Terms of Sale: These premises are being sold subject to the Agreement dated December 6, 2023 between the Massachusetts Executive Office of Housing and Livable Communities (EOHLC), the successor agency to the Department of Housing and Community Development (DHCD), the City of Marlborough (Municipality) and NewRez LLC d/b/a Shellpoint Mortgage Servicing on behalf of Deutsche Bank National Trust Company, as Trustee for the Certificateholders of Soundview Home Loan Trust 2005-DO1 (the Lender) recorded at the Middlesex County (Southern District) Registry of Deeds on December 22, 2023, in Book 82339, Page 294. Reference is made specifically to APPENDIX B as follows:
IMPORTANT NOTICE:
The premises known as 149 Dicenzo Boulevard, Marlborough, Massachusetts (“property”) is encumbered by an affordable housing restriction enforceable under M.G.L. c. 184, § 32, whose terms are contained in a Local Initiative Program (‘LIP”) Deed Rider recorded wit Middlesex South Registry of Deeds, Book 26974, Page 195. The foreclosure auction will be conducted subject to and in accordance with the terms of an agreement between EOHLC, the Municipality, and the foreclosing mortgagee.
The purchaser of the Property will take title subject to the terms set forth in the LIP Rider, which among other terms, includes the following important terms:
1. The Property is subject to resale price restrictions and must be sold at an affordable price to a household at or below seventy percent (70%) of area median income as calculated by the Executive Office of Housing and Livable Communities (“EOHLC”) and the City of Marlborough (“Municipality”);
2. The property must be sold to an income eligible household qualified by EOHLC and the Municipality and who shall be required, as conditions of the purchase, to execute a new LIP deed rider approved by EOHLC and the Municipality and to occupy the Property during their term of ownership; and
3. All mortgages (including purchase money and refinance mortgages) or other encumbrances on the Property must be approved with prior written consent by EOHLC and the Municipality.
As a requirement of EOHLC’s LIP program, the purchaser of the Property must grant a performance mortgage to EOHLC securing the full performance of the purchaser’s obligations under a LIP Deed Rider.