4 Vacant Lots and a 5 Bedroom Home known as Lots 2,3,4,5 & 6 Farwell Street, Newton, MA. The following property will be offered at the Auction:
Lot 2: Vacant 10,060 SF Lot. Lot 3: Vacant 12,663 SF Lot. Lot 4 (aka 7 Farwell Circle): New 5 bedroom, 3.5 bath 4,000 SF home situated on a 13,854 SF lot. Lot 5: Vacant 15,508 SF Lot. Lot 6: Vacant 19,777 SF Lot.
If you would like to receive a Bidder Information Package then please sign and return the attached NDA/Non Reliance Agreement and return to Dan@Mclaughlinco.com. Upon receipt of a properly executed agreement we will email you a link to the evaluation materials.
THE PROPERTY WILL BE OFFERED FOR SALE IN THE FOLLOWING MANNER.
Lots 2, 3, 4, 5, and 6 are the only lots to be sold at the Sale and will be sold pursuant to Method 1 or Method 2, as described below:
Method 1:
Method 1(a): Lots 2, 3, 5 and 6 along with all Personal Property in connection therewith, if any there be, will be offered collectively for sale at public auction on the Real Property at 11:00 A.M. on July 19, 2023.
Method 1(b): Lot 4 (aka 7 Farwell Circle) along with all Personal Property in connection therewith, if any there be, will be offered separately for sale at public auction on the Real Property at 11:00 A.M. on July 19, 2023.
Method 2:
After Lots 2, 3, 5 and 6 pursuant to Method 1(a) and Lot 4 pursuant to Method 1(b) have been offered for sale separately in the order and manner set forth above, the Real Property consisting of Lots 2, 3, 4, 5, and 6 along with all Personal Property located thereon will thereafter be offered for sale in the entirety, on the Real Property at 11:00 A.M. on July 19, 2023.
If the highest bid for Lots 2, 3, 4, 5, and 6 as a single sale pursuant to Method 2 shall be equal to or exceed the cumulative total of the highest bids for Lot 4 and Lots 2, 3, 5 and 6 pursuant to Method 1, then the separate highest bids for Lot 5 and Lots 2, 3, 4 and 6 pursuant to Method 1 shall be voided, and Lots 2, 3, 4, 5, and 6 shall be sold to the highest bidder as a single sale pursuant to Method 2. If the highest bid for Lots 2, 3, 4, 5, and 6 as a single sale pursuant to Method 2 shall not equal or exceed the total of the cumulative highest bids for Lot 4 and Lots 2, 3, 5 and 6, respectively, as two separate sales pursuant to Method 1, then Lot 4 and Lots 2, 3, 5 and 6, respectively, will be sold separately to the highest bidders for Lot 4 and Lots 2, 3, 5 and 6, respectively, as separate sales pursuant to Method 1.
TERMS OF SALE. If the Mortgaged Property shall be sold in two separate sales pursuant to Method 1, the highest bidder for Lot 4 shall be required to make a deposit of TWENTY FIVE THOUSAND AND 00/100 DOLLARS ($25,000.00) and the highest bidder for Lots 2, 3, 5 and 6 shall be required to make a deposit of ONE HUNDRED THOUSAND AND 00/100 DOLLARS ($100,000.00) to the Mortgagee by certified check or bank cashier’s check (cash will NOT be accepted) at the time and place of the Sale as a non-refundable deposit. If the Mortgaged Property is to be sold as Lots 2, 3, 4, 5 and 6 in the entirety as a single sale pursuant to Method 2, the highest bidder shall be required to make a deposit of ONE HUNDRED THOUSAND AND 00/100 DOLLARS ($100,000.00) to the Mortgagee by certified check or bank cashier’s check (cash will NOT be accepted) at the time and place of the Sale as a non-refundable deposit. Regardless of the method of sale, the initial deposit of the highest bidder shall be increased to an amount which, when added to the amount of the initial deposit, is equal to ten percent (10%) of such highest bid at the Sale, and which amount is required to be paid to the Mortgagee by federal funds wire transfer of immediately available funds within ten (10) business days after the date of the Sale. All such deposits, as applicable, shall be at all times non-refundable. The balance of the amount of the highest bid if sold pursuant to Method 1 and the highest bids if sold pursuant to Method 2 is to be paid to the Mortgagee by federal funds wire transfer of immediately available funds in or within thirty (30) calendar days after the date of the Sale, WITH TIME BEING OF THE ESSENCE. The highest bidder shall be required to execute a sales agreement at the Sale containing the terms set forth herein and any additional terms set forth in the sales agreement or announced at the Sale.
The Mortgaged Property is to be sold together with, subject to, and with the benefit of, all easements, restrictions, covenants, orders of condition, building and zoning laws, unpaid taxes, tax titles, water bills, environmental liens or restrictions, municipal liens and assessments, unpaid condominium fees pursuant to Massachusetts General Laws Chapter 183A, as amended, the rights of tenants and parties in possession, existing encumbrances, any and assessments, and all other claims in the nature of liens, now existing or hereafter arising, having priority over the Mortgage and the Mortgagee’s security interest in the Personal Property, if any there be. The Mortgaged Property is also sold subject to the right of redemption of the United States of America, if any there be.
If the highest bidders for the Mortgaged Property, whether the Mortgaged Property is sold pursuant to Method 1 or Method 2, fails to fulfill such highest bidder’s obligations under the terms of a sales agreement to be entered into by such bidder with the Mortgagee immediately after the Sale, Mortgagee may, at its option, either assume such highest bid or sell the Mortgaged Property, or any portion thereof, as applicable, to the second highest bidder, provided that the Mortgagee in its discretion may require the second highest bidder to (i) within ten (10) business days after written notice to the second highest bidder of the default of the highest bidder, execute a sales agreement and simultaneously pay a deposit to the Mortgagee equal to ten percent (10%) of the second highest bid as a non-refundable deposit, and (ii) within thirty (30) days of said written notice, pay the balance of the second highest bid for the Mortgaged Property to the Mortgagee by federal funds wire transfer of immediately available funds, WITH TIME BEING OF THE ESSENCE. In the event that the highest bidder defaults under the sales agreement executed at the Sale, and the Mortgagee sells the Mortgaged Property, or any portion thereof, to the second highest bidder, the Mortgagee may, at its option, assume the second highest bid should the second highest bidder fail to fulfill its obligations under the sales agreement. No such assumption of the highest or second highest bid or sale of the Mortgaged Property or any portion thereof by the Mortgagee to such second highest bidder shall relieve the highest or second highest bidder, as applicable, from its obligations under their respective sales agreements nor operate as a waiver by the Mortgagee of its rights and remedies against the highest or second highest bidder at the Sale.