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CITY OF SALEM
DEPARTMENT OF PLANNING AND COMMUNITY
DEVELOPMENT
FACSIMILE TRANSMITTAL SHEET
TO: FROM:
Beverly Tania Hartford
COMPANY: DATE:
Attorney Tim Sullivan 10/15/03
FAX NUMBER: _ TOTAL NO.OF PAGES INCLUDING COVER:
978/452-7606 3
PHONE NUMBER: SENDER'S REFERENCE NUMBER:
978/452-5404 978/745-9595 x311
RE: SENDER'S FAX NUMBER:
Mortgage Discharge 978/740-0404
❑URGENT ❑FOR REVIEW ❑PLEASE COMMENT ❑PLEASE REPLY ❑PLEASE RECYCLE
NOTES/COMMENTS:
Following is the Discharge of Mortgage for the City of Salem Loan to Stephen LoPilato,
Trustee of Bridle Path Realty Trust.
Please call me should you have any questions regarding this information.
Thank you.
120 WASHINGTON STREET
SALEM, MA 01970
THARTFORDOSALEM.COM
CITY OF SALEM
_ yap
DEPARTMENT OF PLANNING AND
COMMUNITY DEVELOPMENT
STANLEY J.USOVICZ,JR.
MAYOR 120 WASHINGTON STREET•SALEM,MASSACHUSETTS 01970
JOSEPH P.WALSH,JR. TEL:978-745-9595 •FAX:978-740-0404
DIRECTOR
October 15, 2003
VIA FACSIMILE AND MAIL
Mr.Tim Sullivan,Attorney
ATTN. Beverly
Alexander&Femino
112 Middle Street
Lowell,MA 01852
Dear Mr.Sullivan:
Enclosed is the Discharge of Mortgage for the City of Salem Loan dated May 9, 2000, to
Stephen M. LoPilato, Trustee of Bridle Path Realty Trust. The loan obligation has been
satisfied and the borrower was released from the terms of the loan agreement.
Please call me at 978/745-9595 x311 if you have questions or require further information in
regards to this matter.
Sincerelyyours,
Ta 'a Hartford
Economic Development Planner
Enclosures
DISCHARGE OF MORTGAGE
The City of Salem, holder of a mortgage from Stephen M. LoPilato, Trustee of Bridle Path Realty
Trust u/d/t dated January 1, 1993 (Recorded with the Dukes County Registry of Deeds in Book 600,
Page 454), to the City of Salem dated May 9,2000,recorded with Essex South District Registry of
Deeds, Book 797, Page 871 acknowledge satisfaction of the same.
IN WITNESS WHEREOF,the said City of Salem has caused its corporate seal to be hereto affixed
and these presents to be signed in its name and behalf by Joseph P. Walsh, its City Planner, this 9'
day of October 2003.
City of Salem
/by:
Witness t' Joseph als , City Planner
The Commonwealth of Massachusetts
Essex, ss. /0 P�
Date
Then personally appeared the above named- Ji-and acknowledged the
foregoing instrument to be the free act and deed of the City of Salem,before me,
Notary Public
My Commission Expires:
Parcel: 152 Circuit Avenue, Oaks Bluffs, Dukes County, Massachusetts
MORTGAGE
Stephen M. LoPilato, Trustee of Bridle Path Realty Trust u/d/t dated January 1, 1993
(Recorded with Dukes County Registry of Deeds in Book 600,Page 454),hereinafter referred to as
the "Mortgagor," for consideration paid, hereby grants to the Salem Redevelopment Authority, a
public body,politic and corporate,duly organized and existing under the laws of the Commonwealth
of Massachusetts pursuant to Massachusetts General Laws Chapter 121B, and having a usual place
of business at 93 Washington Street, Salem, Essex County, Massachusetts, hereinafter referred to
as the "Mortgagee," with MORTGAGE COVENANTS, to secure the payment of all obligations
contained in a certain note of even date,in the sum of Thirty Five Thousand and 00/100 ($35,000.00)
dollars with interest thereon, as provided in said note, to secure the payment of or performance of
all other debts, covenants and agreements of or by the Mortgagor or the Borrower to or for the
benefit of the Mortgagee now existing or hereafter accruing while this mortgage is still undischarged
of record: the parcel of real estate located at 152 Circuit Avenue, Oak Bluffs, Dukes County,
Massachusetts, as described in Exhibit "A" annexed hereto, which is incorporated herein by this
reference, together with any and all improvements now or hereafter situated thereon.
Also,insofar as the same are,or can by agreement of the parties be made,a part of the realty,
all of the following articles now or hereafter on the attached described,premises or used therewith:
Portable or sectional buildings, bathroom, plumbing, heating, lighting, refrigeration, ice making,
ventilation and air conditioning apparatus and equipment; garbage incinerators and receptacles;
elevators and elevator machinery; boilers; stoves; tanks; motors; sprinkler, smoke and heat detector
and fire extinguishing systems; gas and electric systems; door bell and alarm systems, window
shades; screens, awnings, screen doors; storm and other detachable windows and doors; mantels;
built-in cases, counters, closets, chest of drawers and mirrors; trees, hardy shrubs and perennial
flowers; and other fixtures whether or not included in the foregoing enumeration.
The Mortgagor covenants to pay when due all taxes,charges, assessments and ground rents,
if any, and water rates to whomsoever laid or assessed,whether on the mortgaged premises or on any
interest therein or on the debt or obligation secured hereby; to pay to the holder, on demand, the
same percentage on the debt secured hereby as the holder may,from time to time,be required to pay
as a state tax on so much of the holder's deposits as is invested in loans secured by mortgages of
taxable real estate;to keep the buildings now or hereafter on the mortgaged premises insured against
fire and such other casualties and contingencies as the holder may from time to time require, and,
subject to the rights of the holder of the first mortgage, all such insurance to be deposited with the
first payable in case of loss to the holder and to be written by such companies, through such
agencies, on such terms, in such form and for such periods and amounts as the holder shall from time
to time approve,hereby granting to the holder in the event of foreclosure, full authority as attorney
irrevocable of the Mortgagor to cancel such insurance and retain the return premiums thereof or to
transfer such insurance to any person or persons claiming title to the mortgaged premises or any part
thereof by virtue of foreclosure proceedings; to keep the mortgaged premises in such repair, order
and condition as the same now are or may hereafter be put,reasonable wear and tear and damage by
fire only excepted; not to permit or suffer any strip or waste of the mortgaged premises, nor any
violation of any law or ordinance affecting the same or the use thereof; not to cancel, change,renew
or otherwise deal with any existing or future lease without first obtaining, in such case,the written
Sfr —S.M.L. Page 1 of 5
consent of the Mortgagee, nor provide for in any lease, nor accept from any lessee or tenant rent
which shall be payable or paid for a period of more than one month in advance; at any time upon
notice from the holder to submit for examination all leases of the mortgaged premises or any part
thereof then in force and on demand to assign to the holder any or all of such leases (hereby granting
to the holder full authority as attorney irrevocable of the Mortgagor to make, execute,acknowledge
and deliver such assignments), to empower the holder to assign any or all such leases to any
subsequent holder hereof or to any person or persons claiming title to the mortgaged premises or any
part hereof by virtue of foreclosure proceedings and to provide that the owner of the equity of
redemption of the mortgaged premises may have and retain the rents and profits thereof until a
default occurs in any condition of this mortgage, but that after any default occurs, such rents and
profits received by the holder prior to foreclosure shall be applied to the extinguishment of the
mortgage debt, and that after foreclosure, no assignee of any lease so assigned shall be liable to
account to the Mortgagor or its successors in title, either for rents or profits thereafter accruing or
otherwise; and to pay interest at the rate and time herein provided upon all sums from time to time
secured hereby.
The Mortgagor further covenants as follows: if there shall be a default of any installment of
principal or interest on the note secured by this mortgage or of tax escrow money when due, and
such default shall continue for thirty(30) days or in case of any default in any other condition of this
mortgage,the entire mortgage debt shall become immediately due at the option of the holder; in case
any default in any condition of this mortgage shall occur,the holder,to cure such default,may apply
any deposits or any sums credited by or due from the holder to the Mortgagor without first enforcing
any other rights of the holder against the Mortgagor, any endorser or guarantor of the mortgage note,
or the mortgaged premises;no sale of the premises hereby mortgaged, no forbearance on the part of
the holder, and no extension whether oral or in writing of the time for the payment of the whole or
any part of the debt secured or any other indulgence given by the holder to any persons other than
the Mortgagor,shall operate to release or in any manner affect the original liability of the Mortgagor,
notice of any such extensions or indulgences being waived; and in case redemption is had by the
Mortgagor after foreclosure proceedings have begun the holder shall be entitled to collect all costs,
charges and expenses incurred up to the time of redemption.
The Mortgagor hereby authorizes the holder to pay all taxes, assessments and ground rents,
if any, and water rates, with interest, costs and charges accrued thereon,which may at any time be
a lien upon the mortgaged premises or any part thereof; to pay the premiums for any insurance
required hereunder; to incur reasonable expenses at all times in protecting its security; to pay any
balance due under any conditional agreement or sale on any articles and fixtures included as a part
of the mortgaged premises; and to add all sums so paid to the principal sum secured hereby; and the
holder may apply to any of these purposes any sums paid hereunder by the Mortgagor as interest or
otherwise.
For purposes of this agreement, the term "Liabilities" as used herein shall include without
limitation (unless as specifically excepted below) any and all liabilities, debts and obligations of the
Mortgagor to the Mortgagee, including those contained in the promissory note(s) hereinabove
referred to, including without limitations (unless as specifically excepted below) all loans,advances,
indebtedness, notes, obligations and amounts, liquidated or unliquidated, owing by the Mortgagor
"'l L S.M.L. Page 2 of 5
to the Mortgagee at any time, including any notes or other obligations of the Mortgagor assigned to
or held by the Mortgagee, of any kind,nature or description now existing or arising in the future,and
whether secured or unsecured, direct or indirect, absolute or contingent, or by reason of any cause
of action which the Mortgagor to the Mortgagee from time to time, and all costs or expenses incurred
or paid by the Mortgagee to enforce this or any other agreement between the Mortgagor and the
Mortgagee, including without limitation (unless as specifically excepted below) all of the
Mortgagee's executive, administrative and staff costs and expenses above and beyond those which
would normally be incurred in the administration of a financial transaction similar to that between
the Mortgagor and Mortgagee. As used herein, the term "indirect" includes without limitation
(unless as specifically excepted below)all obligations and liabilities which the Mortgagee may incur
or become liable for on account of or as a result of any financial transactions between the Mortgagor
and the Mortgagee. As used herein,the term "indebtedness" includes without limitation(unless as
specifically excepted below) any and all loans, advances and other credits made at any time by the
Mortgagee to or on account of the Mortgagor and includes all liabilities and obligations of a financial
nature and all costs,costs of collection, attorney's fees and any other amounts paid by the Mortgagee
on behalf of the Mortgagor or on account of the Mortgagor's transactions with the Mortgagee.
In the event that the ownership of the mortgaged premises, or any part thereof, becomes
vested in anyone other than the Mortgagor named herein, the whole sum of principal and interest
then remaining unpaid shall become immediately due without notice to the Mortgagor named herein,
deal with such successor or successors in interest with reference to the mortgage and the debt hereby
secured, and in the same manner as with the Mortgagor named herein, without in any way vitiating
or discharging any Mortgagor's liability hereunder or upon the debt secured hereby.
The Mortgagee (or its authorized agents(s) ) may make or cause to be made reasonable
entries upon and inspections of the mortgaged premises,provided that the Mortgagee shall give the
Mortgagor notice (written or oral)prior to any such inspection specifying reasonable cause therefor
related to the Mortgagee's interest in the mortgaged premises.
All of the within covenants and agreements of the Mortgagor are made by the Mortgagor
named herein for themselves,their successors and assigns.
This Mortgage is upon the STATUTORY CONDITION and upon further condition that all
covenants on the part of the Mortgagor herein contained shall be kept fully performed, for any
breach of which conditions the holder shall have the STATUTORY POWER OF SALE.
Notwithstanding anything to the contrary contained herein, no person comprising the
Mortgagor who is not a maker, co-maker, guarantor or endorser of the promissory note referred to
above shall be personally liable for any amount owed solely under this mortgage.
The premises may,however,be subjected to a condominium regime,to which the Mortgagee
shall subordinate. The Mortgagee shall permit unit sales and will issue partial releases of this
mortgage without payment, except as provided under the terms of the Note.
This Mortgage is subject to prior Mortgages of record.
S� S.M.L. Page 3 of 5
Mortgagor covenants and agrees that any default under the terms of said prior mortgages or
notes secured thereby shall be a default under this mortgage, and by acceptance thereof agrees that
said prior mortgage shall not be deemed an encumbrance with respect to Mortgage covenants.
------------------------------------------------------------------
Principal Sum of Loan: $35,000.00
Rate of Interest: 6.75%
Period of Loan: 5 years
Periodic Due Dates: 9th day of every month, commencing June 9, 2000
------------------------------------------------------------------
IN WITNESS WHEREOF,the said Stephen M.LoPilato,Trustee,hereunto sets his hand and
seal this 9th day of May, 2000. f
I v�"✓I
C Ca A�[
Witness Ste en M. LoPilato
Trustee, Bridle Path Realty Trust u/d/t
January 1, 1993 as aforesaid
COMMONWEALTH OF MASSACHUSETTS
ESSEX, ss. May 9, 2000
Then personally appeared the above-named Stephen M. LoPilato, in his capacity as Trustee
of Bridle Path Realty Trust and acknowledged the foregoing to be his free act and deed,before me,
Notary Public
My commission expires:
1:\MCassidy\MCTOAMAmy Ba acks\MORTGAGE.doc
Page 4 of 5
EXHIBIT A
A certain parcel of land with the buildings thereon situated in Oak Bluffs, County of Dukes County,
Commonwealth of Massachusetts, being 152 Circuit Avenue on a plan of Oak Bluffs drawn by R.
Morris Copeland, and recorded in Dukes County Registry of Deeds in Book 43,Page 569,bounded
and described as follows:
Beginning at a bound about 140 feet course about N 35 degrees E from a stone bound on the
northeast corner of Circuit and Narragansett Avenue; thence northerly by Circuit Avenue, about 35
feet to a bound; thence westerly by Lot 150 about 60 feet to a bound; thence southerly by line of
Wesleyan Grove 33 feet, more or less to a bound; thence easterly by Lot 154 about 62 feet to the
place of beginning.
S� c
Page 5 of 5
04/12/2000 Page 1
Army Barracks
Compound Period .......: Monthly
Nominal Annual Rate ... : 6.750 %
Effective Annual Rate .. : 6.963 %
Periodic Rate .............. : 0.5625 %
Daily Rate .................. : 0.01849 %
CASH FLOW DATA
Event Start Date Amount Number Period End Date
1 Loan 04/12/2000 35,000.00 1
2 Payment 05/12/2000 688.92 60 Monthly 04/12/2005
AMORTIZATION SCHEDULE - Normal Amortization
Date Payment Interest Principal Balance
Loan 04/12/2000 35,000.00
1 05/12/2000 688.92 196.88 492.04 34,507.96
2 06/12/2000 688.92 194.11 494.81 34,013.15
3 07/12/2000 688.92 191.32 497.60 33,515.55
4 08/12/2000 688.92 188.52 500.40 33,015.15
5 09/12/2000 688.92 185.71 503.21 32,511.94
6 10/12/2000 688.92 182.88 506.04 32,005.90
7 11/12/2000 688.92 180.03 508.89 31,497.01
8 12/12/2000 688.92 177.17 511.75 30,985.26
2000 Totals 5,511.36 1,496.62 4,014.74
9 01/12/2001 688.92 174.29 514.63 30,470.63
10 02/12/2001 688.92 171.40 517.52 29,953.11
11 03/12/2001 688.92 168.49 520.43 29,432.68
12 04/12/2001 688.92 165.56 523.36 28,909.32
13 05/12/2001 688.92 162.61 526.31 28,383.01
14 06/12/2001 688.92 159.65 529.27 27,853.74
15 07/12/2001 688.92 156.68 532.24 27,321.50
16 08/12/2001 688.92 153.68 535.24 26,786.26
17 09/12/2001 688.92 150.67 538.25 26,248.01
18 10/12/2001 688.92 147.65 541.27 25,706.74
19 11/12/2001 688.92 144.60 544.32 25,162.42
20 12/12/2001 688.92 141.54 547.38 24,615.04
2001 Totals 8,267.04 1,896.82 6,370.22
21 01/12/2002 688.92 138.46 550.46 24,064.58
22 02/12/2002 688.92 135.36 553.56 23,511.02
23 03/12/2002 688.92 132.25 556.67 22,954.35
24 04/12/2002 688.92 129.12 559.80 22,394.55
25 05/12/2002 688.92 125.97 562.95 21,831.60
26 06/12/2002 688.92 122.80 566.12 21,265.48
27 07/12/2002 688.92 119.62 569.30 20,696.18
04/12/2000 Page 2
Army Barracks
Date Payment Interest Principal Balance
28 08/12/2002 688.92 116.42 572.50 20,123.68
29 09/12/2002 688.92 113.20 575.72 19,547.96
30 10/12/2002 688.92 109.96 578.96 18,969.00
31 11/12/2002 688.92 106.70 582.22 18,386.78
32 12/12/2002 688.92 103.43 585.49 17,801.29
2002 Totals 8,267.04 1,453.29 6,813.75
33 01/12/2003 688.92 100.13 588.79 17,212.50
34 02/12/2003 688.92 96.82 592.10 16,620.40
35 03/12/2003 688.92 93.49 595.43 16,024.97
36 04/12/2003 688.92 90.14 598.78 15,426.19
37 05/12/2003 688.92 86.77 602.15 14,824.04
38 06/12/2003 688.92 83.39 605.53 14,218.51
39 07/12/2003 688.92 79.98 608.94 13,609.57
40 08/12/2003 688.92 76.55 612.37 12,997.20
41 09/12/2003 688.92 73.11 615.81 12,381.39
42 10/12/2003 688.92 69.65 619.27 11,762.12
43 11/12/2003 688.92 66.16 622.76 11,139.36
44 12/12/2003 688.92 62.66 626.26 10,513.10
2003 Totals 8,267.04 978.85 7,288.19
45 01/12/2004 688.92 59.14 629.78 9,883.32
46 02/12/2004 688.92 55.59 633.33 9,249.99
47 03/12/2004 688.92 52.03 636.89 8,613.10
48 04/12/2004 688.92 48.45 640.47 7,972.63
49 05/12/2004 688.92 44.85 644.07 7,328.56
50 06/12/2004 688.92 41.22 647.70 6,680.86
51 07/12/2004 688.92 37.58 651.34 6,029.52
52 08/12/2004 688.92 33.92 655.00 5,374.52
53 09/12/2004 688.92 30.23 658.69 4,715.83
54 10/12/2004 688.92 26.53 662.39 4,053.44
55 11/12/2004 688.92 22.80 666.12 3,387.32
56 12/12/2004 688.92 19.05 669.87 2,717.45
2004 Totals 8,267.04 471.39 7,795.65
57 01/12/2005 688.92 15.29 673.63 2,043.82
58 02/12/2005 688.92 11.50 677.42 1,366.40
59 03/12/2005 688.92 7.69 681.23 685.17
60 04/12/2005 688.92 3.75 685.17 0.00
2005 Totals 2,755.68 38.23 2,717.45
Grand Totals 41,335.20 6,335.20 35,000.00
04/12/2000 Page 3
Army Barracks
Last interest amount decreased by 0.10 due to rounding.
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*See Reverse Side For Easy Opening Instructions*
CITY OF SALEM
ONE SALEM GREEN
SALEM, MASSACHUSETTS 01970
LOPILATO STEVE
ARMY BARRACKS INC
16 PROCTOR STREET
SALEM MA 01970
PERSONAL GUARANTY
To induce the Salem Redevelopment Authority,hereinafter referred to as the "LENDER", to extend credit
and other financial consideration and accommodation to Stephen M. LoPilato, President of Army Barracks, Inc.,
hereinafter collectively, if more than one, referred to as the "BORROWER", the undersigned jointly and severally,
if more than one, unconditionally guarantees the prompt and complete payment and performance of all liabilities
and obligations of the Thirty Five Thousand and 00/100 dollar($35,000) loan to the BORROWER evidenced by
a Note in that amount dated May 9, 2000.
The term "liabilities and obligations," shall be deemed to include any and all obligations on the part of the
BORROWER or any one or more of them to pay money and to perform or to refrain from performing acts or things
arising under or by virtue of any undertaking entered into simultaneously with or subsequent to the execution of this
guaranty and shall be deemed further, to include all obligations of the BORROWER to the LENDER now existing
or hereafter arising,whether direct or indirect, absolute or contingent, due or to become due, regardless of how they
may rise or by what instrument or instruments they may be evidenced or whether evidenced by any instrument and
shall include the costs of collection incurred by the Bank, including reasonable attorney's fees, in enforcing any
particular liability or obligation (including the costs of foreclosing on any collateral given to secure any such
liability or obligation) and in enforcing this guaranty.
This guaranty is a continuing guaranty and shall remain in full force and effect unless and until terminated
by the undersigned, or any one or more of them, in respect to his individual liability, by giving notice of his
intention to do so, such notice to be mailed, postage prepaid, by registered mail, return receipt requested, to the
LENDER at Salem City Hall, 93 Washington Street, Salem, Massachusetts 01970, or to such other address
designated by LENDER. Notwithstanding the giving of any such notice of termination or termination,this guaranty
shall remain effective with respect to any liability or obligation incurred or contracted by the BORROWER prior
to its acceptance in writing by the LENDER.
The liability of each of the undersigned shall be absolute and unconditional without regard to the liability
or obligation, presentment, demand, notice, protest and all other demands and notices in connection with the
delivery, acceptance, performance, default or enforcement of this guaranty or of any liability or obligation
guaranteed hereby, and, in general, waive any and all suretyship defenses or defenses in the nature thereof. The
undersigned do hereby consent without notice to any extension of time for payment or performance, forbearance
to collect or enforce and to any other indulgence granted by the LENDER to the BORROWER or any one or more
of them, to the release of any person primarily or secondarily liable hereunder or under any liability or obligation
guaranteed hereby to the substitution, exchange or release of collateral given to secure this guaranty or to secure
any liability or obligation guaranteed hereby.
Any sums credited by or due from the LENDER to any one or more of the undersigned or any property of
any one or more of the undersigned in the possession of the LENDER may at any time be held as collateral for the
payment or performance of the obligations of the undersigned or any one or more of them hereunder. Regardless
of the adequacy of collateral,the LENDER may apply such sums against the obligations of the undersigned or any
one or more of them hereunder.
This guaranty shall insure to the benefits of the LENDER, its successors and assigns. This guaranty shall
be binding upon the undersigned, their respective administrators, executors, heirs and personal representatives.
This guaranty shall be construed as an instrument under seal and in accordance with the law of the
Commonwealth of Massachusetts.
IN WITNESS WHEREOF, I hereunto set my hand and seal this 9th day of May, 2000.
�� r,Ca-,�-n' Ae4 40 Z/
Witness Stephd4h M. LoPilato
136 Bridle Path
North Andover, MA 01845
4.0 Filed for record in the real estate records. 5. 0 Debtor is a Transmitting Utility, 6.No.of Additional Sheets Presented '
D,Oebt¢gs)(Last Name First)and addresses) 2. Secured Party(ies)and addresses) 3. For Filing Officer(Date,Time,Number,and Filing Office)
Army Barracks, Inc Salem REdevelopmeent.Authorit
16 Proctor Street 93 Washington Street
Salem, M4 03970 Salem, MA Q1,1470
7.This financing statement covers the following types(or items)of progeny:
See Exhibit A attached hereto an d incorporated herein by reference.
❑ Products of Collateral are also covered.
Whichever is r'' ? r/
Applicable / /' [� f.- 'i4�rLPatrick
(See Instruction . . . . . . . . . . . . . . . . . . . . . . . . . . . , ..Number 9) Stephen ;1. LoPilato President Fa , . ,. +. . . . . . . . . .Ref€ett.,. Pa. .Dir.
Signature(s)of Debtor(Or Assignor) Signature(s)of Secured Party(Or Assignee)
Secured Party Copy
STANDARD FORM—UNIFORM COMMERCIAL CODE—.FORM UCC-1 Re,Ja, 1980 Forms may be purchased frmn Hobbs&Warren,Inc.,Boston,Mass. 02101
EXHIBIT "A"
(a) all accounts, accounts receivable, instruments, chattel paper, general intangibles, contract
rights, and other rights to receive the payment of money, now owed or hereafter acquired
by Borrower,however the sale shall arise or be acquired, and all proceeds and collections
therefrom, all guarantees and securities therefor, all right,title and interest of Borrower in
the merchandise which gave rise thereto, including the right of stoppage in transit, all
returned, rejected, rerouted, or repossessed goods,the sale or lease of which shall have
given rise to any account or any such instrument or chattel paper, in the proceeds thereof,
and in all of Borrower's books and records relating thereto (all collectively referred to as
"Receivables");
(b) all inventory, goods, merchandise, materials, supplies,packaging and shipping materials
and other personal property,now owned or hereafter acquired, and held for sale or lease,
or furnished or to be furnished, under contracts for services or consumed in Borrower's
business, and in proceeds and collections of, and in all books and records of Borrower
pertaining to, all the foregoing (all collectively referred to as "Inventory");
(c) all equipment, machinery, furniture, furnishings, fixtures,tools,tooling and vehicles, now
owned or hereafter acquired by Borrower, and all accessions and substitutions thereof(all
collectively referred to as "Equipment");
(d) any sum at any time credited by or due from Bank to Borrower(including, without
limitation, deposits maintained by Borrower at Bank) and any securities or other property
of Borrower which are at any time in the possession of Bank.
��✓�'LS.L.M.
CERTIFICATE OF BENEFICIARIES
We, Stephen M. LoPilato and Shari J. LoPilato, being all of the beneficiaries of Bridle
Path Realty Trust created by Declaration of Trust dated January 1, 1993 and recorded
with the Dukes County Registry of Deeds in Book 600, Page 454, hereby certifies that
said trust has not been amended, modified, supplemented or revoked, and is in full force
and effect and that the appointment of Stephen M. LoPilato as trustee of said trust
remains in full force and effect.
We further certify that Stephen M. LoPilato as Trustee of said trust is authorized and
directed to execute any and all documents required in connection with said loan from the
Salem Redevelopment Authority in the amount of$35,000.00, including but not limited
to,Note, Mortgage, Guaranty, Security Agreement, Letter of Agreement and UCC
Financing Statement to consummate said loan.
Executed as a sealed instrument on May 9, 2000.
Steplich M. LoPilato, Trustee
Bridle Path Realty Trust as aforesaid
Ste en M. LoPilato, Beneficiary
Bridle Path Realty Trust as aforesaid
L
Shari J. LOP' o Beneficiary
Bridle Path Realty Trust as aforesaid
COMMONWEALTH OF MASSACHUSETTS
Essex, ss. May 9, 2000
Then personally appeared the above named, Stephen M. LoPilato, Trustee and
Beneficiary and Shari J. LoPilato, Beneficiary as aforesaid and acknowledge the
foregoing instrument to be their free and deed before me,
Notary Public
My Commission Expires: 5/a110 C/
TRUSTEE'S CERTIFICATE
The undersigned, being the trustee of Bridle Path Realty Trust u/d/t dated January 1, 1993
and recorded with Dukes County Registry of Deeds in Book 600, Page 454 hereby certifies:
(a) That the undersigned is the trustee of the Trust as of the date of this instrument. The
trust has not been amended. No Trustee has resigned or been removed and no additional
trustee has been appointed.
(b) That the undersigned hereby authorizes and directs the trustees of the Trust to execute all
documents in connection with said loan from the Salem Redevelopment Authority in the
amount of$35,000.00, including but not limited to,Note,Mortgage, Guaranty, Security
Agreement, Letter of Agreement and UCC Financing Statement to consummate said loan.
(c) That none of said beneficiaries is a minor or incapacitated, or an estate subject to estate
tax liens or a foreign citizen or entity, or a corporation subject to corporate tax liens.
Executed as a sealed instrument on May 9, 2000.
Stephe M. LoPilato, Tfustee
Bridle Path Realty Trust as aforesaid
COMMONWEALTH OF MASSACHUSETTS
Essex, ss. May 9, 2000
Then personally appeared the above named Stephen M. LoPilato, Trustee as aforesaid and
acknowledge the foregoing instrument to be his free act and deed before me,
Notary Public
My Commission Expires: /�/�O
CITY OF SALEM
DEPARTMENT OF PLANNING AND COMMUNITY DEVELOPMENT
MEMORANDUM
TO: Joseph Walsh,DPCD Director ,(��
FROM: Tania Hartford, Economic Development Planner' \K
SUBJECT: Mortgage Discharge -Army Barracks Loan X�
DATE: October 9, 2003
Attached is a Discharge of Mortgage for Stephen LoPoliato, owner of the Army Barracks.
Mr. LoPoliato paid off his Economic Development Loan in July 2003. He is refinancing his
mortgage on this property and would like the City of Salem mortgage discharged so he can
move forward with this transaction.
Please let me know if you require more information prior to signing.
M I J
�v
Vp011
�� 1
�. Rh;797PPI 86a
MORTGAGE
Stephen M.;LoPilato,•Trustee of;Bridle Path Realty.,Trust,u/d/.t dated,January 1, 1993
(Recorded with Dukes County Registry of Deeds in Book 600,.Page 454), hereinafter referred to as
the "Mortgagor, for;consideration paid,,hereby,grants to She Salem Redevelopment,Authority, a
public body,politic and,corporate, duly;organized and existing under the laws of the m
Comonwealth
of Massachusetts pursuant to Massachusetts General Laws Chapter 121B, and having a usual place
of business at 93 Washington Street, Salem, Essex County, Massachusetts, hereinafter referred to
as the "Mortgagee," with MORTGAGE COVENANTS, to secure the payment of all obligations 1
contained in a certain note of even date, in the sum of Thirty Five Thousand and 00/100 ($35,000.00)
dollars with interest thereon, as provided in said note, to secure the payment of or performance of
all other debts, covenants and agreements of or by the Mortgagor or the Borrower to or for the
benefit of the Mortgagee now existing or hereafter accruing while this mortgage is still undischarged
of record: the parcel of real estate located at 152 Circuit Avenue, Oak Bluffs, Dukes County,
Massachusetts, as described in Exhibit "A" annexed hereto, which is incorporated herein by this
reference, together with any and all improvements now or hereafter situated thereon.
Also, insofar as the same are, or can by agreement of the parties be made, a part of the realty,
all of the following articles now or hereafter on the attached described premises or used therewith:
° Portable.or sectional buildings, bathroom, plumbing, heating, lighting, refrigeration, ice making,
ventilation and-air conditioning apparatus.and equipment; garbage incinerators,and receptacles;
o elevators and elevator machinery;,boilers; stoves; tanks; motors; sprinkler, smoke and heat detector
and fire extinguishing-systems;,gas-and electric'systems;.door.bell and alarm systems, window
shades; screens, awnings, screen doors; storm and other detachable windows and doors; mantels;
wbuilt-in cases, counters, closets, chest of drawers.and mirrors; trees, hardy shrubs and perennial
m flowers; and other fixtures whether or not included in the foregoing enumeration.
vThe Mortgagor covenants to pay when due all taxes, charges, assessments and ground rents,
24 if any,and water rates to whomsoever laid or assessed,whether on the mortgaged premises or on any
0 interest therein or on the debt or obligation secured hereby; to pay to the holder, on demand, the
same percentage on the debt secured hereby as the holder may, from time to time, be required to pay
v° as a state tax on so much of the holder's deposits as is invested in loans secured by mortgages of
taxable real estate; to keep the buildings now or hereafter on the mortgaged premises insured against
° fire and such other casualties and contingencies as the holder may from time to time require, and,
° subject to the rights of the holder of the first mortgage, all such insurance to be deposited with the
�14 first payable in case of loss to the holder and to be written by such companies, through such
Nagencies,on such terms, in such form and for such periods and amounts as the holder shall from time
01
U .r to time approve, hereby granting to the holder in the event of foreclosure, full authority as attorney
>. I irrevocable of the Mortgagor to cancel such insurance and retain the return premiums thereof or to
mw transfer such insurance to any person or persons claiming title to the mortgaged premises or any part
thereof by virtue of foreclosure proceedings; to keep the mortgaged premises in such repair, order
o and condition as the same now are or may hereafter be put,reasonable wear and tear and damage by
+J fire only excepted; not to permit or suffer any strip or waste of the mortgaged premises, nor any
a
� violation of any law or ordinance affecting the same or the use thereof,not to cancel, change,renew
zor otherwise deal with any existing or future lease without first obtaining, in such case, the written
Page 1 of
Bh;79TC869
consent of the Mortgagee, nor provide for in any lease, nor accept from any lessee or tenant rent
which shall be payable or paid for a period of more than one month in advance; at any time upon
notice from the holder to submit for examination all leases of the mortgaged premises or any part
thereof then in force and on demand to assign to the holder any or all of such leases (hereby granting
to the holder full authority as attorney irrevocable of the Mortgagor to make, execute, acknowledge
and deliver such assignments), to empower the holder to assign any or all such leases to any
subsequent holder hereof or to any person or persons claiming title to the mortgaged premises or any
part hereof by virtue of foreclosure proceedings and to provide that the owner of the equity of
redemption of the mortgaged premises may have and retain the rents and profits thereof until a
default occurs in any condition of this mortgage, but that after any default occurs, such rents and
profits received by the holder prior to foreclosure shall be applied to the extinguishment of the
mortgage debt, and that after foreclosure, no assignee of any lease so assigned shall be liable to
account to the Mortgagor or its successors in title, either for rents or profits thereafter accruing or
otherwise; and to pay interest at the rate and time herein provided upon all sums from time to time
secured hereby.
The Mortgagor further covenants as follows: if there shall be a default of any installment of
principal or interest on the note secured by this mortgage or of tax escrow money when due, and
such default shall continue for thirty (30) days or in case of any default in any other condition of this
mortgage,the entire mortgage debt shall become immediately due at the option of the holder; in case
any default in any condition of this mortgage shall occur,the holder,to cure such default,may apply
any deposits or any sums credited by or due from the holder to the Mortgagor without first enforcing
any other rights of the holder against the Mortgagor, any endorser or guarantor of the mortgage note, 1
or the mortgaged premises; no sale of the premises hereby mortgaged, no forbearance on the part of
the holder, and no extension whether oral or in writing of the time for the payment of the whole or
any part of the debt secured or any other indulgence given by the holder to any persons other than
the Mortgagor, shall operate to release or in any manner affect the original liability of the Mortgagor,
notice of any such extensions or indulgences being waived; and in case redemption is had by the
Mortgagor after foreclosure proceedings have begun the holder shall be entitled to collect all costs,
charges and expenses incurred up to the time of redemption.
The Mortgagor hereby authorizes the holder to pay all taxes, assessments and ground rents,
if any, and water rates, with interest, costs and charges accrued thereon, which may at any time be
a lien upon the mortgaged premises or any part thereof, to pay the premiums for any insurance
required hereunder; to incur reasonable expenses at all times in protecting its security; to pay any
balance due under any conditional agreement or sale on any articles and fixtures included as a part
of the mortgaged premises; and to add all sums so paid to the principal sum secured hereby; and the
holder may apply to any of these purposes any sums paid hereunder by the Mortgagor as interest or
otherwise.
For purposes of this agreement, the term "Liabilities" as used herein shall include without
limitation(unless as specifically excepted below) any and all liabilities, debts and obligations of the
Mortgagor to the Mortgagee, including those contained in the promissory note(s) hereinabove
referred to, including without limitations(unless as specifically excepted below)all loans,advances,
indebtedness, notes, obligations and amounts, liquidated or unliquidated, owing by the Mortgagor
��L S.M.L. Page 2 of 5
V797PC870
to the Mortgagee at any time, including any notes or other obligations of the Mortgagor assigned to
or held by the Mortgagee,of any kind,nature or description now existing or arising in the future, and
whether secured or unsecured, direct or indirect, absolute or contingent, or by reason of any cause
of action which the Mortgagor to the Mortgagee from time to time, and all costs or expenses incurred
or paid by the Mortgagee to enforce this or any other agreement between the Mortgagor and the
Mortgagee, including without limitation (unless as specifically excepted below) all of the
Mortgagee's executive, administrative and staff costs and expenses above and beyond those which
would normally be incurred in the administration of a financial transaction similar to that between .
the Mortgagor and Mortgagee. As used herein, the term "indirect" includes without limitation
(unless as specifically excepted below)all obligations and liabilities which the Mortgagee may incur
or become liable for on account of or as a result of any financial transactions between the Mortgagor
and the Mortgagee. As used herein, the term "indebtedness" includes without limitation(unless as
specifically excepted below) any and all loans, advances and other credits made at any time by the
Mortgagee to or on account of the Mortgagor and includes all liabilities and obligations of a financial
nature and all costs,costs of collection,attorney's fees and any other amounts paid by the Mortgagee
on behalf of the Mortgagor or on account of the Mortgagor's transactions with the Mortgagee.
In the event that the ownership of the mortgaged premises, or any part thereof, becomes
vested in anyone other than the Mortgagor named herein, the whole sum of principal and interest
then remaining unpaid shall become immediately due without notice to the Mortgagor named herein,
deal with such successor or successors in interest with reference to the mortgage and the debt hereby,
secured, and in the same manner as with the Mortgagor named herein, without in any way vitiating
or discharging any Mortgagor's liability hereunder or upon the debt secured hereby.
The Mortgagee (or its authorized agents(s) ) may make or cause to be made reasonable
entries upon and inspections of the mortgaged premises,provided that the Mortgagee shall give the
Mortgagor notice(written or oral) prior to any such inspection specifying reasonable cause therefor
related to the Mortgagee's interest in the mortgaged premises.
All of the within covenants and agreements of the Mortgagor are made by the Mortgagor
named herein for themselves,their successors and assigns.
This Mortgage is upon the STATUTORY CONDITION and upon further condition that all
covenants on the part of the Mortgagor herein contained shall be kept fully performed, for any
breach of which conditions the holder shall have the STATUTORY POWER OF SALE.
Notwithstanding anything to the contrary contained herein, no person comprising the
Mortgagor who is not a maker, co-maker, guarantor or endorser of the promissory note referred to
above shall be personally liable for any amount owed solely under this mortgage.
The premises may,however,be subjected to a condominium regime,to which the Mortgagee
shall subordinate. The Mortgagee shall permit unit sales and will issue partial releases of this
mortgage without payment, except as provided under the terms of the Note.
This Mortgage is subject to prior Mortgages of record.
S10V_ S.M.L. Page 3 of 5
EK797PG871
Mortgagor covenants and agrees that any default under the terms of said prior mortgages or
notes secured thereby shall be a default under this mortgage, and by acceptance thereof agrees that
said prior mortgage shall not be deemed an encumbrance with respect to Mortgage covenants.
------------------------------------------------------------------
Principal Sum of Loan: $35,000.00
Rate of Interest: 6.75%
Period of Loan: 5 years
Periodic Due Dates: 9th day of every month, commencing June 9, 2000
------------------------------------------------------------------
IN WITNESS WHEREOF,the said Stephen M. LoPilato,Trustee,hereunto sets his hand and
seal this 9th day of May, 2000. `
'6 /'4,
Witness Ste en M. LoPilato
Trustee, Bridle Path Realty Trust u/d/t
January 1, 1993 as aforesaid
COMMONWEALTH OF MASSACHUSETTS
r
ESSEX, ss. May 9, 2000
Then personally appeared the above-named Stephen M. LoPilato, in his capacity aIsITrustee
of Bridle Path Realty Trust and acknowledged the foregoing to be his free act and'd&d;before me,, *,
r
Notary Public 5
My commission expires- C�
w r
1AMCmidy\MC\L0AN\Army B=acks\MORTGAGE.doc f _
Page 4 of 5
6K797PG872
EXHIBIT A
A certain parcel of land with the buildings thereon situated in Oak Bluffs, County of Dukes County,
Commonwealth of Massachusetts,being 152 Circuit Avenue on a plan of Oak Bluffs drawn by R.
Morris Copeland,and recorded in Dukes County Registry of Deeds in Book 43,Page 569,bounded
and described as follows:
Beginning at a bound about 140 feet course about N 35 degrees E from a stone bound on the
northeast corner of Circuit and Narragansett Avenue;thence northerly by Circuit Avenue, about 35
feet to a bound; thence westerly by Lot 150 about 60 feet to a bound; thence southerly by line of
Wesleyan Grove 33 feet, more or less to a bound; thence easterly by Lot 154 about 62 feet to the
place of beginning.
Edgartovm, Masa./ L.
at 10 oclockand minutes M
-reoelved and entered w%h Dukes County Deeds
book----ILG1�page�d s/'1QL_
Attest:
�P Aeglaw �
S� C
Page 5 of 5
�lJ G�sS�oy
r ,
t
i
uy _
r
a a
L.-N
a7 ruz®
} ' t1 CO �/5 DU
Of Dt/KES
' s AGISTRY pF DEEDS
DI NNE E. PpWERS
V197866
TRUSTEE'S CERTIFICATE
The undersigned, being the trustee of Bridle Path Realty Trust u/d/t dated January 1, 1993
and recorded with Dukes County Registry of Deeds in Book 600, Page 454 hereby certifies:
(a) That the undersigned is the trustee of the Trust as of the date of this instrument. The
trust has not been amended. No Trustee has resigned or been removed and no additional
trustee has been appointed.
(b) That the undersigned hereby authorizes and directs the trustees of the Trust to execute all
documents in connection with said loan from the Salem Redevelopment Authority in the
amount of$35,000.00, including but not limited to,Note, Mortgage, Guaranty, Security
Agreement, Letter of Agreement and UCC Financing Statement to consummate said loan.
(c) That none of said beneficiaries is a minor or incapacitated, or an estate subject to estate
tax liens or a foreign citizen or entity, or a corporation subject to corporate tax liens.
Executed as a sealed instrument on May 9, 2000.
't6
StepheA M. LoPilato, T ustee
Bridle Path Realty Trust as aforesaid
COMMONWEALTH OF MASSACHUSETTS
Essex, ss. May 9, 2000
Then personally appeared the above named Stephen M. LoPilato, Trustee as,aoresaid'and''
acknowledge the foregoing instrument to be his free act and deed before me R
Notary Public
My Commission Expires: �'�/�O
Return to: I� �rr)' i) '}�P
Mary Cassidy Ild fO
One Salem Green (� M
Planning Dept etJ Gb�OCko minutes�
Salem, MA 01970 reeNed sod enredwith Dukes UntyDeeds
book �__pne
Anest
L'•P,-� Register
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' CEN/ED-ENR\O
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. c2NTY«DUKES COUr7,y
` ^
REGISTRY OF DEEDS
. . ` DIANNE E POWERS .
BK797PG867
CERTIFICATE OF BENEFICIARIES
We, Stephen M. LoPilato and Shari J. LoPilato, being all of the beneficiaries of Bridle
Path Realty Trust created by Declaration of Trust dated January 1, 1993 and recorded
with the Dukes County Registry of Deeds in Book 600, Page 454, hereby certifies that
said trust has not been amended, modified, supplemented or revoked, and is in full force
and effect and that the appointment of.Stephen M:.LoPilato as trustee of said trust
remains in full force and effect.
We further certify that Stephen M. LoPilato as Trustee of said trust is authorized and
directed to execute any and all documents required in connection with said loan from the
Salem Redevelopment Authority in the amount of$35,000.00, including but not limited
to,Note, Mortgage, Guaranty, Security Agreement, Letter of Agreement and UCC
Financing Statement to consummate said loan.
Executed as a sealed instrument on May 9, 2000.
9
Stepheli.m. LoPilato, Trustee
Bridle Path Realty Trust as aforesaid
Ste en M. LoPilato, Beneficiary
Bridle Path Realty Trust as aforesaid
i
Shari J. LoP' o Beneficiary
Bridle Path Realty Trust as aforesaid
COMMONWEALTH OF MASSACHUSETTS
Essex, ss. May 9, 2000
Then personally appeared the above named, Stephen M. LoPilato, Trustee'ane
Beneficiary and Shari J. LoPilato, Beneficiary as aforesaid and acknowledgthe '"4
foregoing instrument to be their free and deed before me,
Notary Public '��� s "
My Commission Expires:
Return to: /
Mary Cassidy
Planning Dept.One Salem Green - - - Pod -
Salem, MA 01970 - Edgart m, Mesa. / OI od
at v.. o'clock and � minutee ZM
wreceived and entered with Dukes Deese
- ,�.., sH� — _-
_ k 7 9 7 Pa9e'�
Attest: y� Q
G'' Register
� i
M
mob
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' ry c
� t
t
-� NOTE
May 9, 2000 Salem, Massachusetts
FOR VALUE RECEIVED, the undersigned, Stephen M. LoPilato, President of Army
Barracks, Inc., a duly organized corporation organized under the laws of the Commonwealth of
Massachusetts ("Borrower") promise(s) to pay to the Salem Redevelopment Authority, or order,
the principal sum of Thirty Five Thousand Dollars and 00/100 ($35,000.00) with interest on the
unpaid principal balance from the date of this Note, until paid, at the rate of Six point Seven Five
percent (6.75%) per annum. Principal and interest shall be payable at Salem City Hall, 93
Washington Street, Salem,Massachusetts, or at such other place as the Note Holder may designate.
The Borrower shall pay Six Hundred Eighty Eight Dollars and Ninety Two Cents ($688.92) for
Sixty (60) consecutive months commencing on June 9, 2000. Such monthly installments shall
continue until the entire indebtedness evidenced by this Note is fully paid,except that any remaining
indebtedness, if not sooner paid, shall be due and payable on June 9, 2005. This Note shall become
due and payable upon demand should the Borrower fail to complete the leasehold improvements,
as specified in the document titled"Project Budget, 234 Essex Street, March 2000" (on file in the
Salem Planning Department), of the property at 234 Essex Street or if the Borrower should close or
move Army Barracks, Inc. from its location at 234 Essex Street, Salem, MA, 01970.
If any installment under this Note is not paid when due, the entire principal amount
outstanding and accrued interest thereon shall at once become due and payable at the option of the .
Note Holder. The Note Holder may exercise this option to accelerate during any default by
Borrower regardless of any prior forbearance. If suit is brought to collect this Note,the Note Holder
shall be entitled to collect all reasonable costs and expenses of suit, including, but not limited to,
reasonable attorney's fees.
Borrower shall pay a late charge of three percent(3.00%) of any installment not received by
the Note Holder within fifteen(15) days after the installment is due.
Borrower may prepay the principal amount outstanding in whole or in part. The Note Holder
may require that any partial payment (i) be made on the date monthly installments are due, and(ii)
be in the amount of the part of one or more monthly installment which would be
Page 1 of 2
SM V S.M.L.
applicable to principal. Any partial prepayment shall be applied against the principal amount
outstanding and shall not postpone the due date of any subsequent monthly installments or change
the amount of such installments, unless the Note Holder shall otherwise agree in writing.
Presentment, notice of dishonor, and protest are hereby waived by all makers, sureties,
guarantors and endorsers hereof. This Note shall be the joint and several obligation of all makers,
sureties, guarantors and endorsers, and shall be binding upon them and their successors and assigns.
Any notice to Borrower provided for in this Note shall be given by mailing such notice
postage prepaid addressed to Borrower care of Army Barracks, Inc., 16 Proctor Street, Salem, MA
01970 or to such other address as Borrower may designate by notice to the Note Holder. Any notice
to the Note Holder shall be given by mailing such notice postage prepaid to the Note Holder at the
address stated in the first paragraph of this Note, or at such other address as may have been
designated by notice to Borrower.
This Note will be governed by and interpreted under the laws of the Commonwealth of
Massachusetts. In the event of any conflict between the provisions of this Note and any applicable
law, the provisions of this Note shall be deemed modified to the extent, but only to the extent
required to comply with the applicable law.
The indebtedness evidenced by this Note is secured by a Mortgage dated May 9, 2000 and
reference is made to the Mortgage for rights as to acceleration of the indebtedness evidenced by this
Note.
WITNESS the hands and seals of the undersigned this 9th day of May, 2000:
Army Barracks, Inc.
by:
Witness Stepl en M. LoPilato
President
19MCassidy\MC\LOAN\Amy Barracks\Armynote.doc
Page 2 of 2
' FEB.03 '98 16:46 EASTERNBANK 6175987914 PAGE 2
c
(.'(.)NTROL VALUR 001 LOAN NUMBECc .7777726. LOAN TYPE
NAME army Barracks, .,Inc. TAX U) o29gr,7-inR
16 Proctor Street
ADDRESS
CITY Salem STATS .MA ZIP 0170
P(WIN0 X978) 745-941.2
1.()AN AMOUNT . $35,000 MURFSTRATE 6.75%
I.0AN DATE May 9, 2000 TBRM 5 years
6/9/05 0
M ATUHITY DATE T PAID TO DATE
FRI:(? M (NC 001 START DATE 6/09/00 PAYMENTS 688.92# 1
PREPARED BY:
Mary Cassidy DATE 5/17/00
INPUT BY: DATE
QUALITY CONTROLLEITBY DATE
f
ARMY BARRACKS, INC.
MEMO
TO: Mary Crain
FROM: Marilyn
DATE: 7/20/00
Mary,
Enclosed are some of the receipts for renovation of 234 Essex St.
If you have any questions,please give me a call.
0• c
264. 04 +
159.48 +
145. 00 +
180.83 +
2000.00 +
140. 00 +
121 .79 +
161.57 +
752.46 +
22.•59 +
542.91 +
50. 00 +
50.00 +
352. 00 +
800.00 +
800.00 +
10500 +
551 .04 +
230.21 +
167.56 +
70. 00 +
70. 00 +
60.00 +
70.00 +
475' 00 +
1 + 160.00 +
850. 00 +
1 + 260 . 00 +
200. 00 +
220.00 +
165.41 +
108.45 +
7 .94 +
2+ 179.87 +
180. 00 +
800. 00 +
2+551 .81 +
260. 00 +
17321 . 00 +
925.00 +
448. 00 +
100. 00 +
150.00 +
4625.00 +
420. 00 +
1 +058.63 +
10. 00 +
340. 00 +
100. 00 +
100.00 +
100.00 +
502 .00 +
160.00 +
425.00 +
850.00 +
180. 00 +
695.99 +
4 .39 +
41.60 +
50.00 +
50. 00 +
180. 00 +
420.00 +
1 +295.57 +
600. 00 +
2070.95 +
36+ 208. 09 *
206. SS
_ � _._.__... - - THE h101•IE DEPOT 2686
5 TRADERS WAY
T - � SALEM, PIA 01970 (978)741-9299
THE 'HOME DEPOT 2686
I 5 TRADERS WAY
SALEM, MA 01970 (978)741-9299 2686 00002 00527 04/07/00 .
SALE 61 570 06:05 PVI
2686 00004 36352 04/05/00
SALE 11 460 04:43 PM �1� _)•
' I 333♦� � •���'�
�`14o s 722383358102 10'STL !STU 1.78
722383358102 IO'STL STU 1.78
722383358102 IO'STL STU 1.78
..042369000727 2X4-915/89 24.00 722383358102 IO'STL STU 1.78
042369000727 2X4-915/89 24.00 722383358102 IO'STL STU 1.78
042369000727 2X4-915/89 24.00 722383358102 IO'STL STU 1.78
+042369000727`2X4'915/89 24.00 722383358102 IO'STL STU 1.78
042369000727 2X4-915/89 24.00 722383358102 IO'STL STU 1.78
,042369000727 2X4-915/89 24.00 722383358102 IO'STL STU 1.78
442369000727�lX4-915/89 +.i 24.00 722383358102 IO'STL STU 1.78
042369000727 2X4-915/89 24.00 i22383358003 STEEL TRAP 1.78
042369000727 2X4-915/89 24.00 722383358003 STEEL TRAC 1.78
042369000727 2X4-915/89 24.00 722383358003 STEEL TRAC 1.78
043318561405 SIMPLE GRE 7.99 722383358003 STEEL TRAC 1.78
044600353012 409 320Z 3.48 722383358003 STEEL TRAC 1.78
SUBTOTAL 251.47 722383358003 STEEL TRAC 1.78
251.47 TAX MA 5.000 12.57 722383358003 STEEL TRAC 1.78
o- TOTAL $264.04 722383358003 STEEL TRAC 1.78
88450001065 HOME DEPOT 264.04 722383358003 STEEL TRAC 1.78
, ,AUTW #{IHVCICE 000466/704i3C9 TA 722383358003 STEEL TRAC 1.78
098945051744 1X3-10 #2
098945060142 2X4XIO SPF 3.40
.!I 11111111111 III III V III I III II II I III IIII 0989450601423.27 6.16 2X4X10 SPF 23.40
2686 04 36352 04/05/00 3233 098945060142 2X4X10 SPF 3.40
098945060142 2X4X10 SPF 3.40
THANK YOU FOR SHOPPING AT THE HOME DEPOT 098945060142 2X4X10 SPF 3.40
WAREHOUSE PRICES-DAY IN, OAY-OUT 098945060142 2X4X10 SPF 3.40
VISIT OUR WEBSITE AT WWW.HONEDEPOT.COM 098945060142 2X4X10 SPF 3.40
098945060142 2X4X10 SPF 3.40
098945060142 2X4X10 SPF 3.40
098945060142 2X4X10 SPF 3.40
098945051546 1X4X10 PIN
6.000 @ $4.24 25.44
092097112568 TAPCON BIT 3.66
092097112568 TAPCON BIT 3.66
992097243552 TAPCON 3/1 10.48
764666105010 DRYWLL SCR 12.09
SUBTOTAL 151.89
151.89 TAX MA 5.000 7.59
TOTAL $159.48
88450001065 HOME DEPOT 159.48
AUTH #/INVOICE 000363/5021307 TA
VIII I VIII II IIII II IIII II II II I III IIII
- 2686 02 00527 04/07/00 5207
THANK YOU FOR SHOPPING AT THE HOME DEPOT
WAREHOUSE PRICES-DAY IN, DAV-OUT
VISIT OUR WEBSITE AT WWW.HOMEOEPOT.COVI
APR- 13-2000 1115 PH PIN
i
dvY
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Army Barracks 1507
9761745.9911
No,KadP°°,ah'° '°C��p�r.y Gift Certificate
Location:
DATE:
INTHE AMOUNTOF: ,_'�r ,. __-..'�A7�� 0"
I - � �
ISSUED TO L 6. L `> / 4i- "'I COMPLIMENTS OF -
EXPIRATION DATE.
Authorized Signature
i
RECOR F,.'P�lYM N� 0 1P� PEF.. .{iYr�TA=
OTE �N�
CHECK NET
DATE TO THE ORDER OF NUMBER AMOUNT
-' L DESCRIP ON
NON-NEGOTIAIME
' 7 +
sz( sr
WATERS
PAGE NO 1.
a N 281 Derby Street 14 Elliott Street
.Salem
V. BROWN Beverly
)11 161(978)744 Tel(978)922.1007
1007 Y „
Fax(978).,745-4309 Fax(978)922-8922
x..r• Zh* tSghtJfr' PAINT;i Haxownaa'�DEcoanrwc
AIA 01970-0777
Please Alail All Payments To: P.O. Box 677, Salem,
Customer No. Job.No. Purchase Order No. Reference 'lbrme" Clerk Date 'ISme
rID C% NIL.�t iDAtll'.('(TF'D (:i I— 'i>.Til
p 1 h R ti
,'; �1fS -
O ,CASH+ **** . CASH COHIRACTOR PRICING DOA 24302L
D ..,;Afiww� p DEL DATE '',OWN *1*1*********
j x ORDER *.
'f} O , rvti
TAX s '00i HA85 1'A`if
Quantity " UM SK& Description ' Unita '.Price/Per Extension
" Shi ed :.Orderedtow,tom
2 GL C41501 C2 U f,4150 INT LTi! CEILING 2 14,89 /GL 29.76
4 3 GL C22751 C2 GL Cr'275 IN( LTX EGG f'A51E' 3 17.44 /Cit. r '..JP.
0563751: 56395 L16.uiYGLS NCUTRL DbE 1 1 .30..41 /GL 30.41.
.n; 1 EA 703819 9 PIT faint'Rnller Kit`: 1 0.19 - 8..19
"I�"; # 2 EA 15015 . E&J 9 ala Budd. POLY ROLLER CUR 2 2.51 iEp :'.U2
a r:y� + Rr 1 EA 9400 51)X PAP FGENTUFI 4" REFILL RLEEV. 1 4.44 IEA 9.44
w � q � :EA 8095' NHIZI 4" f°AN SEC T 3 5.9,1_!EA 17.79
r 4', ,ru 2 EA 062891 '. 9549 2 ORLANDO T 2 6.47 IEA 12.94
GE 4PP, AN Sa 0ulb T 1 3.23AA - 3.23
3 ;.'EA 215103 l, 2115ABD PROD PAPER T 3 364EA 2.64
3 EA 698852;:! 2107-1009 HED PROD PA^^R T 3 :36 LEA 1.08
1',yWJ'jX,a'a
-
� ax
� ,�f
dpi �9t rfft ' aaTt, �r a4 r
,
n
1 1
A`tiW14W
rge of 1rl/2%per month(18%per annum)
lvilled tb,all balances ovenfta ** ORDER ** ORDEh *1 ORDER ** ORDER ** ORDER ** TAXABLE. 172 22
V '' t =' *w DEPOSIT ANOUHT`** 0.Be NON TAXABLE 0 00
180.83 SUDTOI9L : 172.22
e.
RkceMi¢ved:BY, Print Name ** P9YItENT RCCEIVED ** O.00. .
t t+41ti�
1 A AMOUNT 0 61
1 _ `r _ —— w,nl iUTum7i""J-'_ Ua.ii.•.
'itiYl� ` ; '1 rs '
-PAGE_ MO I
iS � 2;Y,P141 r al•W..t 1
�28UDerby Street 14 Elliott Street
+gyp Salem ' Beverly,
744 1007 'lbl(978)922-1007
a�((9981745 4309 Fax(978)922-8922
PnwT+HaaownaE+DECoax4�wc
celldk
Yv a • r ' • C . 1 1 1
Customer No. Job.No. Purchase Order No: . . Reference Terms Clerk Date Time
S
6tt u110511 IEXXI; t HCA511 CONTRACTOR PRICING DODO 043222
b'kk,^?�1Fi yii, Ufa ' 1 - .. iIAXXXXXXnYBNX
P
4 w IIPrOICE X
v,
y "'Cad frs° x '1'
XXXXXXXItX%Xif9
4 s D TRX 021 MASS TA`!
Mr: 243V
L', ;:'t4i Quantity.. UM "„'SKU .Description - Units Price/Per Extension
F
„Shr ed'• ardered
Cd (41501 CC 6 (a(:;0 IN f FX CE1L1dR 21..9 2 !) P.! /G 2. 76 I
.i• 3li '' GL CU751C2 61 C221 15 INT LTX EGO PASTEL 24.93 3 17.44 /GL 52.32
�91's "k 'GL 0563951 - "39” LTX WKS NEUiRL BeE 36.99 1 3x.41 /OI_ 30.41
s+1�` 1 " ,"> i '•FA 7838W !' FLT Paid Toiler fit 8:99 1 6.t�3 AA 8.I9
E � °EA 15015 E$1 9 3/3" DuA POLYrROLLER CVR 2.51 P . 2:51 /ETI 5.02
,'.EA 9480 SFXX PAK 4,1301UM 4" REFILL SLEEV ` 11.19 1 9.44 /EA 9.44
r�EA VNIZZ LAN SET 5.93 3 5.93 /EA 17.79
4"
EA ,862891 9549-0 0 LANDU 7:13 H 6..47 /CA 12.94
1,{ P ' EA 251520 GE 4RK 180V ',V Bll15 4.01 3,23 /f.A 3.23
rfj,3 , EA 215183 2115-806 PROD PAPER 362, 3 .68 /EA 2M
r li� y�ya 7a EA 698852" 2107 ION MED PROD PAPR ' 46. 3 .36 /EA 1.08
f Yte
L �C
d
k4 fifi"oe charge of 1=1/2%per month(18%per annum). ,
wrN he charged to all balances over 30 days. XX PAYMENT RECEIVED *X 100.83 MAKE 172.20
` XX MID IN FULL *1 NOW-TAXABLE 0.00
� xt MTOTAL 17242.
Ite@eiVed Bye + a r, Print Name '
� MK'-PAMENT 130.83
a .t LK8 '3353 ANN TAX MGM MI .
NORTHEAST,,, STORATION --
FIE$ FINCH
I
I
INVOICE
DATE
3/31/00
BILL TO:
Mr. Joe O'Neil
Army Barracks
16 Procter Street
Salem, MA
[MOJECT:100 WASHINGTON
STREET
DESCRIPTION AMOUNT
Spray fireproofing at 100 Washington Street, $2,000
Salem, MA
y
BALANCE DUE: $2,000
31 Canal Street Medford, MA 02155 • Phone (781) 391-9545 • Fax (781) 391-7599
oa
Th.vry
RECORD OF;;PAYMF�T OR;,FlMPP QYLE PAY S ATEMENT J
DATE TO THE ORDER OF C - .'i �.
i NUMBER AMOUNT
I
DESCRIPTION
THE HOME DEPOT 2686
5 TRADERS WAY
SALEM. IdA f,1970 (978)741-5265
2686 0000G1 21980 03:08/00
SALE
74.97
022367000417 141. STR 5.97
070042516340 PAINT TRAY 19.97
028874121614 21PC SET 2.94
077089950007 4 IN STRIP 2.94
077089950007 4 IN STRIP 2.27
077089950274 STRPR COVE 1.97
N
GR
670531151 SCREE 96
076 4
077089143300 3PR RLLR
SUBTOTAL 115.99
TAX NA 5.000 5.80
115.99 TOTAL $121.79
121.79
378269751213005 AMEX TA
AUTH CODE 442718/2010691
' II IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
2686 01 21145 03/11/00 2040
THANK YOU FOR ::HOPPING AT THE HOUIE DEPOT .�
WAREHOUSE PRICES-DAV IN, DAV-OUT
DEPOT.COId
VISIT OUR WEBSITE AT WWW•HONE
THE H01.1E, DEPOT 26k3g
5 TRADERS WAY
SALEM, MA 01970 (970)741-5265
SALE 2686 00007 05202 03/05/00 .,
11 350 10:57 AM
U197
lot
0024747505o INT PRIMER
082474075050 INT PRIMER
76.94
SUBTOTAL 155388
b.
-94
153.88 TAX MA 5.000 .88
.69
TOTAL
378269751213005 AMEX $1611.57
AUTH CODE 766199/8070190 161.57
II iq
21586 07 05202 03/05/00- II IIIIIIIIIIIIIIIIIIIII�IIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
197
THANK YOU FOR SHOPPING AT THE HOME DEPOT
WAREHOUSE
THE HOt4E DEPOT 2686
5 TRADERS WAV
SALEM, MA 01970 (978)741-5265
2686 0000G1 0396582 08 17/00
PM
SALE
s33s A,
m
� 1_cP
21.97
082474558027 2GAL PAINT 21.97
082474558027 2GAL PAINT 21 97
082474558027 2GAL PAINT 1.67
070798181014 ACRYL CAUL 1.67
070798181014 ACRYL CAUL 1,67 -
070798181014 ACRYL CAUL 1.67
070798181014 ACRYL CAUL 1,67
070798181014 ACRYL CAUL
.44
077089220407 4PC.BRUS1' 9, 60
081099204586 JOINT COMP 9,60
081099204586 JOINT COMP 6.94
077089643411 4-R/C ORG/ g 37
081099000164 E-Z SAND 4 g 37
081099000164 E-Z SAND 4 9.37
081099000164 E_-Z SAND 4
81429990169_ -Z SAND 4 ..: ,;. .�.. 9..32
�"- ,.�. -.L65�
042369031551 MAISTL MT ,
'72238335211-1 53.40
'30.000 @ $1.78
4861;7 E'VEMER BE 23,80
20.000 @ $1.19
722383358003 STEEL TRAC 17.80
10.000 'd $1.78
195033 HAI4GER WIR 12.5.0
D.._OQg_@_$4-.25_— �? 84 00�
(0423690 69.96
02474074053 IN PRIMER- 16.75
076607047526 DRVWL SCRN 5.25
038662110034 300FT TAPE 5.25
0326621.10.94 300fT TAPE
� J.
42369062909 R955-_
371184 5/8 DRVWAL 175.60
20.000 @ $8.78 SUBTOTAL 716.63
716.63 TOT M?. 5.000 35.83
$752.46
TOTAL
378269751213005 A14EX C�''`�
AUTH CODE 331367/0010090
2111111;1111;;6 01 03952 llllllllllllllll3llllll00 lllillll5llllllllll -
,HANK YOU FOR SHOPPING AT THE H0ME DEPOT
WAREHOUSE PRICES-DAY IN, DAY OUT
VISIT OUR WE3SITE AT WWW.H0MEDEPOT.COId
I
NINER BROTHERS INC
86 LAFAYETTE Si
SALEM. MA 01970
03/04,80 10:38:29 ;_I LNFAYFT:TE ST
009374554
iALEM, I1A n19711
Sale r'c-a nr>FIT s7i1-141-s:3PA
d: Cr'CiH
67105074785 .
AMEX 378269751213005 EID: 11,01
Invoicen: 004690 Aanr Code: 463916
Batch n: 000302
amount, $ 2259
— == a
lotab 522.59 ��+11V NRr; 1.��.t6Xr,.9 1,9?
f"t{I1_ILI1 MAY CIEEF` 41ELL
00 @ ?.49
7t FRAME + 5 WIRE
1U
11.59
1L, -„I?
I I,C;S jI'.' Irl':: I _ ia'1f.:047.i1r1
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A
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r yc� «r M MOYNIHAN LUMBER OF BEV Ll( INC. IINV rNo 50 !
�''` • - - -82'RIVER ST. P.O. BOX 50 �':''' " - ENT.TIME 15::.-
_ BEVERLY, MA 01915-4294 -
• r . 978-927-0032
Ca'1r�1-iO3 .
+ a
DATE _0"'I/04
SHIP TO: F TIME .,15-,,6
c I-.r !' !.!..nro L PHASE DETACH
' ( BEFORE
PACE- z MAILING .
14
m/15
EM
dill,
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$� dO aNTf64wpTYU M DESCFIIPTION t!N I!i E AEXTE�NDED PRICE ' sr*•r; :�'' :r-
+S` aa
_ . ... *'= .s . .�._.`$`. .<. . ....._ _ ;t ...».. r.,1,.. rw "'s 'a•c `t` cc rK '`t ""-''"'sr Y i.. I� vs !•
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rr
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.. -: .: ..-, (I+[ky}^ v ul�TCf:. �J, _Yy ?��� - .e f�Ir:I�. •♦ ii:
,x Jl u.c Ham, • •SS��.w:
..AHI LI lr_..: � :U„4J.; - .. ?'4r+ •' _.-`.. .Y�`I. •a�¢• ��y �. ,
Cy CUSTOMER ACCEPTANCE POLICY .f<
RNS MUST BE ACCOMPANIED BY qN INVOICE.RETURNS MUST BE I HAVE VERIFIED QUANTITY DESCRIPTION AND CON0 OF H I
ID130 DAYS OP gECEIPi OF GOODS.THERE WILL BE NO RETURN ON GOODS TO BE ACCEPTABLE.I UNDERSTAND I HAVE Q HOU TO •r•r .\.-. �Y•;- ' .. •'•
ED OR ASSEMBLED GOODS.UNLESS AUIHORI ED BY MOYNIHAN REPORT ANY CONCEALED SHORTAGES OR DAMAGE JO - �• ti P r
ZA{Y�RETURNS ARE SUBJECT TO A HANDLING CHARGE AND MUST BE MOYNIHAN LUMBER BY PHONE OR IN WRMNG. } �. 'f \ I-i� L.✓ .1
CONDITION. r t '{y, r r 37 i �•a'�y..
NET CIULRGE AFTER BD DAYS ON UNPAID BALANCE 1%% PEP '5,,>y j ! i - f�Ur�' •` •` a:�'
BY..ANNUAL PERCENTAGE RATE - Xz
�' -•aA.- - ..CUSTOMER'S SIGNATURE. .. Y•` - s
1. r
r
THE HONE DEPOT 2686
5 TRADERS WAY
SALEM, MA 01970 (978)741-5265
2686 00019 04226 03/05/00
RETURN 22 423 10:40 AN
REFUND "
" ORIG REL• 2686 001 03952 3/03/00
042369031561 MAIN RUNNE -65.00
042369062909 2FTCROSS T -42.00
042369031950 4FT CROSST -84.00
SUBTOTAL -191.00
191.00 TAX A 5.000
TOTAL $200.55
378269751213005 AMEX CR -200.55
INVOICE 8190131 TA
TU
REFUND "
CUSTOMER COPV
THANK YOU FOR SHOPPING AT THE HOME DEPOT
WAREHOUSE PRICES-DAV IN, DAV-OUT
VISIT OUR WEBSITE AT WWW.HOMEOEPOT.COM
INVOICE 429008
SOLD TO SHIP TO
I3R/Dt(, PSR=T/) &-44 f M/1T� • u C Gtiv
ADDRESS ADDRESS
P)QoopQ 5�
CITY,STATE,ZIP CITY,STATE,ZIP
Shl-M A44, T
CUSTOMER ORDER NO. SOLD BY TEHM3 F.O.B. DATE
ORDERED SHIPPED DESCRIPTION PRICE UNIT AMOUNT
5#7 A'T 161"" i
! III
J
GAdam 5840
INVOICE , 429007
SOLD TO SHIP TO
ADDRESS ADDRESS p
"- CITY,,STATE,ZIP � CITY,STATE,ZIP
5Atr,I >vv� 54&r .wfy
CUSTOMER ORDER NO. SOLD BY .B. DATE
ORDERED SHIPPED DESCRIPTION PRICE UNIT AMOUNT
St � Y/G�/r0
i
� I
GAdams 6840
INVOICE. 429006
SOLD TO SHIPTO
j Uh _ / r I U I L S
��n. ^6 P 71) /I/ J` V
ADDRESS ADDRESS
CITY,STATE,ZIP CITY,STATE,ZI
CUSTOMER ORDER NO. SOLD BY TE DATE
ORDERED SHIPPED DESCRIPTION PRICE UNIT AMOUNT
12I
GAdarre 5840
I
,
INVOICE. 429005
SOLD TO SHIP TO
i3� PM1i I=41 r rte, C/ 1'614 17
ADDRESS ADDRESS
/ � PK'Or/&-' <,7
CITY,STATE,ZIP CITY,STATE,ZIP
541-&, H09j / 'L✓✓IL Mi7-V
CUSTOMER ORDER NO. SOLD BY T KO.B. OATE
ORDERED SHIPPED DESCRIPTION PRICE UNIT AMOUNT
SGw ��s✓R
5
.I
CAcl r 5840
INVOICE. 429004
SOLD TO SHIP TO
/3k'il�^( ,7711 /'gin t• `Sips=p11 p-�t/f. G�
ADDRESS ADDRESS
CITY,STATE,ZIP CITY,STATE,ZIP
CUSTOMER ORDER NO. SOLD BY T F.O.B. DATE
ORDERED SHIPPED DESCRIPTION PRICE UNIT AMOUNT
9 _ �
547 /z
C�
i
i
GAdamS 5840
r
{
RECEIPT _ DATE - 3- 70321
RECEIVED FROM IAF C �. // 4"O�,
a ADDRESS 2 G
DOLLARS $
FOR
ACCOUNT HOW PAID
III�IIII ACICOU NT CASH
II
AMT.PAID CHECK
BALANCE pUE tTNEYORIDEnj
BY
E i y
a 1J Ir
` 1�'lldCO COMMS DING PROD S
x KOS'SuPOLY CORP
Boston MAIN OFFICE -
P.O.Box 2489 RocklandMA Manchester,NH Portland,ME Williston,V7
nF +ti=r �F ti s' Woburn,MA 01888 Tel (781)6711212 Tel (603)627-3003 Tel (207)775-6512 Tel (802)658-3730
k(t ;4 tri 1 r Tel (781)938-0909 Fax (781)8719496 Fax (603)668-6486 Fax (207)774-3384 Fax (802)658-4131
Fax (781)935-,1696
;PICKING TICKET
� + REPRXNT
�� rr BILL i0
` SHIP TO
r`tOTC",IOE "01NEIL ' il7f TCiE' OtNFXI
dq;jVpRNtSY,I�iTRE6T,' /� t6 PROTCIR ST R .ET C^Q�
�1» tAr,!`:Mp �( +✓ 978-444-8705 SE.EPER TSS�°2X { (, �tl✓7y �t�
t5jE1)7458060 SAL 1A MA
c a Z.. Nil t;. (':7'ddS)745-606W ��1(�Yl^ X44
611 _rder`#', , I, Account #: �� /p,,
G 6rdei'Date N6P537 AMC' Your P/O #: 1192+;3g 17"t
� �fJ}Elil�u8�;,1,b,�1c51M0 14r06e2H
PlacedBy: IC1F , Y,)
t$h1pYia'� � ��GIiJR TRUNK Contract#: .
hip'fyate } Job #/ Name: '
Y
" )jQuanbty ^ „ Sell Quantity Item Unit Extended
��rdAtedtt' " "Unit Shipped Number Price price`
PAGE 1
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CUST # #10
Economic DeTvelopment Loans
Address Registry of Deeds Status
Company
152 Circuit Ave, Oak Bluffs, Loan discharged through Dukes County
Army Barracks Dukes County
Bioengineering Group
18 Commercial Street Discharge on file
Bobbie Bush Photography
35 Congress Street No discharge on file
Bygones of Ireland
89 Canal Street No discharge on file
1805 Custom House
4-10 Central St./191-195 Essex St. No discharge on file
NU*9d ffi9e on€lC 1�J'e
Daniel Low Function Hall
The Essex House
14 Lynde Street No discharge on file V
ris Salem
® Redevelopment
Authority
July 5, 2000
Mr. Stephen LoPilato
Army Barracks
16 Proctor Street
Salem, MA 01970
Dear Stephen:
In order for the Salem Redevelopment Authority to have complete documentation on the loan to
Army Barracks, could you please supply me with a copy of all invoices that the funds were
applied to.
If you should have any questions or if I can be of further assistance, please do not hesitate to call
me at(978) 745-9595, extension 311.
Sincerely yours,
esti(" �,�
Mary (Cassidy) Crain
Economic Development Planner
One Salem Green • Salem, Massachusetts 01970 • (978) 745-9595, Ext 311 • Fax (978) 740-0404
To: Michelle McPherson FACSIMILE
Fax#: 781 596-4569 City of Salem
Re: Loan Setup Planning
Date: May 17, 2000
Pages 4, including this cover sheet.
Comments:
Michelle,
Attached please find a loan setup sheet and note for the Army Barracks loan. Thank
you for your assistance with this.
Mary Cassidy
From the desk of...
Mary C.Cassidy
Economic Development Planner
City of Salem Planning Department
One Salem Green
Salem, MA 01970
978-745-9595 ext.311
Fax:978-740-0404
CITY OF SALEM, MASSACHUSETTS
PLANNING DEPARTMENT
PATRICK REFFETT ONE SALEM GREEN
City Planner
01970
(978)745-9595 EM.311
Fax(978)740-0404
May 9, 2000
Attorney William J. Lundregan
City Solicitor
City of Salem
81 Washington Street
Salem, MA 01970
Dear Attorney Lundregan:
I have enclosed the following executed documents that need to be recorded at the
Dukes County Registry of Deeds: a mortgage on 152 Circuit Avenue, a Trustee's
Certificate and Beneficiaries Certificate for Bridle Path Realty Trust.
Thank you for your assistance with this matter.
Sincerely yours,
- Y l�l� U
Mary C. Cassidy
Economic Development Planner
Army Barracks,Inc.
16 Proctor Street
Salem,MA 01970
May 9, 2000
Patrick Reffett, Executive Director
Salem Redevelopment Authority
One Salem Green
Salem, MA 01970
Dear Mr. Reffett:
Please be advised that I, Stephen M. LoPilato, owner and President of Army Barracks,
Inc., agree to the following provisions in conjunction with the loan for the leasehold
improvements of the first floor retail space at 234 Essex Street in Salem, MA.
1) All funds shall be disbursed within 90 days of the date of the Note, in accordance
with the expenditures. No funds shall be disbursed prior to the start of work
without approval from the Salem Redevelopment Authority.
2) The borrower will provide the Salem Redevelopment Authority with annual
financial statements.
3) The borrower will make improvements to the property at 234 Essex Street.
Signed and sealed this 9`" day of May, 2000. Q�
By:
Step en M. LoPilato
Owner, Army Barracks
Salem Redevelopment 411t�
By:
atrick Re felt
Executive irector
r
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BY C.F.CA85ON r11@il in V S R
CITY OF SALEM, MASSACHUSETTS
PLANNING DEPARTMENT
PATRICK REFFETT
City Planner ONE SALf 1
019770 0
(978)745-9595€zt.311"-
. . Fax(918)740-0404
MEMORANDUM
TO: Julia Medina
FROM: Mary Cassidy
RE: Army Barracks, nc.
DATE: April 14, 2000
For the following UCC-11 filing for the above mentioned loan,please issue the following
check:
$10.00 payable to. City of Salem
.Address
City Clerk's Office
Salem City Hall
93 Washington Street _
Salem,MA 01970
Thank you for your assistance.
CITY OF SALEM, MASSACHUSETTS -
PLANNING DEPARTMENT
PATRICK REFFETT
City Planner ONE SALEM.GREcN
01970
(978)745.9595fxt.311
Fax(978)740-0404
MEMORANDUM
TO: Julia Medina
FROM: Mary Cassidy �}
RE: Army Ban•ackssWcc.
DATE: April 14,2000
For the following UCC-1 l filing for the above mentioned loan, please issue the following check:
$10.00 payable to: Commonwealth of Massachusetts
Address
UCC Division
Room 1711
One Ashburton Place
Boston,MA 02108
Thank you for your assistance.
ARIMY BARRACKS
701, AM 14 Mi, !0: ?7
SALEM
MemoPLANNING DEPL
To: Mary Cassidy
From: Steve LoPilato
Date: 04/13/00
Re: Bridle Path Realty Trust
Per your request, enclosed is a copy of the Declaration of Trust for Bridle Path Realty
Trust.
Please let me know if you have questions.
Thank you for all your help.
S��IO V
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0 Page 1
DECLARATION OF TRUST
BRIDLE PATH REALTY TRUST
KNOW ALL MEN BY THESE PRESENTS, that we, STEPHEN M.
LOPILATO and SHARI J. LOPILATO, both of North Andover, Essex
County, Commonwealth of Massachusetts, hereby declare and agree
that I hold and shall hold any and all property of whatever form
and nature, deed, assigned, transferred, mortgaged, or otherwise
given to me as TRUSTEE hereunder ("the Trust Estate") , for the
trusts and under the terms and conditions and purposes
hereinafter set forth and with the powers and limitations
hereinafter set forth.
ARTICLE ONE
Section 1: This Trust shall be known as the "BRIDLE PATH
REALTY TRUST" .
Section 2 : In order to carry out the purposes of this
Trust, the TRUSTEE may adopt such trade name or names and styles
as shall from time to time be deemed advisable. And in each
event of adopting of a trade or business name, there shall be
caused a business certificate, to the effect that the TRUSTEE
has adopted that particular trade name, to be recorded with the
office of the Clerk of the city or town where such business is
to be conducted.
ARTICLE TWO
The general purpose of this Trust is to purchase, develop,
lease, manage, sell, mortgage, assign and deal in real estate,
as well as other forms and types of property whether real or
personal, tangible or intangible, as more hereinafter fully
stated under Powers, Article Three, for the benefit of the
beneficiaries.
ARTICLE THREE
Section 1: The TRUSTEE is hereby authorized:
(a) To hold, possess, manage, control, deal with, and
develop real estate and interests therein;
(b) To invest, re-invest, and purchase real estate and
interests therein;
(c) To manage property of others;
(d) To assign, mortgage and lease free of all trusts any
personal property and/or real estate and/or choses in action
held by the TRUSTEE hereunder at any time without the consent or
approval of any court;
(e) To sell, transfer and convey free of all trusts any
personal property and/or real estate and/or choses in action
held by the TRUSTEE hereunder at any time without the consent or
approval of any court;
(f) To enter into agreements for the purchase and/or for
the sale of any of the things or kinds or properties enumerated
in this Instrument;
-2-
(g) To borrow money for the Trust and give a note or notes
thereafter as TRUSTEE hereunder, and if the TRUSTEE shall deem
it advisable, to give as security for such loan .any property,
real , personal or mixed, or any chose in action held or owned by
the Bill of Sale, Mortgage, pledge, assignment, and
hypothecation or any of them;
(h) To change investments from time to time;
(i) To improve any property owned by the Trust;
(j ) To incur expenses for office or other place or places
of business for the Trust, and the incidental upkeep of such
places of business, for clerical help, agents, brokers,
attorneys, and otherwise as the TRUSTEE shall deem proper; and
to fix the TRUSTEE'S own compensation and pay such compensation
to the TRUSTEE and compensation to agents and employees as the
TRUSTEE deems proper;
(k) To prosecute and defend suits for the benefit of or
against the Trust or the TRUSTEE, to compromise any claim of the
Trust or against the Trust; to submit to arbitration any
controversy the TRUSTEE deems proper;
(1) To appoint agents and attorneys to act for the TRUSTEE
wherever it is deemed the same is advisable and to delegate to
them such powers as the TRUSTEE may deem advisable;
-3-
(m) To vote shares in any corporation or unincorporated
association held by the Trust including voting on any
re-organization, re-capitalization or the merger of such
corporation or association;
(n) Every instrument signed by the TRUSTEE and referring
to this Trust for powers shall be sufficient to give good title
by the TRUSTEE hereby and to give full effect to the instrument;
(o) In the making of any of the said investments by the
TRUSTEE hereunder, the TRUSTEE is given full 'discretion and
power to use its own judgment and the powers herein shall in no
way be limited to the powers of TRUSTEES under appointment by
Probate Courts;
(p) The TRUSTEE is hereby authorized to open checking and
savings accounts in banks or trust companies in the State of
Florida as the TRUSTEE shall from time to time deem proper,
either under the name of this Trust or any of the names, titles
or styles adopted by the TRUSTEE from time to time, certificates
for which must first be filed by the TRUSTEE in the office of
City Clerk as hereinbefore provided. The TRUSTEE is authorized
to endorse checks received by the TRUSTEE and deposit the same
into said accounts, to disburse the funds of the Trust by check,
draft or otherwise, bearing the signatures of the TRUSTEE as
hereinafter provided;
-4-
I
(q) The TRUSTEE shall have the power to sell or convert
all or any part of the Trust Property into money at public or
private sale for cash or credit, and on such terms as the
TRUSTEE may deem expedient and to invest the proceeds and/or all
or any part of the Trust property as the TRUSTEE may deem best,
whether or not such investments may be considered strict Trust
investments, and the TRUSTEE shall have the power to give
mortgages or liens on all or any part of the Trust Property as
security therefor; the TRUSTEE may make deductions for
amortization, depreciation, or other waste, and may retain
securities and other legal documents in such names as may be
deemed most convenient;
(r) To determine, in the TRUSTEE'S sole discretion,
separately with respect to each parcel of real property held
hereunder, whether or not to set aside a portion of the income
from that parcel for the purpose of establishing a reserve fund
to compensate for the depreciation, deterioration, and
obsolescence of such parcel; the amount of said fund to be left
entirely to the discretion of the TRUSTEE;
(s) To make distributions in cash or in kind or partly in
cash and partly in kind;
(t) To receive additions to the Trust under this
Instrument by gift or will or otherwise, and to hold and
administer the same under the provisions hereof.
-5-
(u) Any TRUSTEE shall have the right to delegate in
writing to any other TRUSTEE his or her power and authority
hereunder, subject to such limitations as may therein be stated.
(v) Any and all instruments executed pursuant to the
powers herein contained may create obligations extending over
any periods of time, including periods extending beyond the date
of any possible termination of this Trust.
Section 2 : No one dealing with the TRUSTEE need inquire
concerning the validity of anything the TRUSTEE purports to do,
or need see to the application of any money paid or any property
transferred to or upon the order of the TRUSTEE.
Section 3 : The TRUSTEE is empowered to hold bonds, shares
or other securities in bearer form, or in the name of the
TRUSTEE or in the name of any succeeding TRUSTEE, or in the name
of a nominee, without indication of any fiduciary capacity.
Section 4 : The term "TRUSTEES" wherever used herein shall
mean the TRUSTEE or TRUSTEES named herein, such person or
persons who hereafter are serving as TRUSTEE or TRUSTEES
hereunder, and the rights, powers, authority and privileges
granted hereunder to the TRUSTEES shall be exercised by such
person or persons subject to the provisions hereof.
-6-
ARTICLE FOUR
(a) The TRUSTEE shall have no power to bind the
beneficiaries personally, and in every written contract into
which the TRUSTEE shall enter, reference shall be made to this
Declaration of Trust and such contract shall be made in the name
of the TRUSTEE as TRUSTEE and the person or persons or legal
entities so contracting with the TRUSTEE shall look only to such
TRUSTEE to the extent of the Trust Fund or Trust Property and
not to the TRUSTEE personally.
(b) Any conveyance, transfer, or assignment made by the
TRUSTEE shall convey, grant, transfer or assign whatever is
thereby purported to be conveyed, transferred, or assigned, free
of all trusts.
(c) No deed or instrument in writing of any kind to be
executed by the TRUSTEE shall contain any covenants, express or
implied, or any other matter or thing which shall impose a
personal liability on the TRUSTEE.
(d) The beneficiaries shall have no interest in the Trust
Fund or Trust Property itself or in any of the property actually
constituting the Trust Fund and they shall not have the right to
call for any partition or account except as herein provided or
division of the Trust Fund except after the Trust hereunder
shall have been terminated as provided herein. No interest nor
any part of the interest of any beneficiary of this Trust,
whether principal or income, shall be subject in any event to
-7-
i
sale, alienation, hypothecation, pledge, transfer, or subject to
any debt of said beneficiary or any judgment against said
beneficiary or process in aid of execution of said judgment; nor
shall anything herein contained subject any TRUSTEE or
beneficiary under this Declaration of Trust to liability under
TRUSTEE process; nor shall anything herein contained subject any
TRUSTEE or beneficiary under this Declaration of Trust to
liability in any manner or form whatsoever for his or her
individual debts of any nature or character; * nor shall any
interest or any part of the interest that any beneficiary may
have hereunder ever be in any way subject to any present or
future debts or obligations of such beneficiary; nor shall any
beneficiary ever have the right, power or privilege of
alienating, charging or disposing of any income, right to
income, right, benefit, or interest that he or she may ever have
or be entitled to from, in, or to the Trust Fund. The interest
of any beneficiary in the Trust Fund shall not be subject to the
control of the husband or wife of each such beneficiary except
as otherwise expressly provided herein. No beneficiary shall
have any interest in any of the Trust Property or income until
the same is actually paid or turned over to such beneficiary,
free of all trusts.
(e) The TRUSTEE hereunder shall not be liable for any loss
or damage to the Trust Estate or any part thereof nor for any
injury to persons upon or adjacent to the Trust Property whether
-8-
or not occasioned by its errors in judgment or by errors in
judgment on the part of any of its agents or representatives
selected with reasonable care, nor for the consequence of any
act done in good faith, nor for any act or failure to act except
such as are caused by its own willful misconduct. The TRUSTEE
hereunder shall not be bound by any changes in conditions or in
the status of beneficiaries or in any other matter affecting its
duties hereunder except when notified as to those changes in
writing.
ARTICLE FIVE
(a) This Trust shall not continue for longer than the
lifetimes of the said beneficiaries and far a period of twenty
(20) years thereafter.
(b) This Trust shall be terminated at any time upon the
request of all the living beneficiaries by the delivery of such
request in writing to the TRUSTEE, such termination shall only
be effective when a certificate thereof, signed and acknowledged
by a TRUSTEE hereunder, shall be filed with the appropriate
Registry of Deeds.
ARTICLE SIX
The TRUSTEE shall be paid reasonable compensation for its
services hereunder out of income or principal or both, together
with its expenses in connection herewith. Such compensation
shall include a termination fee which is reasonable under the
circumstances.
-9-
i
ARTICLE SEVEN
(a) The TRUSTEE hereunder may resign at any time by an
instrument in writing signed by the TRUSTEE so resigning and
mailed and delivered to the beneficiary or beneficiaries of full
age and legal competency then entitled or eligible to receive
all or a portion of the income of this Trust; provided, however,
that no such resignation shall be effective until thirty (30)
days after such mailing or delivery thereof.
(b) The TRUSTEE may be
y removed for cause by majority vote
of the beneficiaries of full age and legal competency then
entitled or eligible to receive all or a portion of the income
of this Trust.
(c) In the event that the TRUSTEE. shall resign or be
removed, or in the event that the TRUSTEE shall at any time
become incapacitated and unable to perform the duties of said
TRUSTEE, a successor TRUSTEE shall be appointed by majority vote
of the beneficiaries of full age and legal competency then
entitled or eligible to receive all or a portion of the income
of this Trust.
ARTICLE EIGHT
(a) The TRUSTEE shall pay to or apply all of the net
income of this Trust to the beneficiaries at least annually.
(b) Upon the termination of this Trust, all of the Trust
Property shall be distributed in equal shares to the
beneficiaries, if they are then living. In the event any such
-10-
f
beneficiary is not then living, the TRUSTEE shall distribute
such Trust Property to the Estate of any such beneficiary.
ARTICLE NINE
(a) The right to alter, amend and/or revoke this
Instrument is expressly waived and not reserved by the said
TRUSTEE. Any person dealing with the TRUSTEE or the Trust
Property of said Trust can rely on the provisions of the Trust
as they are recorded in said office of the Registry of Deeds,
and that all future amendments to this Declaration of Trust, all
resignations and appointments of TRUSTEES and any other
instruments relating to the identity of the TRUSTEE or to the
Trust itself shall have no effect upon anyone dealing with the
Trust or its TRUSTEE unless it has been duly recorded in the
respective Registry of Deeds in which this Instrument has been
recorded.
(b) This Trust is revocable and may be amended from time
to time by a written instrument (i) signed by all of the
beneficiaries of full age and legal competency then entitled or
eligible to receive all or a portion of the income of this Trust
and acknowledged by all of such beneficiaries, and (ii)
delivered to the TRUSTEE, provided in each case that the
instrument or amendment or a certificate by any TRUSTEE setting
forth the terms of such amendment shall be recorded with said
Registry of Deeds.
-11-
i
ARTICLE TEN
The term "beneficiaries" wherever used herein shall mean
the beneficiary or beneficiaries listed in the Schedule of
Beneficial Interest this day executed and filed with the TRUSTEE.
ARTICLE ELEVEN
Throughout this Trust, the masculine gender shall be deemed
to denote the feminine and neuter, the singular to denote the
plural and vice-versa, where the context so permits.
IN WITNESS WHEREOF, we have executed this 'Agreement as a
sealed instrument. Executed this 1st day of January 1993 .
x 1
SE M. , LOP TS*HAR (�
I J. OPILATO
STATE OF: MASSACHUSETTS
COUNTY OF: ESSEX , SS. January 1 , 1993
Then personally appeared the above-named STEPHEN M.
LOPILATO and SHARI J. LOPILATO and acknowledged the foregoing
instrument to be their free act and deed, before me,
Notary Public
My Commission Expires: Jan y 7 , 1994
-12-
SCHEDULE OF BENEFICIAL INTEREST
BRIDLE PATH REALTY TRUST
The undersigned Trustee does hereby certify that the
beneficial interest of Bridle Path Realty Trust (under
Declaration of Trust dated January 1, 1993 and duly recorded
with Dukes County Registry of Deeds) is vested as follows:
Beneficiaries: Interest•
Stephen M. LoPilato,
Trustee of the "STEPHEN M. LOPILATO 50%
LIVING TRUST" under declaration of Trust
dated October 6, 1993 , or his successors
Shari J. LoPilato,
Trustee of the "SHARI J. LOPILATO 50%
LIVING TRUST" under declaration of Trust
dated October 6, 1993, or her successors
Signed as a sealed instrument this 6th day of October
19 93
STEP M. LOP. TO, Trustee
8H1A,RI d. LOPILATO, Trustee
t
n Salem
Redevelopment
Authority
MEMORANDUM
TO: Salem Redevelopment Authority Board of Directors
FROM: Patrick Reffett, Executive Director
RE: Application for Small Business Capitalization Loan Program—
Army Barracks—Corner of Essex and Washington Streets
DATE: April 7, 2000
Steve LoPilato, owner of Army Barracks, a surplus military clothing and camping gear company,
has approached the SRA and requested a loan in the amount of$50,000 to assist with the costs of
leasehold renovation of his new retail facility at the corner of Essex and Washington Streets. I
am submitting for the SRA's review a recommendation that the SRA consider a $35,000 loan
amount, which is approximately half of the project budget. Army Barracks was previously
located in the Museum Place Mall. The new 4,200 square foot space at 234 Essex Street is larger
than the Mall location of 1,900 square feet and is more prominently situated.
Mr. LoPilato has a $70,000 construction project budget. He has invested$20,000 of his personal
finances into the project and has additional funds available through a credit line from Eastern
Bank. Mr. LoPilato is the owner of five Army Barracks locations in Salem,Northampton, MA,
Oak Bluffs, MA, Boston and N. Conway,N.H. The company's corporate headquarters are
located in Salem on Proctor Street and the firm also conducts a thriving internet and catalog
business. Sales are in excess of$2 million and are projected to steadily increase. It is anticipated
that the highly visible new Salem location will increase the firm's profitability.
The purpose of the loan is to assist with the renovation and remodeling of this leased space,
along with new signage. The applicant submitted a project budget that identifies construction
costs, plumbing, electrical, carpeting and fixtures expenses. The results of this effort will be a
retail presence in Salem that is twice the size of the existing store. Mr. LoPilato intends to
renovate the two separate storefronts at this location into one large retail store. One of Mr.
LoPilato's goals in this relocation is to capture a larger share of year round business in Salem.
He intends to expand employment by approximately 4 to 5 individuals by establishing this new
location in Salem.
1
One Salem Green • Salem, Massachusetts 01970 • (508) 745-9595, Ext. 311 • Fax (508) 740-0404
ABOUT THE APPLICANT
Steve LoPilato is the President of Army Barracks, a five store retail, internet and mail order
company that specializes in surplus military clothing and equipment. Mr. LoPilato began Army
Barracks in 1980 in New York City as a means of subsidizing night school. He operated at local
flea markets and then began road shows that traveled extensively to colleges throughout the
Atlantic region. In 1984 he opened a Martha's Vineyard location to balance out the College
season. Since 1990,he has established an additional four stores throughout Massachusetts and
New Hampshire. Mr. LoPilato's business now incorporates a highly successful mail order and
internet sales division as well. Army Barrack's product mix includes many foreign military
surplus items imported directly from Europe, Canada, Mexico, China and Russia, as well as U.S.
Military items.
The applicant has developed a budget for soft and hard expenses in the amount of$70,525.
Please see the attached sheet"Project Budget—234 Essex Street, Salem, MA" for details.
FINANCIAL OVERVIEW
Past financial statements for the entire Army Barracks operation were reviewed. Positive net
income was indicated for years ending 1996 and 1997. A business loss in the amount of$25,000
was noted for 1998. Mr. LoPilato indicated that occurred due to a business location arrangement
that fell through and in the opinion of Mr. LoPilato, would not have been a good choice for the
company in the long run. Mr. LoPilato provided a projection of sales and operating costs for the
entire Army Barracks operation that projects steadily growing sales, which has been historically
evidenced in past financial statements. Sales are projected for the years 2000, 2001 and 2002 at
$2.2 million, $2.3 million and $2.4 million respectively. The projections indicate sufficient net
income to cover loan repayment for the Salem store. The net profit after taxes is projected to
increase each year from $10,345 to $14,896 and to $32,024 by the year 2002.
The assets, liabilities and net worth of Mr. LoPilato were reviewed. Mr. LoPilato's total income
was listed as $122,971 and total expenditures as $98,024 on his personal financial statement.
The statement also indicated assets of$2,073,320 (mainly real estate), liabilities of$565,843 and
a positive net worth of$1,507,477. Mr. LoPilato will sign a personal guarantee.
The cash flow proforma indicates that the loan applicant will be able to afford the proposed loan
payments of$688.92 per month. Based on the information supplied, the analysis supports the
offering of a $35,000 loan to assist with needed building improvements. Profitability is.
projected for this operation; the owner has previous experience in the field that is brought to bear
on this growing venture and the reputation to assist in its success. Thus,the loan will meet
economic development goals of expanding the small business base in the community and
providing additional employment
The positive aspects of offering this loan is that a prominent storefront will be occupied by a
steady business. This location has suffered high turnover and it would be positive to have a
2
reliable tenant. The company will also provide additional employment opportunities.
Please see the attached financial material for additional information. Also attached is the cost
estimate for improvements.
LOAN TERMS
The proposed loan terms and conditions are as follows:
Program: SRA Small Business Capitalization Loan Program
Principal: $35,000
Interest rate: 6.75%
Term: 5 years
Monthly payment: $688.92
Collateral/Security: - Second position on 152 Circuit Avenue, Oak Bluffs, MA.
- Security interest in business assets and inventory
- UCC statement
- Personal guarantee of Steve LoPilato
Benefits: - Improves a property
- Creates additional small businesses in Salem
- Creates jobs
- Stabilizes the retail district
3 .
ARMY BARRACKS, INC. �r
NORTHAMPTON, MA MARTHA'S VINEYARD
❑ 257 MAIN STREET Genuine U.S. &European Military Clothing & Equipment ❑ 152 CIRCUIT AVENUE
NORTHAMPTON, MA 01060 RECEIVED OAK BLUFFS, MA 02557
(413) 585-9330 (508) 693-6846
BOSTON, MA NORTHCbWARNA1 [n: 00 SALEM, MA
❑ 328 NEWBURY STREET ❑ ROUTE 16 ❑ MUSEUM PLACE
BOSTON, MA 02115 N. CONWAY 172 ESSEX STREET
(617)437-1657 (6( �y3`56r NM U ��_n-- SALEM, MA 01970
(978)825-1201
March 27, 2000
Salem Redevelopment Authority
Ms. Mary Cassidy
Economic Development Planner
One Salem Green
Salem, Ma 01970
Dear Mary,
Per your request, here is a re-done SRA application and project budget.
t
Sincerely,
Steve LoPilato
Corporate Headquarters • 16 Proctor Street Salem, MA 01970• Tel#(978) 745-9412 • Fax (978) 745-3188
www.armybarracks.com • 1-800-673-3564
CITY OF SALEM, MASSACHUSETTS
PLANNING DEPARTMENT
PATRICK REFFETT
City Planner ONE SALEM GREEN
01970
(978)745-9595 EM.311
Fax(978)740-0404
April 3, 2000
William J. Lundregan, City Solicitor
81 Washington Street
Salem, MA 01970
Dear Attorney Lundregan:
The Salem Redevelopment Authority is reviewing two loan applications. I am requesting that
your office conduct title rundowns on the following properties. Listed below is information
about the properties:
Property #1
Name of Owner: Higginson Block Realty Trust
Trustee: Michael Blier
Location: 14 Derby Square (aka 5 Higginson Square)
Salem, MA 01970
Purchase Date: 4/30/99
Book: 15640
Page: 328
Property#2
Name of Owner: Bridle Path Realty Trust
Location: 56 Circuit Avenue
Oak Bluffs, MA 02557
Purchase Date: 1985
Book: 600 (Dukes County Registry of Deeds)
Page: 466
Thank you very much for your assistance with this matter.
Sincerely,
C.
Cassidy
Economic Development Planner
�r ARMY BARRACKS, INC.., �r
NORTHAMPTON, MA MARTHA'S VINEYARD
❑ 257 MAIN STREET Genuine U.S. & European Military Clothing & Equipment ❑ 152 CIRCUIT AVENUE
NORTHAMPTON, MA 01060 R cU�' v U _I iED OAK BLUFFS, MA 02557
(413) 585-9330 L
(508) 693-6846
BOSTON, MA NORTH CONWAI j,%ISHj }R -3 RN L; s 2 SALEM, MA
❑ 328 NEWBURY STREET ❑ ROUTE 16 ❑ MUSEUM PLACE
BOSTON, MA 02115 N. CONWAY
Y N.H.0 3860 v ql �I�.q 1 SALEM, MA 0 BEET
(617)437-1657
�LAMti 'Ir4U CETT. (978)825-1201
March 3, 2000
Ms. Mary Cassidy
Salem Redevelopment Authority
One Salem Green
Salem, MA 01970
Dear Mary:
Army Barracks would like to submit a formai loan-request to the Redevelopment
Authority. The purpose of the loan request is for the renovation and relocation to an
expanded Army Barracks retail store. These upgrades involve extensive renovation of
two separate store fronts atthe-comer of Essex and Washington Streets into one large
retail space.
Army Barracks currently-operates a 1900-square-lbot retail-store-at-the Museum Place
Mall. Prior to the mall location, (which opened in 1998), a smaller 800 square foot store
was operated on Boston Street in 1997. Since 1986;Army Barracks-distribution,
corporate office and mail order/internet operations have been located at 16 Proctor St. in
Salem employing fifteen office, administrative and technical computer personnel.
Army Barracks began in 1980 in NYC by Steve LoPilato to help subsidize night school
It started part-time at flea markets on Sundays. T'-he-business then wen-traveling to -
colleges throughout the Atlantic region. While still selling at colleges during the
September-May time period, a-store in Martha's Vineyard was added in 1984 to balance
-but-the year. -Subsequent stores have been added since 1990 (Boston, Conway, NH,
Northampton and Salem). Today, Army-Barracks-eneompasses 5 retail locations
throughout New England, a mail order and internet catalog, and a travelling"Road
Show." The success to our growth has been in ef€ering unique and durable-clothing and
camping gear,at affordable prices. Our product mix includes many foreign military
surplus items imported directly from Europe, Canada, Mexico, China and Russia.
We clean, repair, size and dye our used clothing and equipment whenever necessary.
With the downsizing of the military]not only in-the U.S.,but in many countries,Army --
Barracks has branched out into new camping and military items. Our warehouse is our
central distribution point for all stores and mail order.
Corporate Headquarters • 16 Proctor Street Salem, MA 01970 • Tel#(978) 745-9412 • Fax(978) 745-3188
www.annybarracks.com • 1-800-673-3564
Army Barracks is extremely optimistic about the continued long-term prospect of a retail
site in Salem. Each of our location moves has resulted in increased sales. All of the
moves have been to capitalize on expansion and achieve greater visibility.
Salem is a destination tourist area. The proposed retail site on Essex St. is in the heart of
the downtown Salem district:- One-of our major-goals is to attract a greater share of local
non-seasonal business. The improved-visibility and 4arger stere size are integral to
achieving these goals. This project also,represents a strong vote of confidence inthe-City
of Salem. The developmQnt-of-such a-central-site-in-the-heart-of the downtown-begins-a
positive trend in the importance of this area.
Sincerely, /&"'o,
Stephen LoPilato
President
,e Salem
® Redevelopment
Authority
April 14, 2000
Mr. Stephen LoPilato
President
Army Barracks, Inc.
16 Proctor Street
Salem, MA 01970
Dear Mr.LoPilato:
The Salem Redevelopment Authority has agreed to make a loan in the amount of$35,000
to Army Barracks, Inc. to assist with the financing of the leasehold improvements to the retail
property at 234 Essex Street, Salem,MA.
The terms and conditions of the loan are as follows:
Loan amount: $35,000
Interest rate: 6.75%
Term: 5 years
Payments: Monthly payments of$688.92
Collateral: Second position on 52 Circuit Avenue, Oak Bluffs, MA
Security interest in business assets and inventory
One Salem Green • Salem, Massachusetts 01970 • (978) 745-9595, Ext 311 • Fax (978) 740-0404
f
{
2y
MR. LOPILATO
April 14, 2000
Page 2 of 2
Conditions:
SRA loan funds maybe used only for the purpose of making
improvements to the property at 234 Essex Street.
Stephen LoPilato will sign a personal guaranty in addition to the
note and mortgage.
Loan recipient must submit invoices for expenses incurred for
renovations.
Mary Cassidy is working to draft the loan documents and will contact you to execute
those documents. Please feel free to contact me if you have any questions about this matter.
Thank you for investing in Salem.
Sincerely,
!� I
Patrick Reffett
Executive Director
Salem
® Redevelopment
Authority
MEMORANDUM
TO: Julia Medina
FROM: Mary Cassidy
RE: Army Barracks Loan
DATE: April 13, 2000
Attached is an invoice for Steve LoPilato of Army Barracks, Inc.. The funding source is UDAG.
Please issue a check in the amount of$35,000 to:
Steve LoPilato
Army Barracks, Inc.
16 Proctor Street
Salem, MA 01970
One Salem Green • Salem, Massachusetts 01970 • (978) 745-9595, Ext 311 • Fax (978) 740-0404
re Salem
® Redevelopment
Authority
INVOICE
SMALL BUSINESS LOAN
April 13, 2000
LOAN RECIPIENT: Steve LoPilato
Army Barracks, Inc.
16 Proctor Street
Salem, MA 01970
LOAN AMOUNT: $35,000
LOAN DESCRIPTION:
Utilizing UDAG funds,the Salem Redevelopment Authority will make a loan in the amount of
$35,000 to Steve LoPilato, President of Army Barracks, Inc.. The terms of the loan are 6.75%
interest rate for 60 periods. The funds will be used to make improvements to the recently leased
property at 234 Essex Street in Salem. The loan recipient will submit invoices to the Salem
Redevelopment Authority as expenses for this project are incurred.
The first and only installment of this loan is $35.000.
STATUS CHECK: "H" HOLD FOR DEPT.
"S" SEPARATE CHECK
atrick Reff tt
Executive Director
One Salem Green • Salem, Massachusetts 01970 • (978) 745-9595, Ext 311 • Fax (978) 740-0404