First Amendment Recorded Regulatory Agreement Sk 23065 Fo162 040006
O7QQ-25--2008 & 03252P
FIRSTREGFNT
ULATR YNA�EI (NT
Reference is hereby trade to a certain Regulatory Agreement("Original Agreement')
dated October 16,2006,recorded on October 23,2006 in the Barnstable Registry of Deeds in
Book 21452,Page 74,and entered by and between Daniel Adams as Developer and the Town of
Barnstable("Town"),a municipal corporation,pursuant to Section 240-24.1 of the Barnstable
Zoning Ordinance and Chapters 9 and 168 of the Barnstable Code:
WITNESS:
WHEREAS,in the interim,ownership of the Property as referenced in the Original Agreement,
320 Stevens Street,Hyannis was transferred from the therein referenced then owner,Ginsberg
Asset Management,LLC to the current owner,Flagship Estates Hyannis,LLC;
WHEREAS,under the terms of the Original Agreement the term"Developer"included both the
then owner of the Property,Ginsberg Asset Management,LLC and the now owner of the
property,Flagship Estates Hyannis,LLC("Developer");
WHEREAS,due to certain changes in circumstances and market conditions that could not be
anticipated at the time of the Original Agreement,Developer and Town have agreed to certain
minor modifications to the Original Agreement;
WHEREAS,the Barnstable Code authorizes the Town Manager to enter into,make and execute
minor modifications to Regulatory Agreements on behalf of the Town;
NOW,THEREFORE,in consideration of the agreements and covenants hereinafter set forth,and
other good and valuable consideration,the receipt and sufficiency of which are hereby
acknowledged each party to the other,the Developer and Town do hereby agree to amend the
Original Agreement and covenant as follows:
The existing Paragraph 2 of the Original Agreement shall be stricken and the following new
Paragraph 2 shall be substituted therefore in its place:
2. Developer agrees to construct the development consistent with the plans entitled"Site
Plan,320 Stevens Street,Hyannis,Massachusetts,"prepared for Ginsberg Asset
Management,LLC,dated December 12,2005 as revised through March 14,2006,sheets
1 through 8 and AS BUILT AND PHASE 2 LANDSCAPE PLAN",dated April 28,2008 and
last revised April 30,2008.
The existing Paragraph 3 of the Original Agreement shall be stricken and the following new
Paragraph 3 shall be substituted therefore in its place:
3. Developer shall be permitted to locate one of the three affordable housing units off-site,
within the Town of Barnstable,as set forth in this Agreement.
The existing Paragraph 4 of the Original Agreement shall be stricken and the following new
Paragraph 4 shall be substituted therefore in its place:
4. Developer shall provide the three affordable housing units for sale as follows:
a) Two of the three units shall have a minimum of one bedroom containing a minimum
of 1,200 square feet of habitable space.
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b) One of the three units shall have a minimum of two bedrooms containing a minimum
of 1,500 square feet of habitable space.
c) Each unit shall contain a minimum of 1.5 bathrooms.
d) Interior features of the affordable limits shall comply in all respects with the minimum
design and construction guidelines of the guidelines of the Local Initiative Program
of the Department of Housing and Community Development.
e) Any affordable unit to be located off site does not have to be a newly constructed unit
but shall be comparable in construction to the market rate units located at 320
Stevens Street,Hyannis„MA
The existing Paragraph 10 of the Original Agreement shall be stricken and the following new
Paragraph 10 shall be substituted therefore in its place:
10. Developer agrees to construct the Development within three years from the effective date
of this Agreement. The duration of this Agreement is three(3)years.
The existing Paragraph 12 of the Original Agreement shall be stricken and the following new
Paragraph 12 shalI be substituted therefore in its place:
12. Prior to the issuance of the certificate of occupancy for the sixteenth unit constructed and
located at 320 Stevens Street,Hyannis,MA,the following conditions shall have been met
with respect to one of the one bedroom and one of the two bedroom affordable units
required to be provided as set forth in Paragraph 4a)and 4b)above:
a)The affordable dwelling units have been approved by the DHCD as eligible for the
Affordable Housing Inventory under 760 CUR 45.00,the LIP Program.
b)Developer demonstrates that the approved affordable housing units have been sold to a
governmental entity or non-profit organization and affordable housing restrictions and
monitoring services agreements,in a form acceptable to the Town Attorney,have been
recorded at the Barnstable Registry of Deeds.
c)Developer demonstrates compliance with all requirements of the Site Plan Approval
dated June 30,2006.
Prior to the issuance of the certificate of occupancy for the eighteenth unit constructed
and located at 320 Stevens Street,Hyannis,MA,the Developer shall comply with the
above requirements a),b)and c)and all other requirements set forth or referred to
throughout the remainder of this Agreement with respect to the remaining one bedroom
affordable unit required to be provided under Paragraph 4a)above.
IN WITNESS WHEREOF,the parties have hereunto caused this First Amendment to
Re latory Agreement to be executed on this d y of July,2008.
Town oLstable Devel t sip states H nnis LLC
By:John C.Klimm Jeffre C.O'Neill,Manager
Town Manager
APPROVED AS TO FORM
Rutho Attomey/
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COMMONWEALTH OF MASSACHUSETTS
Norfolk,ss. 9
yj
On this Z3 day of July, 2008, before me, the ersi notary bli personally
appeared Jeffrey C. O'Neill,Manager of Flagship fists Hyaf s,LLC pers (ally to me
to be the person whose name is signed on the prece . g or< ched docm 1t,: cknow ged
to me that he signed it voluntarily for its stated se.
niel M.Creedon,In,Notary Public
My commission expires:4/14/11
44 DANIEL M.CREEDON III
Tucom=cw�
Apil 14,20if
BARNSTABLE REGISTRY OF DEEDS