Document:

Exhibit 10.3

 

ASSIGNMENT AND ASSUMPTION AGREEMENT

 

THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (this “Assignment”) is executed as of  this      day of July, 2017, by and between Michael F. Iodice, Jr., Trustee of the M.J. Realty Trust II u/d/t dated November 14, 1980 and recorded with the Middlesex South District Registry of Deeds in Book 15893, Page 382, and filed with said Middlesex Registry District of the Land Court as Document No. 604171, as amended (“Assignor”) and Woodland Park Partners, LLC, a Delaware limited liability company (“Assignee”).

 

Background

 

Assignor has this day conveyed to the Assignee that certain real property commonly known as the Woodland Park Apartments, located at 264-290 Grove Street, Newton, Middlesex County, Massachusetts, and more particularly described in Exhibit A attached hereto (the “Premises”) and, in connection with the conveyance of the Premises, Assignor and Assignee intend that Assignor’s right, title, interests, powers, and privileges in and under all leases and security deposits affecting the Premises and other matters stated herein be assigned and transferred to Assignee.

 

Agreement

 

In consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1.                                      Leases.  Assignor hereby transfers and assigns to Assignee all of Assignor’s right, title and interest as landlord or otherwise in the leases with the tenant covering the Premises described in Exhibit B attached hereto and made a part hereof and any guaranties of such leases (each a “Lease” and collectively, the “Leases”).  By executing this Assignment, Assignee hereby accepts and agrees to perform all of the terms, covenants and conditions of the Leases, and assumes all obligations, on the part of the landlord therein required to be performed, from and after the date hereof, but not prior thereto. Assignor also hereby transfers and assigns to Assignee all security deposits and interest accrued thereon through the date hereof, held by the Assignor relative to the Leases, as set forth in said Exhibit B attached hereto (the “Security Deposits”).  Assignor hereby reserves the right to collect and retain delinquent and unknown rentals under the Lease relating to the period prior to the date hereof.

 

2.                                      Contracts. Assignor hereby transfers and assigns to Assignee any and all right, title and interest which Assignor may have in the contracts listed in Exhibit C attached hereto and made a part hereof (collectively, the “Contracts”).  By executing this Assignment, Assignee hereby accepts and agrees to perform all of the terms, covenants and conditions of the Contracts, and assumes all obligations, on the part of Assignor therein required to be performed, from and after the date hereof, but not prior thereto.

 

3.                                      Successors and Assigns.  This Assignment shall inure to the benefit of, and be binding upon, the successors, executors, administrators, legal representatives and assigns of the parties hereto.

 

[The balance of this page is intentionally left blank/Signature Page(s) Follow]

 

 

IN WITNESS WHEREOF, this Assignment has been duly signed and sealed by the parties as of the date set forth above.

 

	
 
    	
ASSIGNOR:
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Michael F.   Iodice, Jr., Trustee of
    
	
 
    	
 
    	
M.J. Realty Trust II
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
ASSIGNEE:
    
	
 
    	
 
    	
 
    
	
 
    	
WOODLAND PARK PARTNERS,   LLC,
    
	
 
    	
a Delaware limited   liability company
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
NewReal, Inc., a   Massachusetts corporation,
    
	
 
    	
 
    	
its Manager
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Ronald Brown, President
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Harold Brown, Treasurer
    
				

 

 

EXHIBIT A

 

Legal Description

 

Those certain parcels of land in Newton, Middlesex County, Massachusetts, with the buildings and improvements thereon, bounded and described as follows:

 

	
WESTERLY:
    	
By the easterly line of Grove Street,   five hundred seventy-seven and 62/100 (577.62) feet;
    
	
 
    	
 
    
	
NORTHWESTERLY:
    	
By the Southeasterly line forming the   junction of said Grove Street and Seminary Avenue, twenty-six and 29/100   (26.29) feet;
    
	
 
    	
 
    
	
NORTHERLY:
    	
By the Southerly line of said Seminary   Avenue, one hundred thirty-three and 89/100 (133.89) feet;
    
	
 
    	
 
    
	
NORTHEASTERLY,
    	
 
    
	
NORTHERLY AND
    	
 
    
	
NORTHEASTERLY:
    	
By Seminary Avenue, by several lines   and measuring together as shown on Land Court Plan 14291C hereinafter   mentioned, five  hundred forty-nine and 37/100 (549.37)   feet;
    
	
 
    	
 
    
	
SOUTHEASTERLY:
    	
By lot Cl on said plan, two hundred   seventy-eight and 59/100 (278.59) feet and by land now or formerly of   Woodland Golf Club four hundred eleven and 8/100 (411.08) feet; and
    
	
 
    	
 
    
	
SOUTHWESTERLY:
    	
By land now or formerly of the   Boston & Albany Railroad, three hundred seventy-nine and 59/100   (379.59) feet.
    

 

Said parcel is shown as Lots A-1, B-1 and parcel designated “Woodland Homes, Inc. Registered Land Court Plan 14291C” on a plan entitled “Subdivision of Land Newton Mass.”, dated December 19, 1952, by A. Coletti, Surveyor, recorded with Middlesex South Registry of Deeds, Book 8013, Page 104.

 

The parcel hereby conveyed is subject to an easement for sewer and drain as set forth in instrument dated July 8, 1965, recorded with said Registry in Book 10870, Page 481, and registered as Document No. 421068. The unregistered portion of said parcel is subject to restrictions contained in a deed from Boston & Albany Railroad Co. to Boston Consolidated Gas Company dated June 3, 1930, recorded with said Registry in Book 5473, Page 424.

 

There is included in said parcel, a parcel of registered land bounded and described as follows:

 

	
WESTERLY:
    	
by the Easterly line of Grove Street,   one hundred forty-nine (149) feet;
    

 

 

	
NORTHWESTERLY:
    	
by the southeasterly line forming the   junction of said Grove Street and Seminary Avenue, twenty-six and 29/100   (26.29) feet;
    
	
 
    	
 
    
	
NORTHERLY:
    	
by the Southerly line of said Seminary   Avenue, one hundred thirty-three and 89/100 (133.89) feet;
    
	
 
    	
 
    
	
NORTHEASTERLY,
    	
by Seminary Avenue, by several lines   measuring together as shown on plan hereinafter mentioned, five hundred   forty-nine and 37/100 (549.37) feet;
    
	
NORTHERLY and
    
	
NORTHEASTERLY:
    
	
 
    	
 
    
	
SOUTHEASTERLY:
    	
by lot Cl on said plan, two hundred   seventy-eight and 59/100 (278.59) feet; and
    
	
 
    	
 
    
	
SOUTHWESTERLY:
    	
by land now or formerly of the   Boston & Albany Railroad Co., five hundred seventy-six and 13/100   (576.13) feet.
    

 

All of the boundaries of said registered land are determined by the Court to be located as shown on a subdivision plan, as approved by the Court, filed in the Land Registration Office, a copy of which is filed in the Registry of Deeds for the South Registry District of Middlesex County in Registration Book 284, Page 353, with Certificate 42458, on which this parcel is shown as Lot A.

 

Excepting from the above described premises, so much of the land as was conveyed to the City Newton for the widening of Grove Street by Deed dated July 8, 1965, recorded with said Registry in Book 10970, Page 483, and filed with said Registry District as Document No. 421055, shown on the plan recorded therewith as Plan No. 871 of 1965.

 

Together with rights of way in the ‘Way” in Seminary Avenue and set forth in Certificate of Title No. 31936.

 

 

EXHIBIT B

 

Leases and Security Deposits

 

 

EXHIBIT C

 

Assigned Contracts

 

1. Agreement with The Electricians & Co, Inc. (Fire Alarm System)

 

2. Lease Agreement dated November 1, 1974 with Automatic Laundry Services Co., Inc. (Laundry Services)Exhibit 10.4

 

PROMISSORY NOTE

 

	
Boston,   Massachusetts
    	
Date: As of   July 6, 2017
    
	
$16,000,000.00
    	
 
    

 

FOR VALUE RECEIVED, NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP, a Massachusetts limited partnership with an address c/o The Hamilton Company, Inc., 39 Brighton Avenue, Boston, Massachusetts 02134 (“Maker”), hereby covenants and promises to pay to HBC HOLDINGS, LLC, a Massachusetts limited liability company with an address c/o The Hamilton Company, Inc., 39 Brighton Avenue, Boston, Massachusetts 02134 (“Payee”), or order, at Payee’s address first above written or at such other address as Payee may designate in writing, $16,000,000.00, or so much as is outstanding on the Maturity Date (as hereinafter defined) lawful money of the United States of America, together with interest thereon computed at the rate of 4.75% percent per annum, on an actual day/360 day basis (i.e., interest for each day during which any of the principal indebtedness is outstanding shall be computed at the aforesaid rate divided by 360).  The Maker shall pay interest only during the term of this Note.  Interest shall accrue until the earlier of repayment of the loan or before July 6, 2018 (the “Maturity Date”). Notwithstanding the foregoing, all outstanding principal and interest shall be due and payable to the Payee on the earlier of (i) the date on which Woodland Park Partners, LLC, a Delaware limited liability company and a wholly-owned subsidiary of Maker, enters into a mortgage lender financing of that certain real property and improvements thereon located at 246-290 Grove Street, Newton, Massachusetts; or (ii) the Maturity Date.

 

Maker covenants and agrees with Payee as follows:

 

1. Maker will pay the indebtedness evidenced by this Note as provided herein.

 

2. This Note is secured by a Pledge Agreement of even date herewith (the “Pledge Agreement”), which Pledge Agreement encumbers certain interests of the Maker, as more particularly described in the Pledge Agreement.

 

3. The obligations of Maker under this Note are subject to the limitation that payments of interest shall not be required to the extent that the charging of or the receipt of any such payment by the holder of this Note would be contrary to the provisions of law applicable to the holder of this Note limiting the maximum rate of interest which may be charged or collected by the holder of this Note.  In the event Maker receives a demand for payment from the holder of this Note that includes interest in excess of the maximum amount permitted by law, any such excess shall be deemed a mistake, and if such excess payment is received by the holder of this Note, such excess payment shall be applied to the outstanding principal balance of this Note.

 

4. The holder of this Note may declare the entire unpaid amount of principal and interest under this Note to be immediately due and payable if Maker defaults in the due and punctual payment of any installment of principal or interest hereunder. Upon default or maturity, 

 

 

Payee will provide a ten (10) day notice stating that the Mortgage and this Note are in default and is thus immediately accelerated.

 

5. Maker shall have the right to prepay the indebtedness evidenced by this Note, in whole or in part, without premium or penalty.

 

6. Maker, and all guarantors, endorsers and sureties of this Note, hereby waive presentment for payment, demand, protest, notice of protest, notice of nonpayment, and notice of dishonor of this Note. Maker and all guarantors, endorsers and sureties consent that Payee at any time may extend the time of payment of all or any part of the indebtedness secured hereby, or may grant any other indulgences.

 

7. Any notice or demand required or permitted to be made or given hereunder shall be deemed sufficiently made and given if given by personal service or by Federal Express courier or by the mailing of such notice or demand by certified or registered mail, return receipt requested, with postage prepaid, addressed, if to Maker, at Maker’s address first above written, or if to Payee, at Payee’s address first above written. Either party may change its address by like notice to the other party.

 

8. This Note may not be changed or terminated orally, but only by an agreement signed by the party against whom enforcement of any change, modification, waiver, or discharge is sought. This Note shall be construed and enforced in accordance with the laws of the Commonwealth of Massachusetts.

 

<Signature Page Attached>

 

2

 

IN WITNESS WHEREOF, Maker has executed this Note on the date first above written.

 

	
 
    	
MAKER:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
NEW ENGLAND REALTY ASSOCIATES
    
	
 
    	
LIMITED PARTNERSHIP, a Massachusetts
    
	
 
    	
limited partnership
    
	
 
    	
 
    
	
 
    	
By: NewReal, Inc., a Massachusetts corporation, its
    
	
 
    	
General Partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Ronald Brown, President
    

 

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