HomeMy WebLinkAbout2017 Rules and Regulations NANTUCKET LAND BANK COMMISSION o —4 Z
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Rules and Regulations Z
Governing the Conduct of Nantucket Land Bank Commission Proceedings "-'` Z
and the Application of the Transfer Fee to the Transfer of Any ' C
Real Property Interest within the County of Nantucket n
Pursuant to Nantucket Islands Land Bank Act 3 fl1
(Massachusetts Acts of 1983, Chapter 669, as Amended) ice
AMENDED EFFECTIVE JUNE 2, 2017
(AMENDING RULES AND REGULATIONS EFFECTIVE JULY 22, 2011,
AS AMENDED JULY 13, 2012,
REPLACING RULES AND REGULATIONS EFFECTIVE JULY 1, 2002,
AS AMENDED THROUGH SEPTEMBER 1, 2006,
WHICH REPLACED RULES AND REGULATIONS
EFFECTIVE FEBRUARY 12, 1990,
AS AMENDED THROUGH MAY 14, 1991)
TABLE OF CONTENTS
Page
SECTION 1-GENERAL 1
1.01 PURPOSE 1
1.02 EFFECTIVE DATE 1
1.03 DEFINITIONS 1
1.04 APPLICABILITY 5
1.05 AMENDMENTS 5
1.06 REGISTRY OF DEEDS 5
SECTION 2-SUBMISSION AND ACCEPTANCE OF REAL ESTATE TRANSFERS 5
2.01 FORMS AND DOCUMENTS REQUIRED 6
2.02 SUBMISSION COMPLETENESS 6
2.03 LAND BANK TRANSFER FEE 7
2.04 TRANSFERS OF INTERESTS IN ENTITIES 8
2.05 LEASES 9
2.06 REMAINDERS AND LIFE ESTATES 9
SECTION 3-REQUIREMENT OF SUPPLEMENTAL DOCUMENTATION 9
3.01 REQUESTS FOR ADDITIONAL INFORMATION 9
3.02 FAILURE TO COMPLY 10
3.03 DETERMINATION OF COMPLIANCE 10
SECTION 4-APPLICABILITY OF EXEMPTIONS FROM LAND BANK FEE 10
4.01 BURDEN OF PROOF 10
4.02 COMMISSION INTERPRETATION OF EXEMPTION APPLICABILITY 11
4.03 LAND BANK FEE EXEMPTIONS 11
4.04 THE "A" EXEMPTION 11
4.05 THE "B" EXEMPTION 11
4.06 THE "C" EXEMPTION 11
4.07 THE "D" EXEMPTION 12
4.08 THE "E" EXEMPTION 13
4.09 THE "F" EXEMPTION 13
4.10 THE "G" EXEMPTION 14
4.11 THE "H" EXEMPTION 14
4.12 THE "I" EXEMPTION 15
4.13 THE "J" EXEMPTION 15
4.14 THE "K" EXEMPTION 16
4.15 THE "L" EXEMPTION 16
4.16 THE "M" EXEMPTION 17
ii
TABLE OF CONTENTS (CONTINUED)
PAGE
4.17 THE"N" EXEMPTION 19
4.18 THE"0" EXEMPTION 19
4.19 ADVANCE RULINGS 21
SECTION 5- LIENS AND PENALTY AND INTEREST ASSESSED 21
5.01 LAND BANK LIENS 21
5.02 LIEN RELEASES 21
5.03 CALCULATING PENALTY AND INTEREST 22
SECTION 6-REFUNDS 22
6.01 PURCHASER REQUEST FOR REFUND 22
6.02 SIMPLE MATHEMATICAL ERRORS 23
SECTION 7-HEARINGS 23
7.01 DEFICIENCY ASSESSMENT 23
7.02 DEFICIENCY HEARING 23
7.03 HEARING DETERMINATION 24
7.04 SUBPOENAS 24
SECTION 8-COLLECTION OF THE FEE ON CERTAIN UNRECORDED TRANSFERS 24
8.01 PURPOSE 24
8.02 FORMS 25
8.03 AT TIME OF FILING,ALL UNPAID FEES ARE DUE AND PAYABLE 25
8.04 SPECIAL RULES APPLICABLE TO LENDERS 25
8.05 SPECIAL RULES APPLICABLE WHERE LAST RECORDED DEED PRECEDES 25
EFFECTIVE DATE
SECTION 9 - COLLECTION METHODS 25
EXHIBITS 26
DWLIBDBl300170.v2-I 141/00
SECTION 1-GENERAL
1.01 PURPOSE
The Nantucket Islands Land Bank Commission,pursuant to Section Three of Chapter 669 of the
Massachusetts Acts of 1983 (Nantucket Islands Land Bank Act) as amended,hereby adopts and
establishes the following Rules and Regulations for the conduct of its proceedings and the application of
the transfer Fee to transfers of any Real Property Interest within the County of Nantucket.
1.02 EFFECTIVE DATE
The 2011 Rules and Regulations Amended June 2,2017, of the Nantucket Islands Land Bank
Commission shall take effect on June 2, 2017, and apply to transfers occurring on or after that date.
Transfers of Real Property Interests prior to June 2, 2017, but after July 13, 2012, shall be governed by
the 2011 Rules and Regulations of the Nantucket Islands Land Bank Commission as Amended July 13,
2012, if applicable; transfers of Real Property Interests prior to July 13, 2012 but after July 22,2011,
shall be governed by the 2011 Rules and Regulations of the Nantucket Islands Land Bank Commission,
if applicable; transfers of Real Property Interests prior to July 22, 2011,but after July 1, 2002, shall be
governed by the 2002 Amended Rules and Regulations of the Nantucket Islands Land Bank
Commission, if applicable, and transfers of Real Property Interests prior to July 1, 2002, shall be
governed by the Rules and Regulations that took effect on February 12, 1990, if applicable. As of June
2, 2017, all prior regulations are hereby superseded by these 2011 Rules and Regulations amended July
13, 2012, and June 2, 2017.
1.03 DEFINITIONS
For the purposes of these Rules and Regulations the following words and phrases shall have the
meanings set forth below. For convenience,the definitions from the Act are set forth herein,together
with supplementary defined words.
"Act", shall refer to Nantucket Islands Land Bank Act, Chapter 669 of the Massachusetts Acts of 1983,
as amended from time to time.
"Affordable Housing Restriction" shall refer to " a recorded instrument held by a qualified holder which
encumbers or restricts a real property interest so that the real property interest is perpetually, or for a
term of at least 30 years, limited to use as a residence occupied by a low or moderate income household
that earns less than a specified income level, the upper limit of which may not exceed 175 per cent of the
Nantucket median income; provided, however, that a"qualified holder" shall be a governmental body or
charitable corporation or trust that qualifies under the terms of chapter 184 of the General Laws to hold
an affordable housing restriction as defined in section 31 of said chapter 184; and provided further,that
without limiting the generality of the foregoing, an affordable housing restriction shall include any
instrument that conforms to the requirements of: (i) a Nantucket housing needs covenant as described in
chapter 301 of the acts of 2002 and defined from time to time in the town of Nantucket code; or(ii) an
affordable housing restriction complying with the definition and other requirements of said chapter
184", as defined in Section One of the Act.
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"Commission", shall refer to "the Nantucket Islands Land Bank Commission, established by section
three of the Act", as defined in Section One of the Act.
"Control", "Controlling", and "Controlling Interest", shall have the meaning set forth in Securities
Exchange Commission Rule 405, Promulgated under the Securities Exchange Act of 1934, as amended,
stating the definition of these words as follows: "the possession, direct or indirect, of the power to direct
or cause the direction of the management and policies of a person, whether through the ownership of
voting securities, by contract, or otherwise."
"Corporation", shall refer to any entity organized under the law of any state or country which is taxable
as a corporation under the Internal Revenue Code, or which would be taxable thereunder as a
corporation if it had income subject to taxation under the Internal Revenue Code. Such entities shall
include without limitation corporations, limited liability companies which are taxed as corporations, and
so-called "Massachusetts business trusts".
"Deferred Payment Value" shall refer to the portion of Purchase Price consisting of any form of
deferred payments or deferred or contingent Real Property Interest. Deferred payments of valuable
consideration of any kind or nature or any deferred or contingent Real Property Interest shall be valued
at present value, discounting such payments to the Time of Transfer using the applicable interest rate(s)
and mortality tables published pursuant to Internal Revenue Code Section 7520 (or any successor
thereto) most recently published prior to the Time of Transfer.
"Entity", shall refer to any non-natural person which legally exists, including without limitation a
Corporation, a Partnership, a Trust, a limited liability company, or a limited liability partnership.
"Fee", shall refer to the two percent real estate transfer fee established under Section 10 of the Act or the
total of such Fees as are due pursuant to Subsection 8.03 of these Rules and Regulations.
"Form 1", shall refer to Nantucket Islands Land Bank Commission Form 1 Purchaser's Affidavit
Attesting to the True And Complete Purchase Price and stating any Exemption claimed from the Fee.
(Attached hereto as Exhibit 1)
"Form 2", shall refer to Nantucket Islands Land Bank Commission Form 2 Seller and/or Purchaser's
Affidavit as to entity ownership and Seller's Affidavit as to prior transactions. (Attached hereto as
Exhibit 2)
"Form A", shall refer to Nantucket Islands Land Bank Commission Form A Purchaser's Affidavit
supporting a claim of Exemption A. (Attached hereto as Exhibit A)
"Form B", shall refer to Nantucket Islands Land Bank Commission Form B Purchaser's Affidavit
supporting a claim of Exemption B. (Attached hereto as Exhibit B)
"Form C", shall refer to Nantucket Islands Land Bank Commission Form C Purchaser's Affidavit
supporting a claim of Exemption C. (Attached hereto as Exhibit C)
"Form D", shall refer to Nantucket Islands Land Bank Commission Form D Purchaser's Affidavit
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supporting a claim of Exemption D. (Attached hereto as Exhibit D)
"Form E", shall refer to Nantucket Islands Land Bank Commission Form E Purchaser's Affidavit
supporting a claim of Exemption E. (Attached hereto as Exhibit E)
"Form F", shall refer to Nantucket Islands Land Bank Commission Form F Purchaser's Affidavit
supporting a claim of Exemption F. (Attached hereto as Exhibit F)
"Form G", shall refer to Nantucket Islands Land Bank Commission Form G Purchaser's Affidavit
supporting a claim of Exemption G. (Attached hereto as Exhibit G)
"Form H", shall refer to Nantucket Islands Land Bank Commission Form H Purchaser's Affidavit
supporting a claim of Exemption H. (Attached hereto as Exhibit H)
"Form I-1", shall refer to Nantucket Islands Land Bank Commission Form 1-1 Purchaser's Affidavit
supporting a claim of Exemption I applicable to a new entity. (Attached hereto as Exhibit I-1)
"Form I-2", shall refer to Nantucket Islands Land Bank Commission Form 1-2 Purchaser's Affidavit
supporting a claim of Exemption I applicable to a previously existing entity. (Attached hereto as Exhibit
1-2)
"Form J", shall refer to Nantucket Islands Land Bank Commission Form J Purchaser's Affidavit
supporting a claim of Exemption J. (Attached hereto as Exhibit J)
"Form K", shall refer to Nantucket Islands Land Bank Commission Form K Purchaser's Affidavit
supporting a claim of Exemption K. (Attached hereto as Exhibit K)
"Form L", shall refer to Nantucket Islands Land Bank Commission Form L Purchaser's Affidavit
supporting a claim of Exemption L. (Attached hereto as Exhibit L)
"Form M", shall refer to Nantucket Islands Land Bank Commission Form M Purchaser's Affidavit
supporting a claim of Exemption M. (Attached hereto as Exhibit M)
"Form N", shall refer to Nantucket Islands Land Bank Commission Form N Purchaser's Affidavit
supporting a claim of Exemption N. (Attached hereto as Exhibit N)
"Form 0", shall refer to Nantucket Islands Land Bank Commission Form 0 Purchaser's Affidavit
supporting a claim of Exemption 0. (Attached hereto as Exhibit 0.)
"Forms", shall refer to Forms 1, 2, and A through 0, as applicable.
"Fund" (as defined in Section 1 of the Act) "shall refer to Nantucket Islands Land Bank Fund,
established under the provisions of section eight of the Act".
"Institutional Lender" (as defined in Section 1 of the Act) shall refer to "any bank defined in section one
of chapter one hundred and sixty-seven of the General Laws, any insurance company defined in section
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one of chapter one hundred and seventy-five of the General Laws, and any mortgage company or
investment company that made more than twenty mortgages in the calendar year preceding the year of
the relevant mortgage for the purposes of subsection (m) of section twelve of the Act, and any national
bank, federal savings and loan association, federal savings bank, bank holding company, or state or
federally chartered credit union".
"Internal Revenue Code", shall refer to the United States Internal Revenue Code of 1986, as amended.
Any reference in any Section of the Act or these Rules and Regulations to any provision of the Internal
Revenue Code of 1954, as amended, shall refer to the corresponding provision of the 1986 Code.
"Land Bank" (as defined in Section 1 of the Act) shall refer to "the Nantucket Islands Land Bank,
established by section two of the Act".
"Operation of Law", refers to the determination of rights and obligations through the automatic effects
of the law and not by any direct or voluntary act of the party affected.
"M Exemption Amount"(as defined in Section 12(m) of the Act) shall refer to an amount determined on
or before January 1 of each year by resolution of the Land Bank Commission after due analysis of the
range of real estate prices and in no event less than $400,000.
"Partnership", shall refer to any entity organized under the law of any state or country which is taxable
as a partnership under the Internal Revenue Code, or which would be taxable thereunder as a partnership
if it had income subject to taxation under the Internal Revenue Code. Such entities shall include without
limitation general partnerships, limited liability companies which are taxed as partnerships, limited
partnerships, and limited liability partnerships taxed as partnerships.
"Petition", shall refer to a written request signed by not less than twenty citizens within the County of
Nantucket.
"Purchaser" (as defined in Section 1 of the Act) shall refer to "the transferee, grantee or recipient of any
Real Property Interest".
"Public Entity", shall refer to any Corporation,Trust, Partnership, Limited Liability Partnership or
Limited Liability Company the ownership interests of which are publicly traded on a public exchange,
such as the New York Stock Exchange,American Stock Exchange or NASDAQ.
"Purchase Price" (as defined in Section 1 of the Act) shall refer to "all consideration paid or transferred
by or on behalf of a Purchaser to a Seller or his nominee, or for his benefit, for the transfer of any Real
Property Interest, and shall include,but not be limited to, all cash or its equivalent so paid or transferred;
all cash or other property paid or transferred by or on behalf of the Purchaser to discharge or reduce any
obligation of the Seller; the principal amount of all notes or their equivalent, or other deferred payments,
given or promised to be given by or on behalf of the Purchaser to the Seller or his nominee; the
outstanding balance of all obligations of the Seller which are assumed by the Purchaser or to which the
Real Property Interest transferred remains subject after the transfer, determined at the time of transfer,
but excluding real estate taxes and other municipal liens or assessments which are not overdue at the
time of transfer; the then fair market value, at the time of transfer, of any other consideration or thing of
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value paid or transferred by or on behalf of the Purchaser, including,but not limited to,any property,
goods or services paid, transferred or rendered in exchange for such Real Property Interest".
"Real Property Interest" (as defined in Section 1 of the Act) shall refer to any present or future legal or
equitable interest in or to real property, and any beneficial interest therein, including the interest of any
beneficiary in a trust which holds any legal or equitable interest in real property, the interest of a partner
or member in a partnership or limited liability company,the interest of a stockholder in a corporation,
the interest of a holder of an option to purchase real property, the interest of a buyer or seller under a
contract for purchase and sale of real property, and the transferable development rights created under
chapter 183A of the General Laws; but shall not include any interest which is limited to any of the
following: the dominant estate in any easement or right of way;the right to enforce any restriction; any
estate at will or at sufferance; any estate for years having a term of less than 30 years; any reversionary
right, condition, or right of entry for condition broken; and the interest of a mortgagee or other secured
party in any mortgage or security agreement.
"Seller" (as defined in Section 1 of the Act) shall refer to "the transferor, grantor or immediate former
owner of any Real Property Interests".
"Time of Transfer" (as defined in Section 1 of the Act) "of any Real Property Interest shall mean, the
time at which such transfer is legally effective as between the parties thereto, and, in any event,with
respect to a transfer evidenced by an instrument recorded with the appropriate registry of deeds or filed
with the assistant recorder of the appropriate registry district,not later than the time of such recording or
filing".
"Transfer Documents", shall refer to the original deed or other transfer instrument including but not
limited to; bills of sale, stock powers, certificates of limited partners, leases, and schedules of
beneficiaries, one copy thereof, together with Form 1 and all other Forms appropriate for the particular
transfer, completed and fully executed.
1.04 APPLICABILITY
The Rules and Regulations of the Commission shall apply to the transfer of any Real Property Interest in
any real property situated in the County of Nantucket.
1.05 AMENDMENTS
These Rules and Regulations or any portion thereof may be amended, supplemented or repealed from
time to time by the Commission after a public hearing. Such hearing may be held either by the
Commission on its own motion or by Petition.
1.06 REGISTRY OF DEEDS
Any reference in these Rules and Regulations to "recording" or "Registry of Deeds", or the like, shall
be interpreted to include references to either or both(as appropriate)of the unregistered land title
recording system and the analog of such words or phrases in the registered land title system.
SECTION 2-SUBMISSION AND ACCEPTANCE OF REAL ESTATE TRANSFERS
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2.01 FORMS AND DOCUMENTS REQUIRED
(1) The Commission hereby adopts the Forms attached hereto as the documents to be submitted to the
Commission in connection with the transfer of any Real Property Interest in any real property situated in
the County of Nantucket. These Forms are to be used in accordance with this Subsection 2.01.
(2) At the Time of Transfer of any Real Property Interest, the Purchaser shall submit to the Land Bank
the Transfer Documents, which shall include Form 1, Form 2 if either Seller or Purchaser is an entity,
and the Form pertaining to any exemption or exemptions claimed in connection with the Transfer.
(3) No filing of Transfer Documents will be complete unless all the Forms applicable to the Transfer are
filed, signed by the proper parties, and accompanied by all supplemental information and documents
required by the Forms. If a filing is not complete, the Land Bank may refuse to process the Transfer
Documents.
(4) Form 1 shall be executed by the Purchaser. When applicable, Form 2 shall be executed by the
Purchaser and/or the Seller. Form 2 and data submitted in response to Form 2, to the extent feasible,
shall be retained separate from public records maintained by the Commission, and shall not be public
records to the extent authorized by Section 9(b) of the Act or other applicable law.
(5) Forms executed by a party acting under a power of attorney, other than an attorney at law, shall be
accompanied by a power of attorney duly executed by the party. Form M and Form 0(Page 1)must be
signed by the Purchaser(s) only, and may not be signed under power of attorney or by an attorney at law.
2.02 SUBMISSION COMPLETENESS
(1) Pursuant to the fourth sentence of Section 10 of the Act, the Commission designates and authorizes
its Director, or the Director's designee,to review submissions for completeness on a preliminary basis,
make preliminary determinations of compliance with the Act and the requirements set forth herein, and
on a preliminary basis to "issue a Certificate indicating that the appropriate Fee has been paid or that the
transfer is exempt from the Fee, stating the basis for the exemption", as set forth in said Section 10 of
the Act. If an exemption is claimed,the Director, or the Director's designee, shall affix the
Commission's Certificate only if the transfer clearly qualifies for the exemption. Otherwise, no
Certificate shall be issued until the Fee is paid or the Commission reviews the transaction and finds that
the claimed exemption applies.
(2) After a Certificate is issued by the Director, or the Director's designee, in accordance with the
previous paragraph, the Commission shall review the action taken at a meeting of the Commission,held
within the time period set forth in Section 3.03 of these Rules and Regulations, and make a final
determination of compliance. Should the Commission disagree with the issuance of a Certificate stating
that the transaction is exempt, the Commission may use the lien procedure set forth in Section 5 of these
Rules and Regulations. Also, a Certificate may be revoked by the Commission if it later determines after
proceedings pursuant to Section 7 hereof that the transfer alone or as part of a series of transfers
constitutes a transfer subject to the Fee. Such revocation and collection of any deficiency determined
may be enforced pursuant to any of the procedures stated in Section 9 hereof.
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(3) No transfer of any Real Property Interest shall be processed by the Land Bank unless accompanied
by the required Forms and documents set forth herein.
(4) Each Form required to be submitted shall be accurately completed and executed by the Purchaser or
Seller, as applicable, or(if permitted) an authorized representative,prior to acceptance by the Land
Bank.
(5) If no exemption is claimed, or if a partial exemption is claimed leaving part of the Purchase Price
subject to the Fee, a check made payable to Nantucket Islands Land Bank is required at the Time of
Transfer, in the amount of two percent of the Purchase Price of either all or the portion of the Purchase
Price not exempt.
(6) The Purchaser shall be responsible for submission completeness.
(7) Pursuant to Section 10 of the Act, the Commission hereby adopts the form of the Certificate attached
hereto as Exhibit 3.
2.03 LAND BANK TRANSFER FEE
(1) As set forth in Section 10 of the Act, a Fee "equal to two per cent of the Purchase Price upon the
transfer of any Real Property Interest in any real property situated in Nantucket County" shall be paid by
the Purchaser at the Time of Transfer. The Purchase Price must include all sums paid or things given in
exchange for any Real Property Interest,whether or not paid or given to the named Seller.
(2) The Fee shall be computed utilizing the fair market value of the Real Property Interest transferred.
(a) In the absence of a specified Purchase Price, or in the absence of substantial proof of
value submitted by the Purchaser to the Commission, or in the event of a stated Purchase Price
which the Commission believes to be inconsistent with fair market value, the Fee shall be
computed on the fair market value, The Commission may determine fair market value by
utilizing the Town of Nantucket Assessor's value in effect at the Time of Transfer or an appraisal
by an independent appraiser of the Commission's choice. (The Commission may elect to retain
the services of an independent appraiser of its choice or to adopt the opinion of an appraisal done
in connection with the Transfer which the Commission deems to be independent, such as an
appraisal prepared for the Purchaser's purchase money lender.)
(b) As to any portion of the Purchase Price comprised of deferred payments or other forms of
deferred or contingent consideration, the Fee shall be determined based on the Deferred Payment
Value.
(c) When a Fee is due as a result of a series of related transactions, the Fee shall be
determined based upon the fair market value of the cumulative Real Property Interests
transferred all valued at the Time of Transfer of the last Real Property Interest within the series
which resulted in the Fee being due.
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(3) Where property is transferred subject to a mortgage or other indebtedness, the Fee shall be computed
utilizing the sum of(a)the cash or other consideration given, (b) the value of any debt assumed, and (c)
any outstanding obligation to which the Real Property Interest transferred remains subject after the
transfer.
(4) The Fee shall be the personal liability of the Purchaser. Any agreement between the Purchaser and
the Seller or any other party with reference to the allocation of the responsibility for bearing said Fee
shall not affect such liability of the Purchaser.
(5) In the event of multiple Purchasers, payment of the Fee shall be the joint and several obligation of
the Purchasers.
(6)The Fee shall be paid by check, payable to the Nantucket Islands Land Bank, at its administrative
headquarters during its regular business hours. If a check is not paid or is returned unsatisfied, a lien
shall be placed against property of the Purchaser, pursuant to Section 5 of these Rules and Regulations,
for the transfer Fee, penalty and interest, in accordance with the Act and these Rules and Regulations.
(7) The purchase of an option or contract right with respect to Real Property Interests is subject to the
Land Bank Fee. The Fee shall be calculated based on the Purchase Price paid by a Purchaser for the
option or contract right. If no Purchase Price is paid,the Fee shall be based on the fair market value of
the Real Property Interest which is subject to the option or contract right. If the Purchase Price paid for
the option or contract right is credited toward the Purchase Price ultimately paid for the Real Property
Interest,the Fee paid at the time the option or contract right was transferred shall be credited toward the
Fee due at the Time of Transfer of the Real Property Interest subject to the option or contract right.
(8) Consistent with the definition of"Real Property Interest", a Fee shall be due at the Time of Transfer
of any beneficial or ownership interest in any Entity which owns a Real Property Interest in the County
of Nantucket. The Fee shall be determined based on the fair market value of the ownership interest at
the Time of Transfer.
(9) A tax free exchange of any Real Property Interest under the Internal Revenue Code, as amended, or
any other land swap, is subject of the Fee,unless otherwise exempted pursuant to Section 12 of the Act.
Each property shall be subject to the Fee as if sold separately, and the Purchase Price shall be computed
on the basis of the Real Property Interest or other property to be exchanged pursuant to the definition set
forth in Subsection 1.03 of these Rules and Regulations.
(10) There shall be a Fee paid on any lease having a term of thirty(30)years or more, including certain
renewals, as set forth in Subsection 2.05 of these Rules and Regulations.
2.04 TRANSFERS OF INTERESTS IN ENTITIES
(1) Pursuant to the definition of"Real Property Interest" in the Act, an interest in an Entity which holds
any Real Property Interest is also a Real Property Interest. Therefore, all non-deed transfers of interests
in any Entity holding any Real Property Interest in real property situated in the County of Nantucket are
subject to the Fee, unless otherwise exempted pursuant to Section 12 of the Act.
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(2) A series of transfers of interests in an Entity or multiple Entities may be subject to the Fee if the
series of transfers occurring as a single transaction would have produced a non-exempt result, even
though the individual transfers within the series were each exempt. In the event that such a series is
determined to have occurred, the Fee will be due at the Time of Transfer which produces the taxable
event. The Fee shall be determined based on the current fair market value of the cumulative interest
conveyed valued on the date of the final transfer.
(3)No Land Bank Certificate shall be issued for a deed granted by an Entity or to an Entity unless the
Purchaser both supplies the required Forms and Transfer Documents,pursuant to Subsection 2.01 of
these Rules and Regulations and also complies with Section 8 of these Rules and Regulations.
2.05 LEASES
(1) Pursuant to the Act, the Purchase Price of a lease of thirty(30)years or more is subject to the Fee.
(2) Any lease may be presented to the Land Bank for issuance of a Certificate. A Land Bank Certificate
showing an exemption by non-applicability of the Act shall be affixed to every lease or notice of lease
presented of less than thirty years duration. Copies of all leases and notices of lease filed at the
Nantucket Registry of Deeds without the issuance by the Land Bank of a Certificate indicating that the
appropriate Fee has been paid on the Purchase Price, or that the lease is exempt from the Fee, stating the
basis for the exemption, shall be forwarded by the Registry of Deeds to the Land Bank for review.
Failure to comply with this requirement shall not create any liability upon the Register of Deeds and/or
the Assistant Recorder of the Land Court.
(3)The Fee shall be computed on the Purchase Price calculated at Deferred Payment Value.
(4) In determining "present value", where there is an automatic renewal of the lease,payments due
during the renewal period shall be included in the computation of"present value". Where the renewal of
the lease requires the execution of additional renewal papers by the parties, the computation of"present
value" shall not include payments under any such renewal period.
2.06 REMAINDERS AND LIFE ESTATES
(1) Remainders and life estates are Real Property Interests subject to the Fee. The Fee shall be
calculated on the basis of two percent of the Purchase Price.
(2) In the absence of a stated Purchase Price, remainders and life estates will be valued at Deferred
Payment Value.
SECTION 3-REQUIREMENT OF SUPPLEMENTAL DOCUMENTATION
3.01 REQUESTS FOR ADDITIONAL INFORMATION
(1)The Commission may request supplemental documentation or additional information at any time in
order to make a determination of compliance with the Act. Such requests may pertain to any direct or
indirect party to a transaction and may be for, but shall not be limited to, underlying agreements, stock
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powers, certificates of transfer agents, certificates of limited partnerships, lists of owners, members,
partners or beneficiaries, or any other documents which provide evidence of the facts set forth in any
Forms submitted. Such requests may be for information regarding transactions as to which no Forms
were submitted, but which are documented or implied by the records at Nantucket Registry of Deeds or
by other credible sources.
(2) Unless otherwise specified in the notice, such documents and/or information requested shall be
provided by the Purchaser within 15 days of the mailing date of the Commission request, which date of
mailing shall be clearly displayed on the request. The data regarding composition of Entities submitted
in response to the request,to the extent feasible, shall be retained separate from public records
maintained by the Commission, and shall not be public records to the extent authorized by Section 9(b)
of the Act or other applicable law.
(3) Such requests shall be mailed to the Purchaser, with a copy to any representative (specifically
including attorneys at law) executing the Forms, pursuant to Subsection 2.01 of these Rules and
Regulations, provided however that such mailing address is provided on the Form 1. Delivery of notice
to Purchaser's representative shall constitute notice to Purchaser.
3.02 FAILURE TO COMPLY
(1) Failure to comply with a Commission request for supplemental documentation and/or information
may result in a determination by the Commission of non-compliance with the Act.
(2)Non-compliance with the Act may result in a determination of Fee due and the placing of a lien
against the real or personal property of the Purchaser pursuant to Section 5 of these Rules and
Regulations.
(3) All submissions to the Commission shall be under the pains and penalties of perjury; it shall be
unlawful to supply false information to the Commission. The submission of false information shall be
referred to the District Attorney for the Cape and Islands District.
3.03 DETERMINATION OF COMPLIANCE
The Commission shall regularly review transfer submissions and make determinations regarding
compliance with the Act within 90 days of the date such submissions are filed with the Commission,
except where the Commission during such 90 day period has mailed a written request for additional
information, in which case the 90 day period to act shall commence on the date the requested
information is fully filed with the Commission. Notwithstanding the foregoing, the 90 day period to act
shall not apply to instances of fraud or wilful evasion of the Fee.
SECTION 4-APPLICABILITY OF EXEMPTIONS FROM THE LAND BANK FEE
4.01 BURDEN OF PROOF
(1) The Purchaser shall have the burden of proof that any transfer is exempt under the Act. No
exemption shall be deemed to apply without proof of compliance with the claimed exemption submitted
10
by the Purchaser, and in a form satisfactory to the Commission.
(2) As stated in Section 14D of the Act, if the Commission has determined that a fee is due by asserting
the application of the evasion of fee doctrine described in the preamble of Section 12 of the Act, then the
Purchaser shall have the burden of demonstrating by clear and convincing evidence as determined by the
Commission that the transfer, or series of transfers,possessed both: (i) a valid, good faith business
purpose other than avoidance of the Fee and (ii) economic substance apart from the asserted Fee
avoidance benefit. In all such cases,the Purchase shall also have the burden of demonstrating by clear
and convincing evidence as determ
with the the
amount of the Fee to be thereby avonded.no -Fee-avoidance
business purpose is commensurate
4.02 COMMISSION INTERPRETATION OF EXEMPTION APPLICABILITY
The Commission shall have the responsibility to interpret and apply any exemption from the Fee.
4.03 LAND BANK FEE EXEMPTIONS
Pursuant to Section 12 of the Act, exemptions from the Land Bank Fee and the Commission's
interpretation of applicability are as set forth in Subsections 4.04 through 4.18 of these Rules and
Regulations.
4.04 THE "A" EXEMPTION
(1) As stated in Section 12 (a) of the Act,the "A" exemption applies to "Transfers to the government of
the United States, the commonwealth, and any of their instrumentalities, agencies or subdivisions."
(2) Exemption "A" shall apply, but nott limited, to
al Airport Commission,aWannacometdWaterd
Bank, the Town of Nantucket,the Nantucket em
Company, Siasconset Water Company, and the County of Nantucket.
4.05 THE "B" EXEMPTION
(1) As stated in Section 12 (b) of the Act,the "B" exemption applies to "Transfers which,without
additional consideration, confirm, correct, modify or supplement a transfer previously made."
(2) Evidence of the transfer previously made shall be required to substantiate applicability of the "B"
exemption.
(3) This exemption shall not apply if the previous transfer is found not to be in compliance with the Act.
4.06 THE "C" EXEMPTION
(1) As stated in Section 12 (c) of the Act,the "C" exemption applies to "Transfers made as gifts without
consideration. In any proceeds (sic, should be "proceedings") to determine the amount of any fee due
hereunder, it shall be presumed that any transfer for consideration of less than fair market value of the
Real Property Interests transferred was made by gift without consideration to the extent of the difference
11
between the fair market value of the Real Property Interests transferred and the amount of the
consideration claimed by the Purchaser to have been paid or transferred, if the Purchaser shall have been
at the time of transfer the spouse,the lineal descendant, or the lineal ancestor of the Seller, by blood or
adoption, and otherwise it shall be presumed that consideration was paid in an amount equal to the fair
market value of the Real Property Interests transferred, at the Time of Transfer."
(2) A claim of exemption "C" shall require filing with the Land Bank documentation indicating the
relationship between the Purchaser and the Seller.
(3) Any claim of the "C" exemption may be forwarded to the Internal Revenue Service.
(4) The Purchaser may submit evidence at the time the exemption is claimed to rebut the presumption
that the consideration equaled fair market value,however the presumption shall not be rebutted except
by a demonstration of clear and convincing evidence. As used in the "C" exemption,"consideration" is
the same as"Purchase Price" as defined in Section 1 of the Act and Section 1.03 of these Regulations.
(5) In the event that a gift is claimed and the recipient is a nominee,full disclosure is required regarding
the principal for which the nominee holds title, including a schedule of beneficiaries, or if the
beneficiary is an Entity, a schedule of the owners of the Entity, each schedule stating the interest
received by the applicable parties. In the event that a gift is claimed and the recipient is an Entity, a
schedule the owners of the Entity and the interests received by the parties thereto must be provided.
(6) The exemption shall be automatically denied if any document required under this Section is not
provided.
4.07 THE "D" EXEMPTION
(1) As stated in Section 12 (d) of the Act,the "D" exemption applies to a "Transfer to the trustees of a
trust in exchange for a beneficial interest received by the Seller in such trust; distributions by the trustees
of a trust to the beneficiaries of such trust."
(2) Exemption "D" applies only when the following is true: (i)with respect to a transfer into a trust,the
beneficial interest received by each transferor is in proportion to the interest transferred; or(ii)with
respect to a transfer out of a trust,the distribution to each beneficiary is in proportion to the beneficial
interest previously held.
(3) A claim of exemption "D" shall require filing with the Land Bank a complete and accurate schedule
of beneficiaries signed under the pains and penalties of perjury. Such schedule may be provided on
Form D, or as an attachment thereto.
(4) In the event that the transfer is both a gift and a transfer into or out of a trust,the Purchaser must
also designate the "C" exemption on Form 1 and provide a Form C and a schedule of beneficiaries of the
trust and the relationships among said beneficiaries.
(5) The "D" exemption shall not apply to transfers for a Purchase Price.
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(6) The "D" exemption, for transfers into a trust shall apply only to that portion of the transaction upon
which the Grantor retains an interest through being a beneficiary of the trust.
(7) The "D" exemption shall also apply to "straw" deeds. Straw deeds shall include and be limited to a
transfer to a third party simply for the purpose of reconveying to the transferor. The grantee shall have
no powers or duties except to execute and deliver a deed for such reconveyance without altering the
Real Property Interest owned by the original transferor.
4.08 THE "E" EXEMPTION
(1) As stated in Section 12 (e) of the Act, the "E" exemption applies to "Transfers by Operation of Law
without actual consideration, including but not limited to transfers occurring by virtue of the death or
bankruptcy of the owner of a Real Property Interest."
(2) In the case of a bankruptcy or death or other transfer by Operation of Law, sale of any Real Property
Interest by a fiduciary (such as a trustee,receiver, executor, or administrator)to disinterested third
parties shall not be exempt.
(3) Evidence documenting the event constituting the Operation of Law is required at the time of filing.
4.09 THE "F" EXEMPTION
(1) As stated in Section 12 (f) of the Act, the "F" exemption applies to "Transfers made in partition of
land and improvements thereto, under chapter two hundred and forty-one of the General Laws."
(2) A petition to partition shall not by itself be deemed a partition of land; instead, exemption "F" shall
apply to a decree by a court of competent jurisdiction requiring a physical division of real property into
divided parcels of real property, the size and configuration of which correspond to the pre-partition
ownership interests in the undivided parcel.
(3) No sale of a Real Property Interest shall be deemed a partition of land,except as provided in(4)
which follows.
(4) In the event of a court order to convey all or any part of the real property that is the subject of a
petition to partition to an interested party,the "F" exemption shall apply only to that portion of any Real
Property Interest previously held by the Purchaser. Any Purchase Price in excess of the fair market
value of the previously held Real Property Interest shall be subject to the Fee.
(5) A claim of the "F" exemption shall require the Purchaser to file with the Land Bank the court decree
and all court documents pertaining to the petition to partition under chapter two hundred forty-one of the
General Laws or any other applicable statute.
(6) Exemption "F" shall also be applicable to a voluntary partition of real property owned by multiple
owners, but only if the Real Property Interest transferred to each party, as a result of the voluntary
partition, is proportionally equal in value to the value of the Real Property Interest held by each party
prior to the voluntary partition. (In the event that the Real Property Interests held by each party after the
13
voluntary partition are different from the interests held prior thereto,the "F" exemption shall apply only
to that portion of any Real Property Interest previously held by the Purchaser. A Fee shall be paid on
the Purchase Price for any increased Real Property Interest received by the Purchaser as a result of the
voluntary partition.)
4.10 THE "G" EXEMPTION
(1) As stated in Section 12 (g) of the Act,the "G" exemption applies to "Transfers to any charitable
organization as defined in clause Third of section five of chapter fifty-nine of the General Laws, or any
religious organization, provided that the Real Property Interests so transferred will be held by the
charitable or religious organization solely for its public charitable or religious purposes."
(2) A claim of the "G" exemption shall require filing with the Land Bank documentation evidencing the
charitable status of the organization, which may include without limitation a copy of an Internal
Revenue Service letter determining that the organization has tax exempt status under Internal Revenue
Code Section 501(c)(3).
(3) Exemption "G" shall apply,but not be limited to, transfers made to The Nature Conservancy,
Massachusetts Audubon Society,Inc.,the Nantucket Land Council, Inc., the Nantucket Conservation
Foundation, Inc., the Trustees of Reservations, and the 'Sconset Trust, so long as they remain charitable
organizations as defined above.
4.11 THE "H" EXEMPTION
(1) As stated in Section 12 (h) of the Act,the "H" exemption applies to "Transfers to a mortgagee in
foreclosure of the mortgage held by such mortgagee, and transfers of the property subject to a mortgage
to the mortgagee in consideration of the forbearance of the mortgagee from foreclosing said mortgage."
(2) In a foreclosure, the outstanding principal, interest, and other fees or expenses constituting debt
under the mortgage foreclosed will not be included in the computation of the Fee due. In computing the
Fee, all other consideration(that is,Purchase Price, as defined in the Act and these Regulations),
including but not limited to the outstanding balance due on mortgages or liens superior to the foreclosed
mortgage, shall be subject to the Fee.
(3) A claim of the "H" exemption shall require documented proof that the party foreclosing the
mortgage is the current record holderhe Time of Tran fer on the forecdlosed mortgage and any superior
interest and expenses outstanding at t
mortgage or lien.
(4) The "H" exemption shall apply when the Real Property Interest is transferred to an Entity of which
the current record holder of the foreclosed mortgage is the sole owner, in which event the"D"
exemption shall also be claimed and Form Interest to together party with all required other t an the documentation u nt holder of the foreclosed
Otherwise, no transfer of Real Property
mortgage shall qualify for exemption "H".
(5) This exemption shall not apply to transfers to a mortgage holder where the transaction is not at arms
14
length, or where the transaction is not commercially reasonable, or where the transaction is intended to
evade the payment of the Fee.
4.12 THE "I" EXEMPTION
(1) As stated in Section 12 (i) of the Act,the "I" exemption applies to "Transfers made to a Corporation
or Partnership or Limited Liability Company at the time of its formation,pursuant to which transfer no
gain or loss is recognized under the provisions of section three hundred and fifty-one or seven t such hundred
and twenty-one of the Internal Revenue Code of 1986,as amended;provided,however,that
transfer shall be exempt only in the event that(i)with respect to a Corporation,the transferor retains an
interest in the newly formed Corporation which is equivalent to the interest the transferor held prior to
the transfer or(ii),with respect to a Partnership or Limited Liability Company,the transferor retains
after such formation rights to capital interests and profit interests within such partnership or limited
liability company which are equivalent to the interest the transferor held prior to the transfer."
(2) A claim of the "I" exemption shall require filing with the Land Bank documented d Liability Pence of the or
formation of the Corporation, Partnership,Limited Liability Company,
other Entity,except a trust,the parties to the Entity, and the interests held by each party at the time of
formation.
(3) The "I exemption shall also be applicable to transfers of any Real Property Interests into a
previously formed non-trust Entity; provided,however,that the Seller owns the same Real Property
Interest in the Entity as the Seller owned in the transferred Real Property Interest.
(4) A claim of the "I" exemption by a previously formed non-trust Entity shall require filing with the
Land Bank documents evidencing the formation of the Entity and the teres s held by The parties thereto
at the time of formation, prior to the Time of Transfer, and subsequent
4.13 THE "J" EXEMPTION
(1) As stated in Section 12 (j) of the Act,the "J" exemption applies to "Transfers made to a stockholder
of a Corporation in liquidation or partial liquidation of the Corporation, and transfers made to a partner
of a Partnership or a member of a Limited Liability Company in dissolution or partial dissolution of the
Partnership or Limited Liability Company;but the transfer shall be exempt only if(i)with respect to a
Corporation,the transferee receives property, including Real Property Interests and other property
received, which is the same fraction of the total property of the transferor Corporation ion so the of
the Corporation's stock owned by the transferee prior to the transfer (ii) respect
or Limited Liability Company,the transferee received property, including
Partnership Property Interests and
other property received, which is the same fraction of the property of the
Liability Company as the fraction of the capital and profit interests in the transferor formerly owned by
the transferee."
(2) A claim of the "J" exemption shall require the filing with the Land Bank of documents evidencing
the complete or partial liquidation and/or dissolution of a non-trust Entity,the parties to whom the assets
of the Entity are being transferred, and the interests held by each transferee hr interests held by each immediately e
prior to complete or partial liquidation and/or dissolution, as well as the inte
15
in the Entity immediately following any partial liquidation and/or dissolution.
(3) As used in the "J" exemption a partial liquidation or dissolution of an Entity holding any Real
Property Interest, is one in which the Entity continues to exist after the distribution.
4.14 THE "K" EXEMPTION
(1) As stated in Section 12 (k) of the Act,the "K" exemption applies to "Transfers consisting of the
division of marital assets under the provisions of section thirty-four of chapter two hundred and eight of
the General Laws or other provisions of law."
(2) The "K" exemption shall apply only to divisions of marital assets ordered by a court decree or when
the transfer instrument states, "division of marital assets" and such decree or transfer instrument is filed
with the Land Bank.
(3) The "K" exemption does not apply to sales of any Real Property Interest to third parties,even if
ordered by a court as part of a division of marital assets.
4.15 THE "L" EXEMPTION
(1) As stated in Section 12 (1) of the Act, the "L" exemption applies to "Transfers of property consisting
in part of Real Property Interests situated in Nantucket County and in part of other property interests, to
the extent that the property transferred consists of property other than real property situated in Nantucket
County; provided that the Purchaser shall furnish the Commission with such information as it shall
require or request in support of the claim of exemption and manner of allocation of the consideration for
such transfers."
(2) Pursuant to Section 10 of the Act, "...whenever there is a conveyance of Real Property Interests and
a conveyance of personalty related thereto at or about the same time, the allocations of payments
between real estate and personalty agreed to by the Purchaser and Seller shall not determine the amount
of the Fee due pursuant to this section; instead,the Commission may require payment of the Fee referred
to in Real Property Interests so conveyed as determined by the Commission."
(3) Whenever there is a conveyance at or about the same time of Real Property Interests in real property
situated both inside and outside Nantucket County, the allocation of payments between real property in
Nantucket County and outside of Nantucket County agreed to by the Purchaser and Seller shall not
determine the amount of the Fee due. Instead, the Commission may require payment of the Fee for full
fair market value of the Real Property Interests in real estate situated in Nantucket County. The
Commission may determine fair market value by utilizing the Town of Nantucket Assessor's value in
effect at the Time of Transfer or an appraisal by an independent appraiser of the Commission' s choice.
The Commission may elect to retain the services of an independent appraiser of its choice or to adopt the
opinion of an appraisal done in connection with the Transfer which the Commission deems to be
independent, such as an appraisal prepared for the Purchaser's purchase money lender.
(4) The Purchaser shall have the burden of proof by submitting a qualified independent appraisal to
contest a valuation determined by the Commission.
16
(5) The Purchaser shall provide a copy of any bill of sale for personal property transferred at the Time
of Transfer.
4.16 THE "M" EXEMPTION
(1) As stated in Section 12 (m) of the Act,the "M" exemption applies to the M Exemption Amount of
the"Purchase Price of a transfer made to a Purchaser who, or whose spouse at the Time of Transfer,has
at no time before the said transfer owned or possessed any Real Property Interest as defined in section
one either within or without Nantucket County; but the Purchaser shall make the Real Property Interest
which is the subject of the transfer the Purchaser's actual domicile within 1 year of the Time of Transfer;
and shall remain permanently or for an indefinite time and without any certain purpose to return to a
former place of abode. In the event of a later transfer within 5 years of the transfer exempted from the
fee under this paragraph, other than the transfer of a mortgage to an Institutional Lender,the Fee
exempted shall become due, together with the accumulated interest and penalties,and in addition to any
Fee otherwise due as a result of the later transfer. The Purchaser shall personally certify as to the
foregoing (No representative signatures will be permitted.) The Commission shall attach to the deed a
certificate which shall recite the fact that there is running with the land a lien equal to the amount of the
Fee exempted plus accumulated interest and penalties until such time as all conditions of this subsection
have been met."
(2) The Purchaser shall provide to the Land Bank documentation that may be requested by the
Commission from time to time to confirm compliance with the requirements of the "M" exemption,
including without limitation, information required by Form M. The Purchaser must occupy the Real
Property which receives the exemption as Purchaser's full time permanent residence until at least the
fifth anniversary of the Time of Transfer. Notwithstanding the provision of Section 12(m) of the Act,
the Commission states as its current policy the "M" exemption shall remain available if the Purchaser
occupies the Real Property Interest as Purchaser's domicile by no later than the second anniversary of
the Time of Transfer. However,the Commission reserves the right to revise this policy to require
occupancy by the first anniversary as stated in the Act. In order to confirm each Purchaser's intention to
conform to the requirements of the"M"Exemption, Form M must be signed by all Purchasers and no
representative signatures shall be permitted.
(3) Upon a final determination by the Commission hePur�hase alcertificate of waiver or release of lien"M"
exemption,the Commission shall provide
the Purchaser shall record at the Purchaser's sole expense.
(4) Any Purchaser claiming eligibility for the "M" exemption must be a named Purchaser on the deed.
With respect to a nominee form of ownership, refer to the following Paragraphs 5, 6, and 7.
(5) The "M" exemption applies to purchasing
a Real Property Interest through a nomgneeeor Entity.)
individual names and also to purchasing
(6) In the event of a nominee form of ownership, the exemption shall apply only to nominees which are
established for the sole purpose of holding real property and which execute a recordable affidavit
relinquishing any future eligibility to claim the "M" exemption by the nominee and the individuals who
17
. ....._.........
are the principals (that is, the actual owners). The "M" exemption applies to nominee forms of
ownership only if all of the principals would be entitled to the exemption if the property were recorded
in their individual names. This exemption shall not be applied to situations where a nominee holds Real
Property Interests for more than four(4) unrelated individuals.
(7) In the event the "M" exemption is claimed by an Entity on behalf of its beneficiaries, stockholders,
members, or partners, then the Purchaser must provide a list of all owners of the Entity, including the
proportion held by each owner. The "M" exemption shall be applied as if the parties who own the Entity
were directly purchasing the Real Property Interest in their individual names. The exemption shall be
granted only if a recordable affidavit relinquishing any future eligibility to claim the "M" exemption is
executed by all of the owners of the Entity. The"M"exemption shall not be available to an Entity
unless all the owners of the Entity are individual persons.
(8) In the event of multiple Purchasers, the "M" exemption shall apply proportionately to that portion of
the Purchase Price which is paid by the individual or individuals claiming the exemption, however in no
event shall the amount of the Purchase Price exempted in any transaction or series of related transactions
exceed the M Exemption Amount.
(9) Domicile shall be determined on a case by case basis using the standards and tests applied by
Massachusetts courts in determining domicile. Among the factors considered shall be whether or not an
individual resides in the Real Property Interest as his/her permanent full time primary residence.
(10) In the event of non-compliance with the requirements of Section 12 (m) of the Act, the Fee,
together with interest and penalty, shall accrue from the Time of Transfer, except in the case of a
division of marital assets under the provisions of Section 34 of Chapter 208 of the General Laws or other
provisions of law. In the event of such a division of marital assets, the Fee,together with interest and
penalty, shall accrue from the date of non-compliance.
(11) In the event of a division of marital assets under the provisions of Section 34 of Chapter 208 of the
General Laws or other provisions of law, when the Real Property Interest for which an "M" exemption
was granted is transferred to either of the spouses who qualified for the "M" exemption, the
requirements of the exemption shall continue to be in effect for the balance of the five year period
described under Section 12(m) of the Act, provided that the other requirements of the "M" exemption
are met for that period.
(12) In the event of the death of an owner who was granted the "M" exemption,the Fee, together with
interest and penalty, shall be waived.
(13) A Purchaser who is otherwise qualified to receive the"M" exemption will not be disqualified from
receiving the exemption if the Purchaser has previously owned an option or right of first refusal which
was not exercised prior to the date of the transfer which is eligible for the"M" exemption.
(14) The granting of an option or right of first refusal to purchase a property which is subject to an "M"
exemption on the date such option or right of first refusal is granted shall not,by itself,be deemed to
terminate the exempt Purchaser's full time permanent residence at the property. Exercise of the rights
under an option or right of first refusal such that the property is transferred within five years of the"M"
18
exemption transfer shall be an event of non-compliance with the requirements of Section 12(m)of the
Act.
4.17 THE "N"EXEMPTION
(1) As stated in Section 12 (n) of the Act, the "N" exemption applies to "Transfers of minority interests
in Corporations, Trusts, Partnerships, or Limited Liability Companies which are publicly traded, which
trades are not part of a series of transfers which together constitute a transfer of control of a Corporation,
Trust, Partnership or Limited Liability Company."
(2) The Purchaser shall provide to the Land Bank documentation that may be requested by the
Commission from time to time to confirm compliance with the requirements of the "N" exemption,
including without limitation, information required by Form N.
4.18 THE "0" EXEMPTION
(1)As stated in Section 12 (o) of the Act, the Exemption"0" applies to the Purchase Price of a"Transfer
of a real property interest that is subject to and used consistent with an affordable housing restriction;
provided, however,that the affordable housing restriction has a term remaining at the time of the
transfer of not less then 5 years; and provided further, that the purchaser shall make the real property
interest, that is the subject of the transfer,the purchaser's actual domicile within 2 years of the time of
transfer and shall remain permanently or for an indefinite time and without any certain purpose to return
to a former place of abode for a period lasting not less than the fifth anniversary of the transfer.
Notwithstanding this paragraph, if the real property interest is transferred again within 5 years and the
later transfer complies with this paragraph, a fee, interest or penalty shall not be due. If the holder of an
affordable housing restriction determines within 5 years of the transfer that the real property interest to
which it pertains is not being used consistent with the requirements of the affordable housing restriction
or if a later transfer within 5 years that(sic) does not comply with this paragraph, the fee exempted
hereunder shall become due, together with the accumulated interest and penalties calculated from the
date of the transfer exempted hereunder. The purchaser shall certify as to the foregoing and the
commission shall attach to the deed a certificate that shall recite the fact that there is running with the
land a lien equal to the amount of the fee exempted plus accumulated interest and penalties until such
time as all conditions of this paragraph have been met."
(2) The Purchaser shall provide to the Land Bank documentation that may be requested by the
Commission from time to time to confirm compliance with the requirements of the "0" exemption,
including without limitation, information required by Form 0. The Purchaser must occupy the Real
Property which receives the exemption as Purchaser's full time permanent residence until at least the
fifth anniversary of the Time of Transfer, unless the Purchaser sooner conveys the Real Property in a
transaction which complies with the"0" exemption. As provided in Act Section 12(o),the"0"
exemption shall remain available if the Purchaser occupies the Real Property Interest as Purchaser's
domicile by no later than the second anniversary of the Time of Transfer. In order to confirm each
Purchaser's intention to conform to the requirements of the "0" Exemption, Form 0 (Page 1)must be
signed by all Purchasers and no representative signatures shall be permitted.
(3) Upon a final determination by the Commission of compliance with all the requirements of the "0"
19
exemption,the Commission shall provide to the Purchaser a certificate of waiver or release of lien
which the Purchaser shall record at the Purchaser's sole expense.
(4) Any Purchaser claiming eligibility for the "0" exemption must be a named Purchaser on the deed.
With respect to a nominee form of ownership, refer to the following Paragraphs 5, 6, and 7.
(5) The "0" exemption applies to purchasing a Real Property Interest in the eligible person(s) individual
names and also to purchasing a Real Property Interest through a nominee or Entity, provided that such
ownership does not violate the terms of the Affordable Housing Restriction applicable to the Real
Property Interest.
(6) In the event of a nominee form of ownership,the exemption shall apply only to nominees which are
established for the sole purpose of holding real property. The "0" exemption applies to nominee forms
of ownership only if all of the principals would be entitled to the exemption if the property were
recorded in their individual names.
(7) In the event the "0" exemption is claimed by an Entity on behalf of its beneficiaries, stockholders,
members, or partners,then the Purchaser must provide a list of all owners of the Entity, including the
proportion held by each owner. The "0" exemption shall be applied as if the parties who own the Entity
were directly purchasing the Real Property Interest in their individual names. The"0" exemption shall
not be available to an Entity unless all the owners of the Entity are individual persons.
(8) Domicile shall be determined on a case-by-case basis using the standards and tests applied by
Massachusetts courts in determining domicile. Among the factors considered shall be whether or not an
individual resides in the Real Property Interest as his/her permanent full time primary residence.
(9) In the event of non-compliance with the requirements of Section 12 (o) of the Act, the Fee,together
with interest and penalty, shall accrue from the Time of Transfer, except in the case where non-
compliance is caused solely by a division of marital assets under the provisions of Section 34 of Chapter
208 of the General Laws or other provisions of law. In the event of such a division of marital assets,the
Fee, together with interest and penalty, shall accrue from the date of non-compliance.
(10) In the event of a division of marital assets under the provisions of Section 34 of Chapter 208 of the
General Laws or other provisions of law, when the Real Property Interest for which an "0" exemption
was granted is transferred to either of the spouses who qualified for the "0" exemption,the requirements
of the exemption shall continue to be in effect for the balance of the five year period described under
Section 12(o) of the Act,provided that the other requirements of the "0" exemption are met for that
period.
(11) In the event of the death of an owner who was granted the "0" exemption, the Fee,together with
interest and penalty, shall be waived, if the death would cause the Real Property Interest to no longer
comply with the"0" exemption requirements.
(12) The granting of an option or right of first refusal to purchase a property which is subject to an"0"
exemption on the date such option or right of first refusal is granted shall not,by itself, be deemed to
terminate the exempt Purchaser's full time permanent residence at the property. Exercise of the rights
20
under an option or right of first refusal such that the property is transferred within five years of the"0"
exemption transfer shall be an event of non-compliance with the requirements of Section 12(o)of the
Act, unless the transaction resulting from such exercise also qualifies for the"0"Exemption.
(13) For purposes of determining whether or not a Real Property Interest is being(or is not being) used
consistent with the requirements of the Affordable Housing Restriction applicable to a transfer which
received the"0" exemption,the Commission may rely without further investigation on a written
statement from the holder of the Affordable Housing Restriction.
4.19 ADVANCE RULINGS
A Purchaser may request a ruling or determination by the Commission with respect to an application for
an exemption from the Fee or a determination of inapplicability of the Fee, prior to the Time of Transfer,
as follows:
(1) Any request for a ruling or determination is to be submitted in writing 60 days prior to the proposed
Time of Transfer, and shall be accompanied by all proposed Transfer Documents.
(2) Such request shall be accompanied by a fee of$2,500 payable to the Land Bank.
(3)The Commission shall hold a hearing and issue a ruling or determination prior to 10 days before the
Time of Transfer.
(4) Each Purchaser shall be entitled to only one such request for a particular transfer.
(5) In the event of such a ruling or determination,the Commission shall process the transfer in
accordance with its ruling, unless actual circumstances of the transfer are different from the
circumstances presented in the request for the ruling or determination.
(6) Informal consultations with Commission members or Land Bank staff prior to a transfer
regarding possible application of an exemption to a proposed transfer shall not constitute a formal
determination of exemption by the Commission and shall in no way bind the Commission.
SECTION 5-LIENS AND PENALTY AND INTEREST ASSESSED
5.01 LAND BANK LIENS
Pursuant to Section 14(c) of the Act, in the event that the Commission determines there has been a
failure to pay all or any portion of a Fee assessed, the Commission is authorized to file a lien against the
real or personal property of a Purchaser for the delinquent Fee, together with penalty and interest
running from the Time of Transfer to the time of payment in full.
5.02 LIEN RELEASES
(1)No lien shall be waived or released until all requirements of the Act and these Rules and Regulations
have been met, except as set forth in Paragraphs (2) and (3) below, and except the initial lien shall
21
terminate not later than six years following the Time of Transfer. The Commission may initiate
proceedings at any time prior to the expiration of such six year period to foreclose such lien.
(2) Liens placed pursuant to the last sentence of Section 12(m) or the last sentence of Section 12(o)of
the Act shall be waived or released in the event of a subsequent transfer to an Institutional Lender, as
mortgagee, when the mortgagee acquires the Real Property Interest either in a foreclosure action, in lieu
of foreclosure, or at auction.
(3) Liens placed pursuant to the last sentence of Section 12(m) of the Act shall be waived or released in
the event of a subsequent transfer to a party other than an Institutional Lender, as mortgagee,when the
party acquires the Real Property Interest in a foreclosure auction. Such waiver shall not effect the Fee
due on the Purchase Price paid at the foreclosure auction.
(4) After a Commission determination of compliance with the Act, the Commission shall execute either
a waiver or release of lien.
(5) Fees and recording of a waiver or a release of lien shall be the sole responsibility of the Purchaser.
Pursuant to Section 14(c) of the Act, "Such waiver or release shall be conclusive evidence that the lien
upon the property covered by the waiver or release is extinguished."
5.03 CALCULATING PENALTY AND INTEREST
(1) Pursuant to Section 13 of the Act, "A Purchaser who fails to pay all or any portion of the Fee
established by section ten on or before the time when the same is due shall be liable for the following
additional payments in addition to said Fee:" interest and penalties.
(2) Pursuant to Section 13 of the Act,penalty without fraud or willful intent to defeat or evade the Fee
begins to accrue 30 days after the Time of Transfer at a rate of five (5%)percent per month or portion
thereof, not to exceed twenty-five (25%) percent of the Fee due. Penalty for fraud or willful intent to
defeat or evade the Fee accrues at the Time of Transfer in an amount equal to the amount of the original
Fee due. In the event of a disputed transfer,the Commission may elect to impose both penalties in the
alternative.
(3) Pursuant to Section 13 of the Act, interest accrues from the Time of Transfer at a rate of fourteen
(14%) percent per annum.
(4) Penalty and interest shall be paid based upon a year of 360 days and twelve 30-day months.
SECTION 6-REFUNDS
6.01 PURCHASER REQUEST FOR REFUND
(1) Any request for refund, challenge,protest, or objection to any payment required pursuant to Section
2 of these Rules and Regulations, shall be made in writing within 30 days of the date the Certificate is
affixed, except as is provided for in Section 11 of the Act regarding uncompleted transfers,which shall
be made within 7 days of the date of the Certificate is affixed.
22
(2) Except in the case of simple mathematical errors, upon receipt of a written request, the Commission
shall hold a hearing and make a determination of whether any over-payment has occurred and of any
amount refundable.
(3) In the event of a Commission determination of over-payment, the Commission shall notify the
Purchaser in writing by registered or certified mail within 15 days after said hearing of its determination
and shall issue a refund to the Purchaser within 45 days of such determination.
(4) Only sums over-paid are refundable. No interest shall accrue to the Purchaser on sums over-paid.
(5)No request for a refund shall be reviewed by the Commission after a determination has been
rendered pursuant to Subsection 6.01, Paragraph 2 of these Rules and Regulations.
(6) Any party aggrieved by a determination of the Commission concerning a refund, may appeal to the
district or superior court within three months of a determination of the Commission.
(7) As stated in Section 14(a) of the Act, "Upon the failure to timely petition for a hearing, or appeal to
said courts, within the time limits hereby established, the Purchaser shall be bound by the terms of the
notification, assessment or determination, as the case may be, and shall be barred from contesting the
Fee, and any interest and penalty, as determined by the Commission."
6.02 SIMPLE MATHEMATICAL ERRORS
(1) A request for a refund due to a "simple mathematical error" shall be a request for refund which
arises solely from an error in calculating the Fee paid, and which involves no change in the Purchase
Price or in the Real Property Interest involved in the transfer.
(2) In the event a request for a refund alleges a "simple mathematical error", the Commission may act
promptly without a hearing to determine any overpayment which has occurred and any amount
refundable.
(3) If the Purchaser is aggrieved by a determination regarding a simple mathematical error, the
Purchaser may file a written request for a hearing as described in Subsection 6.01,Paragraph 2.
SECTION 7-HEARINGS
7.01 DEFICIENCY ASSESSMENT
(1) In the event that the Commission determines that there has been a failure to discharge in full a Fee
due under the Act, it shall issue a Notice of Assessment in the full amount of the Fee due under the Act
and any penalty or interest assessed. Such Notice of Assessment may be superseded by a determination
made by the Commission within 30 days of a request for a hearing and the completion of the hearing
pursuant to Subsection 7.02 of these Rules and Regulations.
7.02 DEFICIENCY HEARING
23
(1)A request for a hearing pursuant to Section 14 of the Act to contest the assessment of a Fee,together
with penalty and interest, shall be granted by the Commission upon receipt of a written request for a
hearing received within 30 days of the original mailing date of Commission's Notice of Assessment,
which date shall be clearly displayed on the Notice. The Commission may reconsider an assessment of
a Fee any time prior to a hearing and within 30 days of the date of the Notice of Assessment, based upon
new information received by the Commission subsequent to the assessment of a Fee.
(2) After a request for a hearing has been made, pursuant to this Subsection 7.02,the Purchaser may
make a refundable payment of all or any part of the Fee, penalty, or interest assessed, without waiving
its right to the requested hearing. In the event such payment is made,the hearing shall proceed in the
same manner as if the deficiency had not been paid, except no interest or penalty shall accrue after the
date of payment against that portion of the deficiency found to be due and previously paid.
7.03 HEARING DETERMINATION
(1)The Commission shall make a determination and render a written decision on the matter of the
amount due or refundable within 15 days after a hearing. The time for the rendering of a hearing
decision may be extended by the mutual consent of the parties.
(2) In the event the Commission determines that the amount of a deficiency is less than the amount paid
pursuant to Subsection 7.02, Paragraph 2 of these Rules and Regulations, the Commission shall follow
the refund procedures set forth in Section 6.
7.04 SUBPOENAS
(1) Should the interest of justice require the issuance of a subpoena in order to access information held
by a party other than the Purchaser with respect to any hearing by the Commission pursuant to either
Section 6 or 7 of these Rules and Regulations, the Purchaser or the Director may request the
Commission seek the assistance of an appropriate subpoena-issuing authority.
SECTION 8-COLLECTION OF THE FEE ON CERTAIN UNRECORDED TRANSFERS
8.01 PURPOSE
The Fee is imposed by the Act on transfers of Real Property Interest that are recorded in the Registry
(See Subsections 2.03 and 2.05 of these Rules and Regulations)and also on certain transfers not
recorded in the Registry (See Subsection 2.04 of these Rules and Regulations). The Commission finds
that there exist efforts to avoid payment of the Fee by means of unrecorded transfers and that additional
enforcement tools are necessary to carry out the purposes of the Act. Accordingly,the Commission, by
adoption of this Section of its Rules and Regulations, intends to follow the legislative purpose by clearly
imposing on a party seeking recordation of any Transfer Document(a)the obligation of disclosure of
transfers to which the Fee may apply during the period between the date of recordation of the last
Transfer Document of record applicable to all or a portion of the subject Real Property Interests and the
date of presentation of proposed Transfer Documents for recordation and (b)the obligation to establish
(either by substantial evidence or by delivering payment) that the Fee, together with any applicable
penalties and interest, as may be imposed under the Act on each and every unrecorded transfer has been
24
paid in full.
8.02 FORMS
In order to implement the purpose set forth in Subsection 8.01, whenever the Seller or Purchaser is an
Entity, no Land Bank Certificate shall be affixed to any Transfer Document until Land Bank Form 2 as
described in Subsection 2.01 has been submitted and accepted providing under pains and penalties of
perjury full and complete disclosure of all unrecorded transfers of Real Property Interest (including
transfers described in Subsection 2.04 of these Rules and Regulations).
8.03 AT TIME OF FILING, ALL UNPAID FEES ARE DUE AND PAYABLE
In order to implement the purposes set forth in Subsection 8.01, no Land Bank Certificate shall be
affixed to any Transfer Document until the party presenting the Transfer Document to be recorded
establishes (either by substantial evidence or by delivering payment)that the Fee,together with any
applicable penalties and interest, on each and every transfer of Real Property Interest not exempted from
the Fee by Section 12 of the Act, occurring between the date of the last recorded Transfer Document and
the date of presentation of new Transfer Documents for recordation, has been paid in full to the
Commission.
8.04 SPECIAL RULES APPLICABLE TO LENDERS
In applying this Section to lenders, mortgage foreclosures shall trigger an obligation on the part of the
lender to provide the submittals described in Subsection 8.02 to the best information known to or
reasonably available to such lender and such lender shall otherwise be exempt from the requirements of
Subsections 2.04 and 8.03.
8.05 SPECIAL RULES APPLICABLE WHERE LAST RECORDED DEED PRECEDES EFFECTIVE
DATES
The effective date of the Act was February 1, 1984. For purposes of this Section, if the last recorded
Transfer Document predates the effective date of the Act,the requirements of Subsections 8.02 and 8.03
shall apply only to the period from February 1, 1984 to the date of presentation of the Transfer
Documents to the Commission. With respect to transfers made subject to the Fee imposed by Section
l0A of the Act,the effective date of such Section 10A was February 5, 1988, and it was repealed
effective January 6,2011; with respect to such transfers only, if the last recorded Transfer Document
predates February 5, 1988,the requirements of Subsections 8.02 and 8.03 shall apply for purposes of
Section 10A of the Act only to the period from February 5, 1988 to January 6, 2011.
SECTION 9 - COLLECTION METHODS
The Commission may collect Fees, penalties, interest and other related charges due by means of any or
all of the following:
(a) Placement of a lien against any real property or personal property of the Purchaser;
(b) A suit against the Purchaser(s);
(c) Withholding or revoking of a Certificate until such amounts due under Rules and
25
Regulations have been paid;
(d) Any other means available to the Commission under law.
EXHIBITS
Exhibit 1: Land Bank Form 1 as amended, attached.
Exhibit 2: Land Bank Form 2, as amended, attached.
Exhibit 3: Land Bank Certificate, as amended, attached.
Exhibit A: Land Bank Form A, as amended, attached.
Exhibit B Land Bank Form B as amended, attached.
Exhibit C: Land Bank Form C, as amended, attached.
Exhibit D: Land Bank Form D, as amended,attached.
Exhibit E: Land Bank Form E, as amended, attached.
Exhibit F: Land Bank Form F, as amended, attached.
Exhibit G: Land Bank Form G, as amended, attached.
Exhibit H: Land Bank Form H, as amended, attached.
Exhibit I-1: Land Bank Form I-1, as amended, attached.
Exhibit I-2: Land Bank Form I-2, as amended, attached.
Exhibit J: Land Bank Form J, as amended, attached.
Exhibit K: Land Bank Form K, as amended, attached.
Exhibit L: Land Bank Form L, as amended, attached.
Exhibit M: Land Bank Form M, as amended, attached.
Exhibit N: Land Bank Form N, as amended, attached.
Exhibit 0: Land Bank Form 0,new, attached.
DW L1B DB\300169.v2-1 141/00
26
NANTUCKET LAND BANK COMMISSION FORM 1 Record No.
PURCHASER'S AFFIDAVIT- THIS FORM ISA PUBLIC RECORD
INSTRUCTIONS
1. ALL TRANSFERS REQUIRE THE FILING OF LAND BANK FORM I AND ORIGINAL TRANSFER DOCUMENTS.
2. ALL NON-EXEMPT TRANSFERS REQUIRE THE SUBMISSION OF A CHECK FOR 2%OF THE PURCHASE PRICE.
3. IF THE SELLER OR PURCHASER IS A TRUST, CORPORATION, PARTNERSHIP, LLC OR LLP, FORM 2 IS ALWAYS
REQUIRED. PLEASE PROVIDE A FORM 2 FOR EACH ENTITY INVOLVED IN THE TRANSFER.
Complete PARTS A,B,C and D as applicable. TYPE or PRINT clearly with PEN.
PART A. REAL ESTATE DESCRIPTION:
Acreage,
Address/Location
Present Use Tax Map Parcel Title Reference
(dwelling/business/vacant land/other) (Certificate No.or Book and Page)
Interest Transferred Current Assessed Value
PART B. PURCHASER/SELLER/LEGAL REPRESENTATIVES:
Purchaser's Name
Mailing Address
City State Zip
Purchaser's Legal Representative
Address City State Zip
Seller's Name
Mailing Address
City State Zip
Seller's Legal Representative
Address City State Zip
PART C. AFFIDAVIT ATTESTING TO THE TRUE AND COMPLETE PURCHASE PRICE:
Purchase Price$
I , the undersigned purchaser or purchaser's attorney do hereby certify, under the pains and
penalties of perjury, that the above stated Purchase Price, as defined in Chapter 669 of the Acts of 1983 as amended, of the Commonwealth of
Massachusetts(the"Land Bank Act"), is the true and complete Purchase Price for the transfer of the Real Property Interest described in Part A and
between the parties named in Part B. (Note: "Purchase Price"must include the value of all money and property received by Seller and obligations
assumed by Purchaser. See the definition for details.)
Signature
Date
PART D. EXEMPTION CLAIMED ATTACH APPLICABLE EXEMPTION FORMS AND REQUIRED DOCUMENTATION.
DWLIBDB1260775.v2-1 141/00
NANTUCKET LAND BANK CERTIFICATE
NANTUCKET REGISTRY RECORD
❑PAID DATE RECORDED
RECORDED AS:
❑ EXEMPT, --
❑NON-APPLICABILITY PAGE
BOOK —
DOCUMENT CERTIFICATE
RECORD NO. DATE CERTIFICATION
5/24/2012
Record No.
NANTUCKET LAND BANK COMMISSION FORM 2
PURCHASER'S AND/OR SELLER'S AFFIDAVIT AND SUPPLEMENTAL DOCUMENTATION
(To the extent permitted by Land Bank Act Section 9(b),THIS FORM IS NOT A PUBLIC RECORD.)
INSTRUCTIONS
I. IF EITHER PARTY IS A TRUST, CORPORATION,PARTNERSHIP,LLC OR LLP, FORM 2 IS REQUIRED.
PROVIDE A SEPARATE FORM 2 PART A FOR EACH ENTITY INVOLVED IN THE TRANSACTION, WHETHER
AS A SELLER/PURCHASER OR AS AN OWNER OF AN INTEREST IN EITHER SELLER OR PURCHASER.
2. ALL ENTITIES COMPLETE PART A. ALL SELLER ENTITIES COMPLETE PART B.
PART A. ENTITY AFFIDAVIT AS TO THIS TRANSACTION:
In the space provided below identify the underlying owners of the purchaser and/or seller Corporation,Partnership,trust, LLC or LLP
(i.e. stockholders, partners, members, or beneficiaries) named in the attached Form 1, and indicate the interests held by the parties
thereto at the time of this transfer. Attach additional sheets and documentation if necessary. If any of the underlying,owners is an
entity(not an individual),supply the same information for that underlying entity.
SELLER PURCHASER NAME OF ENTITY:
Is this entity publically traded? _Yes No. If yes,the following question need not be answered unless a controlling interest in
the corporation was transferred.
List names of all underlying owners (i.e. stockholders, partners, members or beneficiaries) of the entity and percentages owned by
each. (If the percentages changed as a result of the reported transfer, list percentages both before and after the transfer. If the entity is
taxed as a partnership,list income and capital interests,if they differ.)
1, the undersigned duly authorized officer of the entity or the entity's attorney do hereby certify, under pains and penalties of perjury,
that the information appearing in the above Part A,Entity Affidavit, is true and complete.
Signature_ Title
Print Name Date
PART B. SELLER'S AFFIDAVIT AS TO PRIOR TRANSACTIONS:
NAME OF SELLING ENTITY
Since the last transfer reported to the Land Bank regarding the Property described on Form 1 attached,has there been a conveyance of
any interest in the selling entity?
NO ❑ Please provide:
Land Bank Record Number for last reported transfer,if known
YES ❑ Please provide details of the unreported transfer(s).
I, the undersigned duly authorized officer of the seller entity or seller's attorney do hereby certify, under pains and penalties of
perjury,that the information appearing in the above Part B,Seller's Affidavit, is true and complete.
Signature
Title
Print Name Date
DW LIBDB\260776.v3-1141/00
(5/24/2012)
Record No. —
NANTUCKET LAND BANK COMMISSION FORM A
PURCHASER'S CLAIM OF EXEMPTION"A"—GOVERMENTAL BODY.
INSTRUCTIONS
IF PURCHASER CLAIMS THAT THE TRANSFER DESCRIBED IN ATTACHED FORM I IS EXEMPT FROM A LAND
BANK FEE UNDER EXEMPTION"A",PURCHASER SHALL COMPLETE THIS FORM AND SUPPLY ANY
SUPPLEMENTAL DOCUMENTS REQUIRED.
EXEMPTION: As stated in Section 12(a)of the Land Bank Act,Exemption"A"applies to"Transfers to the government of the
United States,the commonwealth, and any of their instrumentalities,agencies or subdivisions."
PURCHASER'S AFFIDAVIT
Purchaser claims Exemption"A"applies to the transfer described in Form I attached. The following information is supplied in
support of this exemption claim:
NAME OF GOVERNMENTAL BODY:
STATUTE OR OTHER ENABLING LAW CREATING SAID BODY:
If you have no statutory reference,has the Massachusetts Department of Revenue issued a determination that said governmental body
is exempt from application of the Massachusetts deeds excise tax(M.G.L. Chapter 64D)? Yes__No
If so provide the citation for the determination.
I,the undersigned duly authorized officer of the governmental body named above or the body's attorney do hereby certify,under pains
and penalties of perjury,that the information appearing in the above Purchaser's Affidavit is true and complete.
Signature Title
Print Name Date
(4/6/17)
DW LIBDB\260777.v2-I 141/00
Record No.
NANTUCKET LAND BANK COMMISSION FORM B
PURCHASER'S CLAIM OF EXEMPTION"B"—CORRECTING TRANSFER WITHOUT CONSIDERATION.
INSTRUCTIONS
IF PURCHASER CLAIMS THAT THE TRANSFER DESCRIBED IN ATTACHED FORM I IS EXEMPT FROM A LAND
BANK FEE UNDER EXEMPTION"B",PURCHASER SHALL COMPLETE THIS FORM AND SUPPLY ANY
SUPPLEMENTAL DOCUMENTS REQUIRED.
EXEMPTION: As stated in Section 12(b)of the Land Bank Act, Exemption"B"applies to"Transfers which,without additional
consideration,confirm,correct,modify or supplement a transfer previously made."
PURCHASER'S AFFIDAVIT
Purchaser claims Exemption"B"applies to the transfer described in Form 1 attached. The following information is supplied in
support of this exemption claim:
Record No.of the Revised Transfer
Date of the Revised Transfer
Supply a copy of the revised transfer,including recorded document(s)and Land Bank forms filed therewith.
Describe the purpose of the new transfer:
Purchase Price for the new transfer: $
I, the undersigned purchaser, duly authorized officer of the purchaser, or the purchaser's attorney do hereby certify, under pains and
penalties of perjury,that the information appearing in the above Purchaser's Affidavit is true and complete.
Signature Title
Print Name Date
(4/6/17)
D W LIB DB\260778.v2-1 141/00
Record No.
NANTUCKET LAND BANK COMMISSION FORM C
PURCHASER'S CLAIM OF EXEMPTION"C"—GIFT.
(If this form reports information about individuals whose interests do not already appear on the public record,to the extent permitted by Land Bank
Act Section 9(b),THIS FORM IS NOT A PUBLIC RECORD.)
INSTRUCTIONS
IF PURCHASER CLAIMS THAT THE TRANSFER DESCRIBED IN ATTACHED FORM 1 IS EXEMPT FROM A LAND
BANK FEE UNDER EXEMPTION"C",PURCHASER SHALL COMPLETE THIS FORM AND SUPPLY ANY
SUPPLEMENTAL DOCUMENTS REQUIRED.
EXEMPTION: As stated in Section 12(c)of the Land Bank Act,Exemption"C"applies to"Transfers made as gifts without
consideration. In any proceeds(sic: proceedings)to determine the amount of any fee due hereunder, it shall be presumed that any
transfer for consideration of less than fair market value of the real property interests transferred was made as a gift without
consideration to the extent of the difference between the fair market value of the real property interests transferred and the amount of
consideration claimed by the purchaser to have been paid or transferred, if the purchaser shall have been at the time of transfer the
spouse,the lineal descendant,or the lineal ancestor of the seller,by blood or adoption,and otherwise it shall be presumed that
consideration was paid in an amount equal to the fair market value of the real property interests transferred,at the time of transfer."
PURCHASER'S AFFIDAVIT
Purchaser claims Exemption"C"applies to the transfer described in Form 1 attached. The following information is supplied in
support of this exemption claim:
Is there a family relationship between Seller and Purchaser? Yes_No_ If"Yes",describe the relationship:
If"No",provide evidence that the transaction complies with Land Bank Regulation Section 4.06.
What is the value of any money or property being exchanged at the time of transfer?
Is there currently a mortgage or other lien outstanding against the property described on Form 1?Yes No—
Is the Purchaser assuming payment of the outstanding mortgage(s)or lien(s)?Yes No
If the answer to the foregoing question is"No", provide documentation confirming Seller's and Purchaser's agreement regarding no
assumption.
If the answer to the foregoing question is"Yes",list all liens assumed by Purchaser and their values at the date of the transfer:
Lienholder Name Recording Reference Value at Transfer
Total Value
Note: A Land Bank fee is due on the total value of the assumed liens. In the absence of a written agreement between Seller
and Purchaser stating that Purchaser is not assuming a lien, it will be presumed that Purchaser assumes all liens on record at
the time of the transfer.
I, the undersigned purchaser, duly authorized officer of the purchaser, or the purchaser's attorney do hereby certify, under pains and
penalties of perjury,that the information appearing in the above Purchaser's Affidavit is true and complete.
Signature Title
Print Name Date
DW LIBDB\260779.v3-I 141/00
Record No.
NANTUCKET LAND BANK COMMISSION FORM D
PURCHASER'S CLAIM OF EXEMPTION"D"—CREATION OR DISSOLUTION OF TRUST; STRAW TRANSFER.
(To the extent permitted by Land Bank Act Section 9(b),THIS FORM IS NOT A PUBLIC RECORD.)
INSTRUCTIONS
IF PURCHASER CLAIMS THAT THE TRANSFER DESCRIBED IN ATTACHED FORM 1 IS EXEMPT FROM A LAND
BANK FEE UNDER EXEMPTION"D",PURCHASER SHALL COMPLETE THIS FORM AND SUPPLY ANY
SUPPLEMENTAL DOCUMENTS REQUIRED.
EXEMPTION: As stated in Section 12(d)of the Land Bank Act,Exemption"D"applies to"Transfer to the trustees of a trust in
exchange for a beneficial interest received by the seller in such trust;distributions by the trustees of a trust to the beneficiaries of such
trust."
PURCHASER'S AFFIDAVIT
Purchaser claims Exemption"D"applies to the transfer described in Form 1 attached. The following information is supplied in
support of this exemption claim:
PART A. CREATION OR DISSOLUTION OF TRUST(PARTIAL OR COMPLETE)
Name and formation date of Trust: -
Names of all Trustees:
Is the Trust revocable at the Time of Transfer?Yes No
On Form 2 list Owners and their percentage interests in the transferred real property interest prior to and after the Time of Transfer.
Notes: 1. With regard to irrevocable trusts,all present and contingent beneficiaries must be listed as owners with percentages
determined.
2. To qualify for the exemption,the percentages of ownership before and after the Time of Transfer must remain the same.
PART B. STRAW TRANSFERS
Explain(i)the purpose of the straw transaction and(ii)the relationship between the straw(agent)and its principal:
1, the undersigned purchaser, duly authorized officer of the purchaser, or the purchaser's attorney do hereby certify, under pains and
penalties of perjury,that the information appearing in the above Purchaser's Affidavit is true and complete.
Signature Title
Print Name Date
(4/6/17)
D W LtB DB\260780.v4-1141/00
Record No.
NANTUCKET LAND BANK COMMISSION FORM E
PURCHASER'S CLAIM OF EXEMPTION"E"—TRANSFERS BY OPERATION OF LAW.
INSTRUCTIONS
IF PURCHASER CLAIMS THAT THE TRANSFER DESCRIBED IN ATTACHED FORM I IS EXEMPT FROM A LAND
BANK FEE UNDER EXEMPTION"E",PURCHASER SHALL COMPLETE THIS FORM AND SUPPLY ANY
SUPPLEMENTAL DOCUMENTS REQUIRED.
EXEMPTION: As stated in Section 12(e)of the Land Bank Act,Exemption"E"applies to "Transfers by Operation of Law without
actual consideration, including but not limited to transfers occurring by virtue of the death or bankruptcy of the owner of a Real
Property Interest."
PURCHASER'S AFFIDAVIT
Purchaser claims Exemption"E"applies to the transfer described in Form 1 attached. The following information is supplied in
support of this exemption claim:
What event resulted in transfer of a Real Property Interest by operation of law? Specify:
Death of an Owner. Provide a certified copy of the death certificate,will(if applicable),and court order appointing
the executor or personal representative of the estate.
Bankruptcy of an Owner. Provide a certified copy of the court order transferring ownership.
Other Court Order. Provide a certified copy of the operative court order.
Death of Trust Beneficiary. Provide a certified copy of the death certificate and a certified copy of the governing
trust document.
Other. Explain the circumstances and provide documents sufficient to explain and evidence the transfer by operation
of law.
1, the undersigned purchaser, duly authorized officer of the purchaser, or the purchaser's attorney do hereby certify, under pains and
penalties of perjury,that the information appearing in the above Purchaser's Affidavit is true and complete.
Signature Title
Print Name Date
(4/7/17)
DW LIBDB\260782.v3-I 141/00
Record No.
NANTUCKET LAND BANK COMMISSION FORM F
PURCHASER'S CLAIM OF EXEMPTION"F"—PARTITION.
INSTRUCTIONS
IF PURCHASER CLAIMS THAT THE TRANSFER DESCRIBED IN ATTACHED FORM 1 IS EXEMPT FROM A LAND
BANK FEE UNDER EXEMPTION"F",PURCHASER SHALL COMPLETE THIS FORM AND SUPPLY ANY
SUPPLEMENTAL DOCUMENTS REQUIRED.
EXEMPTION: As stated in Section 12(f)of the Land Bank Act,Exemption"F"applies to"Transfers made in partition of land and
improvements thereto,under chapter two hundred and forty-one of the General Laws."
PURCHASER'S AFFIDAVIT
Purchaser claims Exemption"F"applies to the transfer described in Form I attached. The following information is supplied in
support of this exemption claim:
Court Partition
Name of Court:
Case or Docket Number:
Provide copies of the petition for partition,dispositive court order,and other court documents describing the property and
explaining the ownership interests at the time of petition and after the dispositive order. (Copies of documents from courts
outside Nantucket must be certified by the court.)
List Names of Owners and their percentage interests at the time of petition and after the dispositive order(add attachment if
needed:
Private Partition
Explain facts and circumstances complying with Regulation Section 4.09(6).
Note: For either type of partition,any Purchase Price in excess of the fair market value of the previously held interest is subject to a
Land Bank fee.
I, the undersigned purchaser, duly authorized officer of the purchaser, or the purchaser's attorney do hereby certify, under pains and
penalties of perjury,that the information appearing in the above Purchaser's Affidavit is true and complete.
Signature Title
Print Name Date
DW LIRDH\260783.v3-1 141/00
Record No.
NANTUCKET LAND BANK COMMISSION FORM G
PURCHASER'S CLAIM OF EXEMPTION"G"—TRANSFER TO A CHARITY.
INSTRUCTIONS
IF PURCHASER CLAIMS THAT THE TRANSFER DESCRIBED IN ATTACHED FORM 1 IS EXEMPT FROM A LAND
BANK FEE UNDER EXEMPTION"G",PURCHASER SHALL COMPLETE THIS FORM AND SUPPLY ANY
SUPPLEMENTAL DOCUMENTS REQUIRED.
EXEMPTION: As stated in Section 12(g)of the Land Bank Act,Exemption"G"applies to "Transfers to any charitable organization
as defined in clause Third of section five of chapter fifty-nine of the General Laws,or any religious organization,provided that the
Real Property Interests so transferred will be held by the charitable or religious organization solely for its public charitable or religious
purposes."
PURCHASER'S AFFIDAVIT
Purchaser claims Exemption"G"applies to the transfer described in Form I attached. The following information is supplied in
support of this exemption claim:
Name and Address of the Purchaser Charity:
Provide a copy of the Internal Revenue Service letter determining that the Purchaser has tax exempt status pursuant to Internal
Revenue Code Section 501(c)(3),or its successor provision. If no such letter is available,provide other documentation of established
tax exempt status as a public charity or religious organization.
Charitable or Religious purpose for which the Real Property Interest transferred is or will be used:
I, the undersigned purchaser, duly authorized officer of the purchaser, or the purchaser's attorney do hereby certify, under pains and
penalties of perjury,that the information appearing in the above Purchaser's Affidavit is true and complete.
Signature Title
Print Name Date
DW LIBDB\260784.v2-1141/00
Record No.
NANTUCKET LAND BANK COMMISSION FORM H
PURCHASER'S CLAIM OF EXEMPTION"H"—MORTGAGE FORECLOSURE.
INSTRUCTIONS
IF PURCHASER CLAIMS THAT THE TRANSFER DESCRIBED IN ATTACHED FORM 1 IS EXEMPT FROM A LAND
BANK FEE UNDER EXEMPTION"H",PURCHASER SHALL COMPLETE THIS FORM AND SUPPLY ANY
SUPPLEMENTAL DOCUMENTS REQUIRED.
EXEMPTION: As stated in Section 12(h)of the Land Bank Act,Exemption"H"applies to"Transfers to a mortgagee in foreclosure
of the mortgage held by such mortgagee,and transfers of the property subject to a mortgage to the mortgagee in consideration of the
forbearance of the mortgagee from foreclosing said mortgage."
PURCHASER'S AFFIDAVIT
Purchaser claims Exemption"H"applies to the transfer described in Form I attached. The following information is supplied in
support of this exemption claim:
Name of Original Mortgagee:
Total of Principal,Interest, Fees,and Expenses currently due on foreclosed mortgage:
(Attach documentation evidencing the breakdown of this total.)
Recording Reference for the foreclosed mortgage:
Recording References for all recorded assignments of mortgage:
Current record holder of the foreclosed mortgage:
Is current record holder the same entity as the Purchaser? Yes—No
If the answer to the foregoing question is"No",is the Purchaser wholly owned by the record holder? Yes No—
If the answer to the foregoing question is"No",a Land Bank fee is due on the full Purchase Price for the transfer.
Is the foreclosed mortgage in first priority position(including any outstanding real estate taxes as a superior lien)? Yes_ No
If the answer to the foregoing is"no", list all liens superior to the foreclosed mortgage and their values at the date of the transfer:
Superior Lienholder Name Recording Reference Value at Transfer
Total Value
Note: A Land Bank fee is due on the total value of superior liens.
I, the undersigned purchaser, duly authorized officer of the purchaser, or the purchaser's attorney do hereby certify, under pains and
penalties of perjury,that the information appearing in the above Purchaser's Affidavit is true and complete.
Signature Title
Print Name Date
DWL1BDBl260785.v2-1141/00
Record No.
NANTUCKET LAND BANK COMMISSION FORM I— 1 (New Entity)
PURCHASER'S CLAIM OF EXEMPTION"I"—ENTITY FORMATION(NOT A TRUST)
(To the extent permitted by Land Bank Act Section 9(b),THIS FORM IS NOT A PUBLIC RECORD.
INSTRUCTIONS
IF PURCHASER CLAIMS THAT THE TRANSFER DESCRIBED IN ATTACHED FORM 1 IS EXEMPT FROM A LAND
BANK FEE UNDER EXEMPTION`I", PURCHASER SHALL COMPLETE THIS FORM AND SUPPLY ANY
SUPPLEMENTAL DOCUMENTS REQUIRED.
EXEMPTION: As stated in Section 12(i)of the Land Bank Act,Exemption"I"applies to "Transfers made to a Corporation or
Partnership or Limited Liability Company at the time of its formation,pursuant to which transfer no gain or loss is recognized under
the provisions of section three hundred and fifty-one or seven hundred and twenty-one of the Internal Revenue Code of 1986,as
amended;provided,however,that such transfer shall be exempt only in the event that(i)with respect to a Corporation,the transferor
retains an interest in the newly formed Corporation which is equivalent to the interest the transferor held prior to the transfer or(ii),
with respect to a Partnership or Limited Liability Company,the transferor retains after such formation rights to capital interests and
profit interests within such partnership or limited liability company which are equivalent to the interest the transferor held prior to the
transfer."
PURCHASER'S AFFIDAVIT
Purchaser claims Exemption"I"applies to the transfer described in Form I attached. The following information is supplied in support
of this exemption claim regarding a newly organized entity:
Name of Newly Organized Entity:
Identify the type of entity: Corporation Partnership—LLP_LLC_ Date of Organization:
If the entity is an LLP or LLC, indicate how it is taxed: As a corporation—As a partnership_As a disregarded entity
Will any U.S. income taxes be due as a result of forming this entity? Yes—No
List Names of Owners and their percentage interests in the transferred property prior to organization of the entity:
On Form 2 list the Names of Owners and their percentage interests in the new entity. For entities taxed as partnerships, list
both capital interests and profit interests,if they are different.
1, the undersigned purchaser, duly authorized officer of the purchaser, or the purchaser's attorney do hereby certify, under pains and
penalties of perjury,that the information appearing in the above Purchaser's Affidavit is true and complete.
Signature Title
Print Name Date
DWLIBDB\260788.v2-1141/00
Record No.
NANTUCKET LAND BANK COMMISSION FORM I—2 Previously Existing Entity
PURCHASER'S CLAIM OF EXEMPTION"I"—ENTITY FORMATION(NOT A TRUST)
(To the extent permitted by Land Bank Act Section 9(b),THIS FORM IS NOT A PUBLIC RECORD.
INSTRUCTIONS
IF PURCHASER CLAIMS THAT THE TRANSFER DESCRIBED IN ATTACHED FORM I IS EXEMPT FROM A LAND
BANK FEE UNDER EXEMPTION"I",PURCHASER SHALL COMPLETE THIS FORM AND SUPPLY ANY
SUPPLEMENTAL DOCUMENTS REQUIRED.
EXEMPTION: As stated in Section 12(i)of the Land Bank Act,Exemption"I"applies to "Transfers made to a Corporation or
Partnership or Limited Liability Company at the time of its formation,pursuant to which transfer no gain or loss is recognized under
the provisions of section three hundred and fifty-one or seven hundred and twenty-one of the Internal Revenue Code of 1986,as
amended;provided,however,that such transfer shall be exempt only in the event that(i)with respect to a Corporation,the transferor
retains an interest in the newly formed Corporation which is equivalent to the interest the transferor held prior to the transfer or(ii),
with respect to a Partnership or Limited Liability Company,the transferor retains after such formation rights to capital interests and
profit interests within such partnership or limited liability company which are equivalent to the interest the transferor held prior to the
transfer."
PURCHASER'S AFFIDAVIT
Purchaser claims Exemption"I"applies to the transfer described in Form 1 attached. The following information is supplied in support
of this exemption claim relating to a previously formed entity:
Name of previously formed Purchaser Entity:
Identify the type of entity: Corporation Partnership _LLP LLC
Date of Organization:
If the entity is an LLP or LLC, indicate how it is taxed: As a corporation As a partnership_As a disregarded entity
Is transfer of the property described in Form 1 exempt from U.S. income taxes? Yes—No
Was any other real or personal property transferred to the Purchaser Entity at the time of transfer? Yes No
If the answer to the foregoing question is"yes",list the other property transferred and its value.
List Names of Owners and their percentage interests in the transferred property prior to transfer:
Name of Owner Percenta>e
On Form 2,list Names of Owners and their percentage interests in the Purchaser Entity both before and after the transfer.
(For entities taxed as partnerships, list capital and profit interests, if they are different.)
I, the undersigned purchaser, duly authorized officer of the purchaser, or the purchaser's attorney do hereby certify, under pains and
penalties of perjury,that the information appearing in the above Purchaser's Affidavit is true and complete.
Signature Title
Print Name
Date
DW LIB DB\260810.v4-1141/00
Record No.
NANTUCKET LAND BANK COMMISSION FORM J
PURCHASER'S CLAIM OF EXEMPTION"J"—ENTITY LIQUIDATION OR DISSOLUTION
(To the extent permitted by Land Bank Act Section 9(b),THIS FORM IS NOT A PUBLIC RECORD.
INSTRUCTIONS
IF PURCHASER CLAIMS THAT THE TRANSFER DESCRIBED IN ATTACHED FORM I IS EXEMPT FROMA LAND
BANK FEE UNDER EXEMPTION"J",PURCHASER SHALL COMPLETE THIS FORM AND SUPPLY ANY
SUPPLEMENTAL DOCUMENTS REQUIRED.
EXEMPTION: As stated in Section 12(j)of the Land Bank Act,Exemption"J"applies to "Transfers made to a stockholder of a
Corporation in liquidation or partial liquidation of the Corporation,and transfers made to a partner of a Partnership or a member of a
Limited Liability Company in dissolution or partial dissolution of the Partnership or Limited Liability Company;but the transfer shall
be exempt only if(i)with respect to a Corporation,the transferee receives property, including Real Property Interests and other
property received,which is the same fraction of the total property of the transferor Corporation as the fraction of the Corporation's
stock owned by the transferee prior to the transfer or(ii)with respect to a Partnership or Limited Liability Company,the transferee
received property, including Real Property Interests and other property received,which is the same fraction of the property of the
Partnership or Limited Liability Company as the fraction of the capital and profit interests in the transferor formerly owned by the
transferee."
PURCHASER'S AFFIDAVIT
Purchaser claims Exemption"J"applies to the transfer described in Form I attached. The following information is supplied in support
of this exemption claim:
Name of Dissolved or Liquidated Entity:
Identify the type of entity: Corporation Partnership LLP_LLC
If the entity is an LLP or LLC, indicate how it is taxed: As a corporation As a partnership_As a disregarded entity
Provide a copy of the resolution or agreement describing the plan of liquidation or dissolution.
Is the transfer related to a full or partial dissolution lutioe Property Interest idation? Full Yes Partial If partial, is the value of the entity ownership
interest liquidated equal in value P No
Iheht answer e the anegoing question is"noon was personal
the same percentage of theue real
as the percentage of the ownership
the total property transferred (real and personal)
interest liquidated? Yes No
Provide documentation confirming the answer to the foregoing question and establishing the value of the various types of property
transferred.
On Form 2 list Names of Owners and their percentage interests both prior to and after full or partial dissolution of the entity. For
entities taxed as partnerships,list both profit interests and capital interests, if different.
1, the undersigned purchaser, duly authorized officer of the purchaser, or the purchaser's attorney do hereby certify, under pains and
penalties of perjury,that the information appearing in the above Purchaser's Affidavit is true and complete.
Signature
Title
Print Name
Date
1
DW LIBDB\260789.v2-1141/00
Record No.
NANTUCKET LAND BANK COMMISSION FORM K
PURCHASER'S CLAIM OF EXEMPTION"K"—DISSOLUTION OF MARRIAGE
INSTRUCTIONS
IF PURCHASER CLAIMS THAT THE TRANSFER DESCRIBED IN ATTACHED FORM I IS EXEMPT FROM A LAND
BANK FEE UNDER EXEMPTION"K",PURCHASER SHALL COMPLETE THIS FORM AND SUPPLY ANY
SUPPLEMENTAL DOCUMENTS REQUIRED.
EXEMPTION: As stated in Section 12(k)of the Land Bank Act,Exemption"K"applies to"Transfers consisting of the division of
marital assets under the provisions of section thirty-four of chapter two hundred and eight of the General Laws or other provisions of
law."
PURCHASER'S AFFIDAVIT
Provide a copy of the court order resulting in the transfer described in Form 1 and any cross-referenced or incorporated separation,
property settlement, or other agreement mandating the transfer. If such documents are from a non-Nantucket court, please provide
certified copies.(An attorney's certification is acceptable.)
INFORMATION ABOUT COURT PROCEEDING:
State:
County:
Docket or Case No.:
If this is checked, an uncertified photocopy of the court order and/or _referenced agreement (check one or both) is
attached, and the undersigned attorney hereby certifies that the attachment(s) is(are) true and complete copy(ies) of the
document(s)mandating the transfer described in Form 1.
1, the undersigned purchaser, or the purchaser's attorney do hereby certify, under pains and penalties of perjury,that the information
appearing in the above Purchaser's Affidavit is true and complete.
Signature Title
Print Name Date
DW l.1BDB\260790.v3-I 141/00
Record No.
NANTUCKET LAND BANK COMMISSION FORM L
PURCHASER'S CLAIM OF EXEMPTION"L"—PROPERTY OTHER THAN NANTUCKET REAL PROPERTY
INSTRUCTIONS
IF PURCHASER CLAIMS THAT THE TRANSFER DESCRIBED IN ATTACHED FORM 1 IS EXEMPT FROM A LAND
BANK FEE UNDER EXEMPTION"L",PURCHASER SHALL COMPLETE THIS FORM AND SUPPLY ANY
SUPPLEMENTAL DOCUMENTS REQUIRED.
EXEMPTION: As stated in Section 12(1)of the Land Bank Act,Exemption"L"applies to "Transfers of property consisting in part
of Real Property Interests situated in Nantucket County and in part of other property interests,to the extent that the property
transferred consists of property other than real property situated in Nantucket County;provided that the Purchaser shall furnish the
Commission with such information as it shall require or request in support of the claim of exemption and manner of allocation of the
consideration for such transfers."
PURCHASER'S AFFIDAVIT
Provide the fair market value and price paid for all property which is transferred in the transaction. Include appraisals,deeds,bills of
sale and any other documents relied upon to establish the values and prices listed.
I, the undersigned purchaser, duly authorized officer of the purchaser, or the purchaser's attorney do hereby certify, under pains and
penalties of perjury,that the information appearing in the above Purchaser's Affidavit is true and complete.
Signature_ Title
Print Name Date
DW LIBDB\260791.v2-1 141/00
Record No.
NANTUCKET LAND BANK COMMISSION FORM M
PURCHASER'S CLAIM OF EXEMPTION"M"—FIRST TIME HOME BUYER
INSTRUCTIONS
IF PURCHASER CLAIMS THAT THE TRANSFER DESCRIBED IN ATTACHED FORM I IS EXEMPT FROM A LAND
BANK FEE UNDER EXEMPTION"M",PURCHASER SHALL COMPLETE THIS FORM AND SUPPLY ANY
SUPPLEMENTAL DOCUMENTS REQUIRED. (IF THERE ARE MORE THAN TWO PURCHASERS,ATTACH ANOTHER
COPY OF THIS FORM TO SUPPLY INFORMATION AND SIGNATURES OF ADDITIONAL PURCHASERS.)
EXEMPTION: As stated in Section 12(m)of the Land Bank Act,Exemption"M"applies to the M Exemption Amount of the
"Purchase Price of a transfer made to a Purchaser who,or whose spouse at the Time of Transfer,has at no time before the said transfer
owned or possessed any Real Property Interest as defined in section one either within or without Nantucket County;but the Purchaser
shall make the Real Property Interest which is the subject of the transfer the Purchaser's actual domicile within 1 year of the Time of
Transfer;and shall remain permanently or for an indefinite time and without any certain purpose to return to a former place of abode.
In the event of a later transfer within 5 years of the transfer exempted from the fee under this paragraph,other than the transfer of a
mortgage to an Institutional Lender,the Fee exempted shall become due,together with the accumulated interest and penalties,and in
addition to any Fee otherwise due as a result of the later transfer. The Purchaser shall certify as to the foregoing,and the Commission
shall attach to the deed a certificate which shall recite the fact that there is running with the land a lien equal to the amount of the Fee
exempted plus accumulated interest and penalties until such time as all conditions of this subsection have been met."
PURCHASER'S AFFIDAVIT
Has any Purchaser ever previously owned any Real Property Interest in residential or non-residential real property in Nantucket or
anywhere else in the world?(Answer this question for each Purchaser.)
Name of Purchaser 1: Yes No
Name of Purchaser 2: Yes_No—
If the foregoing question is answered"Yes"for any Purchaser,are any of the Purchasers married to each other? Yes No
If the answer to the foregoing question is"Yes",specify which Purchasers are married to each other.
Each Purchaser must answer"Yes"or"No" in response to each of these statements:
Purchaser I Purchaser 2
(i) I intend,within two years, to reside in the property as my domicile Yes_, No_ Yes No
(that is,permanent primary residence).
(ii) I intend to remain domiciled in the property until at least the fifth Yes_ No_ Yes_ No_
anniversary of this transfer.
(iii) I intend to remain the owner of the entire property until at least the Yes No Yes No
fifth anniversary of this transfer.
If there are multiple Purchasers and the answer to any of the foregoing questions is"No",provide data and documents sufficient to
allocate the M Exemption pursuant to Section 4.16 of the Land Bank Regulations.
I (We) the undersigned purchaser(s), do hereby certify, under pains and penalties of perjury, that the information appearing in the
above Purchaser's Affidavit is true and complete.
NOTE: Form M must be signed by all Purchasers. No attorney or other representative signatures will be accepted.
Signature
Print Name Date
Signature
Print Name Date
Record No.
NANTUCKET LAND BANK COMMISSION FORM N
PURCHASER'S CLAIM OF EXEMPTION"N"—PUBLICALLY TRADED ENTITIES
INSTRUCTIONS
IF PURCHASER CLAIMS THAT THE TRANSFER DESCRIBED IN ATTACHED FORM I IS EXEMPT FROM A LAND
BANK FEE UNDER EXEMPTION"N",PURCHASER SHALL COMPLETE THIS FORM AND SUPPLY ANY
SUPPLEMENTAL DOCUMENTS REQUIRED.
EXEMPTION: As stated in Section 12(n)of the Land Bank Act,Exemption"N" applies to"Transfers of minority interests in
Corporations,Trusts, Partnerships,or Limited Liability Companies which are publicly traded,which trades are not part of a series of
transfers which together constitute a transfer of control of a Corporation,Trust,Partnership or Limited Liability Company."
PURCHASER'S AFFIDAVIT
Name of the Public Entity in which an interest is transferred:
Public Exchange where interests in the Public Entity are traded:
Symbol for the Public Entity on said exchange:
is the transfer described in Form I a transfer of a minority interest in the Public Entity?Yes__No
If the answer to the foregoing question is "Yes", are there any expected future transfers or previously completed transfers which are
related to this transfer (that is, transfers of interests in the Public Entity to the Purchaser named on Form 1 or to another person or
entity which is owned by or otherwise related to Purchaser)? Yes_No
List the Land Bank Record Numbers and dates of all prior related transfers and provide copies of said transfers:
Record Number Date
Will this transfer,together with the other previous or future related transfers constitute a Transfer of Control of the Public Entity?
Yes No
I, the undersigned purchaser, duly authorized officer of the purchaser, or the purchaser's attorney do hereby certify, under pains and
penalties of perjury,that the information appearing in the above Purchaser's Affidavit is true and complete.
Signature Title
Print Name Date
DW LIBDB\260793.v2-1 141/00
Record No.
NANTUCKET LAND BANK COMMISSION FORM 0 (PAGE 1)
PURCHASER'S CLAIM OF EXEMPTION"0"—AFFORDABLE HOUSING RESTRICTION
INSTRUCTIONS
IF PURCHASER CLAIMS THAT THE TRANSFER DESCRIBED IN ATTACHED FORM 1 IS EXEMPT FROMA LAND
BANK FEE UNDER EXEMPTION"0",PURCHASER SHALL COMPLETE THIS FORM,SUPPLYA COPY OF THE
AFFORDABLE HOUSING RESTRICTION,SUPPLY THE HOLDER'S AFFIDAVIT ON PAGE 2 OF FORM 0,AND SUPPLY
ANY SUPPLEMENTAL DOCUMENTS REQUIRED. (IF THERE ARE MORE THAN TWO PURCHASERS,ATTACH
ANOTHER COPY OF THIS FORM TO SUPPLY INFORMATION AND SIGNATURES OF ADDITIONAL PURCHASERS.)
EXEMPTION: As stated in Section 12(o)of the Land Bank Act,Exemption"0"applies to the Purchase Price of a"Transfer of a
real property interest that is subject to and used consistent with an affordable housing restriction;provided,however,that the
affordable housing restriction has a term remaining at the time of the transfer of not less then 5 years;and provided further,that the
purchaser shall make the real property interest,that is the subject of the transfer,the purchaser's actual domicile within 2 years of the
time of transfer and shall remain permanently or for an indefinite time and without any certain purpose to return to a former place of
abode for a period lasting not less than the fifth anniversary of the transfer. Notwithstanding this paragraph,if the real property
interest is transferred again within 5 years and the later transfer complies with this paragraph,a fee, interest or penalty shall not be
due. If the holder of an affordable housing restriction determines within 5 years of the transfer that the real property interest to which
it pertains is not being used consistent with the requirements of the affordable housing restriction or if a later transfer within 5 years
that(sic)does not comply with this paragraph,the fee exempted hereunder shall become due,together with the accumulated interest
and penalties calculated from the date of the transfer exempted hereunder. The purchaser shall certify as to the foregoing and the
commission shall attach to the deed a certificate that shall recite the fact that there is running with the land a lien equal to the amount
of the fee exempted plus accumulated interest and penalties until such time as all conditions of this paragraph have been met."
PURCHASER'S AFFIDAVIT
Each Purchaser must personally answer"Yes"or"No"to each of these statements:
Purchaser 1 Purchaser 2
No Yes No—
(i) I intend,within two years,to reside in the property as my domicile Yes
(that is,permanent primary residence).
No
— Yes— No—
(ii) I intend to remain domiciled in the property until at least the fifth Yes—
anniversary of this transfer.
Yes No No
(iii) I understand that,if I transfer the property prior to the fifth anniversary Yes — —
of this purchase and the new conveyance is not eligible for the"0"exemption,
I will owe all the exempted Land Bank fee,plus interest and penalties.
Each Purchaser certifies that the property transferred is subject to the Affordable Housing Restriction described on the following page,
a copy of which is filed herewith (the "Restriction"). Each Purchaser certifies further that the Purchasers collectively constitute a
household which complies with the income and other requirements of the Restriction, and that they intend to use the property in
compliance with all the terms and conditions of the Restriction throughout their ownership of the property transferred.
I (We) the undersigned purchaser(s), do hereby certify, under pains and penalties of perjury, that the information appearing in the
above Purchaser's Affidavit is true and complete.
NOTE: Page 1 of Form 0 must be signed by all Purchasers. No attorney or other representative signatures will be accepted.
Signature
Print Name Date
Signature
Print Name Date
Record No.
NANTUCKET LAND BANK COMMISSION FORM 0 (PAGE 2)
AFFIDAVIT BY HOLDER OF AFFORDABLE HOUSING RESTRICTION
DEFINITION: As stated in Section 1 of the Land Bank Act,an"Affordable housing restriction" is defined as"a recorded instrument
held by a qualified holder which encumbers or restricts a real property interest so that the real property interest is perpetually,or for a
term of at least 30 years,limited to use as a residence occupied by a low or moderate income household that earns less than a specified
income level, the upper limit of which may not exceed 175 per cent of the Nantucket median income; provided, however, that a
"qualified holder" shall be a governmental body or charitable corporation or trust that qualifies under the terms of chapter 184 of the
General Laws to hold an affordable housing restriction as defined in section 31 of said chapter 184;and provided further,that without
limiting the generality of the foregoing, an affordable housing restriction shall include any instrument that conforms to the
requirements of: (i)a Nantucket housing needs covenant as described in chapter 301 of the acts of 2002 and defined from time to time
in the town of Nantucket code; or (ii) an affordable housing restriction complying with the definition and other requirements of said
chapter 184."
DESCRIPTION OF AFFORDABLE HOUSING RESTRICTION
The undersigned represents that it is the current holder of record (the "Holder") of the Affordable Housing Restriction to which the
property transferred is subject,described as follows(the"Restriction"):
Recorded at Nantucket Registry of Deeds in Book Page ,or as registered Document No.
A true and complete copy of the Restriction is attached.
Commencement Date of Restriction:
Expiration Date of Restriction: (must be more than five years after this transfer)
Holder's Name
Mailing Address
City State Zip
Holder's Legal Representative
Address
City State .Zip.
The undersigned hereby certifies under pains and penalties of perjury that
(i) he/she is a duly authorized representative of the Holder;AND
(ii) the Restriction complies with the definition of"Affordable Housing Restriction" stated above and in Section 1 of the
Land Bank Act;AND
(iii) the Purchaser(s) named on Page 1 of this Form 0 have been determined by Holder to be qualified under the
requirements of the Restriction to purchase the property being transferred to them;AND
(iv) Holder intends to monitor use of the property transferred for continued compliance with the Restriction and
undertakes to notify the Land Bank in the event that Holder determines within five years of the transfer that the
property is not being used consistent with the requirements of the Restriction.
Signature
Date
DW LIBDB\300168.v3-I 141/00