165 FOREST ST MARLBOROUGH, MA NEW DATE: WED. NOVEMBER 18 AT 10:00 AM. Marlborough, MA Multi-Tenant Office Building PROPERTY INFORMATION PACKAGE

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1 Marlborough, MA Multi-Tenant Office Building 165 FOREST ST MARLBOROUGH, MA NEW DATE: WED. NOVEMBER 18 AT 10:00 AM PROPERTY INFORMATION PACKAGE

2 Table of Contents Valuable Information & Terms of Sale 3 Auction Display Advertisement 4 Foreclosure Notice 5 Executive Summary 7 Property Photos 8 Factual Data 14 Street Location Map 16 Site Data 17 Site Plan 21 Marlborough Assessor s Map 22 Zoning & Land Use 23 Marlborough Zoning Map 24

3 Valuable Information & Terms of Sale Auction Date & Time: Subject Property & Auction Location: Auction Terms of Sale: Disclaimer: Original Date: Wednesday September 30, 2015 at 10:00 AM Postponed to New Date: Wednesday November 18, 2015 at 10:00 AM 165 Forest St Marlborough, Middlesex County Massachusetts Auction will be conducted on the premises $75, deposit via bank treasurer s check at the time and place of the sale as a non-refundable earnest money deposit towards the purchase price this check should be made payable to the person registering for the auction. If they are the successful high bidder, they will endorse the check Hackett Feinberg P.C., who will be the Escrow Agent. An additional deposit required by federal wire transfer of $150, is due within five (5) business days of the date of the public auction. The balance of the purchase price shall be paid upon delivery of the deed within forty (40) days of the date of the public auction. The successful bidder shall be required to sign a Memorandum of Sale at the public auction containing the terms herein and any additional terms set forth in the Memorandum of Sale or announced at the public auction. All information contained within this package was derived from sources believed to be reliable. Information contained on the website, this information package or auction flyers does not constitute a representation, warranty or guarantee of any kind by the Auctioneer and/or the Seller and/or their Attorneys, Agents or Employees of the exactness, accuracy or completeness of any information herein. The Auctioneer and/or the Seller and/or their Attorneys, Agents or Employees expressly disclaim any responsibility or accountability thereof. The Auctioneer and/or the Mortgagee and/or their Attorneys, Agents or Employees shall have no liability whatsoever for any loss, cost or damage arising there from. Prospective buyers should rely solely on their own due diligence, inspection, consciousness and judgment. Announcements made on the auction block shall take precedence and supersede any previously printed material or any other oral statements made by any of the previously mentioned parties herein. Prospective bidders are encouraged to evaluate & perform their own due diligence. Bidders must rely on their own research & judgment.

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5 MORTGAGEE'S SALE OF REAL ESTATE By virtue and in execution of the Power of Sale contained in a certain Mortgage and Security Agreement and Financing Statement dated July 2, 2007, given by Forest Street Building 165, LLC ( Mortgagor ) to Sovereign Bank, and recorded with the Middlesex County (South) Registry of Deeds in Book 49722, Page 540 (the Mortgage ) as affected by Amendment of Security Instruments recorded with the Middlesex (South) County Registry of Deeds in Book 53701, Page 22, of which Mortgage the undersigned is the present holder, for breach of the conditions of said Mortgage and for the purpose of foreclosing the same will be sold at Public Auction at 10:00 A.M. on the 30 th day of September, 2015 on 165 Forest Street, Marlborough, Massachusetts, the premises described in the Mortgage to wit: A certain parcel of land situated in Marlborough, Middlesex County, Massachusetts, at the intersection of Forest Street and Interstate Route 495, containing 189,880.6 square feet or acres, and being shown on plan entitled "Plan of Land in Marlborough, Massachusetts, owned by Rolfe E. and Dorothy M. Putnam", dated December 20, 1968, Highland Land Surveyors, Inc., recorded with Middlesex South District Deeds as Plan No. 753 of 1969 in Book 11711, Page 135, bounded and described as follows: SOUTHERLY by Forest Street, three hundred ninety-three and 95/100 (393.95) feet; WESTERLY and NORTHWESTERLY by land now or formerly of William A. O. Bennett and by land now or formerly of The Second Corporation of Boston as shown on said plan, by several courses, measuring respectively, ninety-five and 645/1000 (95.645) feet, two hundred thirty-one and 04/100 (231.04) feet and eight hundred twelve and 30/100 (812.30) feet; NORTHERLY by land of owner unknown as shown on said plan, ten and 54/100 (10.54) feet; and EASTERLY by Interstate Route 495 as shown on said plan, nine hundred ninety-five and 87/100 (995.87) feet. For title, see deed from David P. Depietri, Trustee of 165 Forest Street Realty Trust of 1992 to Forest Street Building, 165, LLC dated July 2, 2007 and recorded with the Middlesex County (South) Registry of Deeds in Book in Book 49722, Page 537. In the event of any typographical errors in the publication of this notice, the description in the Mortgage shall control. Said premises shall also be sold subject to and/or with the benefit of any and all other restrictions, easements, improvements, covenants, outstanding tax titles, municipal or other public taxes, assessments, liens or claims in the nature of liens, attachments and existing encumbrances of record created prior to the Mortgage, if any there be, insofar as in force and applicable. Said premises will also be sold subject to all leases and tenancies having priority over said Mortgage,

6 to tenancies or rights of parties in possession now or at the time of said auction which are subject to said Mortgage, to rights or claims in personal property installed by tenants or former tenants now located on the premises, and to laws and ordinances including, but not limited to, all building and zoning laws and ordinances. Terms of sale: The highest bidder in the sale of the premises shall deposit a bank treasurer's check, or certified check in the amount of Seventy Five Thousand Dollars ($75,000.00) at the time and place of the sale of the premises as a non-refundable earnest money deposit towards the purchase price to be held at the option of the undersigned mortgagee (the Mortgagee ) as liquidated damages for any default by the successful bidder. The highest bidder in the sale of the premises shall then be required to remit by federal wire transfer an additional non-refundable deposit in an amount of One Hundred Fifty Thousand Dollars ($150,000.00) within five (5) business days of the date of the public auction. The balance of the purchase price shall be paid upon delivery of the deed within forty (40) days of the date of the public auction. The successful bidder shall be required to sign a Memorandum of Sale at the public auction containing the terms herein and any additional terms set forth in the Memorandum of Sale or announced at the public auction. In the event that the successful bidder at the public auction fails to perform in the time specified to purchase the premises, the Mortgagee reserves the right, at its sole election, to sell the premises by foreclosure deed to the other qualified bidders, in descending order beginning with the next highest bidder, provided that in each case the next highest bidder delivers to Mortgagee the amount of the required deposit within three (3) business days after written notice of the default of the previous highest bidder and promptly executes a Memorandum of Sale providing for performance within forty (40) days of execution. Mortgagee also reserves the right, at its sole election, to assume the bid of any defaulting or declining bidder. The Mortgagee reserves the right to postpone this sale to a later date by public proclamation at the time and date appointed for the sale and to further postpone any adjourned sale date by public proclamation at the time and date appointed for the adjourned sale date. For inquiries concerning the auction, please contact Sullivan & Sullivan Auctioneers, LLC at or Other terms to be announced at sale. Santander Bank, N.A. as successor by merger to Sovereign Bank, N.A. as successor by merger to Sovereign Bank By its attorneys, Lauren A. Solar, Esq. Hackett Feinberg P.C. 155 Federal Street, 9 th Floor Boston, MA /9, 9/16, and 9/23

7 Executive Summary Property Location: Property Type: 165 Forest St Marlborough, Middlesex County Massachusetts Multi-tenant office building PROPERTY DESCRIPTION: Site: Improvements: Ownership: The site consists of an industrially-zoned parcel of land containing 189,878 square feet (4.359 acres). The property is located along the northerly side of Forest Street, south of the Boston Post Road West/I-495 interchange. The site is improved with a four story Class B office building containing 50,600 rentable square feet; the building was originally constructed in The building is 50% occupied by Advanced Science & Math Academy Charter School and Southern Middlesex Opportunity Council (SMOC), each of whom lease 12,650 rentable square feet on a long term basis. The subject property is owned by Forest Street Building 165, LLC. Tax Assessors Parcel: Map 90, Parcel 4 Zoning: L1 Light Industrial District

8 Property Photos

9 Property Photos

10 Property Photos

11 Property Photos

12 Property Photos

13 Aerial Photo

14 Factual Data Property Identification & History: City & Neighborhood Overview: The subject property is located along the northerly side of Forest Street, south of the Boston Post Road West/I-495 interchange, in Marlborough, Middlesex County, Massachusetts. The property consists of an industrially-zoned parcel of land containing 189,878 square feet. The parcel is improved with a four story Class B office building containing 50,600 rentable square feet; the building was originally constructed in The building is 50% occupied by Advanced Science & Math Academy Charter School and Southern Middlesex Opportunity Council (SMOC), each of whom lease 12,650 rentable square feet on a long term basis. The subject site is situated in the City of Marlborough. The City is situated in Middlesex County in east-central Massachusetts, bordered by Hudson on the north, Sudbury and Framingham on the east, Southborough on the south, and Berlin and Northborough on the west. Marlborough is 17 miles east of Worcester, 27 miles west of Boston, and 195 miles from New York City. Marlborough is situated in the Greater Boston Area, which has excellent rail, air, and highway facilities. State Route 128 and Interstate Route 495 divide the region into inner and outer zones, which are connected by numerous "spokes" providing direct access to the airport, port, and intermodal facilities of Boston. Principal highways are U.S Route 20, which runs east to west across the state, and Interstate Route 495, the outer belt around Boston. Interstate Route 290 connects Interstate Route 495 in Marlborough to the city of Worcester. The Massachusetts Turnpike (Interstate Route 90) is easily accessible to Interstate Route 495 on the border of Westborough and Hopkinton.

15 City & Neighborhood Overview: Factual Data (Cont d) The subject property is located within the western edge of the city of Marlborough, approximately one-half mile southeast of Route 20, which is a major thoroughfare through the town. The subject site is situated along the west side of I-495, but has no access to I-495 from Forest Street. Access to the I- 495 interchange is available within 1.5 miles at Route 20. The subject s main competition is located along the I-495 corridor in the immediate vicinity of the subject and to the south within the neighboring towns of Southborough and Westborough. The subject s immediate area is predominantly commercial in nature with office buildings along Forest Street and the streets feeding off Forest Street. Route 20 is more mixed in development and includes office, retail and hotels within the neighborhood. With the exception of one residential development situated immediately northwest of the subject site, the immediate neighborhood is dominated with office development varying in size up to 200,000 square feet. The neighborhood also includes planned office parks that consist of multiple buildings with over 1 million square feet of total office space. The land use to the north of Route 20 is predominantly single family residential as is the area to the east of the subject. In general, the properties along the I-495 corridor within two miles of the interchange are commercial office and R&D buildings. Access to the neighborhood is via Boston Post Road West (Route 20) which runs eastwest through Marlborough and connects with the neighboring town of Northborough to the west and the City s CBD to the east. From the east the subject is accessed via Williams Street intersecting with Forest Street and from the west via Ames Street. Both of these feeder streets intersect with Route 20. Route 20 provides access to the I-495 interchange. The subject also has access to an I-495 interchange approximately one mile south at Simarano Drive. The subject is situated along the north side of Forest Street along the west right-of-way of I-495. Forest Street provides the main vehicular access to the site. The north end of the site has a paved parking lot that also has vehicular access to the adjacent property located at 199 Forest Street via a paved driveway. Forest Street is a neighborhood road connecting with other similar roads providing access to various properties.

16 Street Location Map

17 Site Data Location: Area & Configuration: Frontage & Access: Utilities: Topography & Drainage: Site Improvements: Parking: Site Plan: The subject is located along the northerly side of Forest Street in the far west section of Marlborough, Middlesex County, Massachusetts. The subject property is designated by the Marlborough Tax Assessor s office as Map 90, Parcel 4. The property consists of an irregularly shaped commercially zoned parcel of land containing 189,878 square feet (4.359 acres). The site has ample frontage along the northerly side of Forest Street. Access to the site is provided from a curb cut along the roadway. All public utilities including water, sewerage, electric power, natural gas and telephone services are available to the subject property. The subject site has a mostly level topography. The subject improvements (footprint) occupy approximately 6.6% of the site. The remaining site area consists mainly of paved walkways, asphalt paving and curbs, and landscaped areas with grass, shrubs and greenery. There are a reported 200 parking spaces surrounding the east, west and north sides of the building. The development plan can be found on the following page.

18 Site Data (Cont d) Building Improvements: The subject is improved with a four story Class B office building containing 50,600 rentable square feet; the building was originally constructed in The building is 50% occupied by Advanced Science & Math Academy Charter School and Southern Middlesex Opportunity Council (SMOC), each of whom lease 12,650 rentable square feet on a long term basis. These two tenants partially replaced Egenera, Inc., a software company, which vacated the property when their lease expired on December 31, The upper two floors of the building are vacant and available for lease. The main structure of the building is steel frame with concrete panel wall construction, with a concrete foundation and slab on grade. The subject resembles a typical low-rise building with an exterior metal panel appearance. The building is serviced with one lobby on the first floor that provides access to the elevator situated at the south end of the building. A secondary access is provided at the north side of the building on the second level, with no lobby area at this entrance. The main lobby is accessed from the southeast corner of the building at the first floor level with this entrance serviced with a sidewalk from the paved parking area. This lobby has tiled floors and is open to the space above with a balcony on the second floor open to the first floor and acting as the second floor elevator lobby space. There is also a stairway situated behind the elevator core as well as at the northern side of the building providing access to all four floors. The secondary entrance is accessed at the northwest corner of the building at the second floor level and is basically a hallway that connects with the elevator lobby at the front of the building. This area is carpeted with an acoustical ceiling system and fluorescent lighting. The building was designed to accommodate multiple tenants and all spaces are accessed via a common hallway through the middle of the building. The interior office spaces include carpeted floors and acoustical ceiling with recessed fluorescent lighting.

19 Site Data (Cont d) Building Improvements: Construction Specifications: The interior of all office space includes metal studs covered with gypsum wall board and is painted. All tenant spaces have perimeter fixed windows. The interior doors throughout are solid core wood with good quality hardware and finish. The windows are fixed glass. All emergency exit doors are steel doors. A summary of the building specifications are listed as follows: BASE BUILDING Type: Construction: Office Class: Office Steel & Masonry Class B Year Built: 1984 Stories: 4 Foundation: Exterior: Roof: Electrical: HVAC: Concrete slab Steel frame with concrete panel construction Flat metal deck, steel frame, rubber membrane Electricity is through a 480/277 volt service distribution panel on each floor. Electrical capacity for the building is 2000 amp. The mechanical systems are located throughout each tenant space and include closed loop water cooled heat pump systems which are gas fired and rooftop mounted condenser units.

20 Site Data (Cont d) BASE BUILDING (CONT D) Elevator: Fire & Theft: One four-stop Fully alarmed and sprinklered OFFICE INTERIOR & BUILD-OUT Layout: Floor: Walls: Ceiling: Lighting: Doors: Windows: The common areas are carpeted and the elevator lobby area is carpeted. The building was designed to accommodate multiple tenants and all spaces are accessed via a common hallway through the middle of the building. The interior office spaces include carpeted floors and acoustical ceiling with recessed fluorescent lighting. All spaces include perimeter offices, while the larger spaces also include open space and partitioned with movable cubicle partitions. Tile, commercial carpet, some vinyl Drywall on stud, some covering, paneling Suspended acoustic tile Hanging indirect & parabolic florescent Mostly sold wood Tinted aluminum ribbon

21 Site Plan

22 Marlborough Assessor s Map

23 Zoning & Land Use Controls Usage of property may be limited by public or private land use controls. Public land use controls include: zoning regulations; subdivision rules and regulations; floodplain, water resource and aquifer protection districts; endangered species act legislation; and/or county planning commissions and other overlay or floating districts. Zoning restrictions are the primary public land use control identified for the subject property. The subject site is located in the Marlborough LI Light Industrial district. Uses allowable "by right" in the LI district include, but are not limited to, most light industrial, R&D, office and government buildings, including schools and libraries and other public building uses. In general, the uses should be consistent with the surrounding development and may not include uses that create noise or air pollution issues, nor include residential uses. The following is a zoning analysis which outlines the dimensional requirements for the district. Zoning Summary Minimum lot requirements: Minimum setback requirements: Front yard: Rear yard: Side yard: Maximum height: Maximum stories: Lot frontage: Off street parking: 2 Acres 50 feet 50 feet 50 feet 50 feet 4 stories 200 feet 1 per 250 sf

24 Marlborough Zoning Map SUBJECT