1983-02-14-STM-min - Laserfiche WebLink

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(Special Town Meeting - February 14, 1983.) _ 195" Article 2. Memorandum of Understanding (Cont.) Went.) 11. Option Packages for Buyers. The Town agrees to allow the Developer to offer three optional up -grade packages to be acquired at the election of each buyer. The following prices of these optional packages are based on an average cost and will vary across unit types. (a) Energy package (triple glazed windows and air conditioning) - $3,500 (b) Kitchen package (additional cabinets and a dishwasher) - $1,800 (c) Bathroom option - $2,800 for second bath/ $2,000 for 1/2 bath. The cost of any such options selected by a purchaser shall be added to the prices set forth in Section 6 and shall be included in the initial purchase price used to calculate the Maximum Resale Price in Section 10. 12. Marketing of Condominium Units The Developer agrees to make a best effort marketing attempt aimed at maximizing the number of units sold with the Deed Restrictions. This marketing effort shall, at a minimum include a direct mail informational brochure to all Lexington residents, weekly advertising in the Lexington Minute- man from the time of purchase of the building until 90 days after the Completion of Construction or until all units are under purchase and sale agreements or conveyed, whichever first occurs, and the completion of a unit within 150 days of purchase of the building for use in the marketing effort. Prior to the Completion of Construction, potential buyers may submit a $500 refundable check to the Developer to obtain a priority standing to select a unit in the Condominium. Once the final number of units, mix, design, and condominium docu- ments are complete a potential buyer may choose a specific unit and execute a purchase and sale agreement upon submission of a $5000 non- refundable, interest bearing deposit. 13. Rental Units. (a) The Developer agrees to sell upon the same terms and conditions as any other buyer would purchase such units under this Agreement a to -be- determined number of units to a Lexington based non - profit housing group formed or designated by the Town for the purposes of rental or resale. (b) Nothing in this Agreement shall preclude the Developer from renting units if any remain unsold 90 days after the Completion of Construction. 14. Resident Manager. The Developer agrees to maintain owner- ship of one dwelling unit for the use of a resident manager. Owner- ship of this unit shall be transferred to the Condominium Association if and when the Developer relinquishes management services. The Developer further agrees to make a best effort attempt to provide management services for at least three years after completion of construction and the Town agrees to support such effort. The Town acknowledges that the management contract will have a clause allowing the Condominium Association to terminate the contract without cause on 90 day notice for the purpose of complying with secondary market requirements. 15. Time Schedule. The Developer agrees to initiate a pre -sales effort and complete pre - construction development activity so as to allow a construction start no later than September 1, 1983. The Town agrees that if 21 units have not been presold prior to that date, or unforeseen factors arise, the date of a construction start may be extended 90 days. If the Commencement of Construction is not prior to December 1, 1983 the Town may rescind developer designation or renegotiate with the Developer. If the Town so rescinds developer designation, the Developer shall have no recourse against the Town for expenses incurred, and the Town shall have no recourse against the Developer for expenses incurred. Developer agrees to complete construction within 18 months from the date of conveyance of the Property to Developer.