HomeMy WebLinkAbout1980-09-08 284 AH ORDER284 AH
Introduced by Councilor Soucy, September 8, 1980
CITY OF BANGOR
(TI)EE,) wrbgrr utho i ing,Executlon of an Op[ on Agreement for Parcels
H-1 (a) and H-1 (c) located in the Hancock -York Neighborhood Development
Project.
By the City Cnuaeib of the Clly 4f8axovo
ORDERED.
THAT WHEREAS, on Sunt 9, 1980, the Bangor City Council desig-
nated the Congregation Beth Abraham Anshe Sphard (hereinafter as
"Developer') as the tentative developer of parcels identified as H -1(a)
and H -1(c) on a plan prepared by the City of Bangor Engineering Depart-
ment entitled "Hancock -York NDP, Parcels I1-1, R-1, R-2, R-3, and R -C,
a copy of which is on file in the Office of the City Clerk; and
WHEREAS, parcel H -1(a) has been released from the Option
Agreement between the City of Bangor and C 5 S Associates; and
WHEREAS, the redevelopment proposal submitted by the
DEVELOPER has received preliminary approval from the Design Review and
Site plan Review Committee pursuant to the duly approved and adapted
Community Development Program Redevelopment Plan for the Hancock -York
Neighborhood Development Project;
NOW, THEREFORE, BE IT ORDERED BY THE CITY COUNCIL OF THE
CITY OF BANGOR, THAT the City manager is hereby authorized to execute,
on behalf of the City of Bangor, an option agreement for said parcels
H -1(a) and H-l(c), the terms of which shall be substantially, if not
completely, s milar to the Option Agreement relative to this matter on
file in the Office of the City Clerk; and
NOW, THEREFORE, BE IT FURTHER ORDERED BY THE CITY COUNCIL
OF THE CITY OF BANGOR THAT the City manager is hereby authorized to take
any and all action necessary to accomplish the conveyance of said parcels
to the DEVELOPER after the City Solicitor makes a determination that the
project is in full compliance with the terms and conditions of the
Option Agreement and the Redevelopment Plan;
NOW, THEREFORE, BE IT FURTHER ORDERED BY THE CITY COUNCIL
OF THE CITY OF BANGOR THAT the City Manager is hereby authorized to
accept title to,on behalf of the City of Bangor, the parcel designated
as H -1(b) on the aforementioned plan, said parcel to be conveyed to the
City by the Developer as partial consideration for the acquisition of
Parcels H-l(a) and H -1(c).
in city 0ouncil Sept. 811980
284 ILK
Passed
ORDER
TitLe,!
_ Authori. exsertlon of an opt ;on,,, '80 SEP —4 P3 53
agreement for percale H-1 (a )
.:................................ I... RECE',ai S
CITY Of BANWR
-mg[ Hd ('F0) located Sn-Ue HHaancock CITY CLERK
York Nen abb g,Aeu�e a oyproSact
OPPION. AGAEEMENP FOR PURCHASE OF W OOCH-TORR
NESGHBORHOOD DEVELIPMERT PROJECT LAND PARCELS H_1 (a) & H-1 (c)
9125 AGREEMENT is made this day of ,1980, by and between the City of
— Bangor, a municipal corporation located in the County of Penobscot, State of Maine
(hereinafter "CITY"), and Congregation Beth Abraham Anshe Sphard, o£ Hangar, County
of Penobscot, State of Maine (hereinafter "DEVg1APEA"),
WITSIMSETH:
WHEREAS, as a part of its duly adopted and approved C®unity Development Plan
the CITY has acquired the real property known as the Hancock -York Neighborhood Develop -
ant Project Parcel R-1 which is boarded On the west by Essex Street, on the north by
York Street, on the east by Boyd Street, and on the south by Hancock Street in Reagpor,
County of Penobscot, State of( Maine, all being more particularly described in Exhibit
A attached hereto and made a part hereof; and
WHEBEAS, the CITY has received and reviewed a proposal from the DEVELJPER for the
redevelopment parcels designated as H-1 (a) and H-1 (c) on Exhibit A (hereinafter
"Said Premises") for the construction of an addition to the existing Synagogue and an
off-street parking let on Said Promises; and
WHEREAS, the CITY wishes to acquire Pr® the DEVELAPEA the parcel designated as
H-1 (b) no Exhibit A; and
WHEREAS, in accordance with its Hancock -York Neighborhood Development Plan adopted
by the Bangor City Council on Jane 23, 1975, as emended on June 13, 1977, as encoded
on March 13, 1978, as amended on August 2$, 1978, and as further amended an March 26,
1979 (hereinafter "Development Plan"), attached hereto as Exhibit B ar3 made S, Part
hereof, the CITY has determined that the private development of Said Premises in accor-
dance with the provisions of this Option Agreement and the Development Plan would best
serve the interests of the citizens of the CITY;
NOW, THEREFORE, in consideration of the conveyance of H-1 (b) by the DEVELAPIIt
to the CITY and of the mutual conditions and covenants contained herein, the parties
agree as follows:
2
SECTION A. GRAFT OF OPPSOW
1. Grant of Option. The CM grants and the DEpEUJpER accepts an exclusive
option to purchase Said Premises for development in accordance with the terms of
this Option Agreement for Five -Thousand One -Hundred Six and 15/100 Dollars ($5,106.15)
to be paid in cash or its equivalent at the time of Closing on the sale of Said Pre-
mises, less the amount of One -Thousand Forty -Five and 80/100 Dollars ($1,045.80)
determined to be the monetary equivalent of the Conveyance of Parcel H-1 (b) to the
CITY.
2. Exercise of Option. To exercise its right to purchase Said Premises the
DEVELOPER shall notify the CITY in writing before expiration of this Option Agreement
or any extension.
3. Conveyance. Within 30 days, or such other time as the parties may agree
upon, of the CITY'S,re eipt of the DEVELOPER'S notice ander paragraph 2 above, the
CITY will convey all its right, title and interest in Said Premises to the DEYEI/JPER
by Municipal Q itclaim Deed, subject however to the conditions, restrictions, and
convenents contained in Section C below.
Wnile the CITY will not warrent or covenant title to Said Premises, it will em-
ploy every reasonable effort, including acquisition of any outstanding interests and
the exercise of its power of eminent domain under 30 M.R.S.A. § 94851-54, to resolve
title problems identified by the DEVELOPER prior to closing to the and that the
DEVELOPER is able to attain good and merchantable title to Said Premises. After
execution of this Option Agreement, the CITY will provide the DEVELOLER with abstracts
of title, prepared in accordance with the standaNs of the Mains State Har Association,
for all of the land comprising Said Premises to becontinued to date of closing.
4. Length of Option. This Option Agreement shall remain in effect from the
date hereof until April 1, 1981 , and may be renewed or extended only by vote of
the Bator City Council.
5. Option Extension. Any request for an extension of this Option Agreement be -
gond April 1, 1981 , shall he for a three (3) month extension, and such request mast
3
be approved by vote of the Saugus City Council before said date. The consideration
for any such extension shall be $200 for each calendar month, which shall be applied
to the purchase price of Said Premises. _
6. Right of Entry. During the option period and any renewal or extension thereof,
the DEVEDPgR spall have the right to enter upon Said Premises with men and machines
for the preparation of feasibility studies and construction plans. Such entry shall
be at the DEVEIDPER'S sole risk, and the DEVEDCPER covenants and agrees to hold the
CITY hasaless of any claims for personal injury or property damage suffered by reason
of his entry upon Said Premises. The DEVELOPER shall obtain liability insurance for
this purpose with the CITY as an additional named insured. The DEVELOPER shall also
notify the CITY'S Engineer prior to any such entry.
SECTION B. CONDITIONS PRECEDENT TO SALE OF SAID PRENTSKS
Prior to the sale of Said Premises the DEVELOPER shall complete the following:
1. Submission of plans. The development and use of Said Premises as incorporated
into the DEVEEOPER'S final plans shall be in general conformance with the set of plans
dated August 19, 1979, prepared by Team Designer's, Inc., entitled "Beth Abraham
Addition" and submitted to the CITY on August 29, 1979, a copy of which is on file
in the Community Development Office of the CITY and is hereby incorporated herein by
reference. It is agreed between the parties that the DEVELOPER has already received
the approval of the CITY'S Design Committee (hereinafter "Committee') of its pre-
liminary plans in the form specified by Section IS, paragraph G(1) of the Development
plan.
After approval of the preliminary plena, but no later than Nov. 1, 1980, the
DEVELOPER shall submit for the Committee's approval final plane and related drawings,
specifications, and documents in the form specified by Section IS, paragraph G (2)
Of the Development Plan. If revisions to the Pinel plass submitted are necessary,
the plans must be so revised and re- L submitted to the Committee for approval within
fifteen (15) days, but no later than 'Nov. 15, 1980.
4
2. Amendment to Final Plans. If the DEVEWFER_ desires to make any substantial
alterations in the final plans after their approval by the Committee, the DEVELOPER
shall submit the proposed change in writing to the Committee for its approval. If the
final plans, as modified by the proposed change, still conform to the requirement of
paragraph 1 of Section B hereof, the Committee shall not unreasonably withhold approval
of the proposed change. Rhe Committee shall either approve or disapprove the proposed
charge within ten (10) days after its submission and notify the DWSLOM of its
decision.
3. Construction Progress Schedule. Concurrently with the submission of the
final plans. the BEVELOIER shall submit a construction pxcgress sehedule to the
Committee fox its approval. Said progress schedule shall provide for the commence-
ment of construction within three (3) months after closing and, except as otherwise
provided in this Option Agreement, completion within twelve (72) months after such
date or such later date as the CITY may approve.
5
4. Evidence of Financing. The DMWPER shell provide the CITY with
written commitments fron acceptable lending institutions for both interim
construction financing and long-term financing of the proposed development as
_ — detailed in the plena referred to and approved under paragraphs 1 and 2 of
Section B hereof.
5. Evidence of Contraction Contract. The D}.NEISPSR shell provide the
CIS with a certificate executed by the DEVEDlFER and his general contractor
for construction of the development certifying to the existence of the contract
for construction of the development in accordance with the provisions of
paragraphs 1 and 2 of Section B hereof.
6. Permit Requirements. Tae DEVELOPER shall obtain, and shall provide
satisfactory evidence thereof to the CITY, every permit, license, and govern-
mental approval necessary for comewencement and completion of said deveDgm®t
including, but not limited ton Barger Planning Board era State a Maine Board
of fnry ronmental Protection approvals if required.
SECTION C. C01'mITIM SUBSTRUEMl TO SALE OF SAID PREMISED
The folleming express conditions, covenants and restrictions will be
incorporated into and bee®ean express part of the Deed as acovenants runnier
with the IMO;
,1. Deed Covenants. It is intended and agreed, and the Deed shall so
expressly provide, that the express conditions, covenants, and restrictions
provided in Section C hereof shall be covenants "running with the land" and
that they shall be binding, to the fullest extent permitted by law and equity,,
for the benefit and in favor of, and enforceable by, the CPM end any successor
in interest to Said promises or any part thereof for the time periods specifically
prescribed herein for each.
2. Use Restriction. The DEVEIDPER agrees for itself, TIend every successor
in interest to Said Premises, or any part thereof, that Saiy Premises shall be
developed, and used in conformance with the "Zoning Ordinance oT the City of Bangor"
and any future amendsents thereto.
3. Amti-discrimination. The DEVELOPER agrees for itself, and every successor
in interest to Said Premises, or any part thereof, and the Deed shall contain es-.
press covenants on the part of the IEVEMoSS for itself, and such successors and
e signs, that the DEVESOPER, and such successors and assigns, shall not discriminate
upon the basis of race, color, creed, national origin, or saw in the sale, lease,
or rental, or the use or occupancy of Said Premises or any improvements erected
thereon. This covenant shall run in perpetuity. This covenant against discrimina-
tion shall be binding for the benefit and in favor of, and enforceable by, the CITY
and the United States of America against the DEVELOPER and every successor in interest
to Said Premises or any part thereof.
4. Ban on land Speculation. The DEVESOPEA represents and agrees that its
purchase of Said Premises end his other undertakins pursuant to this Option Agreement
are and will be used for the purpose of development o4 Said Premises in accordance
with paragraph 1 of Section R hereof and net for speculation in land holding{ pro-
vided that this covenant shall terminate upon the CITY'S issuance oY the Certificate
of Completion under paragraph 10 of Section C hereof.
7
5. APproval of lkansfer Prior to Completion. The DEVELOPER recognizes
that the qualifications and identity of the DEVEIIPER, and any successors in
interest, are of particular concern to the C=. The DEVELOPER farther recog-
mines that it is because of such qualifications and identity that the CITY is
entering into this Option Agreement and is willing to accept and rely "un the
obligations of the DEVELOPER for the faithful performance of all undertakings
and covenants to be performed by it. Therefore, the DEVEWM representsand
agrees for itself, its successors, and assigns that, except only by way of
security for the purpose of obtaining financing necessary to enable the DEVELOPER
or my approved successor in interest to Said Premises to perform its obligations
with respect to making the improvements under paragraph 1 of Section B hereof,
the DEVELOPER has not made or created, and that it will not prior to the CITY'S
issuance of the Certificate of Completion under paragraph IS of Section C
hereof, make or create, or suffer to be made or created, any total or partial
sale, assignment, conveyance or lease, or cry trust or power, or transfer in
any other mode or form of, or with respect to this Option Agreement for Said
Premises, on any part thereof, or interest therein, or em, contract or agree-
ment to do any, of the same without prior written approval of the CITY.
The CITY shall be entitled to require as conditions to any such
approval that;
(a) Any proposed transf area shall have the qualifications and
financial responsibility, as determined by the CITY by
written evidence submitted to it, necessary and adequate to
fulfill the obligations undertaken under paragraph 1 of
Section B hereof;
B
(b)
Aro proposed transferee, by instrument in writing satisfactory
-
to the CITY and in a form recordable in the Penobscot Registry
of Deeds, shall for itself and its successors and assigns
—
and expressly for the benefit oY the CITY, have expressly
assimed all of the obligations of the ttWHWPER under this
Option Agreement end agreed to be subject to all of the -
conditions and restrictions to which the DEVEUM is subject
under Section C hereof{ and
(c)
The consideration payable for the transfer by the transferee
or an its behalf shall not exceed an amoant representing the
-
actual cost to the DEVESQPER of Said Premises -end the improve-
ments, if any, theretofore made thereon by it; it being the
intent of this pr sdon to preclude assignment of the agree-
ment or transfer of Said Premises for profit prior to the
CITY'S issuance of the Certificate of Completion under para-
.
- graph 10, and to provide that in the event that any such
assignment of transfer is made the CITY shall be entitled to
increase the purchase price to the DEVEWEER by the amount
that the consideration payble for the assigrwent or transfer
is in excess of the amount that may be authorised pursuant to
this subparagraph (c) and such consideration shs11, to the
extent that it is in excess of the amount so authorized, belong
and forthwith be paid to the CI=.
All
covenants contained in this paragraph 5 shall terminate upon the
CITt'S issuance of the Certificate oP Completion under paragraph 10.
0
6. Mortgages prior to completion of improvements.
(a) prior to the completion of the improvements as certified by
the CITY, neither the DEVELOPER nor any, successor in interest to the Said
premises or any part thereof shall engage in say financing or any other trans-
action creating any, mortgage or any other encumbrance or lien upon Said Premises,
whether by express agreement or operation of law, or permit any encumbrance or
lien to be made on or attached to Said promises, except for the purpose of
obtaining fonds necessary for making improvements a,W additional funds not to
exceed the purchase price of Said Premises paid by the DEVELOPER to the CITY.
The DEVELOPER shall notify the CITY in advance of any mortgage financing it pro-
poses to enter into with respect to Said Promises, and of any encumbrance or lien
that has bean created on or attached to Said Promises, whether by voluntary act
of the DEVELOPER or otherwise. For the purposes of such mortgage financing as
may be made pursuant to this agreement, Said Premises may, at the option of the
DEVELOPER or successor in interest, be divided into several parts or parcels,
provided that such subdivision, in the opinion of the CITY,is act inconsistent
with the purposes of the Developnent Plan and the uses and improvements provided
.orr urn this Option Agreement.
(b) The holder of any, mortgage authorized by this Option Agreement,
including any such holder who obtains title to Said Promises or any part thereof
as a result of foreclosure proceedings or action in lieu thereof, shall not be
obligated by the provisions of this Option Agreement to construct or complete the
improvements or to guarantee such construction or completion. No covenant or any
other provision in any dead shall be construed so to obligate eery such holder.
However, neither such holder nor its successors or assigns shall be authorized
to devote Said Premises or any part thereof to any uses, or to construct say,
improvements thereon, other than those uses or improvements provided or authorized
in this Option Agreement.
All covenants contained in this paragraph 6 shall tesminete upon the CITY'S
issuance of the Certificate of Completion under paragraph 10.
'I. Notice a default to mcrtgegee.
(a) Whenever the CITY shall deliver or make any, notice or demand to
the DEVELOPER with respect to any breach or default by the DEVELOPER in its
obligations or covenants under this Option Agreement, .the CITY shall at the
same time deliver to each holder of record of any mortgage authorized by this
agreement a copy of such notice or demand. Each such holder shalt, insofar as _
the rights of the CITY are concerned, haw the right at its option to cure such
breach or default and to add the cast thereof to the mortgage debt and the lien
of its mortgage. However, if the breach or default is with respect to Construction
of the imprmementa, such holder may not undertake or continue the construction
or completion a the improvements beyond the extent necessary to conserve or
protect improvements or construction already made withcut first having expressly
assumed in writing the obligation to the CITY to complete, in the manner provided
an this Option Agreement, the improvements on Said premises or the part thereof
to which the lien or title of such holder relates, and having s omitted evidence
satisfactory to the CITY that it has the qualifications and financial responsibility
necessary to perform such obligation. Any such holder who shall properly complete
the improvements relating to Said Premises or applicable part thereof shall be
entitled, upon written request made to the CPM, to a certification by the =
to such effect in a maun r provided in paragraph 10 of this Option Agreement.
Snch certification ahall, if so requested by such holder, provide that any remedy
with respect to revesting of title to Said Pxemdses that the CITY shall have
because of failure of the DEVELOPER to cure any default with respect to the
fps
contraction of the improvements on Other parts of parcels of Said Premises,
or because of say other default in or breach Of this Option Agreement by the
DSJEIAPER, Shall not apply to the part or parcel of Said Premises to shies such
certification relates.
(b) If subsequent to default by the imVEIAPER under this Option
Agreemeat, the holder Of any mortgage on Said Premises or part thereof does not
exeredae the option to construct or complete the improvements relating to Said
Premises or part thereof covered by its mortgage or to which it has ootained
title within 60 days after the holder has been notified of the default or under-
takes completion Of the improvements but does not complete construction within
the period as agreed upon by the CITY and such holder, the CM shall have the
option of paying to the holder the amount of the mortgage debt and securing an
assignment oy such debt and Of the mortgage. If Ownership of Said Premises or
part thereof has vested in such holder by way of foreclosure Or action im lieu
thereof, the CIYY shall be entitled, as its option, to a conveyance tO it of
Said Premises or part thereof upon payment to such holder of an amount aqual to
the s,m of the mortgage debt at the time of foreclosure or action in lieu thereof
less all appropriate credits, including those resulting £rem collection and
application of. rentals received dnri.ng foreclosure proceedings; all expenses
with respect to the foreclosure; the net expenses, exclusive of general over-
head, incurred by such holder in and as a direct result of the subsequent
management of Said Premises; the cost of any improvements made by such holder;
sed an amount equivalent to the interest that would have accrued On the aggregate
of such amounts had all such amounts become part of the mortgage debt and such
deot had coutivead in existence until such acgaisitim by the CITY.
IS
(c) In the event of a default by the DEVELOPER in its obligations
under say mortgage or other instrument creating an eacuabrance upon Said Premises
or part thereof prior to completion of improvements the CITY may at its option
core such default or breach. In such case the CITY shall be entitled, in addition
to and without limitation upon any other remedy to which it shall be entitled by
this Option Agreements operation of laws or otherwise, to reimbursement from the
DEVELOPER or successor in interest of all mets end expenses incurred by the CI1Y
in curing such default or breach, end to a lien upon Said Premises or part there-
of to which the mortgages enc travce, or lien relates to secure such reimburse -
Ment.
(d) For the purposes of this and other paragraphs of this Option
Agre®eat, the term holder in reference to a mortgage shall be deemed to include
any insurer or guarantor oP any obligation or condition secured by such mortgages
including but not limited to the Federal Rousing Commissioners the Administrator
of Veterans Affairs and any successor in office of either such official.
All covenants contained in this paragraph 7 shall terminate upon the
CITY's issuance of the Certificate of Completion under paragraph 10.
8. Title Reversion for Default prior to Completion. In the event that
prior to the CITY'S issuance of the Certificate of Completion under paragraph
10 of Section C haseo£:
(a) The DEVEIAPERs or its successor in interest: or assign, shall
default in or violate its obligations with respect to the
construction of the improvaments (including the nature and the
dates for the beginning and completion thereof), or shall
abandon or substantially suspend construction works and any
such defaults violations bandenments or suspension shall
(b)
(e)
U
mot be cured, ended, or remedied within three (3) months
(six (6) months, i the default is with respect to the date
for completion of the improvements) after written demand by
the CITY to do soy or
Me DEV FEP, or its successor in interest or assign, shall
fail to pay real estate taxes or assessments an Said Premises
or any part thereof when due, or shall place thereon any
encumbrance or lien unauthorized by Section C hereof, or
shall suffer any levy or attachment to be made, or any
materialmen's or mechanics' lien, or any other unauthorized
enambrance or lien to attach, end such texas or assessments
shall not have been paid, or the nu Drance or lien removed
or discharged or provision satisfactory to the CITY made for
such payment, removal, or discharge, within thirty (30) days
after written demand by the CITY to do so; or -
1 e p8V WpSR, or its successor in interest or assign, shall
file a petition in bankruptcy or be declared bankrupt or
insolvent, or any assigemant shell be made for the benefit
of creditors, or an involuntary petition for benuuptcy shall
be filed, or a receiver, trustee in banvuptcy or similar
officer shall be appointed to take charge of all or any sub-
stantial part of the p8p8I RTS property, and such petition,
assignment, or appointment is not dismissed or released within
thirty (30) days of the date the petition is filed or the
assignment or appointment is made; or
i4
(d) There. is, in violation of Section C hereof, any transfer of
the Said Promises or any part thereof, or any bange in
ownership of the DEVELOPER, except as expressly permit^ed in
_ paragraph 5 of Section C hereof, and such violation shall not
be cured within thirty (30) days after written demand by the
CITY to the DEVELOPER:
then the CM shall have the right to re-enter and take possession of the Said
promises and to terminate and revest in the CITY the entire estate conveyed by
the Deed to the DEVELOPER as if no deed had ever been given; it being the intent
of this provision, together with other provisions of Section C hereof, that the
conveyance of the Said Promises to the DF.UEWFE6 shell be made upon, and that
the Deed shell contain, a condition subsequent to the effect that in the event _
of any default, -failure, violation, or other action or inaction by the DM OPER
specified in subparagraphs (a), (b), (c), aM (d) of paragraph 6 of Section C
hereof, failure on the part of the DEVE AR to remedy, end, or abrogate such
default, failure, violation, or other action or inaction, within the period
axsI in the sooner stated insuch subparagraphs, the CITY at its option may
declare a termination in favor of the CITY of the title, and of all the rights
and interests in arta to the Said Promises conveyed by the Deed to the DEVELOPER,
and that such title and all rights and interests of the DEVELOPER, and a@q
assigns or successors in interest to and in Said Promises shall revert to the
CITY. provided, however, that such condition subsequent and any revesting of
title as a result thereof in the CITY shall always be subject to and limited
by, and shall not defeat, render invalid or limit in any, way: (i) the lien
of any mortgage authorized by Section C hereof, and (11) ayy rights or
interests provided in Section C for the protection of the holders of such
C
mortgages.
15
The CITY shall have the right to institute such actions or proceedings
as it may de® desirable for effectuating the purposes of this paragraph 8
including also the right to execute and record or file among the public land
_records in the office in which the Deed is recorded a written declaration of
the termination of all the right, title and interest of the DSVRiIJFER, its
successors in interest and assigns, in Said Premises and the revesting oY title
thereto is the CITY; provided, however, that any delay by the CITY in instituting
or prosecuting any Such actions or proceedings or otherwise asserting its rights
under Section C hereof shall not operate as a waiver of such rights or to
deprive it of or limit such rights in any way.
The express conditions, covenants, end restrictions contained in
this paragraph 8 shall terminate upon the CITY'S issuance of the Certificate
of Completion under paragraph 10.
9• Disposition Upon Reversion. Upon the revesting in the CITY of title
to Said Promises or any pert thereof as provided in paragraph 8 of Section C,
the CITY shall in accordance with State law use its best efforts to resell Said
Premises or part thereof, subject to any existing mortgage liens, es soon and
in such rawer as the CITY shall find feasible and consistent with the objectives
of developing Said premises for residential use to a qualified and responsible
party or parties, as determined by the CITY, who will assure the obligation of
making or completing the improvements or such other improvements in their stead
as shall be satisfactory to the CITY.
Upon the resale of Said premises, the proceeds thereof shall be
applied:
(a) First, to reimburse the CITY for all costs and expenses
incurred by the CITY including but not limited to salaries
of personnel in connection with the recapture, management,
Fm
and resale of Said Premises or part thereof (but less any
incone derived by the CITY from the Said Premises or part
thereof); all taxes, assessments, water, sewer and other
utility charges with respect to Said Promisee or part thereof;
any payments made or necessary to be made to discharge any
encumbrances or liens existiag on Said Promisee or part
thereof at the time of revesting of title thereto in the
CITY or to discharge or prevent from attaching or being ride
any subsequent enc brances or liens due to obligatimm,
defaults, or acts oY the DEVELOPER, its successors or
assigns; any expenditures made or obligations incurred with
aspect to the making or completion of the improvements or
any part thereof on Said promises or pact thereof; and any
amounts otherwise owing the CITY by the B ELOPER and its
successor or assign; and
(b) Second, to reimburse the DEVELOPER, its successor or assign,
up to the amount equal to (1) the sum of the purchase price
paid by it for the Said Premises or part thereof and the cash
actually invested by it in making any of the improvements on
Said Premises or part thereof, less (2) any, gains or income
withdraw or made by it.
Any balance remaining after such relmbursemevt shall be retained by the CITY
as its property.
Tne express conditions, ccqa,ants, and restrictions contained in
this paragraph 9 shall terminate upon one C=tS issuance of the Certificate
of Completion under paragraph 10.
17
10. Certificate of Completion. Promptly after completion of the improvements
in accordance with the provisions of this Option Agreement, the CTTY will furnish
the DEVELOPER with an appropriate instrument to certifying. Such certification shall
be in such form as will enable it to be recca ed in the Penobscot Registry of Deeds.
_ The CITY'S issuance of the Certificate of Completion will constitute conclusive proof
of the satisfaction and termination of the express conditions, covenants, and re-
strictions contained in paragraphs 4, 5s 6, 7, 6, and 9 of Section C hereof.
If the CITY shall refuse or fail to provide such certification, the CM shall,
within thirty (30) days after written request by the DEVELOPER, provide the DEVEMEER
with a written states indicating in adequate detail in whet respects the DEVELOPER
has failed to complete the improvements in accordance with the provisions of this
Option Agreement end what measures will be necessary to obtain such certification.
11. Rotice. Any notice wider this option Agreement by either party to the other
shall be sufficiently given or delivered if it is dispatched by registered or certi-
fied mails postage prepaid, return receipt requested, or delivered personally, and
(i) in the case of the DEVELOPER, is addressed to or delivered personally
to: George Sinpalls Esq., Attorney for the DEVELOPER, One Merchants
Plaza, Bangor, Maine, 04101} and
(ii) in the ease of the CITY, is addressed to or delivered personally to
the CITY, c/o City Manager, City hall, 73 Harlow Street, Bangor,
Maines O41ol.
IN ETTMEES WHEREOF, the parties hereto have set their hands and seals this
day and year first written above,
Penobscot, as.
m
By
-Title City Manager
CONGREGATION BETH ABRPNNi AVEM i
By
Title
STATE OF MAIAE
1980.
Then personally appeared the above named John W. Flynn, in his capacity as
City Manager, and acknowledged the foregoing instrment to be his free act and deed
and that of the City of Bangor,
Before m ,
Justice of the Peace
Notary Public
Attorney at Law
STATE OF MAINE
Penobscot, so. a 1980.
nen personally appeared the above named . in his
capacity as , and acknowledged the foregoing instrument to be his
free act and deed end that of the Congregation Beth Abraham Anshe Sphaad,
Before me,
Justice of the Peace
Notary Public
Attorney at Law
/y 353, 383. 4�
94.//'
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