HomeMy WebLinkAbout2009-12-16-LEXHAB-min
Meeting Minutes for December 16, 2009
Present: William Hays, David Eagle, Gerald Howell, Martha Wood, Lester Savage, Don Wilson,
Patricia Nelson
Minutes: The October 21, 2009 meeting minutes were approved as read. Gerry moved to
accept, Dave seconded, so voted.
Treasurer’s Report: Approved as read
Dave Eagle: Updated the board on the status of 300 Woburn Street.
1001-1003 Mass Ave: Update on the New Windows, Approval was given December 3 2009,
they have been ordered and casements are being done.
Marketing Plan: An outline of services with respect to Advertising, Interview process, Lottery
system on the 3 properties purchased with CPC funds was discussed and motioned to approve
by Bill Kennedy and seconded by Gerry and so voted to accept.
Pat Nelson: Updated the board on the CPA Funds, and said she was expecting the check soon.
Leary Farm Update:
Update on Marrett Road Clean up: Clean out has begun upstairs and downstairs, roofs done,
Insulation done, carpet and kitchen floor is up.
Next Meeting was scheduled for January 27 @7:30 in the LEXHAB Office.
Upon motion duly made and seconded it was unanimously voted by roll call to go into executive
session to discuss a matter with no intent to return to open session.
Meeting Adjourned at 9:11 pm
VOTES FOR ACQUISITION AND FINANCING OF
454 MARRETT ROAD, LEXINGTON, MASSACHUSETTS
VOTED: That the Corporation purchase the following property known and numbered as 454
Marrett Road located in Lexington, Massachusetts for the purchase price of $
400,000.00 and upon the terms and conditions contained in that certain Purchase and
Sale Agreement dated November 6, 2009, 2009 by and between the Corporation and
Charles De Guglielmo (the “Property”).
VOTED: That the Corporation finance the purchase of the Properties by entering into a certain
financing arrangement (herein, the "Financing Arrangement") with Patriot
Community Bank of 237 Lexington Street, Woburn, Massachusetts (herein, the
"Bank") in connection with which the Corporation shall (i) borrow from the Bank
100 % of the cost of acquisition (total $ 400,000.00__) (ii) secure such loans by
granting to the Bank mortgage(s) and security agreement(s) in and to the Properties;
VOTED: That, William C. Hays, the Chairman of the Board of Directors of the Corporation,
be and hereby is authorized and directed, on behalf of and in the name of the
Corporation to negotiate, enter into, execute and deliver, by and on behalf of the
Corporation, Commercial Real Estate Promissory Notes, Mortgages and any and all
other certificates and certifications, indemnifications, documents, instruments and
writings necessary or desirable in connection with the Financing Arrangement (the
foregoing documents being hereinafter referred to collectively as the "Financing
Documents"); such Financing Documents to be in such form, to contain such terms,
conditions, representations, warranties, indemnifications and provisions as William
C. Hays, the Chairman of the Board of Directors, in his sole and absolute discretion,
deems necessary, proper, desirable or convenient in order to carry out the Financing
Arrangement, in order to carry out the obligations of the Corporation to the Bank in
connection with the Financing Arrangement and the Financing Documents, or to
evidence the transactions contemplated hereby or thereby, the execution and
delivery of the Financing Documents shall be conclusive evidence that the same
have been authorized and approved by the Board of Directors and that the action of
said Chairman in executing such Financing Documents is in all respects ratified,
confirmed and approved; and
VOTED: That, William C. Hays, Chairman of the Board of Directors of the Corporation, be
and hereby is authorized and directed, on behalf of and in the name of the
Corporation, to execute, acknowledge and deliver any and all other instruments,
certificates, affidavits and documents and to take any and all actions which he deems
necessary, desirable or appropriate to effectuate the Financing Arrangement and the
obligations of the Corporation to the Bank in connection with the Financing
Arrangement, in each case in such form as may be approved by said Chairman; that
the execution and delivery of said documents so approved by the Chairman shall be
conclusive evidence that the same have been authorized and approved by the Board
of Directors of the Corporation and that the action of said Chairman in executing
such documents or in performing any acts related thereto or contemplated herein is
in all respects ratified, confirmed and approved.
Next Meeting was scheduled for January 27 @7:30 in the LEXHAB Office.
Upon motion duly made and seconded it was unanimously voted by roll call to go into executive
session to discuss a matter with no intent to return to open session.