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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.