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Memorandum of Sale –246 Suffolk Ln. Gardner, MA

MEMORANDUM OF SALE
246 Suffolk Lane, Gardner, MA (hereinafter “the Property”)

This Memorandum of Sale is made this 2nd day of March, 2009, by and among Enterprise Bank & Trust Company, a Massachusetts banking institution with a principal place of business at 222 Merrimack Street, Lowell, MA (the “Mortgagee”), Strategic Auctions, Inc., of Worcester, MA (the “Auctioneer”) and ______________________________________________ (the “Buyer”).

Subject to and in accordance with the terms and conditions set forth in that certain Notice of Sale attached hereto as Exhibit A and incorporated herein by reference, and as supplemented by further terms set forth below, the Buyer hereby agrees to purchase the Property more fully described in said Exhibit A.
The Property shall be conveyed by the usual mortgagee’s deed under the statutory power of sale. The Property shall be conveyed subject to any outstanding tenancies and/or leases, the rights of parties in possession, any tax titles, municipal taxes and assessments, any outstanding water or sewer bills or liens, and the provisions of applicable state and local law, including building codes, zoning ordinances and M.G.L. Chapter 21E. Where applicable, the Property shall be conveyed subject to unpaid condominium fees pursuant to Massachusetts General Laws Chapter 183A, as amended.

The bid price for which the Property has been sold to the Buyer is $_______________, of which Twenty Five Thousand and 00/100 ($25,000.00) dollars has been paid this day in accordance with the terms of the mortgagee’s notice of sale. The sale shall not be deemed completed until the Buyer has made his, her or its deposit and has signed this Memorandum of Sale. The balance of the purchase price shall be paid at Cohn & Dussi, LLC, 300 Trade Center, Suite 3700, Woburn, MA 01801 by certified or bank check on or before 11:00 a.m. on the thirtieth day following the sale, provided that such day is one on which the Registry of Deeds is open for business, and if not, then on the next day on which said Registry is open for business. Time is of the essence of this agreement. The Buyer shall pay all recording costs, including, but not limited to, all recording fees and excise tax stamps.

In the event the Mortgagee cannot convey title to the Property as stipulated, the deposit, and if applicable, the balance of the purchase price shall be refunded and all rights hereunder shall cease, and the Buyer shall have no recourse against the Mortgagee, or its employees, agents and representatives, whether at law or in equity.
The Buyer acknowledges that from and after this date he or she shall have the sole risk of loss, and the Mortgagee shall have no responsibility for maintaining insurance on the premises. If the Property is damaged by fire or other casualty prior to the closing, Buyer shall accept a deed to the Property and an assignment of so much of the insurance proceeds as has not been used in the restoration of the Property prior to the Closing, to the extent any such proceeds may be available to the Mortgagee, Buyer paying therefore the full balance of the bid price.

The Property shall be conveyed in “as is” condition. The Buyer acknowledges that Buyer has not been influenced to enter this transaction by, nor has it relied upon, any warranties or representations of the Mortgagee or the Auctioneer not set forth or incorporated in this Memorandum. No personal property of any nature is included in this conveyance except as expressly set forth herein. If, as of this date, there is any tenant or occupant in residence, the Buyer, if he or she wishes to evict such tenant or occupant, must do so at his or her own expense.

The Buyer shall assume responsibility for and costs relating to compliance with Title 5 of the State Environmental Code, state and city requirements regarding smoke detection equipment, and lead paint regulations, all as applicable. Mortgagee makes no warranties or representations regarding the Property’s current compliance with any state or local regulations or laws.

In the event that the successful bidder at the foreclosure sale shall default in purchasing the within described property according to the terms of this Notice of Sale and/or the terms of the Memorandum of Sale executed at the time of the foreclosure, the Mortgagee reserves the right to sell the property by Foreclosure Deed to the second highest bidder provided that the second highest bidder shall deposit the amount of the required deposit with Cohn & Dussi, LLC within three (3) business days after written notice of default of the previous highest bidder and title shall be conveyed to said second highest bidder within twenty (20) days of said written notice.

I, the undersigned Buyer, acknowledge that I have been given a copy of this Memorandum of Sale.
Witness our hands and seals this 2nd day of March, 2009.

                                                                                                           
Buyer                                                  Mortgagee
                                                            By:

                                               
Auctioneer
By:

NOTICE OF MORTGAGEE’S SALE OF REAL ESTATE

By virtue and in execution of the Power of Sale contained in a certain mortgage given by 246 Suffolk Lane, LLC to Enterprise Bank and Trust Company dated July 15, 2008 and recorded with the Worcester County Registry of Deeds in Book 43092 at Page 188, of which mortgage the undersigned is the present holder, for breach of the conditions of said mortgage and for the purpose of foreclosing the same will be sold at Public Auction at 3 P.M. on the 2nd day of March 2009 at 246 Suffolk Lane in Gardner, Worcester County, Massachusetts, all and singular the premises described in said mortgage,

To wit:

A certain parcel of land situated on the northeasterly side of Suffolk Lane in Gardner, Worcester County, Massachusetts, bounded and described as follows:

      Beginning at the most northwesterly corner thereof at a point in the northeasterly line of Suffolk Lane at a corner of other land now or formerly of the Gardner Redevelopment Authority;

      Thence North 60°08'17" East by said Gardner Redevelopment Authority land a distance of 284.88 feet to a point at land of said Gardner Redevelopment Authority referred to as “Open Space”, Parcel “A”;

      Thence South 35°24'10" East, by said Open Space, Parcel “A” a distance of 438.21 feet to Lot 5 as shown on a plan recorded in said Registry of Deeds in Plan Book 712, Plan 58;
      Thence South 73°54'59" West, by said Lot 5 a distance of 320.00 feet to a point in line of a Cul-de-Sac at the end of said Suffolk Land;

      Thence Westerly by a curve to the left, having a radius of 60.00 feet, an arc length of 9.84 feet to a point;

      Thence Northwesterly by a curve to the right having a radius of 20.00 feet, an arc length of 19.468 feet to a point of tangency;

      Thence North 29°51'43" West, a distance of 337.24 feet to the of beginning, the last three courses being said by Suffolk Lane.

      Containing about 2.7608 Acres or about 120,264 square feet. Together with a non-exclusive easement for vehicular and pedestrian access on, over and across the private ways or streets from Pearl Street as shown on a plan recorded in Plan Book 712, Plan 58.

      Subject to an easement shown as “Easement 4-R-2" on a plan hereinafter referred to.

      Reserving the fee in Suffolk and Zub Lanes as shown on a plan filed at the Worcester District Registry of Deeds in Plan Book 712, Plan 58.

      Being shown as Lot 4B on a plan entitled “Plan of Lot “4B” at Summit Industrial Park Prepared for Gardner Redevelopment Authority (Owner), Garner, MA-December-29, 2000-Szoc Surveyors, 32 Pleasant Street, Gardner, MA” recorded in said Registry of Deeds in Plan Book 765, Plan 98.

      Subject to a Declaration of Covenants and Restrictions dated May 30, 1997 recorded in the Worcester District Registry of Deeds in Book 18877, Page 59.

      Being the same premises conveyed to the grantor by Deed of John I. Shammas, Trustee of Assyria Realty Trust dated July 14, 2008 to be recorded herewith in the Worcester District Registry of Deeds in Book 43092 at Page 186.

 

Premises to be sold and conveyed subject to and with the benefit of all rights, rights of way, restrictions, easements, covenants, liens or claims in the nature of liens, improvements, public assessments, any and all unpaid taxes, tax titles, tax liens, water and sewer liens and any other municipal assessments or liens or existing encumbrances of record which are in force and are applicable, having priority over said mortgage, whether or not reference to such restrictions, easements, improvements, liens or encumbrances is made in the deed.

Terms of sale: A deposit of Twenty Five Thousand dollars ($25,000) by certified or bank check will be required to be paid by the purchaser at the time and place of sale. The balance is to be paid by certified or bank check at Cohn & Dussi, LLC, 300 Trade Center, Suite 3700, Woburn, MA 01801 within thirty (30) days from the date of sale. Deed will be provided to purchaser for recording upon receipt in full of the purchase price. In the event of an error in this publication, the description of the premises contained in said mortgage shall control.

Other terms, if any, to be announced at the sale.
                                                                        ENTERPRISE BANK & TRUST COMPANY
                                                                        Present holder of said mortgage
                                                                        By its Attorneys,
                                                                        Cohn & Dussi, LLC
                                                                        300 Trade Center, Suite 3700
                                                                        Woburn, MA 01801

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