OFFICE OF

PLANNING BOARD

Town Of Belchertown

 

P.O. Box 964

Belchertown, Massachusetts 01007

 

 

 

FORM F-3

PERFORMANCE SECURED BY REGISTERED NEGOTIABLE SECURITIES

 (BONDS, STOCKS, PUBLIC SECURITIES)

 

                                                                                                                                    , 20                  

 

 

This agreement between the subdivider, or applicant, and the Town of Belchertown is bound by the following terms, the Belchertown subdivision regulations, §270-31E(2), and MGL c. 41, §81U.

 

Applicant:                                                                                                                                            

Address of applicant:                                                                                                                            

Name of subdivision:                                                                                                                             

Designed by:                                                                                                                                        

Address of designer:                                                                                                                             

On land owned by:                                                                                                                                  Address of owner 1:                                                                                                                                    

Address of owner 2:                                                                                                                             

Address of owner 3:                                                                                                                             

 

Definitive plan endorsed by the Planning Board on                                   , 20                  

Definitive subdivision plan recorded in the Hampshire Registry of Deeds,

 

Book                            , Page                          

 

The applicant secures all obligations to the completion of this subdivision by depositing with the Belchertown Treasurer-Collector an instrument of transfer to the Belchertown Planning Board.  This instrument of transfer shall also specify the required sum of money as a security for performance by the applicant to construct the ways and install the municipal services in the subdivision.  This certificate shall be free from encumbrances and shall be issued pursuant to Chapter 156-B, Section 30, M.G.L. in the name of the Town of Belchertown and shall express on its face that it is held as collateral security to insure the performance by the applicant of all covenants, conditions, agreements, terms and provisions contained in the following:

 

1.       Amount:   $                         .

2.       Type of security:                                                                 .

3.       The subdivision control law and the Planning Board’s Rules and Regulations governing this subdivision dated                                                         

4.       The definitive plan as qualified by the Certificate of Approval; and

5.       Other documents specifying construction or installation to be completed (specify other documents, if any, and list lots secured if only a part of the subdivision is secured by the security):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  

This agreement shall remain in full force and effect until the applicant has fully and satisfactorily performed

all obligations, or has elected to provide another method of securing performance as provided in M.G.L.

Chapter 41, Section 81-U. 

 

Upon completion by the applicant of all obligations specified in the certificate of approval, Form C-1, for this subdivision on or before the expiration date of definitive subdivision approval,                     , 20       , or such later date as may be specified by vote of the Planning Board with written concurrence of the applicant, the security shall be returned to the applicant by appropriate instrument and this agreement shall become void.  If the applicant fails to complete the construction of ways and installation of municipal services as specified in this agreement and within the time specified, the security may be negotiated, in whole, or in part, by the Planning Board for the benefit of the Town of Belchertown to the extent of the reasonable cost to the town of completing such construction or installation as specified in this agreement.  Any unused funds from the negotiation of the security by the town will be returned to the applicant upon completion of the work by the Town of Belchertown.

 

The Town of Belchertown acting by and through its Planning Board hereby agrees to accept the specified negotiable security as security for the performance of the applicant.

 

Any amendments to this agreement shall be agreed upon in writing by all parties to this agreement.

 

 

IN WITNESS WHEREOF we have hereunto set our hands and seals this ______________________

                                                                                                                                    (day)

of _____________________________ , 20______.

                              (month)

 

                                                                                                                                                            Chair   

 

                                                                                                                                                                       

 

                                                                                                                                                                       

                                                                       

Signature of applicant                                                                                                                           

 

                                                                                                                                                                       

                                                                                    Signatures of a majority of the Planning Board

                                                                                    of the Town of Belchertown

 

                                                                         

                                                                                   

Signature of authorized representative

of the surety

 

COMMONWEALTH OF MASSACHUSETTS

 

Hampshire, ss                                                              

                                                                                                                                    , 20                  

 

Then personally appeared ___________________________________ , the applicant, and acknowledged the foregoing instrument to be the free act and deed of said party before me.

 

                                                                        _________________________________________

                                                                        Notary Public

 

                                                                        My commission expires ______________________

 

 

COMMONWEALTH OF MASSACHUSETTS

 

Hampshire, ss                                                              

                                                                                                                                    , 20                  

 

Then personally appeared ___________________________________ , the authorized representative of the surety and acknowledged the foregoing instrument to be the free act and deed of said party before me.

                                                                        _________________________________________

                                                                        Notary Public

 

                                                                        My commission expires ______________________

 

               

COMMONWEALTH OF MASSACHUSETTS

 

Hampshire, ss                                                              

                                                                                                                                                                                , 20                         

 

Then personally appeared ___________________________________ , one of the above named members of the Planning Board of the Town of Belchertown, Massachusetts and acknowledged the foregoing instrument to be the free act and deed of said party before me.

 

_________________________________________

                                                                        Notary Public

 

                                                                        My commission expires ______________________

Duplicate copy:

Applicant

Surety

Town Clerk

File

 

NOTE:  Many securities are available in two forms – registered and bearer.  Registered securities bear the owner’s name and the issuing party keeps a record of the owner.  Bearer securities are not registered as to ownership.  Registered securities generally facilitate better safekeeping but can be bothersome and take time to sell since it would have to be re-registered.  The bearer form of security is therefore preferable when the security is to change hands.