OFFICE OF

PLANNING BOARD

Town Of Belchertown

 

P.O. Box 964

Belchertown, Massachusetts 01007

 

 

 

FORM F-6

PERFORMANCE SECURED BY LENDER’S AGREEMENT

 

                                                                       

                                                                                                                                    , 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(4), 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 has recorded a first mortgage with the lender covering the subdivision specified in this document and shown on the plan referred to above, as security for the payment of a certain note in the principal sum of   $                 dollars, and has secured this obligation by the lender retaining this

sum of money of said principal sum otherwise due the applicant to insure the performance by the applicant of all covenants, conditions, agreements, terms and provisions contained in the following:

 

1.       Amount held in passbook:   $                                    .

2.       Lender:                                                                   .

3.       Mortgage recorded in the Hampshire Registry of Deeds,

Book                            , Page                          

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

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

6.       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 passbook):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

 

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 as specified in the following schedule:

 

SUM TO BE RETAINED                     STAGE OF CONSTRUCTION                         DATE WHEN

BY LENDER                           OR INSTALLATION TO BE                           CONSTRUCTION

                                                COMPLETED                                                  AND INSTALLATION

                                                                                                                        IS TO BE COMPLETE

1.  $                                                                            

                                                           

2.  $

 

3.  $

 

                                                                        (add additional stages if necessary)

 

the interest of the town in such funds retained by the lender shall be released, that portion of the agreement covering a specific stage of work shall become void, and the lender may disburse such funds which have been held as security for a specific stage of work , to the applicant.  In the event the applicant should fail to complete any stage of construction of ways and installation of municipal services as specified in this agreement and within the time herein specified, any funds remaining undisbursed shall be available in whole, or in part, by the lender to the Planning Board for the benefit of the Town of Belchertown to the extent of the reasonable cost the town of completing such construction or installation as specified in this agreement.  Any unused portion of such funds will be released by the Planning Board and may be disbursed by the lender to the applicant upon completion of the work by said town. 

 

The lender and the applicant hereby agree that none of the funds retained as security, as specified herein, shall be disbursed to the applicant without prior written release of said funds by the Planning Board.

 

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

 

 

                                                                                                                                                            Chair   

Signature of applicant

                                                                                                                                                                       

 

                                                                                                                                                                       

 

                                                                                                                                                                       

Signature of authorized representative

of the lender                                                                                                                                         

                                                                                    Signatures of a majority of the Planning Board

                                                                                    of the Town of Belchertown

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 lender 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

Bank               

Town Clerk

File