4 ) shall make , or cause to be made , prompt payment of all money due and legally owing to all persons , firms and corporations with whom the Grantees , or 'their successors and assigns , shall have directly contracted and who are doing any work, furnishing any materials or supplies or renting any equipment to the Grantees, or such successors and assigns, in connection with the development , construction, furnishing, repair or reconstruction of any of the Improvements required by the Land Disposition Agreement hereinafter mentioned to be constructed upon the granted premises ; (5 ) shall permit the authorized representatives of the Grantor, the City of and the United ,States of America access to the granted premises at all. reasonable gimes which any of them deems necessary :'or the purposes of said Land Disposition Agreement , the Cooperation Agreement between the City of and the Grantor relating to the Urban Renewal Project or the Contract for Loan and Capital Grant between the United States of America and the Grantor relat-ing to said Project , including, but not limited to, inspection of all work being performed in connection. with the construction of said Improve- ments (and shall not charge or collect any compensation in any form for any such access ) ; -2- l (6 ) shall at all times keep the Improvements constructed on the granted premises in good and safe condition and repair and, in the occupancy, maintenance and operation of said Improvements and the granted premises, shall comply with all laws, ordinances, codes and regulations applicable thereto; provided, however, that this provision shall not be applicable, with respect to Improve- ments the completion of which has been previously certifll-d by the Grantor, either in the case of fire or insured casualty as to which the provisions of paragraphs (10) to (12 ) , inclusive , shall apply, or in the case of any uninsured casualty (meaning thereby any event beyond the reasonable control of the Grantees and resulting in damage to the Improvements requiring more than sixty (60 ) working days to repair substantially) as to which the Grantees ' liability under this paragraph (6 ) shall be limited to their then interest in the Improvements; (7 ) after any Improvements constructed on the granted premises shall have been completed, shall not , without the prior written approval of the Grantor, reconstruct , demolish or subtract therefrom or make any additions thereto or extensions thereof, which would not be in accordance with the Urban Renewal Plan or which would result in signi- ficant changes to any of the following : (a) the external appearance of the Improvements or granted premises , or (b ) material•s , : textures , design, dimensions or color in the public lobbies , entrances, arcades or open spaces; and in the event the Grantees, and their successors and assigns , shall fail to comply with the foregoing requirement and the Grantor shall within a reasonable time after its discovery thereof direct in writing that the Grantees, or their successors and assigns, so modify, reconstruct or remove such portion or portions of the Improvements as were reconstructed, demolished or subtracted from or added to or extended or otherwise changed without the prior written approval of the Grantor, shall comply promptly with such a directive , and shall not proceed further with such reconstruction, demolition, subtraction, addition, extension or change until such directive is complied with; ( 8 ) shall pay all reasonable costs and expenses of litigation, including attorneys ' fees in reasonable amounts , which may be incurred by the Grantor in any proceedings brought to enforce compliance with the provisions of said Land Disposition Agreement , to the extent the Grantor prevails ; provided, however, that the holder of any permitted mortgage shall not be liable to the Grantor for any costs , expenses , judgments , decrees or damages which shall have accrued against the Grantees , or their successors and assigns , whether or not such holder shall subsequently acquire title to the granted premises ; -3- (9) shall keep all of the insurable Improve- ments on the granted premises constituting a part of the real estate insured by fire and extended coverage insurance and additional risk insurance to the same extent and amount which is normally required by institutional mortgagees in the use of similar improvements in the City of all such insurance to : (a) be in amounts sufficient to comely with the co-insurance clause applicable to the location and character of such Improvements , and, in any event , as to fire and extended coverage insurance (Endorsement No. 4 ) , in amounts not less than eighty (80 ) per centum of the actual cash value of such Improvements ; (b ) be by standard policies , obtained from financially sound and responsible insurance companies authorized to do business in Massachusetts; (c) name the Grantor as a party insured ; (d ) have attached thereto a clause making the loss payable to the Grantees , the holder of any permitted mortgage , and, subject to the rights of any such mortgagee, the Grantor, as their respective interests may appear, except that the Grantor need not be included as a, loss payee so long as the proceeds shall be payable to an institutional mortgagee holding a permitted mortgage on such Improvements which shall provide that all insurance proceeds shall be applied, at the election of such institutional mortgagee , either (i ) first , to the repair and recon- struction of such Improvements to the satisfaction of such mortgagee , with any balance of the insurance proceeds after the completion of such repair and reconstruction to be applied to the repayment or reduction of the mortgage indebtedness secured by such improvements, and with any remaining balance to be paid to the Grantees and the Grantor,as their respective interests may appear, or (ii ) first , to the repayment of any mortgage indebtedness secured by such Improvements , with any remaining balance of the insurance proceeds to be paid to the Grantees and the Grantor, as their respective interest ma•y appear; (e ) be written to become effective at the time the Grantees become subject to the risk or hazard covered thereby , and be continued in full force and effect for such period as the Grantees are subject to such risk or hazard; and (f) provide that any cancellation, change or termination thereof shall not be effective with respect to the Grantor until after at least ten (10) days prior notice has been given to the Grantor to the effect that such insurance policies are to be cancelled, changed , or terrinated at a particular time ; (10 ) shall file with the Grantor certificates of policies of insurance , and renewals thereof, required to be kept under the foregoing paragraph ( 9 ) ; and, in the event the Grantees , or their successors and assigns , at any time refuse , neglect or fail to secure and maintain in full force and effect any and all of such insurance , shall pay to the Grantor all amounts of money paid by the Grantor to procure or renew such insurance , with interest. thereon at the so-called going Federal rate as from time to time in effect as specified by the Secretary of the Treasury pursuant to Section 110 (g) of the Housing Act of 1949 , as amended , plus three ( 3 ) whole percentage points from the date .the same were paid by ,the Grantor to the date of payment thereof by the Grantees ; (11) shall proceed promptly to establish and collect all valid claims which may have arisen against insurers or others based upon any damage or i-�structicn to any Improvement constructed on the granted premises occurring prior to the expiration of the covenant and agreement set fcr.h in this paragraph (11) ; shall deposit all proceeds of any such claim and any other money prccided for the reconstruction, restoration or repair of any such Improvement in a separate account of the Grantees , or their successors and assigns , or any mortgagee holding a permitted mortgage , for application to or toward the payment of such reconstruction, restoration or repair, subject to th= T=visions of the foregoing paragraph (10 ) , and, except as hereinbefore and hereinafter provided, , shall use ana expend the insurance money and any other proceeds so collected , subject to the provisions of a ;.:ortgag o:: such Improvement held by an instit.i- tional mortgagee permitted under said Land Disposition Ag_ _ .ment , fo-- the purpose of fully repairing or the Improvements which have been cstrciyeJ c)n dA:iiaged to a condition at least -1-o gnat existing at the time of such C�4Y� 3e c-1�es�J,P,&�cticn or, as the Grantees may in tha^ ^ sole discretion elect , to the condition in t,h- G-an'sees were originally obligated under sition Agreement to construct such 11�^aave,r - t -o the extent that such insurance MOA'Iez� o4,ex-� proceeds may permit , and the Grantees hny further sum on account of such epAlr-, ore t((n.-truction provided_ that the Grantees .S� ae(' hAv-L mit -iN-ained insurance thereon as required 1N A(t0ncln - r._ th said Land Disposition Agreement , `.,rther that the damage or destruction Sb Ad ( 'k Ave,- 6(( �,F4ed after the Improvements so 11 __,7( 4 (,,v LJ-L-+ dyed have been certified by the e=nrrl � � eS (d79y,7 -ted under said Agreement , any excess goceed,s q{erg- such repair or reconstruction has been to be retained by the Grantees subject ^` FI�hfs ^f any permitted mortgagee of record; e �Frt thst cls Grantees , with the written approval r;:n`. c1 and any permitted mortgagee of riay ueeermine that all or any part of any suer dam 'Pe tr, or destruction of such Improvements . ,,constructed, restored, or repaired, the proceeds of any claims or others arising out of such -5- I _ e damage or destruction (to the extent not used for such reconstruction, restoration, or repair) shall be retained by the Grantees , subject to the rights of any permitted mortgagee of record, and except further that the Grantees , without having to obtain any consent or approval whatsoever from the Grantor, may, if any such damage or destruction occurs within the last five years prior to the expiration of the covenant and agreement set forth in this paragraph (11) , determine that all or any part of such damage or destruction shall not be reconstructed, restored or repaired, and , in such event , the proceeds of any claims against insurers or others arising out of such damage or destruction (to the extent not used for such reconstruction, restoration or repair) shall be retained by the Grantees subject to the claims of any mortgagee or mortgagees of record; (12) shall commence to reconstruct , restore or repair any Improvements on the granted premises which have been destroyed or damaged and which the Grantees , or their successors and assigns, are obligated to repair or reconstruct in accordance with this Deed, within a period not to exceed six ( 6 ) months after such destruction or damage (or, if the conditions then prevailing reasonably require a longer period, such longer period as the Grantees or Grantor may agree in writing) , and shall well and diligently and with dispatch prosecute such reconstruction or repair to completion and in any event to be completed within twenty-four ( 24 ) months after the start thereof, unless the conditions then prevailing reasonably require a longer period , in which event such reconstruction or repair need not be completed within such twenty-four (24 ) month period but may be completed within such longer period as the Grantees and the Grantor may agree upon in writing ; (13 ) shall comply with the regulations issued by the Secretary of Housing and Urban Development set forth in 37 F .R . 22732-3 and all applicable rules and orders issued thereunder which prohibit the use of lead-based paint in residential structures under- going federally assisted construction or rehabilitation and require the elimination of lead-based paint hazards. and ( 14 ) shall cause all advertising (including signs ) for sale and/or rental of the whole or any part of the granted premises to include the legend, "An Open Occupancy Building" in type or lettering of easily legible size and design . The word "Project" or "Development" may be substituted for the word "Building" where circumstances require such substitution. -6- In amplification, and not in restriction, of the provisions hereof and of said Land Disposition Agreement , it is intended and agreed that the Grantor, any public agency successor to the Grantor and the City of shall be .deemed beneficiaries of the agreements and covenants of the Grantees provided in the foregoing paragraphs (1) to (14 ) , both inclusive, and the United States shall be deemed a beneficiary of the agreements and covenants of the Grantee provided in paragraphs (2) , (5) , (13) and (14 ) , both for and in their or its own right and also for the purposes of protecting the interests of the community and other parties , public or private , in whose favor or for whose benefit such agreements and covenants have been provided. Such agreements and covenants shall run in favor of the Grantor, any such successor public agency , the City of and the United States , for the entire period during which such agreements and covenants shall be in force and effect, without regard to whether the Grantor, such successor public agency, City of or United States has at any time been, remains , or is an owner of any land or interest therein to or in favor of which such agreements and covenants relate . The Grantor, any such successor public agency and the City of shall have the right , in the event of any breach of any such agreement or covenant , and the United States shall have the right in the event of any breach of the covenants provided in paragraphs (2 ) , (5 ) , (13 )- or (14 ) , to exercise all the rights and remedies , and to maintain any actions or suits at law or in equity or other proper proceedings to enforce the curing of such breach of agreement or covenant , to which it or any other beneficiaries of such agreement or covenant may be entitled. The agreements and covenants provided in the foregoing paragraphs (1) to (14 ) , both inclusive, shall be covenants running with the land and they shall , in any event , and without regard to technical classification or designation, legal or otherwise, and except only as otherwise herein specifically provided, be binding, to the fullest extent permitted by law and equity , for the benefit and in favor of, and enforceable by, only the Grantor, any public agency successor to the Grantor and the City of and the United States (in the case of the agreements and covenants provided in paragraphs (2 ), ( 5 ) , (13) and (14 ) against the Grantees, their successors and assigns and every successor in interest to ownership of the granted premises, or any part thereof or any ownership interest therein, and any party in possession or occupancy of the granted premises or any part thereof; but the Redevelopers named in said Land Disposition Agreement , and their successors and assigns , shall , with respect to any breaches hereunder or under said Land Disposition Agreement occurring after the issuance of certificates of- completion with respect to the completion of all the improvements described in Section 301 of said Land Disposition Agreement be liable , and any permitted mortgagee shall in any event be liable hereunder or under said Land Disposition Agreement only for breaches occurring during its or their respective ownership of an interest in the granted premises and only with respect to and only for breaches occurring in respect of that portion of the granted premises as to which the said Redevelopers , their successors or assigns , or mortgagee, as the case may be, at the time of the breach holds an interest . No holder of any mortgage on the grated premises shall be bound except as expressly provided in said Land Disposition Agreement . -7- (b The agreements and covenants in said paragraphs (1 ) other than paragraph (2) , and all rights to (14 ) , both inclusive , P g and obligations under any of said agreements and covenants, shall be in force and effect until - . ; and the agreements and covenants in paragraph (2 ) and all rights and obligations under said agreements and covenants shall be in force and . effect until the expiration of one hundred (100 ) years from the date of this deed; provided, however , that the foregoing provisions shall not abate , or be a ground for abatement of, any action, suit , or other legal proceeding instituted prior to the termination` of the agreements and covenants . This conveyance is made subject also to the additional agreements and covenants of the Grantees with respect to the granted premises and the terms and conditions set forth in a Land Disposition Agreement , dated , 197 . , between the Grantor and the Grantees for the sale and redevelopment of the granted premises (a copy of which Land Disposition Agreement is on file with the City Clerk of the City of ) , which provides, among other things , for the submission of certain construction plans and evidence of financing ability, for the prompt commencement and diligent prosecution to completion of certain improvements , against certain transfers and encumbrances prior to such completion, and for remedies including a right of termination and revesting in favor of the Grantor of the title of the granted premises (together with all improvements thereon) , re-entry and reconveyance in the event of certain defaults , failures , violations, actions or inactions , all of which agreements , terms and conditions survive the delivery of this deed and are binding upon all persons dealing with the granted premises and enforceable by the Grantor, and its successors and assigns, as though said Land Disposition Agreement were recorded herewith; and this conveyance is made upon the condition subsequent that in the event of any such default , failure , violation or other action or inaction entitling the Grantor to re-entry upon and reconveyance of the granted premises (together with all improvements thereon) as provided in said Land Disposition Agreement , the Grantor at its option, may also declare a termination in favor of the Grantor of the title, and of all the rights and interest , in the granted premises hereby conveyed to the Grantees (together with all improvements thereon) and that such title , and all rights and interest of the Grantees , and any assigns or successor in interest , in the granted premises , shall thereupon revert to the Grantor; provided, however, that any such revesting of title , re-entry or reconveyance sha-1 al-a' s be subject to and limited by , and shall not defeat , render invalid, or limit in any way any existing building loan agreement , mortgage or lease authorized by said Land Disposition Agreement , or any rights or interest provided in said Land Disposition Agree- ment for the protection of the holders thereof. From and after the date on which there has been recorded in Registry of Deeds a certificate of completion, executed by any two members of the Grantor, for any part of the granted premises , all references herein to terms and conditions and additional agreements set forth in said Land Disposition Agreement shall , as to such part , become of no further force or effect , to the end that the only surviving continuing covenants with reference to such part of the granted premises shall be those set forth in paragraphs (1 ) through (14 ) hereof, both inclusive , for the periods herein stated . WITNESS the execution hereof under seal the day of 197 . REDEVELOPMENT AUTHORITY (Seal ) Grantor Attest : By Chairman Executive Director and Secretary COMPANY (Seal) `f Grantee Attest : By THE COMMONWEALTH OF MASSACHUSETTS ss .. 197 Then personally appeared the above-named and acknowledged the foregoing instrument to be the free act and deed of Redevelopment Authority . Notary Public My Commission Expires : -9- i� i' r -- �� --- -- -- ---i�---- ---- ----- �'��. ,� - -�---- -�S�- --- - - -------- ------ _-� -- --� --- - �'3.�- � dam— -- - -- -- ---� {, ------�---- - -P-w a�« -- �� -- - - --:r _- -� - - — - --- - -- - � - --- �� �� --- --� ----- �, • - --- -- - - ---- ---------- --------- _ I II �i j 0 v e r7 _ Redevelopment�5 p L :C„�J r Bo� iy ONE SALEM, GREEN, SALEM, MASSACHUSETTS 01970 TELEPHONE 744-4560 January 2, 1985 Peabodv Museum Attn: Mr. Peter Fetchko East India Square Salem, MA 01970 Dear Peter: The Salem Redevelopment Authority is pleased you have accepted the terms for the purchase of the parcel of land located at 43-R Charter Street. The process the Authority must move through to sella parcel of land contains six steps. They are as follows: 1 . Approval of sale from SRA Board. 2. Appraisal of parcel by an outside firm. 3 . Filing by purchaser of HUD form 6004 (financial statement) . 4. Public disclosure of intent to sell land, ten days prior to transfer of parcel. 5. Execution of purchase and sales contract. 6. Transfer of parcel to new owner. We have already begun the above process and are currently on step 3. With the completion of the enclosed HUD form 6004, the SRA will initiate the final steps and set a closing date. Thank you for your cooperation in this matter. Sincerjely, ." ..__ r C- Gerard/Kavanaugh Planning Director GK!rba j PART I HUD-6004 (9-691 j REDEVELOPER'S STATEMENT FOR PUBLIC DISCLOSUREt I {� A. REDEVEI;]PERAND LAND } 1. a.. Name of Redeveloper: PeabodyMuseum of Salem g Code of Redeveloper. J b. Address and ZIP CEast India Square Salem, MA 01970 C. IRS Number of Redeveloper: I 2. The land on which the Redeveloper proposes to enter into a contract for, or understanding with respect to, the purchase or lease of land from Salem Redevelopingnt lwtho_r; t . - inHeritage _— ' Heritta e_ Pl-aza East - �(Nrr`ie pf urban Renewal or Redevelopment Project Area) I in the City of Salem , State of I is described as follows 2 Address : .43 Rear Charter Street or Parcel RC-18 as described by SRA 3. If the R(,levclaper is not in individual doing business under his own name, the Redeveloper has the status indicated below and is organized or operating under the Taus of Q A corporation. R 4 t.onprofit or charitable institution or corporation. A p.vtnership known as A hi ;iness association or a joint venture known as A Federal, State, or local government or instrumentality thereof. Other (explain) 4. If the Redevelops is not an individual or agovernment agency or instrumentality, give date of organization; Act of;incorpoation - 101 5. Names, 3.3dresses, ti;ira^�.positron (it an)f anu nature an extent of the interest of the officers and principal members, shareholders, and investors of the Redeveloper, other than a government agency or [nstrwnentality, are set forth as fol lows: of space on this form is inadequate for any requested information, it should be furnished on an attached page which is referred to under the is numbered item on the form. 2 AnN convenient -mans of identifying the land (such as block and lot numbers or street boundaries) is sufficient. A descrip- tion by metes n\unds or other technical description is acceptable, but not required. N HUD-6004 (9.69) a. If the Redeveloper is a corporation, the officers, directors or trustees, and each stockholder owning more than 10% of any class of stockl . b. If the edeveloper is a nonprofit or charitable institution or corporation, the members whR constitute the bor.ra of trustees or board of directors or similar governing body. (See Attached) c. If the Redeveloper is a partnership, each partner, whether a general or limited partner, and either the percent of interest or a description of the character and extent of interest. d. If the Redeveloper is a business association or a joint venture, each participant and either the percent of interest or a description of the character and extent of interest. e. If the Redeveloper is some other entity, the officers, the members of the governing body, and each person having an interest of more than 10%. POSITION TITLE (if as Y)AND PERCENT OF INTEREST OR NAME,ADDRESS, AND ZIP CODE DESCRIPTION OF CHARACTER AND EXTENT OF INTEREST 6. Name, address. and nature and extent of interest of each person or entity (not named in response to Item 5) who has a beneficial interest in any of the shareholders or investors named in response to Item 5 which gives such person or entity more than a computed 10ic interest in the Redeveloper (for example, more than 20' of the stock in a corporation which holds 50% of the stock of the Redeveloper, or more than 50% of the stock in a corporation which holds 20% of the stock of the Redeveloper): NAME, ADDRESS, AND ZIP CODE DESCRIPTION OF CHARACTER AND EXTENT OF INTEREST 7. lames (if not given above) of officers and directors or trustees of any corporation or firm listed under Item 5 or Item 6 above: B. RESIDENTIAL REDEVELOPMENT OR REHABILITATION (The Redeveloper is to furnish the following information, but only if land is to be redeveloped or rehabilitated in whole or in part for residential purposes.) l If a corporation is required to file periodic reports with the Federal Securities and Exchange Commission under Section 13 of the Securities Exchange .Act of 1934, so stale under this Item 5. In such case, the informatinn referred to in this Item 5 and in Items 6 and 7 is not required to be furnished. - 2 HUD-6004 (9.69) 1 1. State the Redeveloper's estimaters, exclusive of payment for the land, for: a. Toatl cost of any residential redevelopment. . . . . . . . . . . . . . . . . . . . . . . . . . . It. Cost per dwelling unit of any residential redevelopment. . . . . . . . . . . . . . . . a i & C. Total coa6A any residential rehabilitation . . . . . . . . . . . . • • • • . • • • • • • • d. Cost per dwelling unit of any residential rehabilitation . . . . . . . . . . . . . . . . . . . & 2. a. State the Redeveloper's estimate of the average monthly rental (if to_be rented)or average sale price (if to be sold) for each type and size of dwelling unit involved in such redevelopment or rehabilitation: ' ESTIMATED AVERAGE ESTIMATED AVERAGE MONTHLY RENTAL SALE PRICE TYPE AND SIZE OF DWELLING UNIT g - 4 1 i b. State the utilities and parking facilities, i f any, included in the foregoing estimates of rentals; i c. State equipment, such as refrigerators, washing machines, air conditioners, if any, included in the fore- going estimates of sales prices: CERTIFICATION I (we), Peter Fetchko S certify that this Redeveloper's Statement for Public Disclosure is true and correct to the best of my (our) knowledge and belief.2 Dated: February 27 1985 _ Dated: // 4 Sienatwe � S,gnam.e Tide East India Square Salem, MA 01970 Address and Z!P Cn de Address and Zip Code 1 It the Redeveloper is an individual, this statement should be signed by such individual; if a partnership, by one of the part- ners; if a corporation or other entity, by one of its cchieef officers having S. de,tproe de s at fine the (acts not morleethan $10,000d by this 1ornimprison- 2 Penalty for False Certification: Section 1001. ment of not mrre than five years, or both, for knowingly and I.ilifully making or using anv false writing or document, knowing the same to <r nta in any false, fictitious or fraudulent statement or entry in a matter within the jurisdiction of any Department of the United States. 3 - PART II HUD-6004 i9-69) REDEVELOPER'S STATEMENT OF QUALIFICATIONS AND FINANCIAL RESPONSIBILITY t } (For Confidential Official Use of the Local Public Agency and the Department of Housing and Urban Development. Do Not Transmit to HUD Unless Requested or Item 8b is Answered "Yes.") 1. a. Name of Redeveloper Peabody Museum of Salem. b. Address and ?iP Code of Redeveloper: _ East India Square Salem, MA 01970 2. The land on which the Redeveloper proposes to enter into a contract for, or understanding with respect to, the purchase or lease of land from Salem Redevelopment uthorjt;z _ (N'mec of Loc. P467ic Agrncyf i in _ Herita>;e Plaza East L'r6an Rcncmal or R< ,. 1.pment Projrct Area) in the City of Salem State of Massachusetts is described as follows: 43R Charter Street (Parcel RC-18) 3. Is the Redeveloper a subsidiary of or affiliated with any other corporation or corporations or any othar firm 'LK'NO or firms? ❑YES 11 Yes, list each such corporation or firm by name and address, specify its relationship to the Redeveloper, and identify the officers and directors or trustees common to the Redeveloper and such other corporation or firm. 4. a. The financial condition of the Redeveloper, as of September 30 1S 83 is as reflected intheattached financial statement. - (NOTE: Attach to this statement a certified financial statement showing the assets and theliabilities, including contingent liabilities, fully itemized in accordance with accepted accounting standards and based on a pr,,er audit. If the date of the certified financial statement precedes the date of this sub- . mission by i::ore than six months, also attach an interim balance sheet not more than 60 days old.) b. Name and ad&ess of auditor or public accountant who performed the audit on which said financial state- mect is based: 5. If funds for the development of the land are to be obtained from sources other than the Redeveloper's own funds,-a statement of the Redeveloper's plan for financing the acquisition and development of the land: 5 - HUD-6004 (9-69) 6. Sources and amount of cash available to Redeveloper to meet equity requirements of the proposed undertaking: Not Applicable a. In banks: NAME, ADDRESS, AND ZIP CODE OF BANK AMOUNT S b. By loans from affiliated or associated corporations or firms: NAME, ADDRESS, AND ZIP CODE OF SOURCE AMOUNT - S c. By sale of readily salable assets: MARKET VALUE MORTGAGES OR LIENS DESCRIPTION S 7. Names and addresses of bank references: Eastern Bank — Salem, MA Shawmut Bank, N.A. — Boston 8. a. Has the Redeveloper or (if any)the parent corporation, or any subsidiary or affiliated corporation of the Redeveloper or said parent corporation, or any of the Redeveloper's officers or principal members, share- ' holders or investors, or other interested parties (as listed in the responses to Items 5,6, and 7 of the Redevelopers Statement for Public Disclosure and referred to herein as "principals of the Redeveloper") been adjudged bankrupt, either voluntary or involuntary, within the past 10 years? [, .ES X `NO If Yes,give date, place, and under what name. 4 b. Has the RcdevL'oper or anyone referred to above as "principals of the Redeveloper" been indicted for or convicted of any felony within the past 10 years? ❑YES '}C NO If Yes, give for each case (1) date, (2) charge, (3) place, (4) Court, and (5) action taken. Attach any explanation deemed necessary. 9. a. Undertakings, comparable to the proposed redevelopment work, which have been completed by the Redeveloper or any of the principals of the Redeveloper, including identification and brief description of each project and date of completion: Not Applicable 6 - HUD-6004 (9.69) b. If the Redeveloper or any of the principals of the Redeveloper has ever been an employee, in a supervisory capacity, for construction contractor or builder on undertakings comparable to the proposed redevelopment I work, name of such employee, name and address of employer, title of position, and brief description of work: iJot Applicable i f 10. Other federally aided urban renewal projects under Title I of the (lousing Act of 1949, as amended, in which the Redeveloper or any of the principals of the Redeveloper is or has been the redeveloper, ora stockholder, officer, director or trustee, or partner of such a redeveloper: Not Applicable 11. If the Redeveloper or a parent corporation, a subsidiary, an affiliate, or a principal of the Redeveloper,is to participate in the development of the land as a construction contractor or builder: Not Applicable ja. Name and add.-ss of such contractor or builder: ( ,1 b. (las such contractor or builder within the last 10 years ever failed to qualify as a responsible bidder, refused to enter into a contract after an award has been made, or failed to complete a construction or development contract? ❑YES ❑NO If Yes, explain: c. Total amount of construction or development work performed by such contractor or builder during the last three years: t General description of such work: d. Construction contracts or developments now being performed by such contractor or builder: _ IDENTIFICATION OF DATE TO BE CONTRACT OR DEVELOPMENT LOCATION AMOUNT COMPLETED 8 _ 7 . i HUD-600d i e. Outstanding-construction-contract bids of such contractor or builder: AMOUNT DATE OPE14ED AWARDING AGENCY i I 12. Brief statement respecting equipment, experience, financial capacity, and other resources available to j such contractor or builder for the performance of the work involved in the redevelopment of the land, i specifying particularly the qualifications of the personnel, the nature of the equipment, and the general experience of the contractor: Not Applicable i 13. a. Does any member of the governing body of the Local Public Agency to which the accompanying bid or proposal is being made or any officer or employee of the Local Public Agency who exercises any functions or responsibilities in connection with the carrying out of the project under which the land covered by the Redeveloper's proposal is being made available, have any direct or indirect personal interest in the Pedeveloller or in the redevelopment or rehabilitation of the property upon the basis of such proposal? ❑YES NO If Yes, explain. b. Does any member of the governing body of the locality in which the Urban Renewal .Area is situated or any ott.-i public official of the locality, who exercises any functions or responsibilities in the review or approval of the carrying out of the project under which the land covered by the Redeveloper's proposal is being made available, have any direct or indirect personal interest in the Redeveloper or in the redevelopment or rehabilitation of the property upon the basis of such proposal? DYES ®NO If Yes, explain. 11. Statements and other evidence of the Redeveloper's qualifications and financial responsibility (other than the financial statement referred to in Item 4a)are attached hereto and hereby made a part hereof as follows: CERTIFICATION g (A Of Peter Fetchko certify that this Redeveloper's Statement of Qualifications and Financial Responsibility and the attached evidence of the Redeveloper's qualifications and financial responsibility, including financial statements, are true and correct to the best of m; (our) knowledge and belie L2 Dated: February '27 1985 Dated: or aSignature - $igActure -airector - -— ide Title East India Square Salem MA 01970 - Addrear end ZIP Code Addre's5 ano ZIP Code 1 If the Redeveloper is a corporation, this statement should be signed by the President and Secretary of the corporation; if an individual, by such individual; if a partnership, by one of the partners; if an entity not having a president and secretary, by one of its Chief officers having knowledge of the financial status and qualifications of the Redeveloper.. 2 Penalty for Fare Certification: Section 1001, Title 18, of the U.S. Code, provides a fine of not more than $10,000 or imprison- ment of not more than five •years, or both, for knowingly and willfully making or using any false writing or document, knowing the same to I:oatain any false, fictitious or fraudulent statement or entry in a matter within the jurisdiction of any Department of the United States. - fS ' e U. S. GOY£R]'MIZIT PRINTING OFFICE:1969 0-396-3I1 Ilp Oct. 1984 Trustees Peabody Museum of Salem OFFICE HOME *Richard Wheatland II, President Acadia Management Co. 31 Milk St. , Room 320 Boston MA 02109 426-5755 *Henry Schofield Streeter, Vice President 9 Maple St. Ropes & Gray Wenham, MA 01984 225 Franklin St. 468-2262 Boston MA 02110 423-6100 *George Lewis 184 Forest St. Thorndike, Doran Paine & Lewis Sherborn, MA 01770 28 State St. Boston MA 02109 742-8100 Dr. :Catherine Coolidge Lastavica *Box 1443 Harvard School of Public Health Manchester MA 01944 Harvard University 526-1641 732-1202 (Mrs. John Lastavica) *Carter Henry Harrison 152 ^_-+-___ StP0134W6 Shawmut Corp. Topsfield, MA 01983 1 Federal St. , 9th floor 887-9228 Boston MA 02110 292-3505 *Dorothy Addams Brown Boston Safe Deposit & Trust Co. One Boston Place Boston MA 02106 722-7520 Susanne Phippen, Secretary 253 Larch Row Wenham MA 01984 468-4829 *Mark Claff (Mrs. Richard D. ) M.B. Claff & Sons 1439 Brush Hill Rd. 135 Spark St. , Box 1568 Milton MA 02186 Brockton, MA 02043 828-6144 583-3400 *Joseph Hinkle 33 Revere St. Hill & Barlow Boston MA 02114 225 Franklin St. 742-3162 Boston MA 02110 423-6200 skJonathan Lpr_ ing, Treasurer 573 Hale St. 175 Federal St. , Fiduciary Trust Co. Prides Crossing MA Boston MA 02110 01965 482-5270 x 236 *preferred address HONORARY TRUSTEES OFFICE WINTER HOME Francis Bacon Lothrop 56 Beacon St. Tuck' s Pt. Road �F176 Milk Street Boston, MA 02108 Manchester, MA 01944 Boston, MA 02109 523-4165 526-1304 482-9895 (Ms. Peterson) i Alfred Porter Putnam(Bunny) -)Q27 Broad Street- Boston--523-4999 Box 901 Salem, MA 01970 Stephen wheatland Ten Post Office Square 4-46 Dudley Street Box 22, Tootin Hill Boston, MA 02109 Brookline:,. MA 02146 Sorrento, ME 04677 426-5755 566-0594 (207) 422- 3928 (207) 422- 6760 Francis Lee Higginson (Pen) Box 625 Box 484 Hobe Sound, FL 33455 Rye Beach, NH 03871 (305) 546-6236 (603) 964-8705 (305) 546-7181 Charles E. Cotting 410 Beacon Street 120 Bridge Street Minot, DeBlois Boston, MA 02115 Manchester, MA 01944 -f-294 Washington Street 266-0840 526-1230 Boston, MA 02108 523-3640 Mrs. Stephen Phillips 30 Chestnut Street Salem, MA 01970 744-2028 Russell W. Knight 6 Calumet Lane Marblehead, MA 01945 631-1582 *Augustus P. Loring 573 Hale St. Loring Wolcott Coolidge Office Prides Crossinq MA 01965 201 Devonshire St. 927-0038 Boston MA 02110 523-6531 Advisory Trustees OFFICE HOME Lawrence Coolidge, Assistant Treasurer *Loring Wolcott Coolidge Office 201 Devonshire .St. Boston MA 02110 523-6531 Anna Glen Vietor (Mrs. Alexander O. ) 620 Park Ave. New York, N.Y. 10021 212-249-4949 Timothy Ingraham Box 10 Walpole, Maine 04573 207-644-8441 Albert M. Creighton, Jr. 17 Old Neck Road Manchester MA 01944 526-1901 [Ion. Samuel E. Zoll *23 Chestnut St. office: 745-9010 Salem MA 01970 745-3523 William Teel *361 Ocean Ave. University Prints Marblehead, MA 01945 21 East St. 631-0412 Winchester, MA 01890 729-8006 Peter Black "Southerly" Schoolhouse Lane Royal Oak, Maryland 21662 301-822-2534 *Hon. Francis W. Hatch Preston Place - 9 Park St. Beverly Farms, MA 01915 Boston MA 02108 927-0265 523-2551 Richard Milhender 90 Chestnut St. Boston MA 02108 227-5976 Pamela Copeland (Mrs. Lammot du Pont) Box 3570 Greenville, Delaware 19807 302-239-5236 PEABODY MUSEUM OF SALEM AUDITOR'S REPORT SEPTEMBER 30, 1983 e CORTLAND B. BACALL, P.C., CERTIFIED PUBLIC ACCOUNTANT CORTLAND B. BACALL, P.C. CERTIFIED PUBLIC ACCOUNTANT BOSTON, MASSACHUSETTS January 20, 1984 To the Board of Trustees Peabody Museum of Salem Salem, Massachusetts I have examined the accompanying balance sheet of the Peabody Museum of Salem as of September 30, 1983 and the related statements of income and expenditures and changes in fund balances for the fiscal year then ended. My examination was made in accordance with generally accepted auditing standards, and accordingly, included such tests of the accounting records and such other auditing procedures as I considered necessary in the circumstances. The Museum's policy is to prepare financial statements on the cash receipts and disbursements basis of accounting; consequently, certain revenue and the related assets are recognized when received rather than when earned, and certain expenses are recognized when paid rather than when the obligation is incurred. Accordingly, the accompanying statements are not intended to be in conformity with generally accepted accounting principles. In my opinion, the aforementioned statements present fairly the assets, liabilities and fund balances of the Peabody Museum of Salem at September 30, 1983 and the revenues, expenses and changes in fund balances for the year then ended on the basis indicated in the preceding paragraph, which basis has been consistently applied during the period. 1 - 1 - PEABODY MUSEUM OF SALEM Exhibit A Comparative Balance Sheet September 30, 1983 and 1982 Increase 1983 1982 (-) Decrease Assets Cash on Deposit $ 426,787.79 $ 391,980.28 $ 34,807.51 Bonds - Book Value (Schedule 2) 1,415,331.25 1,285,325.00 130,006.25 Stocks - Book Value 2,224,846.43 1,982,694.00242,152.43 Museum Buildings and Grounds 4,893,544.88 4,777,598.59 115,946.29 Other Assets 30.00 30.00 Total Assets $8,960;540.35 $8,437,627.87 522 912.48 Funds Sundry Funds (Schedule 1) $ 65,144.37 $ 115,836.27 (-) $ 50,691.90 Invested Museum Funds (Schedule 4) 3,792,733.72 3,481,051.20 311,682.52 Investment in Plant (Schedule 5) 4,893,544.88 4,777,598.59 115,946.29 Deferred Architectural Fees 6,OOo.oO (-) 6,000.00 Balance in Development and Improvement Fund (Schedule 6) 209,117.38 57,141.81 151,975.57 Total Funds 18,960,540.35 $8,437,627.87 $522,912.48 Cash Summary: Schedule 1 $ 65,144.37 Schedule 2 216,487.67 Schedule 6 145,155.75 Total $ 426,787.79 Total Cash in: Naumkeag Trust Company, Salem $ 48,672.27 Shawmut Bank of Boston, N.A. - Commercial Account 34,853.30 Variable Interest Savings Accounts 343,262.22 Total $ 426,787.79 Stocks Summary: Schedule 2 $2,160,914.80 Schedule 6 63,931.63 Total $2,224,846.43 The accompanying notes are an integral part of the financial statements. 2 - CORTLAND B. BACALL, P.C.. CERTIFIED PUBLIC ACCOUNTANT PEABODY MUSEUM OF SALEM Exhibit B Page L Statement of Income and Expenditures For the Fiscal Year Ending September 30 1983 Income from Investments Dividends $ 144,310.61 Interest - Bonds $182,204,37 Savings Banks 9,562.45 191,766.82 Total Income from Investments $ 336,077.43 Deduct: Allocation of Restricted Income John Robinson Fund $ 2,805.99 Anna Pingree Phillips Fund 1,516.69 Edward Daland Lovejoy Fund 758.35 Stephen Willard Phillips Fund 379,18 Francis Henry Appleton Fund 75.83 Roger F. Nichols Memorial Fund 758.35 John Robinson Fund Marine Room 2,211.70 Sarah Fraser Robbins Fund 5,821.o6 Augustus P. Loring Conservation Fund 2,0'74.92 Nathaniel Bowditch Fund - in Memory of Mary Bowditch Saltonstall 3,791.85 20,193.92 Net Unrestricted Investment Income $ 315,883.51 Add: Other Income Transfer from Sundry Fund - Store Income $ 97,941.22 American Neptune Receipts 17,576.25 Education: Contribution to Stephen Phillips Memorial Education Program $10,000.00 Fees 34,978.67 44,978.67 Transfer from Development Fund to cover Salaries and Expenses - Development and Public Relations lo4,276.47 Memberships 139,674.08 Grant Institute Museum Services 32,078.00 Corporate Memberships 16,425.00 Admissions 82,132.35 Annual Appeal and General Contributions 41,627.81 Photograph Department Receipts 33,925.55 Massachusetts Council Grant 21,000.00 Miscellaneous Receipts 17,012.50 Museum Rentals 7,307,60 Museum Programs 4,853•x8 Hamilton Hall Antique Show 9,000.00 Transfer from Sundry Funds - Restricted Income Group - For Detail See Schedule 1 9,421.94 Other Transfers from Sundry Funds - For Detail See Schedule 1 10,775.64 690,0x6.16 Total Income Available for Operating Expenditures - Carried Forward $12005,889.67 The accompanying notes are an integral part of the financial statements. d - 3 - CORTLAND B. BACALL, P.C., CERTIFIED PUBLIC ACCOUNTANT Exhibit B PEABODY MUSEUM OF SALEM page 2 Statement of Income and Expenditures For the Fiscal Year Ending September 30, 1983 Total Income Available for Operating Expenditures - Brought Forward $1,005,889.67 Expenditures Museum Expenses: Staff Salaries $207,984.65 Blue Cross-Blue Shield 25,872.15 Annual Pension Cost 5,149.00 Pension Expenses 3,924,32 Long Term Disability and Life Insurance 5,534.16 $248,464.28 Administrative Expenses: • Exhibits $ 23,165.98 Office Supplies 1,467.97 Printing - Annual Report 4,809.85 Invitations, Stationery, Circulars 11,702.25 Postage 13,771.71 Express and Freight 1,291.69 Telephone 18,975.21 Furniture and Equipment 15,624.13 Automobile 1,665.92 Travel 5,485,54 Museum Programs 12,679.58 Museum Hospitality 7,251.26 Dues and Professional Meetings 7,192,18 Miscellaneous 2,829.18 127,912.45 Treasurer's Expenses 9,3o8.98 Auditors' Expenses 4,396,91 Store: Salaries 27,941.22 Education: Salaries $ 43,102.75 Expenses 9,498,98 52,601.73 Photography: Salaries $ 30,o89.4o Expenses 7,755.78 37,845.18 Marine: Salaries $ 35,744.52 Expenses (-) 141.02 35,603.50 Ethnology: Salaries $ 16,538.52 Expenses 981.14 17,519.66 Natural History: Salaries $ 16,538.52 Expenses 328.39 16,866.91 Totals Forwarded578 460.82 $1,005,889.67 The accompanying notes are an integral part of the financial statements. r - 4 - CORTLAND B. BACALL, P.C., CERTIFIED PUBLIC ACCOUNTANT Exhibit B PEABODY MUSEUM OF SALEM Page 3 Statement of Income and Expenditures For the Fiscal Year Ending September 30, 1983 Total Income Available for Operating Expenditures - Brought Forward $1,005,889.67 Expenditures - Brought Forward $578,46o.82 Library Expenses: Salaries $ 13,293.o4 Memberships and Subscriptions 2,414.23 Books and Pamphlets 1,772.69 Binding 1,022.20 Supplies 767.63 19,269.79 Development: Salaries $ 55,271.96 Expenses 13,661.37 68,933.33 Public Relations Salaries $ 26,141,64 Expenses 9,201.50 35,343.14 Building Expenses: Salaries - Maintenance $69,559.80 Guards 44,o47.48 $113,607.28 Heat (Oil and Gas) 32,815.71 Electricity 55,584.86 Insurance 17,695.25 Instant Signal and Alarm 6,772.38 Repairs and Improvements 16,702.34 Building Maintenance and Expenses 28,o44.0o Service Contracts Mechanical Plant 7,946.71 279,168.53 Total Museum Expenditures 981,175.61 Other Charges: l9. American Neptune Expenses $- 4--59� Conservation 3,427.83 Miscellaneous Other Charges 5.68 Transfer to Sundry Fund- Order of Cincinnati 1,599.28 24,454.38 Total Expenditures 1,005,629.99 Excess of Income over Expenditures - Transferred to Profit and Loss Account (Schedule 4) $ 259.68 The accompanying notes are an integral part -of the financial statements. - 5j CORTLAND B. BACALL, P.C., CERTIFIED PUBLIC ACCOUNTANT PART I HUD•6004 9-69) 4 REDEVELOPER'S STATEMENT FOR PUBLIC DISCLOSURE f A. REDF.VE1,0PER AND LAND I } 1. a.. Name of Redeveloper: f b. Address and ZIP Code of Redeveloper: C. IRS Num her of Redeveloper: 2. The land on which the Redeveloper proposes to enter into a contract for, or understanding with respect to, the purchase or lease of land from in _ — — fAPrG of Urban Renewal or Redevelopment Project Area) I in the City of State of ( is described as follows 2 3.. If the R(.Iceclopar is not an individual doi ng business under his own name, the Redeveloper has the status indicated below and is organized or operating under the laws of A corporation. 4 t.onprofit or charitable institution or corporation. 4 A pvtnership known as A hi iiness association or a joint venture known as A Federal, State, or local government or instrumentality thereof. Other (explain) 4. If the Redevelop-t is not an iftdividual or a government agency or instrumentality, give date of organization: S. Names, addresses, t ;ie ^'•:position(it on)), anu nature and extent of the interest of the officers and principal members, shareholders, and investors of the Redeveloper, other than a government agency or instrumentality, are set forth as follows: Ill apace on this form is inadequate for any requested information, it should be furnished on an attached page ohich ie referred to under the his numbered item on the form. 2 Any convenient -n.ans of identifying the land (such as block and lot numbers or street boundaries) is sufficient. but not required. .4 descrip- tion by metes and bounds of other technical description is acceptable, HUD-600A (9.69) a. If the Redeveloper is a corporation, the officers, directors or trustees, and each stockholder owning more than 10% of any class of stockl . b. If the11edeveloper is a nonprofit or charitable institution or corporation, the members whq constitute the bOL G of trustees or board of directors or similar governing body. c. If the Redeveloper is a partnership, each partner, whether a general or limited partner, and either the percent of interest or a description of the character and extent of interest. d. If the Redeveloper is a business association or-a joint venture, each participant and either the percent of interest or a description of the character and extent of interest. e. If the Redeveloper is some other entity, the officers, the members of the governing body, and each person having an interest of more than 10%. POSITION TITLE(ifany)AND PERCENT OF INTEREST OR NAME, ADDRESS, AND ZIP CODE DESCRIPTION OF CHARACTER AND EXTENT OF INTEREST 6. Name, address. and nature and extent of interest of each person or entity (no[named in response to Item 5) who has a beneficial interest in any of the shareholders or investors named in response to Item 5 which gives such person or entity more than a computed 105c interest in the Redeveloper (for example, more than 20" of the stock in a corporation which holds 507. of the stock of the Redeveloper; or more than 50:1 of the stock in a corporation which holds 20% of the stock of the Redeveloper): NAME, ADDRESS, AND ZIP CODE DESCRIPTION OF CHARACTER AND EXTENT OF INTEREST 7. Names (if not given above) of officers and directors or trustees of any corporation or firm listed under Item 5 or Item 6 above: B. RFSIDENTIAL REDEVELOP.NIENT OR REHABILITATION (The Redeveloper is to furnish the following information, but only if land is to be redeveloped or rehabilitated in whole or in part for residential purposes.) l If a corporation is required to file periodic reports with the Federal Securities and Exchange Commission under Section 13 of the Securities Exchange Act of 1934, so state under this Item 5. In such case, the information referred to in this Item 5 and in Items 6 and 7 is not required to be furnished. 2 - HUD-6004 (9.691 I 1. State the Redeveloper's estimates, exclusive of payment for the land, for: i a. Total cost of any residential redevelopment. . . . . . . . . . . . . . . . . . . . . . . . . . . b. Cost per dwelling unit of any residential redevelopment. . . . . . . . . . . . . . . . . . . S f $ c. Total costof any residential rehabilitation . . . . . . . . . . • • • • • • • • • d. Cost per dwelling unit of any residential rehabilitation • • • • • • c 2• a. State the Redeveloper's estimate of the average monthly rental (if to_be rented) or average sale price (if to be sold) for each type and size of dwelling unit involved in such redevelopment or rehabilitation: ' ESTIMATED AVERAGE ESTIMATED AVERAGE MONTHLY RENTAL SALE PRICE TYPE AND SIZE OF DWELLING UNIT S - 1 l It. State the utilities and parking facilities, i f any, included in the foregoing estimates of rentals; I c. State equipment, such as refrigerators, washing machines, air conditioners, if any, included in the (ore- . goine estimates of sales prices: CERTH (CATION I (Ae)f 9 certify that this Redeveloper's Statement for Public Disclosure is true and correct to the best of my (our) knowledge `- and belief.2 Dated: Dated: Signature Signature Tile Address and ZIP Cade Address and ZIP Cade f If the Redeveloper is an individual, this statement should be signed by such individual; if a partnership, by one of the part ners; if a corporation or other entity, by one of its chief officers having knowledge of the facts required by this statement. 2 penalty for False Certification; Section 1001, Title 18, of the U.S. Code, provides a fine of not more than 810,000 or imprison• m ent of not mere than five years, or both, for knowingly and willfully making or using any false writing or document, knowing the same to rcntain any false, fictitious or fraudulent statement or entry in a matter within the jurisdiction of am Department of the United States. 3 - i PART II HUD-6004 9-69) REDEVELOPER'S STATEMENT OF QUALIFICATIONS AND FINANCIAL RESPONSIBILITY ,1 (For Confidential Official Use of the Local Public Agency and the Department of Housing and Urban Development. Do Not i Transmit to HUD Unless Requested or Item 8b is Answered "Yes.") 1. a. Name of Redeveloper: b. .Address and "LIP Code of Redeveloper: 2. The land on which the Redeveloper proposes to enter into a contract for, or understanding with respect to, the purchase or lea Ge of land from ` (Nome 07LOCZ PAbFc Agen[y) _ i in _ .1k.e of Ur6un Rencu•a!or Redevelopment Project Ana) in the City of State of is described as follows: 'i 3. Is the Redeveloper a subsidiary of or affiliated with any other corporation or corporations or any oth>r firm or firms? ❑YES , 00 If Yes, list each such corporation or firm by name and address, specify its relationship to the Redeveloper, and identify the officers and directors or trustees common to the Redeveloper and such other corporation or firm. 4. a. The financial condition of the Redeveloper, as of is as reflected in the attached financial statement. (NOTE: Attach to this statement a certified financial statement showing the assets and the liabilities, including contingent liabilities, fully itemized in accordance with accepted accounting standards and based on a pt• )er audit. If the date of the certified financial statement precedes the date of this sub- mission by t::ore than six months, also attach an interim balance sheet not more than 60 days old.) b. Nacre and address of auditor or public accountant who performed the audit on which said financial state- ment is based: 5. If funds for the development of the land are to be obtained from sources other than the Redeveloper's own funds, u statement of the Redeveloper's plan for financing the acquisition and development of the land: - 5 - HUD-6004 (9-69) 6. Sources and amount of cash available to Redeveloper tomeet equity requirements of the proposed undertaking: a. In banks: NAME, ADDRESS, AND 21P CODE-OF BANK AMOUNT b. By loans from affiliated or associated corporations or firms: AMOUNT NAME, ADDRESS, AND 21P CODE OF SOURCE c. By sale of readily salable assets: MARKET VALUE MORTGAGES OR LIENS DESCRIPTION S 7. Names and addresses of bank references: 8. a. Has the Redeveloper or (if any) the parent corporation, or any subsidiary- or affiliated corporation of the cipal members, h Redeveloper or said parent corporation, or any of the Redeveloper's officers or printhee holders or investors, or other interested parties (as listed in the responses to Items 5,6, and i of t Redeveloper's Statement for Public Disclosure and referred to herein as "principals of the Redeveloper") been adjudged bankrupt, either voluntary or involuntary, within the past 10 years? ES .NO If Yes,give date, place, and under what name. ! b. Has the Redeveloper or anyone referred to above as "principals of the Redeveloper" been indicted for or convicted of any felony within the past 10 years? ❑YES r NO If Yes, give for each case (1) date, (2) charge, (3) place, (4) Court, and (5) action taken. Attach any explanation deemed necessary. 9. a. Undertakings, comparable to the proposed redevelopment work, which have been completed by the Redeveloper or any of the principals of the Redeveloper, including identification and brief description of each project and date of completion: 6 - HUD-600A (9.69) b. If the Redeveloper or any of the principals of the Redeveloper has ever been an employee, in a supervisory capacity, for construction contractor or builder on undertakings comparable to the proposed redevelopment work. name of such employee, name and address of employer, title of position, and brief description of work: ry 1 ]0. Other federally aided urban renewal projects under Title I of the Ilousing Act of 1949, as amended, in which the Redeveloper or any of the principals of the Redeveloper is or has been the redeveloper, or a stockholder, officer, director or trustee, or partner of such a redeveloper: 11. If the Redeveloper or a parent corporation, a subsidiary, an affiliate, or a principal of the Redeveloper is to participate in the development of the land as a construction contractor or builder: ja. Name and add._ss of such contractor or builder: 1 b. Has such contractor or builder within the last 10 years ever failed to qualify as a responsible bidder, refused to enter into a contract after an award has been made, or failed to complete a construction or development contract? ❑YES ❑NO If Yes, explain: c. Total amount of construction or development work performed by such contractor or builder during the last three years: e General description of such work: d. Construction contracts or developments now being performed by such contractor or builder: IDENTIFICATION OF DATE TO BE CONTRACT OR DEVELOPMENT LOCATION AMOUNT COMPLETED E _ 7 . HUD-6004 e. Outstanding"construction-contract bids of such contractor or builder: (9.691 AMOUNT DATE OPENED I AWARDING AGENCY I w. �a 12. Brief statement respecting equipment,.experience, financial capacity, and other resources available to such contractor or builder for the performance of the work involved in the redevelopment of the land, I specifying particularly the qualifications of the personnel, the nature'6f the equipment, and the general experience of the contractor: ! 13. a. Does any member of the governing body of the Local Public Agency to which the accompanying bid or proposal is being made or any officer or employee of the Local Public Agency who exercises any functions or responsibilities in connection with the carrying out of the project under which the land covered by the Redeveloper's proposal is being made available, have any direct or indirect personal interest in the Pedeveloper or in the redevelopment or rehabilitation of the property upon the basis of such proposal? DYES ❑NO If Yes, explain. b. Does any member of the governing body of the locality in which the Urban Renewal Area is situated or any ou,•k public official of the locality, who.exercises any functions or responsibilities to the review or approval of the carrying out of the project under which the land covered by the Redeveloper's proposal is being made available, have any direct or indirect personal interest in the Redeveloper or in the redevelopment or rehabilitation of the property upon the basis of such proposal? DYES ENO If)'as,explain 14. Statements and other evidence of the Redeveloper's qualifications and financial responsibility (other than, the financial statement referred to in Item 4a) are attached hereto and hereby made a part hereof as follows: CERTIFICATION ` 4 I (W e)1 certify that this Redeveloper's Statement of Qualifications and Financial fiespon ibility and the attached evidence of the Redeveloper's qualifications and financial responsibility, including financial statements, are true and correct to the best of ml (our) knowledge and belief.2 Dated: Dated: Sig..rlure Signature i I _ Titlt Titte Add,6l; and ZIP Code Address and TJP Cade 1 II the Redeveloper is a corporation, this statement should be signed by the President and Secretary of the corporation; if an individual, by such individual; if a partnership, by one of the partners; if an entity not having a president and secretary, by one of its chief officers having knowledge of the financial status and qualifications of the fledeveloper.. 2 Penalty 16 Fa l:.e Certification: Section 1001, Title le, of the U.S. Code, provides a fine of not more than E10,000 or imprison- mens of not more than five years, or both, for knowingly and willfully making or using any false writing or document, knowing the same to contain any false, fictitious or fraudulent statement or entry in a matter within the jurisdiction of any Department of the United States. . 8 - e U. S. aaYEa]L4 FTT PtitATC:O OFFICE:1968 0-ID6-0I7 1111 a PART 1 HUDj6 04 j REDEVELOPER'S STATEMENT FOR PUBLIC DISCLOSURE t A. REDEVEI!]PER AND LAND 1. a.. Name of Redeveloper: -- - i b. Address and ZIP Code of Redeveloper. • _-r . ./ c. IRS Num her of Redeveloper: I 2. The land on which the Redeveloper proposes to enter into a contract for, or understanding with respect to, the purchase or lease of land from - -''- � - ... ,r-�.- -... «. .-` �.,• ",tip L m — �p bf Urban Renews!-or Redevelopment Project Area) in the City of - , State of - is described as follows 2 _ ' � f 5.1 If the Redeveloper is not an individual doi ng business under his otrn name, the Redeveloper has the status indicated below and is organized or operating under the lairs of ❑ A corporation. A winprofit or charitable institution or corporation. ❑ A p.vtnership known as ❑ A In siness association or a joint venture known as ❑ A Federal, State, or local government or instrumentality thereof. ❑ Other (explain) d. If the Redevelop.:tyis not an individualor a government agency or instrumentality, give date of organization; �. Names, addresses. ti;ie.l,position(it j'), anu nature aril extent of the interest of the officers and principal members, shareholders, and investors of the Redeveloper, other than a government agency or instrumentality, are set forth as follows: III space on this form is inadequate for any requested information, it should be furnished on an attached page ohich is referred to under the appropriate numbered item on the form. 2 Ane conrrnient -nutns of identifying the land (such as block and lot numbers or street boundaries) is sufficient. A descrip- tion by metes and Ilounds at other technical description is acceptable, but not required. - HUD-6004 (9.69) I a. If the Redeveloper is a corporation, the officers, directors or trustees, and each stockholder owning more than 107. of any class of stockl . b. .If the Redeveloper is a nonprofit or charitable institution or corporation, the members whq constitute the I boara of trustees or board of directors or similar governing body. c. If the Redeve loper is a partnership, each partner, whether a general or limited partner, and either the percent of interest or a description of the character and extent of interest. d. If the Redeveloper is a business association or a joint venture, each participant and either the percent of interest or a description of the character and extent of interest. e. If the Redeveloper is some other entity, the officers, the members of the governing body, and each person having an interest of more than 1057. POSITION TITLE (if a++Y)AND PERCENT OF INTEREST OR •. NAME, ADDRESS, AND ZIP CODE DESCRIPTION OF CHARACTER AND EXTENT OF INTEREST 6. Name, address, and nature and extent of interest of each person or entity (not named in response to Item 5) who has a beneficial interest in anv of the shareholders or investors named in response to Item 5 which gives such person or entity more than a computed 1097c interest in the Redeveloper (for example, more than 201 of the stock in a corporation which holds 507. of the stock of the Redeveloper; or more than 50- of the stock in a corporation which holds 20.0 of the stock of the Redeveloper): NAME, ADDRESS, AND ZIP CODE DESC FIPTION OF CHARACTER ANp EXTENT OF INTEREST 7. Names (if not given above)of officers and directors or trustees of any corporation or firm listed under Item 5 or Item 6 above: B. RFSIDENTIAL REDEVELOPMENT OR REHABILITATION (The Redeveloper is to furnish the following information, but only if land is to be redeveloped or rehabilitated in whole or in part for residential purposes.) 1 If a corporation is required to file periodic reports with the Federal Securities and Exchange Commission under Section 13 of the Securities Exchange Act of 1934, so state under this Item 5. to such case, the information referred to in this Item S and in items 6 and 7 is not required to be furnished. _ y _ f HUD-6004 (9.69) 1 1. State the Redeveloper's estimates, exclusive of payment for the land, for: a. Total cost of any residential redevelopment. . . . . . . . . . . . . . . . . . . . . . . . . . . $ b. Cost per dwelling unit of any residential redevelopment. . . . . . . . I . . . . . . . . . . 3 c. Total ttut of any residential rehabilitation . . . . . . . . . . . . . • • • • • • • • • d. Cost per dwelling unit of any residential rehabilitation . . . . . . . . . . . . . . . . . . . $ 2. a. State the Redeveloper's estimate of the average monthly rental (i(to be rented)or average sale price • (i/to be sold)for each type and size of dwelling unit involved in such redevelopment or rehabilitation: ESTIMATED AVERAGE ESTIMATED AVERAGE MONTHLY RENTAL SALE PRICE TYPE AND SIZE OF DWELLING UNIT S I� I b. State the utilities and parking facilities, i f any, included in the foregoing estimates of rentals; C. State equipment, such as refrigerators, washing machines, air conditioners, if any, included in the fore. going estimates of sales prices: CERTIFICATION I (R'e)I r's Statement for Public Disclosure is true and correct to the best of my (our) knowledge certify that this Redevelope and belief.2 Dated: Dated: Signature Sign uwe it Address and ZIP Code Address and ZIP Cn de I If the Redeveloper is an individual, this statement should be signed by such individual; if a partnership, by one of the part- , oars; if a corporation or other entity, by one of its chief officers having knowledge of the facts required by this statement. 2 Penalty for False Certification: Section 1001, Title 18, of the U.S. Code, provides- a fine of not more than $10,000 or imprison. ' men! o[ not mere than fire years, or both, for knowingly and willfully making or using any false writing or document, knowing the same to oudain any false, fictitious or fraudulent statement or entry in a matter within the jurisdiction of any Department of the United States. 3 . I I PART II HUD-6004 (9.69) { REDEVELOPER'S STATEMENT OF QUALIFICATIONS AND FINANCIAL RESPONSIBILITY (� (For Confidential Official Use of the Local Public Agency and the Department of Housing and Urban Development. Do Not jTransmit to HUD Unless Requested or Item 8b is Answered "Yes.'_) 1. a. Name of Redeveloper: - - b. Address and Zif Code of Redeveloper: 2• The land on which the Redeveloper proposes to enter into a contract for, or understanding with respect to, the purchase or lease of land from F a(N omeo Loc IT AgancyJ in .1harne of Urban Renewal or Redevelopment Project Arra) in the City of = State of is described as follows: . i 3. Is the Redeveloper a subsidiary of or affiliated-with any other corporation or corporations or any oth� firm or firms? YES NO If Yes, list each such corporation or firm by name and address, specify its relationship to the Redeveloper, and identify the officers and directors or trustees common to the Redeveloper and such other corporation or firm. A. a. The financial condition of the Redeveloper, as of is as reflected in the attached financial statement. (NOTE: Attach to this statement a certified financial statement showing the assets and theliabilities, incruding contingent liabilities, fully itemized in accordance with accepted accounting standards and basad on a pi., rer audit. If the date of the certified financial statement precedes the date of this sub- mission by t::ore than six months, also attach an interim balance sheet not more than 60 days old.) b. Name and ad&ess of auditor or public accountant who performed the audit on which said financial state- mert is based: S. If funds for the development of the land are to be obtained from sources other than the Redeveloper's own funds, a statement of the Redeveloper's plan for financing the acquisition and development of the land: - 5 - HUD-6004 (9-69) 6. Sources and amount of cash available to Redeveloper tomeet equity requirements of the proposed undertaking: a. In banks:°� r NAME, ADDRESS, AND ZIP CODE OF BANK '- AMOUNT b. By loans from affiliated or associated corporations or firms: NAME, ADDRESS, AND ZIP CODE OF SOURCE AMOUNT S c. By sale of readily salable assets: MARKET VALUE MORTGAGES OR LIENS DESCRIPTION 7. Names and addresses of bank references: . — 8. a. Has the Redeveloper or (if any) the parent corporation, or any subsidiary or affiliated corporation of the Redeveloper or said parent corporation, or any of the Redeveloper's officers or.principal members, share- holders or investors, or other interested parties (as listed in the responses to Items 5,6, and 7 of the. Redeveloper's Statement for Public Disclosure and referred to herein as "principals of,the Redeveloper") y or involuntary, within the past 10 ,years? G�.'ES been adjudged bankrupt, either voluntar If Yes,give date, place, and under what name. 6 b. Has the Rcdevcloper or anyone referred to above as "principals of the Redeveloper" been,indicted for or convicted of any felony within the past 10 years? YES °:It4D L'S If Yes, give for each case (1) date, (2) charge, (3) place, (4) Court, and (5) action taken. Attach any explanation deemed necessary. 9. a. Undertakings, comparable to the proposed redevelopment work, which have been completed by the Redeveloper or any of the principals of the Redeveloper, including identification and brief description of each project and date of completion: I 6 V HUD-600! (9-69) b. If the Redeveloper or any of the principals of the Redeveloper has ever been an employee, in a supervisory 1' capacity, for construction contractor or builder on undertakings comparable to the proposed redevelopment work, name of such employee, name and address of employer, title of position, and brief description of work: y I } 10. Other federally aided urban renewal projects under Title I of the Housing Act of 1949, as amended, in which the Redeveloper or any of the principals of the Redeveloper is or has been the redeveloper, or a stockholder, officer, director or trustee, or partner of such a redeveloper: 11. If the Redeveloper or a parent corporation, a subsidiary, an affiliate, or a principal of the Redeveloper is to participate in the development of the land as a construction contractor or builder: 'j a. Name and add.,,ss of such contractor or builder: f i I b. Has such contractor orbuilder within the last 10 years ever failed to qualify as a responsible bidder, refused to enter into a contract after an award has been made, or failed to complete a construction or development contract? DYES [:1 NO If Yes, explain: c. Total amount of construction or development work performed by such contractor or builder during the last three years: c - General description of such work: d. Construction contracts or developments now being performed by such contractor or builder: IDENTIFICATION OF DATE TO BE CONTRACT OR DEVELOPMENT LOCATION AMOUNT COMPLETED 8 7 _I HUD-6004 e. Outstanding-construction-contract bids of such contractor or builder: (9.69) AMOUNT DATE OPENED AWARDING AGENCY r w 12. Brief statement respecting equipment, experience, financial capacity, and other resources available to such contractor or builder for the performance of the work involved in the redevelopment of the land, specifying particularly the qualifications of the personnel, the nature of the equipment, and the general experience of the contractor: I 13. a. Does any member of the governing body of the Local Public Agency to which the accompanying bid or proposal is being made or any officer or employee of the Local Public Agency who exercises any functions or responsibilities in connection with the carrying out of the project under which the land covered by the Redeveloper's proposal is being made available, have any direct or indirect personal interest in the Pedeveloper or in the redevelopment or rehabilitation of the property upon the basis of such proposal? ❑YES ❑NO If Yes, explain. b. Does any member of the governing body of the locality in which the Urban Renewal Area is situated or any -1 public ublic official of the locality, who exercises any functions or responsibilities in the review or approval of the carrying out of the project under which the land covered by the Redeveloper's proposal is being made available, have any direct or indirect personal interest in the Redeveloper or in the redevelopment or rehabilitation of the property upon the basis of such proposal? ❑YES ONO If Yes,explain. 14. Statements and other evidence of the Redeveloper's qualifications and financial responsibility (other than the financial statement referred m in Item 4a)are attached hereto and hereby made a part hereof as follows: CERTIFICATION certify that this Redeveloper's Statement of Qualifications and Financial Responsibility and the attached evidence of the Redeveloper's qualifications and financial responsibility, including financial statements, are true and correct to the best of m) (our) knowledge and belief.2 Dated: Dated: it Sieucture Signature 7ide -- Title '-" - - - Code Add:eis-and ZIP Code Address and IJP 1 If the Redeveloper is corporation, this statement should be signed by the President and Secretary of the corporation; if an individual, by such individual; if a partnership, by one of the partners; if an entity not having a president and secretary, by one of its chief officers having knowledge of the financial status and qualilications of the Redeveloper.. 2 Penalty for False Certification: Section 1001, Title 18, of the U.S. Code, provides a fine of not more than $10,000 or imprison- ment of not more than five years, or both, for knowingly and willfully making or using any false writing or document, knowing the same to contain any false, fictitious or fraudulent statement or entry in a matter within the jurisdiction of any Department of the United States. g - s U. S. GOVERNMF T PRWTmG OFFICE;M69 O-396.317(11) 1 Salem Redevelopment 44-6900 Authority ONE SALEM GREEN, SALEM, MASSACHUSETTS 01970 TELEPHONE 744-4580 Process for Disposition of S.R.A. owned Land. 1. Receive approval for sale from S.R.A. Board. 2. Appraisal of parcel by outside firm. 3. Public disclosure of intent to sell by advertisement 10 days prior to transfer of parcel. 4. Buyer must file H.U.D. form 6004.(financial statement, non—profits excluded) 5. 4urchase and Sales, Contract for Sale and Deed on file at S.R.A 6. Transfer Parcel. r ®�- g(A' � i Urearge A. Atpned, MM, Real Kntnte Appraiser & Crnnsultant 1114 � 1111 Nnrtll $tree# pnat office jinx 44g $a1rm, mass. 014711 APPRAISAL ON VACANT LAND REAR CHARTER STREET SALEM, MASSACHUSETTS PHOTOGRAPH ADDENDUM Seu4uw/Client Salem Planning Dept. Property Address Rear Charte treet City alem County Essex State KA Zip Code Ulludor A� r4j ' ` FRONT OF SUBJECT PROPERTY CHARTER STREET N720- 16'-24"E N740-321-20tE P�6Q SIV850 7ct,;7 70.00 s,k./, 45.55 -- 15 sI.99 in gran.wall t set W I W 0 O MO O MN N SALEM REDEVELOPMENT AUTH. '`t a' PHILIP 13UDROSE (6 `r Crf- L.C.C. # 9845 M BK.5649 PG-629 °v Nail i _ H I 1 t 70.00 If lagged cn _ 45.33 t Q w Sok o w tset CC Feice 6 -5�' PK. I H M 0 _ -� Spk.set WI rn W O J o W Ot �t � a 'n o C to Z 0.O N a) O_ RC - Ia w AREA = 6,802 S.F - > O u) w i w c o } 0 LIL Fence Post J 0Chain Q S 79°-46 57'Fe Ce v) On Line '� 15.87. '_ 15.E Spk. set 31.74 CITY 375°-10`--48" V OF SALEM Plat Map FW 90A © 1984 Forms and Worms Inc.W7,Whitney Ave.n17 -even,Ct.06511 All Rights Reserved 284 LAND APPRAISAL REPORT ---- Census Tract N/A Map Referent Property Address Rear Charter Street TOT 969 • City Salem County Essex State MA Zip Code 01970 Legal Description N/A Sale Price$ N/A Date of Sale N/A Loan Term N/A yrs Property Rights Appraised Fee Leasehold DeMinimis PUD Actual Real Estate Taxes$ l yr) Loan charges to be paid by seller$ N/A Other sales concessions nnne known D&Ier/Client Salem PLanning De t. Address I Salem Green Salem, MA 01Q7Q - Occupant - none Appraiser George A. Ahmed Instructions to Appraiser T7,,qt i Mat pd market- vnl up Location 0 Urban ❑ Suburban, ❑ Rural G..o o" Fa., Poo. Built Up ❑x Over 75% ❑ 25%to 75% ❑ Under 25% Employment Stability • ❑ RJ ❑ ❑ Growth Rate © Fully Dev. ❑ Rapid ❑ Steady ❑ Slow Convenience to Employment ❑ ® ❑ ❑ Property Values Q-Increasing ❑ Stable ❑ Declining Convenience to Shopping ,gJ ❑ ❑ ❑ Demand/Supply ❑ Shortage ® In Balance ❑ Over Supply Convenience to Schools ❑ �J ❑ ❑ Marketing Time ❑ Under 3 Mos. ❑ 4-6 Mos. ® Over 6 Mos. Adequacy of Public Transportation ❑ f ❑ ❑ • Present Land Use-9P I Family_%2-4 Family_%Apts. _%Condo_aa%Commercial Recreational Facilities ❑ ❑ ❑ • _% Industrial %Vacant20 % other Adequacy of Utilities ❑ ki ❑ ❑ Change in Present Land Use xK Not Likely ❑ Likely (') ❑ Taking Place(') Property Compatibility ❑ 0 Q ❑ • (') From To0 1:1 ❑ Protection from Detrimental Conditions[] Predominant Occupancy ❑ Owner ❑x Tenant %Vacant Police and Fire Protection ❑ 0 ❑ ❑ Single Family Price Range $ N/A to$ NIA Predominant Value$ General Appearance of Properties ❑ ki ❑ [I Single Family Age -- yrs to --yrs Predominant Age 75+ yrs Appeal to Market ❑ r] ❑ Comments including those factors,favorable or unfavorable,affecting marketability (e.g.public parks,schools,view,noise) is a combination of commercial properties, is a two way street. Dimensions 62.07 x 114.71 x 56.39 x 115-33 = 6 809 ' Sq. Ft.g3(t js ❑Corner Lot Zoning classification R3 i d n i al multi—fami 1 v Present improvements ❑ do ❑ do not conform to zoning regulations Highest and best use: ❑ Present use 'Other(specify) Public Other(Describe) OFF SITE IMPROVEMENTS Topo Elec. ® Street Access: k Public ❑ Private Size am Gas © Surface asphalt Shape rprf-2JIgul gr Water © Maintenance: ® Public ❑ Private View San.Sewer © ® Storm Sewer [K] Curb/Gutter Drainage ndequata r ❑Underground Elect.&Tel. Sidewalk Street Lights Is the property located in a HUD Identified Special Flood Hazard Area?❑No❑Yes Comments (favorable or unfavorable including any apparent adverse easements,encroachments or other adverse conditions) The subject site is occupied by park benches trees shrubs and 2rass, Access to of a sidewalk. Two sides are abutted bV a cemetery, the other side The undersigned has recited three recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The descrip. tion includes a dollar adjustment,reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to,or more favorable than, the subject property,a minus (-)adjustment is made, thus reducing the indicated value of subject;if a significant item in the comparable is inferior to,or less favorable than, the subject property,a plus (+)adjustment is made,thus increasing the indica- ted value of the subject. ITEM Subject Property COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 Address rear 80 Webb St. - 166 Highland Ave. 15 Colby St. hAl Pin lonlpnn on I Pro, + Proximityto Sue. - mile _ + +_ Sales Price $ $17 00 $ $ Price $N A $ A $ $ Data Source field hales _ _ _ Dace of Sale and DESCRIPTION DESCRIPTION Aoiustment DESCRIPTION Adjustment 11 DESCRIPTION gdiustmSenc Time Adjustmentr LocationiR town SUAar Sitev.iew`'1 68021/comm - I- - 4000 - access access limited — superior 1— 2000 qiinpri or2000 Riippri or 9000 zoning 3-res inferior 1 too eve) I I Sales or Financing none Concessionsnown I equal r N/A equal r N/A equal N/A r � tNet Adj.)Total) ❑ Plus; ®Minus ,$1000 ❑x Plus; r$ �000 ® Plus; ❑Minus�$ !)000 dicated Value 16,500 1$1,500 $ 151,500 Subject Comments on Market Data All sales assisted in this approach for an estimated value Comments and Conditions of Appraisal: Final Reconciliation: . • I ESTIMATE T A ET VALU S DEFINE , OF SUBJECT PROPERTY AS OF August 10 1984 to be$ 16,000 Appraise s) Review Appraiser(If applicable) N/A F q� �pprrg.(( El Did El Did Not Physically Inspect Property FW-a8 e6nV' HYYyy��. t111111C ,5Nfhlne P..,ngw.H. r,Crossin QUALIFICATIONS of George A. Ahmed,MRA r APPRAISER GENERAL Owner: George A. Ahmed, Realtor, Real Estate Counselor, and Certified Appraiser. Located At: 104-110 North Street Salem, Massachusetts 01970 Real Estate Broker since 1959 Real Estate Appraisals since 1960 PROFESSIONAL AFFILIATIONS Massachusetts Board of Real Estate Appraisers Active member since 1969 Trustee since 1972 Secretary - 1973=1974 Vice-President - 1974-1975 President - 1976 American Society of Appraisers Active Member since 1971 Treasurer - 1973-1975 Massachusetts Board of Realtors Active Member since 1960 National Association of Realtors Active member since 1960 Greater Salem Board of Realtors Active Member since 1960 President - 1969-1970 Chairman of Multiple Listing Service - 1968-1969 Chairman of the Education Committee - 1966-1967 Treasurer - 1967-1968 it EDUCATION IN REAL ESTATE Boston University - Financing - Real Estate Law - Appraisals Essex Agricultural & Technical Institute - Land Surveying Society of Real Estate Appraisers - Residential and Commercial Appraising - Courses: 101, 201, R II 1 Massachusetts Board of Realtors - Residential Appraising Greater Salem Board of Realtors - Residential Appraising Attend Appraisal Seminars sponsored by the Massachusetts Board of Real Estate Appraisers and Society of Real Estate Appraisers. PROFESSIONAL EXPERIENCE Appraiser for Law Firms and Estates as well as Business Firms and Individuals on various properties in the Greater Salem Area. Served on Board of Review for Abatements on Real Estate Taxes for the City of Beverly during 1968. Appraised equipment for going businesses during urban Renewal in Salem. Appointed as a member of a Review Board to review valuations in Salem. Expert Witness, Suffolk Superior Court, Salem Superior Court. Appraised diverse types of Real Estate: Residential and Historic Homes Two, Three and Four-Family Homes Condominiums Apartment Buildings Industrial Buildings Banks Lumber Yards Restaurants Cocktail Lounges Post Offices Gas Stations Garages Raw Undeveloped Land - Residential, Commercial and Industrial Fire Stations Office Buildings Medical Buildings Boat Yards PARTIAL LIST OF CLIENTS SERVED Executrans Atwood & Morrill Honeywell Eastern Airlines Sylvania Employee Transfer Corp. Society for Preservation of New England Antiquities 1 Polaroid General Electric Bank of St. Louis Texas Commerce Bank Shawmut - Merchants Bank Beverly Savings Bank Century North Shore Bank Bay State National Bank Naumkeag Trust Company National Shawmut Bank of Boston Roger Conant Co-Operative Bank Popular Credit Union City of Salem Salem Housing Authority R. M. Bradley Co. Parker Brothers Merrill & Lynch Merrimack Regional Transit Authority Commonwealth of Mass. - Dept of Public Works Commonwealth of Mass. - Division of Fisheries and Wildlife Commonwealth of Mass. - Dept. of Environmental Management North Shore Catholic Charities Small Business Administration Peabody Housing Authority Veteran's Administration �� •snLE�r Peabody Museum RE:CE!` '�D Founded by the East India Marine Society [799 - NOV 81984 n East India Square �- SALEM PLANNING DEPT. I Salem, Massachusetts 01970 I>99.1861 ' November 6, 1984 Mr. Gerard Kavanaugh, Project Administrator Salem Redevelopment Authority One Salem Green Salem, MA 01970 Dear Gerry: On behalf of Mr. Wheatland and the Board of Trustees of the Peabody Museum, I want to thank you for your efforts with respect to the parcel of land, 43-R, on Charter Street. We accept fully the terms that you have outlined in your letter of October 30,1984 and will pay in full the $7, 500 sales price at the completion of the sale agreement and the transfer. Once again, I thank you and the members of the Salem Redevelopment Authority for their assistance in this matter. Sincerely yours, �40a Peter Fetchko Director PF: skb TELEPHONE (6i7) 745-i876 Appraisal Services, Inc. N4 2031 76 Lafayette Street Salem, MA 01970 (617) 745-1546 PAYMENT DUE 30 DAYS FROM DATE OF INVOICE DATE: October 3 , 1984 BANK: _ Salem Planning Department DATE OF ARRIVAL: October 1 1984 BUYER: n/a ADDRESS: 43 Rear Charter St . , Salem, MA ar APPRAISER: Surabian FEE: $200 ..00 PROCESSOR: Linda Rowe a Return this copy to Appraisal Services, Inc. g - Appraisal Services, Inc. A={y 2031 76 Lafayette Street Salem, MA 01970 (617) 745-1546 PAYMENT DUE 30 DAYS FROM DATE OF INVOICE DATE: October 3 , 1984 BANK: Salem Planning Department DATE OF ARRIVAL: October 1 , 1984 BUYER: nla ADDRESS: 43 Rear Charter St . , Salem, MA APPRAISER: Surabian M1 FEE: $200 . 00 PROCESSOR: Linda Powe f Customer Copy 11 ADJUSTED APPRAISAL ADDENDUM 43 REAR CHARTER STREET SALEM, MASSACHUSETTS 01970 Carl N. Surabian Appraiser Ms. Linda Rowe City of Salem Planning Department 1 Salem Green Salem, Massachusetts 01970 October 2, 1984 RE: ADJUSTED APPRAISAL ADDENDUM ON 43 REAR CHARTER STREET DUE TO LAND USEAGE RESTRICTIONS Dear Linda, As requested I have inspected the property located at 43 rear Charter Street, Salem for the purpose of estimating the market value of Fee Simple Interest given the proposed land use restrictions that we discussed as of October 2,1984. Value as is $13,000 Value per restrictions � $ 7,500 The accompanying report outlines the appraisal process and sets forth the rational and methodology leading to the final value conclusion. Respectfully Submitted, raxlvl�"- �, . Carl Surabian Appraiser PURPOSE OF APPRAISAL This report will serve as an addendum to the appraisal performed by this appraiser, dated June 27, 1984. That appraisal is considered to be accurate and demonstrates current property values which are upheld 6 months from the effective date. This report will estimate a new value of the subject given the following changes. PROPOSED CHANGES L First, the property will be divided equally in two sections, each containing 3401 square feet. The dividing line as the appraiser understands will be along a North Easterly - South Westerly line which will divide the rectangular lot into two m e or less square lots. The easterly portion abutt y, formerly Liberty Street will be used openly and otorio y the public. The present compliment of park benches on a we manicured lawn will remain. This is a quiet and peaceful area in which to rest, eat lunch, or read. The past and proposed future uses for this section will not change although it will be owned and maintained privately. The City of Salem l ement ,aA the vehicle a insure the on tinned ubli s area. It i.s_this restriction that is the crux of the change in the "bundle of rights" prescribed by the Commonwealth on Massachusetts that accompanies Real Property ownership. The Westerly section, although accessable from the other portion will be used by the abutter to extend an existing building located on Charter Street. This westerly area will be used exclusively by the abutter keeping the whole "bundle of rights" in tact. Ownership of real property usually implies control of the surface, air rights, and subterranean area of a parcel. The easement proposed in the Eastern portion would affect all phases of the physical property. The new owner would also be restricted in terms of financial restrictions. Lease or "sub-lease interests excerised through an established body of lease practices" 1. would be prohibited. 1. American Institute of Real Estate Appraisers, The Appraisal of Real Estate, 8th Edition (Illinois, A.I.R.E.A. + N.A.R. , 1983) q • ' HIGHEST AND BEST USE As the size of a parcel of land is diminished its possible number of uses also diminishes proportionately. When the area of land is reduced to a point that prohibits the construction of a dwelling or commercial building, the highest and best use of the lot is 'forced to change. In this case, the highest and best use remains as was stated previous y, nc ent n and area depth -' +lit; _ own sma i lots. FINAL RECONCILIATION In the appraisers' opinion, the Westerly lot, to be used exclusively by the buyer, will be of significant value when using the same value parameters as determined in June. The right or Easterly side of the property, where the easement will run, is nearly devoid of rights as guaranteed by the State. However, there are intrinsic values of ownership and the protection and control of that parcel from others which affords a reassuring grasp over the future of their area and possible changes in their values. It would not be unreasonable to attribute onehalf of the appraised value of the entire parcel to the Western portion. This places a value of $6,500.00 to that area. In terms of the Eastern area, the new tenant will relinguish almost all of their rights to the open, notorious, and continuous use of the property to the public. It is the appraisers' opinion that a value of $1,000.00 be attributed to this area. t FINAL RECONCILATION (CONTINUED) In view of the foregoing, it is the expressed opinion of the appraiser that the value of 43 rear Charter Street under the proposed restrictions, as of October 2, 1984 would be SEVEN THOUSAND FIVE HUNDRED DOLLARS $7,500.00 Respectfully�SSuubmitted (feez , Carl Surabian • Appraiser • i N CHARTER STREET 5G� � N720-16'-24°E N74°-32'-20°E N85° z-a,t/ - 70.00 stk/.' 45.55 ^ 15.981.99 'I2 55'E in gron woI I set W I W 15,9 OMO O MN �— \` as SALEM REDEVELOPMENT AUTH. M } N 0 0 PHILIP BUDROSE v Qc t L.C.C. rx 9845 ; BK.5649 PG-629 °a O 1_ = --0.00 No'l v� _ w plo , - --1 vt__ N D I w m SJ — —__ 45.33_ c w o ��. iseJ f Fe x$'76°r58=55 1N .—_--- ---- IP.N. I W V M 2 O nae - Spk.set WI rn � m W O J c W pa } V Nz Irl0 W Z RC - 18 NNW o w V J « o AREA =69602 film o WESTERN PORTION ' EASTERN PORTION O h � I w zI cr } N j0 W H t _0 f LL N U p_rl Fence Post - W i w...��6hoim.-,tbin NC Of 4f ..7- Feneq; m N v S 79° 461-5T W - On. ine °a 15.87 15.87., H Sok.set 31.74 CITY S750-10-48°W OF SALEM Approval under the Subdivision NOTE: Interior property lines taken from Control Low- not requireddeeds, assessors plans , or by scale SALEM PLANNING BOARD and are approximate only. Bearings are based upon Mass.Stote Grid. j s Date : PROPERTY PLAN PROJECT N2 MASS. R-95 HERITAGE PLAZA EAST SALEM REDEVELOPMENT AUTHORITY a. PHOTOGRAPH ADDENDUM �. \ T Y! • t' Nom• f � ��� •� �+� �/• r ► 'yL'! ,,..': �;.. S^ s -fir? ?. ..G r. LOOKING t • • � _r,.. DIRECTION 1 LOT � /Ws(1 - _• - 7Y. s. LOOKING NORTH ALONG EXISTING EASEMENT Fl rN• � ntit. [,(•' ��. _ Yom• .'- � 1. �� l•�t_ \1 t G��� � fir+•�� a •4 r A• �I x.Al P .r t ' ADDITIONAL PHOTOGRAPHSON 1 FW :0• 06511 -,Illy �. yDow DOME ,rte " d � :1• 111 •/ aC r , y � x :1 r. &�_.� pSam`+apt,/apr /v I v 6'�'Sl y((\\�� �v�ia\✓W\° e`��s3iayo °� 4 & r b\IKaB�j 9, i L�2 12 �*���b��yOtJJ fb�,L��8 •--• t lVn� a. pb`,L-��I' ur3 LL oo a�\a1 (�}� ���b'Ib i � V le ••z� pS !�=yl'Iz •1ss I tS� �r n a+ U v ( s b(q��a, 1 d�i-� D b \ P�'�\"bp rg e.. lNNbyya'. a?/ aA�gt N� a a 6 '1,c, nb„'���� aNO��� n `� �� `i� �✓O of 3 i pt4E .^-o Na�o-` •za'� a a6 .n '� : D }S. �Q^ 's °a� ,°a° .y5�f S °d o Ari! DO Oz�Maa3M Ly3 ``Q�b 1 +bN• a d Ov 13.10aDJ O m o`0 B b gw / � 9100iWa ^�'�%6 ° �nv_ O131i3001H AC! S .b 311 �' J igb�a'�W'IH anoi.J ¢ Otl0-6' g I L� 11'1 QoyJ ' —Od •M ... __ - -----�--_”------- — - IanaNaaae viVW BERKAL,,, S,TELMAN Bppc DAVERN . .MIQo>+rtt�(6 v,C Jaro BARRY D. BERKAL 26 LYMUE STREET SALEM.MA.OIB]O 617 746-401 O LAND APPRAISAL REPORT Borrower n/a Census Tract2041-7 Map Reference 6 R Property Address 43 R Charter Street • City Salem County Essex State MA Zip Code 01970 Legal Description Book 5713 Page 239 Sale Price$ n/a Date of Sale n/a Loan Term yrs Property Rights Appraised x Fee Leasehold DeMinimis PUD Actual Real Estate Taxes$ n/a (yr) Loan charges to be paid by seller$ Other sales concessions Lender/Client City Planing Department Address 1 Salem Green Salem MA 01970 Occupant land Appraiser ASI/Surabian Instructions to Appraiser Estimate Market Value Location © Urban ❑ Suburban ❑ Rural mad a,n v,,, vmn Built Up ® Over 75% ❑ 25%to 75% ❑ Under 25% Employment Stability ❑ ZI ❑ ❑ Growth Rate LIF Fully Dev. ❑ Rapid ❑ Steady ❑ Slow Convenience to Employment fl ❑ ❑ ❑ Property Values [X:] Increasing ❑ Stable ❑ Declining Convenience to Shopping Z ❑ ❑ ❑ Demand/Supply ERI Shortage ❑ In Balance ❑ Over Supply Convenience to Schools ❑ Z ❑ ❑ Marketing Time ❑x Under 3 Mos. ❑ 4-6 Mos. ❑ Over 6 Mos. Adequacy of Public Transportation ❑ ] ❑ ❑ • Present Land Use % 1 Family_%2-4 Family_%Acts. _%Condo 80 %Commercial Recreational Facilities ❑ ❑ ❑ • _% Industrial_%vacant20 % Elderly Housing Adequacy of Utilities ❑ fl ❑ ❑ Change in Present Land Use [X] Not Likely ❑ Likely (') ❑ Taking Place(') Property Compatibility f1:1 ❑ ❑ ❑ • (') From To Protection from Detrimental Conditions 11 C7❑ ❑ ❑ Predominant Occupancy ❑ Owner ❑ Tenant %Vacant Police and Fire Protection ❑ Z) ❑ ❑ Single Family Price Range $ n/a to$ n/aPredominant Value$ n/a General Appearance of Properties ❑ ZI ❑ ❑ Single Family Age . n/a yrs to n/a yrs Predominant Age n/a yrs Appeal to Market {t] ❑ ❑ Comments including those factors,favorable or unfavorable,affecting marketability (e.g.public parks,schools,view,noise) Sub ect is located In downtown Salem one block from the East India Mall. The site is land locked. Public trans- portation, local shopping and Route 114 are within an easy walking distance. Dimensions F-115.33, S-62.07, R- 114. 71 , S-56.39 = 6802 Sq. Ft.orAS& q ❑Corner Lot Zoning classification B-5 Present improvements do ❑ do not conform to zoning regulations Highest and best use: ❑ Present use '.Mother(specify) as vacant land annexed to abutter Public Other(Describe) OFF SITE IMPROVEMENTS Topo level Elec. ❑ none Street Access: ❑ Public ❑ Private Size typical Gas ❑ none Surface NO FRONTAGE Shape rectangular Water ❑ none Maintenance: ❑ Public ❑ Private View neighborhood San.Sewer ❑ none ❑ Storm Sewer ❑ Curb/Gutter Drainage adequate 1�] []Underground Elect.&Tel. Sidewalk Street Lights Istheproperty located in a HUD Identified Special Flood Hazard AreaZallo❑Yes Comments (favorable or unfavorable including any apparent adverse easements,encroachments or other adverse conditions) Subject is not located in a flood zone. Subject has no legal access street fronta e nor, ' recorded easements or ri ht-of-wa s. This seriouslyaffects the marketabilityand utilityof the sub e t. t s usefulness is to abutters only. The undersigned has recited three recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The descrip- tion includes a dollar adjustment, reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to,or more favorable than, the subject property,a minus (-)adjustment is made,thus reducing the indicated value of subject;if a significant item in the comparable is inferior to,or less favorable than, the subject property,a plus (+)adjustment is made, thus increasing the indica- ted value of the subject. ITEM Subject Property COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 Address 43 R Charter 197 Essex St. 11 R Putnam St. 10 Crombie St. Salem Salem Salem Salem Proximity toSabj. % mile - 5 miles 1 mile Sales Price $ n/a $ 1000.00 $ 14,500 $ 7,700 Price r sq. ft,$ n/a $ 1 .64 $ 2.36 $ 1 .49 Data 5ource inspection City Records Cit Re or _ it _ Date of Sale and DESCRIPTION DESCRIPTION Adjustment DESCRIPTION Adiustlment DESCRIPTION Adiustmsent Time Adjustment current 8/83 +150 6 Z84 - 8 +2300 Location average Avera e I average I Site/view 6802 Nb 608 Nb +11,700 615 +1300 5 /Nh +1200 land 'locked small lot I 24 fronta property. Accessable o4y L 1 commercial b alleyway, Commercial zbned leveland I zoned level commerical zohed Sales or Financing Concessions none known none known none known none known Net Ad (Total) �"PfUs; ❑Minus r$ 1 1,850 fit1 Plus;❑ Minus r$ 1300 ® Plus: Minus r$ 5500 Indicated Valuetg� of Subject 812,850 / $ 15 800 $13 200 Comments on Market Data Sales of land locked properties none were found. Time adjustments month in 1983-1984, Comments and Conditions of Appraisal: The Usual definition of Epir Market Vnliie do Tt,4 lot is valuable only to the abutters to enhance the depth, size and lity"opf"then o tir own small lots. Thus the value indicated here is a "specific" limited market. Final Reconciliation: Value r wei ht due to location and usefulln 1. 1 ESTIMATE THE MARKET VALUE, ASD FINED, OF SUBJECT PROPERTY AS OF June 27 19_-a4to be$ 13 000 Appraiser(s) �C%GCL%E� Review Appraise.(If applicable) Fw-ea Rev,12178 Formsand worms mo r,araerd.315 Whiney Ave..New Haven,ct 06511 1282 ❑ Did ❑ Did Not Physically Inspect Property MAP SKETCH ADDENDUM Borrower/Client n/a Property Address 43 R Charet Street City Salem County Essex State MA Zip Code- 01970 Lender Client: City Planing Dei)artment BUILDING SKETCH `-Y r t- tt -fes-I- r -- -1- L r CHARTER STREET }_± N72°_16'-24"E N74°-32'-20"E p^0\ N85^ I2L -r- { z-Cul 70.00 s1k./, - 45.55 I 9g 99 55"E i -t- in gron.watl k set W I W /9- 159 ' r43 (D cli -1- SALEM REDEVELOPMENT AUTH, n ro T 1 N v 0 PHILIP BUDROSE 'T _ - -r- t L.C.C. st 9845 0' 8K.5649 PG-629 'v = —_7.0.00 _ Nail to _r m 1 r --l6"flo eW ,' 45.33 L sok.Fet, rn M v> _ w L -�_ 'tei F 576 55=-55—W RK v fi O enc, 1 W ~ 0) r W -i-- _j �. -r W 1n - _ N m m RC - 18 � e o + W J _ J_ o AREA =6,802S.F r` U-1 �1 ci AL o , I w Z'l 4_ _4... W r 111 0 l0 I_I. L N /i Fence Post W _7 U - f0 J a I_ Gain S�k°-1-14-71�--Fence.0n��ine co N o' 9 46 ST W — i v_ 15.87. '. 15.87.- in F 4 Sok.set 31.74 b I - CITY F 375°-10'-48"W Ti771r- {. _.� jj It- 1 i t j_L + ' a-i— - r +i- J �I__a-. 1-1. LOCATION MAP [-SUBJECT PROPERTY] 1e Qo NOVE MIDDL ^ uo JO�J?mv(�Pio3�P1�ldat/tYD 1\ C iEearM,t+ /Ya kENN��O WP_ORNE 9 W r F m'cz a d q z �tE}?U�\i 1 fNq�\li<V7 y o PERSON1� � /+ KSI Ee\ 33 y9c�g OX u ut - NLE- 8�-��o P� ����45rq✓ 2i �``A NE e /� an pDy�erP��(:p [ P'EyS. ,L O( ;i^ �V `'�G.♦ \\E. \ O= 9�`Hr„�- 1. A \� ,LIN �pr �F p'Tye�C L^bi ✓ 0.�tr' . f(O94,. j, �VGPEE g i �. ia.. 4 i o_� uN—� _ q OVER FOR PHOTO ATTACHMENTS FW-70A/1004A C 1984 Forms and Worms Inc.315 Whitney Ave.New Haven,Ct.06511 All Rights Reserved 384 CountyBorrower/Client n/a Property Address 43 R Charet Street City qnlpm M: Zip Code 01970 DepartmentLender Cl i grit, - Cit,x Planing 1- a s 1✓ •! (s 3k v 1�w�r �If•4h++1^v Ads TI ML h .0 �r v $ I-W yy V .y y •, 4. �. K �'U aa• ( ;V � ��� � 1�LW,i: ` � 'r. is • �w '� '21" � �""011, d ?s T y / W' S DEFINITION OF MARKET VALUE:The highest price in terms of money which a property will bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:(1)buyer and seller are typically motivated;(2)both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market;(4)payment is made ineash or its equivalent;(5)financing,if any,is on terms generally available in the community at the specified date and typical for the property type in its locale;(6)the price represents a normal consideration for the property sold unaffected by special financing amounts and /or terms, services, fees, costs, or credits incurred in the transaction. ("Real Estate Appraisal Terminology," published 1975.) CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS CERTIFICATION: The Appraiser certifies and agrees that: 1. The Appraiser has no present or contemplated future interest in the property appraised; and neither the employment to make the appraisal, nor the compensation for it, is contingent upon the appraised value of the property. 2. The Appraiser has no personal interest in or bias with respect to the subject matter of the appraisal report or the participants to the sale. The "Estimate of Market Value" in the appraisal report is not based in whole or in part upon the race, color, or national origin of the prospective owners or occupants of the—property appraised;or upon the race,color or national origin of the present owners or occupants of the properties in the vicinity of the property appraised. 3. The Appraiser has personally inspected the property, both inside and out, and has made an exterior inspection of all comparable sales listed in the report. To the best of the Appraiser's knowledge and belief,all statements and information in this report are true and correct, and the Appraiser has not knowingly withheld any significant information. 4. All contingent and limiting conditions are contained herein(imposed by the terms of the assignment or by the undersigned affecting the analyses, opinions, and conclusions contained in the report). 5. This appraisal report has been made in conformity with and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Conduct of the appraisal organizations with which the Appraiser is affiliated. 6. All conclusions and opinions concerning the real estate that are set forth in the appraisal report were prepared by the Appraiser whose signature appears on the appraisal report,unless indicated as "Review Appraiser."No change of any item in the appraisal report shall be made by anyone other than the Appraiser,and the Appraiser shall have no responsibility for any such unauthorized change. CONTINGENT AND LIMITING CONDITIONS- The certification of the Appraiser appearing in the appraisal report is subject to the following conditions and to such other specific and limiting conditions as are set forth by the Appraiser in the report. 1. The Appraiser assumes no responsibility for matters of a legal nature affecting the property appraised or the title thereto, nor does the Appraiser render any opinion as to the title,which is assumed to be good and marketable.The property is appraised as though under responsible ownership. 2. Any sketch in the report may show approximate dimensions and is included to assist the reader in visualizing the property. The Appraiser has made no survey of the property. 3. The Appraiser is not required to give testimony or appear in court because of having made the appraisal with reference to the property in question, unless arrangements have been previously made therefor. 4. Any distribution of the valuation in the report between land and improvements applies only under the existing program of utilization.The separate valuations for land and building must not be used in conjunction with any other appraisal and are invalid if so used. 5. The Appraiser assumes that there are no hidden or unapparent conditions of the property, subsoil, or structures, which would render it more or less valuable. The Appraiser assumes no responsibility for such conditions, or for engineering which might be required to discover such factors. 6. Information,estimates,and opinions furnished to the Appraiser,and contained in the report,were obtained from sources considered reliable and believed to be true and correct. However, no responsibility for accuracy of such items furnished the Appraiser can be assumed by the Appraiser. 7. Disclosure of the contents of the appraisal report is governed by the Bylaws and Regulations of the professional appraisal organizations with which the Appraiser is affiliated. 8. Neither all, nor any part of the content of the report, or copy thereof(including conclusions as to the property value, the identity of the Appraiser, professional designations, reference to any professional appraisal organizations, or the firm with which the Appraiser is connected),shall be used for any purposes by anyone but the client specified in the report,the borrower if appraisal fee paid by same,the mortgagee or its successors and assigns,mortgage insurers,consultants,professional appraisal organizations, any state or federally approved financial institution, any department, agency, or instrumentality of the United States or any state or the District of Columbia,without the previous written consent of the Appraiser;nor shall it be conveyed by anyone to the public through advertising,public relations,news,sales,or other media,without the written consent and approval of the Appraiser. 9. On all appraisals, subject to satisfactory completion,repairs,or alterations,the appraisal report and value conclusion are contingent upon completion of the improvements in a workmanlike manner. Date: . �. ���7. Appraiser(s) .�lf�!'. �. '. . . . . . . . . . . . . . . . FW-439D Fom s and Worms Incorporated,315 Whitney Ave.,Nev,Haven,CT 06511 482 q Appraisal Services, Inc. N? 1650 76 Lafayette Street Salem, MA 01970 RECEIVED (617) 745-1546 2 91984 SALEM PLANNING DEPT. INVOICE # DATE: June 29, 1984 BANK: n/a DATE OF ARRIVAL: June 26, 1984 BUYER: Owner: City Planning Department, Salem, MA ADDRESS: 43 R Charter St. , Salem, MA APPRAISER: Surabian FEE: $125.00 PROCESSOR: Linda Rowe 4 Appraisal Services, Inc. N4 1650 76 Lafayette Street Salem, MA 01970 (617) 745-1546 INVOICE # DATE: June 29, 1984 BANK: n/a DATE OF ARRIVAL: June 26, 1984 BUYER: Owner: City Planning Department, Salem, MA ADDRESS: 43 R Charter St. , Salem, MA APPRAISER: Surabian i FEE: $125.00 PROCESSOR: Linda Rowe s. MEMO TO: Salem Redevelopment Authority Board Members FROM: Gerard Kavanaugh DATE: October 11, 1984 SUBJECT: Sale of Land - 43-R Charter Street As requested at the Board's last meeting, a reappraisal of the 6,802 square foot parcel of land at 43-R Charter Street has been completed, taking into consideration the fact that we we will specify that one half of the parcel must remain as open space for passive recreational use, as presently used by residents of the Salem Housing Authority Elderly Complex. The revised appraised value has been set at $7,500. This new value was arrived at through the following calculations: $13,000 Original appraisal value -$6,500 50% of original value due to setting aside 50%, or 3,401 square feet of parcel for passive recreational use $6,500 +1,000 Value of 3,401 square feet of land set aside for passive residential use $7,500 -SALE S! Peabody Museum Founded by the East India Marine Society [799 n East India Square Salem, Massachusetts 0 970 11799•1S61 August 16, 1984 Mr. Gerard Kavanaugh Salem Redevelopment Authority AUG 2 3 '1984 One Salem Green Salem MA 01970 PLAIVPJIcdG DEPT. Dear Gerry, I discussed the terms that you proposed regarding the purchase of the property adjoining the Pickman House with my board president. We feel that we could under those terms comply with your suggested arrangements. I would much appreciate it if at the next board meeting you could have the members of +hA SRA ma e a anal vote as fiat arranaemen . Again we will be 'hap�att allow residen he. se omuseum s property for park purposes. Financial constraintsis ime preven .us, owever, rom moving the red schoolhouse. We will look into the possibility of moving it in the spring of next year. We of course will keep you informed of any of our plans. On behalf of Mr. Wheatland, our President, I thank you and the board for making your very considerate allowances. Sincerely yours, Peter Fetchko Director jak TELEPHONE (6i7) 745-i876 � a foo 00 1 Salem Redevelopment 44-6900 Authority ONE SALEM GREEN, SALEM, MASSACHUSETTS 01970 TELEPHONE 744-4580 May 24, 1984 Mr. Richard Wheatland Peabody Museum East India Square Salem, MA 01970 Dear Mr. Wheatland: The Redevelopment Authority reviewed your request regarding the possible acquisition of the 8802 s.f. parcel behind the Pickman House. While the SRA supports your proposal, the Authority is bound by legislation to follow a standard disposition process. The process is as follows: 1. Appraisals and criteria for request for proposals. 2. Review and concurrence by the State. 3. Advertisement. 4. Notification of abutters. 5. Review and selection of proposals. 6. Land disposition agreement. 7. Transfer of deed. The entire process can take two to five months. The SRA is currently in the process of reviewing applications for the Project Administrator's position and is hoping to have the position filled by June 30, 1984. I would suggest that you or the appropriate Museum personnel contact the new Administrator in July. Thank you for your continued interest and support in Downtown Salem. Sincerely, /� Michael Moniz Project Administrator MM/rba . -SA P y� Peabody Museum Founded by the East India Marine Society 1799 : - - x - - C East India Square Salem, Massachusetts o 1970 May 18 , 1984 Mrs. Joan Boudreau , Chairman Salem Redevelopment Authority 1 Salem Green Salem, MA 01970 Dear Mrs. Boudreau: As you may know, the Peabody Museum has recently acquired . the historic Pickman House on Charter Street and it has come to my attention that the Salem Redevelopment Authority is the owner of a small adjacent property located directly to its south. This property will greatly enhance the aesthetic and functional value of the Pickman House as well as provide a site for the Museum' s historic Summer School House currently located across: the street. Further Museum expansion may make it necessary to move the schoolhouse and this property could prove ideal. The Museum would like to purchase from the Salem Redevelopment Authority the property and .hopes the Authority will favorably consider this request. I thank you in advance for your consideration. Sincerely yours, Richard Wheatland President RW:skb TELEPHONE (617) 745-1876 - _ Gerry: 7/12/84 Re: Peabody Museum interest in parcel owned by SRA Mr. David Dronsick 727-3197 Ex. Office of Community Develop. Mr. Murph Yule 727-7001 Mr. er Ne n - 1 m' Note• Chris Olney stated J o sse @ 727 7 80 fight be able to help, but he no longer works there & I received Mr. Dronsick's phone # as above, & Mr. Yule's. If you do not have luck, call him back. (Chris Olney) Chris stated: Check Heritage Plaza West Urban Renewal Plan Application folder - there may be letters, application, data that may be helpful. In addition, Chris Olney said if we advertise and since the lot is land-locked, we may only get one bid; and even then, the SRA is to determine what is best in the public interest as far as disposition of lot, not necessarily determined by the amount of the bid. -------------------------------- Peter Fetchko called earlier this morning as I told him we'd call him today as soon as we had information. Today I told him we were working on it and would reach him as soon as possible. Peter said he will be at the Museum until noon and if we do not reach him by then, leave message with Frank Dooley at the Muesum #745-1876 and Peter would call you back. rba Nw Fm 1- - rA4 v d � 12 6 0 0 ol - o� 7 57:1M /mss. '[� _.✓}' —2te /a, P1,' y �a�o✓k J�r-S ,� dr�� ✓G S U OSS_ (x�i�i S�--_�- --- �.� ! i _ � _�- ,�` i i