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

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�. . (Special Town Meeting - February 14, 1983.) Article 2. Memorandum of Understanding (Cont.) (Cont.) 16. Surety Bond. The Developer will provide a $25,000 surety bond, letter of credit, or equivalent to be held by the Town from the date of the Commencement of Construction until site plan and landscaping is completed as required by the Special Permit. The construction lender will be provided with payment and performance bond equal to the cost of construction in such a form as the lender may require. 17. Senior Center. The Developer agrees to negotiate with the Lexington Council on Aging to establish a senior social center of approximately 7500 square feet within the building which shall be presented to the Town Meeting as an option (the Senior Center). If Town Meeting accepts the Senior Center option, the Developer_ will construct the Senior_ Center and the Price shall be reduced by $195,000. The Senior Center shall have an interest in the Condo- minium Association based on a conventional formula of square footage_ The Developer agrees to guarantee that the Senior Center's share of common expense in the Condominium plus the costs of heating, lighting and cleaning the Senior Center but excluding any local real estate taxes and the cost of the Senior Center's programs and services (the Maintenance Cost) shall not exceed $14,000 per year as long the Developer is providing management services for the Condominium but for a period not to exceed three years. The Senior Center shall pay the Developer $14,000 per year in twelve equal monthly payments, in advance. if the Maintenance Cost shall be less than $14,000 during any calender year the Developer agrees to return to the Senior Center fifty percent of the difference between the actual Maintenance Cost and the $14,000. 18. Conditions. (a) This Agreement is conditional on the Town agreeing to (i) assist and cooperate with the Developer in the implementation of the renovation and conversion of the Property as herein described, in- cluding, but not limited to, providing the Developer with access to the Town's computerized list of the names and addresses of residents of the Town for use in the Developer's marketing efforts; (ii) convey (1) good and clear and marketable title to the Property subject only to the provisions of existing building, zoning and other laws; en- cumbrances of record which do not materially interfere with the renovation and. conversion of the Property as contemplated herein, the Deed Restrictions, and the Special Permit, and (2) full possession of the Property free of all tenants and occupants, and (3) the Property in the same condition as it now is, reasonable wear and tear excepted; and (iii) cooperate with the Developer in obtaining the approval of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation for sale of mortgages on condominium units to such entities. (b) If the Conversion as described herein is not approved by the Town Meeting of the Town on or before 1983, this Agreement shall terminate, at the election of either party, and upon such termination the Developer's deposit of $5,000 shall. be returned and all obliga- tions of the parties hereto shall cease and this Agreement shall be void without recourse to the parties hereto. (c) If the Town Meeting approves the Conversion as described herein, all of the approvals necessary or appropriate for such Con- version have not been obtained and the Town is unable to comply with its obligations under Section 18(a)(ii) or the Developer is un- successful in obtaining financing for such Conversion, this Agree- ment shall terminate, at the election of either party, and upon such termination the Developer's deposit shall be returned and all obliga- tions of the parties hereto shall cease and this Agreement shall be void without recourse to the parties hereto. 19. Land Disposition Agreement. The Developer and Town agree to enter into a mutually agreeable Land Disposition Agreement after the approval of the Town Meeting.