REAL ESTATE AUCTION R17-213B

Transcription

1 REAL ESTATE AUCTION R17-213B SANDY STREAM PARK ROUTE 139 / KILLDEER LANE, UNITY, ME FRIDAY, SEPTEMBER 29TH 1 PM 9/29/17 Sandy Stream Park (Route 139/Killdeer Lane), Unity, ME PREVIEW: MONDAY, SEPTEMBER 18TH 1-2 PM or by appt. MAP/LOT ± ACRES

2 R17-213B Land / Residential / Commercial Sandy Stream Park (Route 139/Killdeer Lane), Unity, ME MAP/LOT ± ACRES Prepared for: Machias Savings Bank Prepared by: Central Maine Auction Center Emily Tilton, Auction License #1621 Kevin Tilton, Auction License # 644

3 CENTRAL MAINE AUCTION CENTER 44 CONCORD DRIVE, HERMON, MAINE (207) CMAUCTIONCENTER.COM FRIDAY, SEPTEMBER 29TH 1 PM Dear Prospective Bidder: Machias Savings Bank and Central Maine Auction Center, in conjunction with Next Home / Tim Schuck would like to announce auction R17-213B. The real estate at Sandy Stream Park (Route 139/Killdeer Lane), Unity, ME, consists of ±33.30 acres of residential or commercial land. The above property is subject to a $5000 deposit (nonrefundable to winning bidder) in CASH or CERTIFIED U.S. FUNDS made payable to Machias Savings Bank (deposited with Auctioneer as qualification to bid). The property will be sold by public auction as is-where is, subject to all outstanding municipal assessments. Machias Savings Bank, Central Maine Auction Center and Next Home make no warranties of any kind regarding its title to the property or the physical condition, location or value of the property, or compliance with any applicable federal, state or local law, ordinance and regulation, including zoning, or land use ordinances. Bidders must satisfy themselves to each of those matters as an ordinary and prudent buyer. For further information regarding the property, the public sale bidding details, and additional terms, contact Central Maine Auction Center. ADDITIONAL TERMS AND CONDITIONS MAY BE ANNOUNCED BY THE AUCTIONEER ON THE DATE OF THE PUBLIC SALE AND ARE INCORPORATED HEREIN BY REFERENCE. Central Maine Auction Center and Tim Schuck are available to assist you with any questions you may have regarding the property or our auction process. Our friendly, professional staff is committed to providing quality service and look forward to seeing you on auction day.

4 NOTICE OF MORTGAGEE'S SALE OF REAL ESTATE Sandy Stream Mobile Home Park Route 139/Killdeer Lane Unity,Maine 1 P.M.,September 29,2017 By virtue of and in execution of the power of sale contained in a certain Commercial Mortgage and Security Agreement with Financing Statement (the "Mortgage") given by Sandy Stream Holdings, LLC (the "Mortgagor") to Machias Savings Bank (the "Bank") dated May 20, 2009, and recorded in the Waldo County Registry of Deeds in Book 3329, Page 40, of which Mortgage the Bank continues to be the present holder, for breach of the conditions of the Mortgage and for the purpose of foreclosing the same, the property described in said Mortgage, reference to which mortgage is made for a complete description of the real estate, and further described in that certain deed into Mortgagor recorded in the same registry, Book 3329, Page 36, commonly known as Route 139/Killdeer Lane Unity,Maine or Sandy Stream Mobile Home Park will be sold at public sale at 1:00 P.M.,September 29,2017. The public sale will be held at the mortgaged property at Route 139/Killdeer Lane,Unity,Maine. The foregoing premises shall be conveyed subject to the following items: 1. Any and all municipal, state, or federal laws, regulations, and ordinances including, without limitation, permits and approvals heretofore issued by any federal, state, or municipal government authority (compliance with, application for the transfer of any such permits, or approvals shall be the sole responsibility of the purchaser). 2. Any and all encumbrances senior to the mortgage and easements of record and any governmentally imposed or required zoning, subdivision, environmental, and other land use restrictions. 3. Any condition which a physical examination or adequate survey of the premises might reveal. 4. Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law, and which may or may not be shown by the public records. 5. All outstanding municipal fees and charges, including water and sewer and municipal taxes, including those which constitute liens encumbering the mortgaged premises. 6. Any and all conditions shown on any recorded plans of all or a portion of the property

5 TERMS OF SALE THE PROPERTY HEREINABOVE DESCRIBED IS BEING SOLD ON AN "AS IS" "WHERE IS" BASIS, WITHOUT ANY WARRANTY WHATSOEVER AS TO THE CONDITION, FITNESS, SIZE, HABITABILITY, MERCHANTABILITY, OR LOCATION OF THE PROPERTY OR THE STATE OF TITLE TO THE PROPERTY. The Bank expressly reserves the right, in its sole discretion, to bid in amounts due and owing, or portions thereof, under the Mortgage, until the Mortgage is satisfied. The Bank is, in addition, the assignee, for the purposes of collateral, of the Mortgagor's interests in leases and rents, pursuant to an Assignment of Leases and Rents dated May 20, 2009 and recorded in the Waldo Registry of Deeds, Book 3329, Page 55, all of which shall likewise be included in the sale of the property subject to the above Mortgage. All personal property originally granted to the Bank as security under the security agreements contained in the above Mortgage shall likewise be sold, together with the real property. Interests junior to the Mortgage being foreclosed are, to the best of the mortgagee's knowledge, as follows: Mortgage, Assignment of Rents, and Security Agreement from Sandy Stream Holdings, LLC to Maple King, LLC in the original principal amount of $125, dated May 20, 2009 and recorded in Book 3329, Page 75. Mortgage, Assignment of Rents, Security Agreement, and Fixture Filing from Sandy Stream Holdings, LLC to Atlantic National Trust LLC in the original principal amount of $125, dated January 27, 2012 and recorded in Book 3622, Page 42, and assigned by Atlantic National Trust LLC to Wells Fargo Capital Finance, Inc. dated February 14, 2012 and recorded in Book 3625, Page 94, and assigned by Wells Fargo Capital Finance, Inc. to Atlantic National Trust LLC dated July 24, 2015 and recorded in Book 4042, Page 179. Bid deposits of $5,000 must be made by cash or certified check, each deposit made by any successful bidder is to be increased to ten percent (10%) of the purchase price, by cash or certified U.S. funds, not later than five (5) days of the sale date. Purchaser must sign a purchase and sale agreement with the Bank, which agreement shall provide in part (1) that the purchaser will be responsible for all real estate and/or personal property taxes and other municipal charges attributable to the respective property unpaid and in arrears and for all subsequent tax years, and (2) that a closing of the sale shall be held within thirty (30) days of the public sale where, upon presentation by the Bank of the duly executed quitclaim deed without covenant, the remaining balance of the purchase price will be due in cash or certified funds. The Bank expressly reserves the right to bid without making the required deposits, to modify the terms of the sale set forth above, to add additional terms as it so wishes, to authorize

6 the mortgagor to sell the property or any portion of it prior to the public sale date, or to cancel the public sale. Other terms and conditions of sale, including any modification or additions to the terms set forth above, will be set forth in the auctioneer's materials and/or announced at the time of the sale. For further information, please contact the auctioneer, Emily Tilton, Central Maine Auction Center (207) MACHIAS SAVINGS BANK Dated: September 6, 2017 By: Ada. Shub, Esq. Its Attorney STATE OF MAINE CUMBERLAND COUNTY September ca, 2017 Personally appeared the above-named Adam J. Shub, in his capacity as attorney for Machias Savings Bank, and acknowledged before me the foregoing instrument to be his/her free act and deed in his/her said capacity and the free a and deed of Machias Savings Bank. LYNN H COPELAND Notary Public, Maine My Commission Expires April 21,

7 PURCHASE AND SALE AGREEMENT Sandy Stream Mobile Home Park Route 139/Killdeer Lane Unity, Maine AGREEMENT made this day of September, 2017, by and between Machias Savings Bank ( Machias or the Bank ), as mortgagee foreclosing under Power of Sale contained in certain Mortgage and Security Agreement given by Sandy Stream Holdings, LLC (the Mortgagor ) to Machias dated May 20, 2009, and recorded in the Waldo County Registry of Deeds in Book 3329, Page 40, of which Mortgage the Bank continues to be the present holder, (hereinafter called Seller ) and (hereinafter called Purchaser ). In consideration of the covenants hereinafter set forth, Purchaser and Seller hereby agree as follows: 1. Purchase and Sale. Seller agrees to sell to Purchaser and Purchaser agrees to buy from Seller, for the price and upon the terms and conditions hereinafter set forth, the land and improvements, if any, located at Route 139/Killdeer Lane Unity, Maine or Sandy Stream Mobile Home Park, being more particularly described in the sample quitclaim deed attached hereto as Exhibit A (the Property ). Such Purchase and Sale is subject to the terms of sale set forth in the Mortgagee s Notice of Sale of Real Estate, a copy of which is attached hereto as Exhibit B and made a part hereof and to the Terms and Conditions of Sale contained therein and as may have been announced at the sale, and those are made a part hereof. Purchaser hereby acknowledges that Purchaser has carefully read and understands Exhibits A and B attached hereto. Purchaser was the high bidder at the September 29, 2017 foreclosure auction for the Property that was the subject of the Mortgagee s Notice of Sale of Real Estate attached hereto as Exhibit B. 2. Purchase Price. The total Purchase Price for the Property shall be Dollars ($ ), payable as follows: (a) Seller acknowledges receipt of Bidder s pre-auction deposit of $5,000. Within 5 days of execution of this Agreement, and if said $5,000 is less than 10% of the Purchase Price, Purchaser shall additionally deposit an amount such that Seller holds a deposit from Purchaser equal to at least ten (10%) percent of the Purchase Price, to bring the total Deposit up to a sum of money equal to ten (10%) percent of the Purchase Price. The Deposit (both the initial Deposit and any subsequent Deposit required under this Agreement) shall be non-refundable under all circumstances, other than a refusal of Seller to convey the Property to Purchaser (for which breach Purchaser s sole remedy shall be the return of all Deposits, Purchaser hereby waiving all other remedies including the remedy of specific performance) but shall be applied to the Purchase Price if the Purchaser closes on-time as set forth in this Agreement, time being of the essence. (b) At Closing, Purchaser shall pay Seller the balance of the purchase price in cash or by certified or bank cashier s check

8 3. Closing. Closing shall occur on or before October 20, 2017, at 1:00 PM, at the offices of Preti Flaherty, LLP, One City Center, Portland, Maine, or shall occur at any other time, date and/or other place as may be mutually agreed upon in writing by the parties hereto. 4. Conveyance; Title. At the Closing, Seller shall execute and deliver to Purchaser a good and sufficient quitclaim (release) deed in the form attached hereto as Exhibit A. Purchaser will assume the expense of any title search, title opinion and title insurance. The Property is sold as is and where is with all existing defects and without any warranties of any kind as to fitness for a particular purpose or MERCHANTABILITY. No warranties, guaranties, or representations of any nature are made with respect to any improvements located on the Property, including improvements located underground, the location and/or boundaries, title, environmental compliance or compliance with any applicable zoning or land use laws, ordinances or regulations. The Purchaser will assume the risk of any defects, and the Purchaser expressly acknowledges and agrees that the Purchase Price reflects the as is condition of the Property and the assumption of all risks relating to undisclosed defects. Seller makes no representation regarding the title to the Property. The conveyance will be subject to all real estate taxes, transfer taxes, utilities, and sewer charges with respect to the Property, to be paid by Purchaser without proration. The Seller shall not be responsible for any costs or expenses with respect to the sale. This sale conveys as well any personal property subject to foreclosure, also AS IS, WHERE IS, with all existing defects and without any warranties of any kind as to fitness for a particular purpose or MERCHANTABILITY. Seller makes no representations, however, concerning the actual ownership of any personal property which may be found on the real property subject to this Agreement, and Purchaser expressly assumes the responsibility and obligation of disposing of any items of personal property located at the Property which may be or have been owned by persons other than the obligors to Seller on the instruments foreclosed by the power of sale auction sale. 5. Notices. Any notice required or permitted hereunder shall be either hand delivered or mailed by certified mail, return receipt requested as follows: To Purchaser: To Seller: Machias Savings Bank 4 Center Street P.O. Box 318 Machias, ME Attn: Gregory J. Fuller With a Copy to: Adam J. Shub, Esq. Preti Flaherty LLP One City Center

9 P.O. Box 9546 Portland, ME Miscellaneous. This Agreement shall be binding upon the heirs, successors, personal representatives, and assigns of the parties hereto. This Agreement and the attached Exhibits A and B constitute the entire agreement of the parties; all prior discussions, representations and agreements are integrated herein; and any modification or amendment hereto shall be in writing, signed by the parties hereto. Time is of the essence to this Agreement. This Agreement shall be interpreted in accordance with the laws of the State of Maine. IN WITNESS WHEREOF, the parties hereto, hereunto duly authorized, have executed and delivered this Agreement as of the day and year first above written. MACHIAS SAVINGS BANK By: Gregory J. Fuller Its Vice President, hereunto duly authorized PURCHASER:

10 EXHIBIT A TO PURCHASE AND SALE AGREEMENT QUITCLAIM DEED WITHOUT COVENANT MACHIAS SAVINGS BANK, with a mailing address of 4 Center Street, P.O. Box. 318, Machias, Maine , for consideration paid, releases to, a with a mailing address of, any and all right, title and interest in and to the real property, together with any improvements thereon, located at Route 139/Killdeer Lane Unity, Maine or Sandy Stream Mobile Home Park, more particularly bounded and described on Exhibit 1 hereto. The premises are conveyed subject to the following items: a. Any and all municipal, state, or federal laws, regulations, and ordinances including, without limitation, permits and approvals heretofore issued by any federal, state, or municipal government authority (compliance with, application for the transfer of any such permits, or approvals shall be the sole responsibility of the Purchaser). b. Any and all encumbrances and easements of record and any governmentally imposed or required zoning, subdivision, environmental, and other land use restrictions. c. Any condition which a physical examination or adequate survey of the property might reveal. d. Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by a law, and which may or may not be shown by the public records e. The rights of tenants and persons in possession, if any. f. All outstanding municipal fees and charges, including water and sewer and municipal taxes, including those which constitute liens encumbering the mortgaged property. g. Any and all conditions shown on any recorded plans of all or a portion of the property (if any). This deed is granted through a foreclosure sale held pursuant to 14 M.R.S.A A. A Notice of sale stating the time, place and terms of the sale was published on September 7, 2017, September, , and September 21, 2017 in the Bangor Daily News, a newspaper of general circulation for Waldo County, Maine, and the Town of Unity, Maine, where the premises is located. The public sale was held on September 29, The grantee was the highest bidder. Additional reference is made to the Affidavit of Foreclosure Sale recorded in the Waldo County Registry of Deeds within 30 days of the sale date. IN WITNESS WHEREOF, Machias Savings Bank has caused this instrument to be signed by its undersigned officer, duly authorized, this day of September,

11 MACHIAS SAVINGS BANK By: Gregory J. Fuller Its Vice-President STATE OF MAINE COUNTY OF,ss, 2017 Personally appeared the above-named Gregory J. Fuller, Vice President of Machias Savings Bank, and acknowledged before me the foregoing instrument to be his/her free act and deed in his said capacity and the free act and deed of Machias Savings Bank. Notary Public/ Attorney-at-Law Printed Name: Commission Expires:

12 EXHIBIT 1 TO QUITCLAIM DEED A certain lot or parcel of land, said premises known as Sandy Stream Park, located on the Northerly side of Route #139 in the Town of Unity, County of Waldo and State of Maine, bounded and described as follows: The subject premises is composed of the following parcels: Lot No. 5 and Lot No. 6 as shown on a Subdivision Plan entitled Sandy Stream Park Expansion, prepared by Dirigo Engineering, dated July 9, 1996, approved by the Town of Unity Planning Board on August 13, 1996, and recorded in the Waldo County Registry of Deeds in Plan Book 17, Page 114; and A parcel of land depicted as the remaining land of Robert Knowles as shown on the above referenced Subdivision Plan, comprising 33.3 acres, more or less. Reference is also made to a Survey Plan entitled Sandy Stream Park, Final Plan, prepared by Dirigo Engineering and approved by the Town of Unity Planning Board on September 13, 1988 and recorded in the Waldo County Registry of Deeds in Plan File 14, Page 179. The 1988 plan provides a perimeter description for the remaining land of Robert Knowles. Also conveying herewith land located on the Northerly and Easterly side of Lot No. 4 as shown on the Subdivision Plan recorded in Plan File 17, Page 114 as referenced above, being that portion of Lot No. 4 not included in the following revised description to Lot No. 4: A certain lot or parcel of land situated in Unity, County of Waldo and State of Maine, on the Northerly side of Route #139, bounded and described as follows: Commencing at a set steel pin on the Northerly side of Route #139 at the Southeast corner of Robert P. and Janet L. Berry, a/k/a The Laundromat Property described in Book 1471, Page 129, recorded in the Waldo County Registry of Deeds, said point being the point of beginning; thence North 28 49' 38" East on a 1988 magnetic bearing, along the Easterly side of The Laundromat Property, a distance of 112 feet to a set steel pin; thence South 67 28' 28" East along the Southerly bounds of the Grantor, a distance of 90 feet to a set steel pin; thence South 28 49' 38" West along the land of the Grantor a distance of 112 feet to a set steel pin marking the Northerly bounds of said road, as shown on the Maine Department of Transportation Right of Way Map, File #14-142; thence North 67 28' 28" West along said Road a distance of 90 feet to the point of beginning. All set steel pins are 3/4" rebar with a red plastic cap marked The reduction in size of Lot No. 4, presently, occupied by the Unity Volunteer Ambulance Corps, was duly approved by the Town of Unity Planning Board on August 14, Excepting and Reserving to Robert E. Knowles and Rae Jean Knowles, their heirs, successors and assigns, two (2) rights of way for all purposes of travel and for utility services, as shown on the Survey Plan recorded in Plan File 17, Page 114. The two rights of way shall pass over two (2) Fifty (50) foot strips of land commencing on the Northerly side of Route #139 and continuing in a Northerly direction along the Westerly side of Lot No. 3 and the Easterly side of Lot No. 2, respectively. Said rights of way are excepted and reserved for the benefit of Lots No. 2 and 3 which are now or formerly belonging to Robert E. Knowles and Rae Jean Knowles

13 Also conveying all of Grantor's right, title and interest in the following described premises (The following description is based upon a survey and is intended to describe the 33.3 acre parcel known as "the remaining land of Robert E. Knowles" described above. It is the intent of Grantor to convey all interest acquired by Grantor pursuant to deed recorded at Book 2702, Page 241): A certain lot or parcel of land more particularly described as follows: To find the point of beginning of the parcel hereby described commence at the southwesterly corner of Lot 6 as show on a plan entitled Sandy Stream Park Expansion recorded in Plan Book 17, Page 114 (the "Expansion Plan") of the Waldo County Registry of Deeds; Thence N 28 49' 38" E by and along the easterly boundary of property now or formerly owned by George Reed, and being formerly the property of William H. Farrer Sr. described in Book 872, Page 2 of the Waldo County Registry of Deeds 107:84' to a point, being the true point of beginning; Thence continuing in the same course by and along the property of Reed to a point, being the northeasterly corner of the Reed Lot as depicted on a plan entitled "Sandy Stream Park, Final Plan" by Dingo Engineering dated September 13, 1988 (Project No ), recorded in Plan Book 14, Page 179 (the "Sandy Stream Park Plan") of the Waldo County Registry of Deeds; Thence northwesterly, by and along the northern boundary of the Reed lot as depicted on the Sandy Stream Park Plan 653 feet, more or less, to Sandy Stream, so-called; Thence northeasterly by and along the easterly bank of Sandy Stream 885 feet, more or less, to the intersection of the Stream and the easterly line of the parcel hereby conveyed, near a spotted ash tree; Thence easterly along the northerly line of the parcel hereby conveyed, as shown on the Sandy Stream Park Plan, 623 feet, more or less, to a large elm tree; Thence southerly 591 feet, more or less, as shown on the Sandy Stream Park Plan, by and along the westerly boundary of property now or formerly owned by Thomas Dillon described in a deed recorded in Book 806, Page 322 of the Waldo County Registry of Deeds to a point; Thence southerly 814 feet, more or less, as shown on the Sandy Stream Park Plan, by and along the westerly boundary of the Dillon property to a spotted tree marking the northeasterly corner of Lot 6 as show on the Expansion Plan; Thence N 66 57' 01" W feet, more or less, by and along the northerly boundary of Lot 6 to a #5 rebar, as shown on the Expansion Plan; Thence S 38 17' 40" W feet, more or less, by and along Lot 6 to a #5 rebar; Thence N 65 58' 02" W feet, more or less, by and along Lot 6 to a #5 rebar; Thence S 28 36' 27" W 179 feet, more or less, by and along Lot 6 to a #5 rebar; Thence N 61 23' 30"W feet, more or less by and along Lot 6 to the point of beginning. Comprising approximately 33.3 acres, more or less

14 Being a portion of the property depicted as "Remaining Land of Robert Knowles" on a plan entitled "Sandy Stream Park, Final Plan" by Dirigo Engineering dated September 13, 1988 (Project No ), recorded in Plan Book 14, Page 179 of the Waldo County Registry of Deeds

15 EXHIBIT B TO PURCHASE AND SALE AGREEMENT NOTICE OF MORTGAGEE S SALE OF REAL ESTATE Sandy Stream Mobile Home Park Route 139/Killdeer Lane Unity, Maine 1 P.M., September 29, 2017 By virtue of and in execution of the power of sale contained in a certain Commercial Mortgage and Security Agreement with Financing Statement (the Mortgage ) given by Sandy Stream Holdings, LLC (the Mortgagor ) to Machias Savings Bank (the Bank ) dated May 20, 2009, and recorded in the Waldo County Registry of Deeds in Book 3329, Page 40, of which Mortgage the Bank continues to be the present holder, for breach of the conditions of the Mortgage and for the purpose of foreclosing the same, the property described in said Mortgage, reference to which mortgage is made for a complete description of the real estate, and further described in that certain deed into Mortgagor recorded in the same registry, Book 3329, Page 36, commonly known as Route 139/Killdeer Lane Unity, Maine or Sandy Stream Mobile Home Park will be sold at public sale at 1:00 P.M., September 29, The public sale will be held at the mortgaged property at Route 139/Killdeer Lane, Unity, Maine. The foregoing premises shall be conveyed subject to the following items: 1. Any and all municipal, state, or federal laws, regulations, and ordinances including, without limitation, permits and approvals heretofore issued by any federal, state, or municipal government authority (compliance with, application for the transfer of any such permits, or approvals shall be the sole responsibility of the purchaser). 2. Any and all encumbrances senior to the mortgage and easements of record and any governmentally imposed or required zoning, subdivision, environmental, and other land use restrictions. 3. Any condition which a physical examination or adequate survey of the premises might reveal. 4. Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law, and which may or may not be shown by the public records. 5. All outstanding municipal fees and charges, including water and sewer and municipal taxes, including those which constitute liens encumbering the mortgaged premises. 6. Any and all conditions shown on any recorded plans of all or a portion of the property. TERMS OF SALE: THE PROPERTY HEREINABOVE DESCRIBED IS BEING SOLD ON AN AS IS WHERE IS BASIS, WITHOUT ANY WARRANTY WHATSOEVER AS TO THE CONDITION, FITNESS, SIZE, HABITABILITY, MERCHANTABILITY, OR LOCATION OF THE PROPERTY OR THE STATE OF TITLE TO THE PROPERTY. The Bank expressly reserves the right, in its sole discretion, to bid in amounts due and owing, or portions thereof, under the Mortgage, until the Mortgage is satisfied. The Bank is, in addition, the assignee, for the purposes of collateral, of the Mortgagor s interests in leases and rents, pursuant to an Assignment of Leases and Rents dated May 20, 2009 and recorded in the Waldo Registry of Deeds, Book 3329, Page 55, all of which shall likewise be included in the sale of the property subject to the above Mortgage. All personal property originally granted to the Bank as security under the security agreements contained in the above Mortgage shall likewise be sold, together with the real property. Interests junior to the Mortgage being foreclosed are, to the best of the mortgagee s knowledge, as follows: Mortgage, Assignment of Rents, and Security Agreement from Sandy Stream Holdings, LLC to Maple King, LLC in the original principal amount of $125,

16 dated May 20, 2009 and recorded in Book 3329, Page 75. Mortgage, Assignment of Rents, Security Agreement, and Fixture Filing from Sandy Stream Holdings, LLC to Atlantic National Trust LLC in the original principal amount of $125, dated January 27, 2012 and recorded in Book 3622, Page 42, and assigned by Atlantic National Trust LLC to Wells Fargo Capital Finance, Inc. dated February 14, 2012 and recorded in Book 3625, Page 94, and assigned by Wells Fargo Capital Finance, Inc. to Atlantic National Trust LLC dated July 24, 2015 and recorded in Book 4042, Page 179. Bid deposits of $5,000 must be made by cash or certified check, each deposit made by any successful bidder is to be increased to ten percent (10%) of the purchase price, by cash or certified U.S. funds, not later than five (5) days of the sale date. Purchaser must sign a purchase and sale agreement with the Bank, which agreement shall provide in part (1) that the purchaser will be responsible for all real estate and/or personal property taxes and other municipal charges attributable to the respective property unpaid and in arrears and for all subsequent tax years, and (2) that a closing of the sale shall be held within thirty (30) days of the public sale where, upon presentation by the Bank of the duly executed quitclaim deed without covenant, the remaining balance of the purchase price will be due in cash or certified funds. The Bank expressly reserves the right to bid without making the required deposits, to modify the terms of the sale set forth above, to add additional terms as it so wishes, to authorize the mortgagor to sell the property or any portion of it prior to the public sale date, or to cancel the public sale. Other terms and conditions of sale, including any modification or additions to the terms set forth above, will be set forth in the auctioneer s materials and/or announced at the time of the sale. For further information, please contact the auctioneer, Emily Tilton, Central Maine Auction Center (207) MACHIAS SAVINGS BANK, Adam J. Shub, Esq., Its Attorney

17 BILL OF SALE In consideration of ($ ) paid to Machias Savings Bank ( Seller ) by ( Buyer ), of City of, County of, State of, receipt of which is hereby acknowledged, Seller does grant, sell, transfer, and deliver to Buyer all of Seller s right, title and interest in and to the personal property (excluding any real estate) described in the Commercial Mortgage and Security Agreement recorded in the Waldo County Registry of Deeds in Book 3329, Page 40 attached hereto as Exhibit A (the Mortgage ) and listed as items attached hereto as Schedule A. The personal property was sold pursuant to a Notice of Sale attached hereto as Exhibit B. Buyer shall have such title to the goods in himself and in his executors, administrators, and assigns, as Seller may convey, and Seller hereby conveys any and all title to the goods it may have. These goods are sold pursuant to the power of sale contained in the Mortgage, evidenced by a financial statement filed with the Maine Secretary of States, No , as continued by No These goods are sold AS IS, WHERE IS, WITHOUT ANY WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR FOR ANY PURPOSE. By accepting this Bill of Sale, Buyer agrees to indemnify and hold harmless Machias Savings Bank from any and all claims arising from the use, subsequent sale, or Buyer s possession of the goods

18 IN WITNESS WHEREOF, Seller has executed this Agreement at, Maine, on. Machias Savings Bank makes no representations as to the present existence on the premises of the personal property described in the Mortgage or on Schedule A, and Buyer expressly represents that Buyer has examined the personal property on the premises and waives any objection or claim as to personal property described in the Mortgage or on Schedule A but not found to be on the premises of the Route 139/Killdeer Lane Unity, Maine or Sandy Stream Mobile Home Park. IN WITNESS WHEREOF, the parties hereto, hereunto duly authorized, have executed and delivered this Agreement as of the day and year first above written. MACHIAS SAVINGS BANK By: Gregory J. Fuller Its Vice President, hereunto duly authorized PURCHASER:

19 EXHIBIT A [Commercial Mortgage and Security Agreement]

20 SCHEDULE A [Sandy Stream and Northwoods Maine UCC-1 File No , File No ] ' x 70' Skyline mobile home serial number 1473, 1995 Astro mobile home serial number AP Z9ORR, 1997 Redman mobile home serial number , 1983 Skyline mobile home serial number T, 1990 Liberty mobile home serial number 61275XV, 1996 Fleetwood mobile home serial number PAFLT22A L13, 1994 Imperial mobile home serial number 1H944581, and 1986 Norris mobile home serial number N

21 EXHIBIT B [Notice of Sale]

22 State of Maine Department of the Secretary of State Bureau of Corporations, Elections and Commissions 101 State House Station, Augusta, Maine Division of Corporations and UCC Search Number: Report Date/Time: Through Date/Time: Search Criteria Debtor Type: Debtor Name: Compressed Name: S /09/ :01 AM 08/04/ :00 PM Authentication: INFORMATION REQUEST REPORT Organization SANDY STREAM HOLDINGS LLC SANDYSTREAMHOLDINGSLLC Certified: Filing Status: Search Logic: Report Requested: Copies Requested: Specified Date Range: Specified Town or City: No All(Active and Lapsed) Standard Search Logic Yes ALL Disclaimer The attached report reflects all UCC records on file for the debtor name and other search criteria as listed above. A limited search may not reveal all filings against the Debtor name searched and the searcher bears the risk of relying on such a search. Search Page 1 of 9

23 State of Maine Department of the Secretary of State Bureau of Corporations, Elections and Commissions 101 State House Station, Augusta, Maine Division of Corporations and UCC Initial Financing Statement: Status: Filing Date & Time: Lien Type: Lapse Date: Original Lapse Date: Debtor: ACTIVE 08/25/ :33 PM STANDARD 08/25/ /25/2014 SANDY STREAM HOLDINGS, LLC 302 CHURCH ROAD BANGOR, ME Secured Party: MACHIAS SAVINGS BANK PO BOX 318 MACHIAS, ME Actions: Filing Number Filing Date Pages Initial Financing Statement Continuation /25/ /19/ Search Page 2 of 9

24 State of Maine Department of the Secretary of State Bureau of Corporations, Elections and Commissions 101 State House Station, Augusta, Maine Division of Corporations and UCC Initial Financing Statement: Status: Filing Date & Time: Lien Type: Lapse Date: Original Lapse Date: Debtor: ACTIVE 04/27/ :21 AM STANDARD 04/27/ /27/2017 NORTHWOODS AGENCY, LLC P.O. BOX 632 ELLSWORTH, ME Debtor: SANDY STREAM HOLDINGS, LLC P.O. BOX 632 ELLSWORTH, ME Secured Party: MACHIAS SAVINGS BANK PO BOX 318 MACHIAS, ME Actions: Filing Number Filing Date Pages Initial Financing Statement Continuation /27/ /20/ End of Information Request Report # S Search Page 3 of 9

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27 UCC FINANCING STATEMENT AMENDMENT FOLLOW INSTRUCTIONS A. NAME & PHONE OF CONTACT AT FILER [optional] B. CONTACT AT FILER [optional] C. SEND ACKNOWLEDGEMENT TO: (Name and Address) ONLINE FILING Maine Secretary of State Filing Number: Filing Date and Time: 06/19/14 03:09 PM 1a. INITIAL FINANCING STATEMENT FILE NUMBER THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY 1b. This FINANCING STATEMENT AMENDMENT is to be filed (for record) (or recorded) in the REAL ESTATE RECORDS Filer: attach Amendment Addendum (Form UCC3Ad ) and provide Debtor's name in Item TERMINATION: Effectiveness of the Financing Statement identified above is terminated with respect to the security interest(s) of Secured Party authorizing this Termination Statement 3. ASSIGNMENT (full or partial): Provide name of Assignee in item 7a or 7b and address of Assignee in item 7c and name of Assignor in item 9 For partial assignment, complete items 7 and 9 and also indicate affected collateral in item 8 4. X CONTINUATION: Effectiveness of the Financing Statement identified above with respect to the security interest(s) of Secured Party authorizing this Continuation Statement is continued for the additional period provided by applicable law 5. PARTY INFORMATION CHANGE: Check one of these two boxes: This Change affects Debtor or Secured Party of record AND Check one of these three boxes to: CHANGE name and/or address: Complete item 6a or 6b; and item 7a or 7b and item 7c 6. CURRENT RECORD INFORMATION: Complete for Party Information Change - provide only one name (6a or 6b) 6a. ORGANIZATION'S NAME ADD name: Complete item 7a or 7b and item 7c DELETE name: Give record name to be deleted in item 6a or 6b OR 6b. INDIVIDUAL'S SURNAME FIRST PERSONAL NAME ADD'L NAME(S)/INITIAL(S) SUFFIX 7. CHANGED OR ADDED INFORMATION: Complete for Assignment or Party Information Change - provide only one name (7a or 7b)(use exact, full name; do not omit, modify or abbreviate any part of the Debtor's name) 7a. ORGANIZATION'S NAME OR 7b. INDIVIDUAL'S SURNAME INDIVIDUAL'S FIRST PERSONAL NAME INDIVIDUAL'S ADDITIONAL NAME(S)/INITIAL(S) SUFFIX 7c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY 8. COLLATERAL CHANGE: Also check one of these four boxes: ADD collateral DELETE collateral RESTATE covered collateral Indicate collateral: ASSIGN collateral 9. NAME of SECURED PARTY of RECORD AUTHORIZING THIS AMENDMENT: Provide only one name (9a or 9b) (name of Assignor, if this is an Assignment) If this is an Amendment authorized by a DEBTOR, check here and provide name of authorizing Debtor 9a. ORGANIZATION'S NAME MACHIAS SAVINGS BANK OR 9b. INDIVIDUAL'S SURNAME FIRST PERSONAL NAME ADD'L NAME(S)/INITIAL(S) SUFFIX 10. OPTIONAL FILER REFERENCE DATA: ME UCC FINANCING STATEMENT AMENDMENT (Form UCC3) (Rev.04/20/11) Search Page 6 of 9 Page 1 of 1

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30 UCC FINANCING STATEMENT AMENDMENT FOLLOW INSTRUCTIONS A. NAME & PHONE OF CONTACT AT FILER [optional] B. CONTACT AT FILER [optional] C. SEND ACKNOWLEDGEMENT TO: (Name and Address) ONLINE FILING Maine Secretary of State Filing Number: Filing Date and Time: 03/20/17 02:29 PM 1a. INITIAL FINANCING STATEMENT FILE NUMBER THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY 1b. This FINANCING STATEMENT AMENDMENT is to be filed (for record) (or recorded) in the REAL ESTATE RECORDS Filer: attach Amendment Addendum (Form UCC3Ad ) and provide Debtor's name in Item TERMINATION: Effectiveness of the Financing Statement identified above is terminated with respect to the security interest(s) of Secured Party authorizing this Termination Statement 3. ASSIGNMENT (full or partial): Provide name of Assignee in item 7a or 7b and address of Assignee in item 7c and name of Assignor in item 9 For partial assignment, complete items 7 and 9 and also indicate affected collateral in item 8 4. X CONTINUATION: Effectiveness of the Financing Statement identified above with respect to the security interest(s) of Secured Party authorizing this Continuation Statement is continued for the additional period provided by applicable law 5. PARTY INFORMATION CHANGE: Check one of these two boxes: This Change affects Debtor or Secured Party of record AND Check one of these three boxes to: CHANGE name and/or address: Complete item 6a or 6b; and item 7a or 7b and item 7c 6. CURRENT RECORD INFORMATION: Complete for Party Information Change - provide only one name (6a or 6b) 6a. ORGANIZATION'S NAME ADD name: Complete item 7a or 7b and item 7c DELETE name: Give record name to be deleted in item 6a or 6b OR 6b. INDIVIDUAL'S SURNAME FIRST PERSONAL NAME ADD'L NAME(S)/INITIAL(S) SUFFIX 7. CHANGED OR ADDED INFORMATION: Complete for Assignment or Party Information Change - provide only one name (7a or 7b)(use exact, full name; do not omit, modify or abbreviate any part of the Debtor's name) 7a. ORGANIZATION'S NAME OR 7b. INDIVIDUAL'S SURNAME INDIVIDUAL'S FIRST PERSONAL NAME INDIVIDUAL'S ADDITIONAL NAME(S)/INITIAL(S) SUFFIX 7c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY 8. COLLATERAL CHANGE: Also check one of these four boxes: ADD collateral DELETE collateral RESTATE covered collateral Indicate collateral: ASSIGN collateral 9. NAME of SECURED PARTY of RECORD AUTHORIZING THIS AMENDMENT: Provide only one name (9a or 9b) (name of Assignor, if this is an Assignment) If this is an Amendment authorized by a DEBTOR, check here and provide name of authorizing Debtor 9a. ORGANIZATION'S NAME MACHIAS SAVINGS BANK OR 9b. INDIVIDUAL'S SURNAME FIRST PERSONAL NAME ADD'L NAME(S)/INITIAL(S) SUFFIX 10. OPTIONAL FILER REFERENCE DATA: ME UCC FINANCING STATEMENT AMENDMENT (Form UCC3) (Rev.04/20/11) Search Page 9 of 9 Page 1 of 1

31 Maine Revised Statutes Title 10: COMMERCE AND TRADE Chapter 951: MANUFACTURED HOUSING ACT DEFINITIONS As used in this chapter, unless the context otherwise indicates, the following words and terms shall have the following meanings. [1977, c. 550, 1 (NEW).] 1. Board. "Board" means the Manufactured Housing Board. [ 1977, c. 550, 1 (NEW).] 2. Dealer. "Dealer" means a person engaged in the sale, offering for sale, brokering or distribution of manufactured housing to a licensed dealer, developer dealer or consumer. [ 2005, c. 344, 1 (AMD).] 2-A. Developer dealer. "Developer dealer" means a person who purchases state-certified manufactured housing from a licensed manufacturer or dealer for placement on property owned by the developer dealer and who offers the manufactured housing for sale to the initial purchaser of the manufactured housing. The developer dealer may not install such manufactured housing but may contract with the manufacturer or dealer for the installation of such manufactured housing. [ 2005, c. 344, 2 (NEW).] 3. Federal Manufactured Housing Construction and Safety Standard. "Federal Manufactured Housing Construction and Safety Standard" means a reasonable standard for the construction, design and performance of a manufactured home which meets the needs of the public including the need for quality, durability and safety which has been duly adopted by the Federal Government pursuant to the National Manufactured Housing Construction and Safety Standards Act of 1974, 42 United States Code 5401, et seq. [ 1981, c. 152, 3 (RPR).] 4. H.U.D. "H.U.D." means United States Department of Housing and Urban Development, a federal governmental agency. [ 1977, c. 550, 1 (NEW).] 5. Inspection agency. "Inspection agency" means an approved person or organization, public or private, determined by the board to be qualified by reason of facilities, personnel and demonstrated ability and independence of judgment to provide for inspection and approval of the construction or installation of manufactured housing in compliance with the standards and the regulations promulgated in accordance with this Act. [ 1977, c. 550, 1 (NEW).] 6. Installation. "Installation" means: A. The affixing of manufactured housing on foundations or supports at a building site; and [2001, c. 260, Pt. A, 1 (NEW).] Generated

32 MRS Title DEFINITIONS B. The assembly and fastening of structural components of manufactured housing, including the completed roof system, as specified by the manufacturer's installation instructions and in accordance with the rules of the board. [2001, c. 260, Pt. A, 1 (NEW).] For manufactured housing as defined in subsection 7, paragraphs A and C, "installation" also includes the connection to existing electrical, oil, gas, water, sewage and similar systems that are necessary for the use of the manufactured housing for dwelling purposes. [ 2001, c. 260, Pt. A, 1 (RPR).] 6-A. Installer. "Installer" means a person engaged in the installation or servicing of state-certified manufactured housing. [ 2005, c. 344, 3 (AMD).] 7. Manufactured housing. "Manufactured housing" means a structural unit or units designed to be used as a dwelling or dwellings and constructed in a manufacturing facility and then transported by the use of its own chassis or placement on an independent chassis to a building site. The term includes any type of building that is constructed at a manufacturing facility and then transported to a building site where it is utilized for housing and that may be purchased, sold, offered for sale or brokered by a licensee in the interim. For purposes of this Act, 3 types of manufactured housing are included. They are: A. HUD-code homes, which are those units constructed after June 15, 1976 that the manufacturer certifies are constructed in compliance with the HUD standard, meaning structures, transportable in one or more sections that, in the traveling mode, are 8 body feet or more in width and 40 body feet or more in length or, when erected on site, are 320 or more square feet, and are built on a permanent chassis and designed to be used as dwellings, with or without permanent foundations, when connected to the required utilities, including the plumbing, heating, air-conditioning and electrical systems contained therein; except that such term shall include any structure that meets all the requirements of this paragraph except the size requirements and with respect to which the manufacturer voluntarily files a certification required by the Secretary of the United States Department of Housing and Urban Development and complies with the standards established under the National Manufactured Housing Construction and Safety Standards Act of 1974, 42 United States Code 5401, et seq; [2005, c. 344, 4 (AMD).] B. State-certified modular homes, which are those units that the manufacturer certifies are constructed in compliance with the State's Manufactured Housing Act and regulations, meaning structures, transportable in one or more sections, that are not constructed on a permanent chassis and are designed to be used as dwellings on foundations when connected to required utilities, including the plumbing, heating, air-conditioning or electrical systems contained therein; [2005, c. 344, 4 (AMD).] C. Pre-HUD-code homes, which are those units constructed prior to June 15, 1976, meaning structures, transportable in one or more sections, that are 8 body feet or more in width and are 32 body feet or more in length and are built on a permanent chassis and designed to be used as dwellings, with or without permanent foundations, when connected to the required utilities, including the plumbing, heating, airconditioning or electrical systems contained therein. [2005, c. 344, 4 (AMD).] [ 2005, c. 344, 4 (AMD).] 8. Manufacturer. "Manufacturer" means any person engaged in manufacturing or producing manufactured housing and then selling it to a dealer. [ 1977, c. 550, 1 (NEW).] 9. Mechanic. "Mechanic" means an individual engaged in the installation or servicing of HUD-code or pre-hud-code homes. [ 2005, c. 344, 5 (AMD).] 2 Generated

33 MRS Title DEFINITIONS 10. Mobile home. [ 1981, c. 152, 6 (RP).] 11. Modular home. [ 1981, c. 152, 7 (RP).] SECTION HISTORY 1977, c. 550, 1 (NEW). 1979, c. 365, (AMD). 1979, c. 436, (AMD). 1981, c. 152, 2-7 (AMD). 1993, c. 642, 9 (AMD). 2001, c. 260, A1 (AMD). 2005, c. 344, 1-5 (AMD). The State of Maine claims a copyright in its codified statutes. If you intend to republish this material, we require that you include the following disclaimer in your publication: All copyrights and other rights to statutory text are reserved by the State of Maine. The text included in this publication reflects changes made through the Second Regular Session of the 127th Maine Legislature and is current through October 1, The text is subject to change without notice. It is a version that has not been officially certified by the Secretary of State. Refer to the Maine Revised Statutes Annotated and supplements for certified text. The Office of the Revisor of Statutes also requests that you send us one copy of any statutory publication you may produce. Our goal is not to restrict publishing activity, but to keep track of who is publishing what, to identify any needless duplication and to preserve the State's copyright rights. PLEASE NOTE: The Revisor's Office cannot perform research for or provide legal advice or interpretation of Maine law to the public. If you need legal assistance, please contact a qualified attorney. Generated

34 MAINE REVENUE SERVICES SALES, FUEL & SPECIAL TAX DIVISION INSTRUCTIONAL BULLETIN NO. 16 FINANCIAL INSTITUTIONS This bulletin is intended solely as advice to assist persons in determining, exercising or complying with their legal rights, duties or privileges. It contains general and specific information of interest as well as interpretations and determinations by Maine Revenue Services regarding issues commonly faced by your business. Portions of the Sales and Use Tax Law referred to in this bulletin can be found at the end of the bulletin in Attachment #1. Also attached are applicable Sales and Use Tax Rules. The term "financial institutions" includes savings banks, credit unions, trust companies, national banks, savings and loan associations (both state and federal), and other state chartered financial institutions. Certain federally chartered banking institutions are exempt from state sales and use taxes. State chartered credit unions also enjoy an exemption from sales tax. Please refer to Section 3 of this Bulletin for more information on exemptions. Persons engaged in the business of selling tangible personal property are required to register with Maine Revenue Services. Once registered, the person adds sales tax to the sale price of such property, except when selling to others for resale, and reports and pays tax to the State on the basis of total taxable sales. Financial institutions are not primarily engaged in the business of selling tangible personal property. In some cases, though, they fall within the category of retailers under the Sales and Use Tax Law. They would register as sellers, and collect and remit the tax as required by law. In other cases they may be liable for use taxes, as noted below. 1. SALES. a. Taxable sales. Financial institutions are engaged in making taxable sales when selling tangible personal property. This is true even though such sales may be small in relation to the activities of the bank as a whole. Taxable sales would include such items as coin banks, checks and check books, and repossessed personal property. b. Exempt sales. The following are examples of transactions which are not subject to sales tax: i. Tangible personal property given to customers free of charge. Such items would be subject to use tax, however, as discussed in Section 2 below.

35 2. PURCHASES. ii. The issuing or cashing of checks, travelers checks, etc. and charges in connection with such transactions. iii. Casual sales such as the sale of old typewriters or other office equipment which have become obsolete or are no longer of any use. a. Purchases for Own Use. Financial institutions are liable in the same way as any other person or organization not exempt under the Sales and Use Tax Law to pay the sales or use tax on all items purchased for use by them in this State. Such purchases would include office equipment, supplies, electricity, fuel for heating the premises, check books furnished free of charge to customers, etc. If such items are purchased outside the State for use in Maine, and the seller does not collect the Maine tax, use tax should be reported and paid directly to the State. Use tax is reported on the same return form as sales tax. b. Purchases for Resale. When a retailer purchases tangible personal property for resale, the retailer should furnish the supplier with a resale certificate as provided in Rule 301. The certificate will enable the retailer to purchase tangible personal property for resale without payment of sales tax. Only one certificate need be filed with each supplier to cover subsequent purchases. However, the retailer must state to the supplier whether the purchase is for resale or not and will be held responsible for the tax on any item purchased for resale but subsequently used by the retailer. Purchasers who avoid payment of tax through deliberate misuse of resale certificates will be subject to prosecution. 3. EXEMPT INSTITUTIONS. a. Certain Federally Chartered Banking Institutions. Federal Land Banks, Federal Land Bank Associations and Federal Credit Unions are by reason of federal law not subject to state sales or use taxes. They are not required to pay sales tax on purchases made in this State for their own use. Nor are they required to pay use tax on purchases made outside the State for their own use within the State. In addition they are not required to charge a tax on sales made by them, although persons purchasing items of tangible personal property from these instrumentalities are liable for use tax on their purchases. A federal chartered banking institution which claims to be exempt from Maine sales and use taxes must obtain an exemption certificate from Maine Revenue Services in accordance with Rule 302. The institution would furnish the seller with a copy of the certificate to exempt the sale. Only one certificate need be filed with the seller to cover subsequent purchases. b. State Chartered Credit Unions. As provided in 1760(71), sales to state chartered credit unions are exempt from tax. This exemption remains in effect only while federally chartered credit unions are, by federal law, exempt. Unlike federal credit un- 2

36 ions, however, sales made by a state credit union are taxable sales. The state credit union is required to be registered with Maine Revenue Services and its sales would be treated in the same manner as other banking institutions described in Section 1 of this bulletin. 4. ADDITIONAL INFORMATION. The information in this bulletin addresses some of the more common questions regarding the Sales and Use Tax Law faced by your business. It is not intended to be all inclusive. Requests for information on specific situations should be in writing, should contain full information as to the transaction in question and should be directed to the: MAINE REVENUE SERVICES SALES, FUEL & SPECIAL TAX DIVISION P.O. BOX 1065 AUGUSTA, ME TEL: (207) TTY: (207) The Department of Administrative and Financial Services does not discriminate on the basis of disability in admission, to access to, or operation of its programs, services or activities. Issued: September 1, 1951 Last Amended: April 1, 1991 (Published under Appropriation F ) 3

37 ATTACHMENT #1 Excerpts taken from 36 M.R.S.A Definitions 10. Retailer. "Retailer" means any person who makes retail sales or who is required to register by 1754 or is registered under Sale. "Sale" means any transfer, exchange or barter, in any manner or by any means whatsoever, for a consideration and includes leases and contracts payable by rental or license fees for the right of possession and use, but only when such leases and contracts are deemed by the State Tax Assessor to be in lieu of purchase. 17. Tangible personal property. "Tangible personal property" means personal property which may be seen, weighed, measured, felt, touched or in any other manner perceived by the senses, but does not include rights and credits, insurance policies, bills of exchange, stocks and bonds and similar evidences of indebtedness or ownership. "Tangible personal property" includes electricity Exemptions 1. Exemptions by constitutional provisions. Sales which this State is prohibited from taxing under the Constitution or laws of the United States or under the Constitution of this State. 2. State and political subdivisions. Sales to the State or any political subdivision, or to the Federal Government, or to any unincorporated agency or instrumentality of either of them or to any incorporated agency or instrumentality of them wholly owned by them. This exemption shall not apply where title is held or taken as security for any financing arragement. 71. State-chartered credit unions. Sales to credit unions that are organized under the laws of this State. This subsection shall remain in effect only for the time that federally chartered credit unions are, by reason of federal law, exempt from payment of state sales tax Imposition of Use Tax A tax is imposed, at the respective rate provided in 1811, on the storage, use or other consumption in this State of tangible personal property or a service the sale of which, if it had occurred in this State, would be subject to tax under 1764 or Every person so storing, using or otherwise consuming is liable for the tax until he has paid the tax or has taken a receipt from his seller, as duly authorized by the State Tax Assessor, showing that the seller has collected the sales or use tax, in which case the seller shall be liable for it. Retailers registered under 1754 or 1756 shall collect the tax and make remittance to the State Tax Assessor. The amount of the tax payable by the purchaser shall be that provided in the case of sales taxes by When tangible personal property purchased for resale is withdrawn from inventory by the retailer for his own use, use tax liability accrues at the date of withdrawal. 4

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