IMPORTANT NOTICE:
The Property known as 37 Millyard, Unit 14-204, Amesbury, Massachusetts (the "Property”) is encumbered by an affordable housing restriction enforceable under M.G.L. c. 184, § 32, whose terms are contained in a Housing Stabilization Fund Deed Developer Loan for Homeownership Project Deed Rider (the "HSF Deed Rider”) attached to the deed from Carriage Lofts, LLC to Sara-Beth Kevorkian, recorded in Essex South Registry of Deeds, Book 23911, Page 511. The purchaser of the Property will take title subject to the terms of the affordable housing restriction set forth in the HSF Deed Rider and shall be required, as a condition of purchase, to execute a new deed rider incorporating the terms of the HSF Deed Rider.
Potential purchasers should be aware of three (3) pertinent terms of the restriction:
1)
The Property is subject to a resale price restriction and can only be resold at an affordable price calculated by the Department of Housing and Community Development ("DHCD)” or the City of Amesbury (“City”). This will affect the value of the purchaser’s equity in the Property which will be lower compared to the potential equity value in an unencumbered property sold at the same price.
2)
The Property can only be resold by the purchaser to an income eligible purchaser determined and qualified by DHCD and the City; and
3)
All mortgages, including any mortgage granted in connection with the transfer of the Property pursuant to this sale or any later refinancing, or other encumbrances on the Property must be approved with prior written consent by DHCD and the City.
All parties are on notice that the foreclosure auction will be conducted subject to and in accordance with the terms and provisions of the above referenced restriction.