IMPORTANT NOTE: None of the documents contained under “Condo Documents” is a legal document.   They have been prepared as carefully as possible to reflect the documents as recorded, but only the recorded documents themselves can be relied upon. The purpose of this machine-readable form is to make it easier to find specific items in the recorded originals. Prepared by William E. Shawcross, Trustee, August, 2001.

Official copies of all 1105 condo documents and plans may be accessed at

http://www.sec.state.ma.us/rod/rodmidsth/midsthidx.htm 

under Massachusetts Land Records.

1105 MASSACHUSETTS AVENUE CONDOMINIUM

GENERAL DESCRIPTION

The 1105 Realty Trust (the "Owner") is offering for purchase as condominium units ninety-four (94) apartments in a newly constructed apartment building. This building, which was designed by Hugh Stubbins and Associates, Inc. of Cambridge, Massachusetts is a 13-story tower style building on a two level pedestal which contains 15 retail spaces, garage space, and building service facilities.

This General Description is intended only as a summary of the main features of 1105 Massachusetts Avenue Condominium. The Owner is delivering to you the legal instruments which will form the Condominium, namely, the Master Deed and the Declaration of Trust governing the Unit Owners' Organization. The Owner has also delivered to you a projection of the operating costs of the Condominium and the allocation of the operating costs for each unit. It is important to remember that these projections are estimates only. The operation of real estate is subject to unexpected expenses, changes in tax assessments, fuel and power costs, and the Owner, therefore, cannot in any way guaranty that operating expenses will not exceed the projections. The legal documents are necessarily interdependent and complex and the Owner's sales representatives may not change any of the terms and conditions of these documents nor may they attempt to interpret their legal effect.

THE CONDOMINIUM CONCEPT

Condominium ownership means "owning together," i.e., actually owning a component of a building, rather than renting it. A condominium owner, unlike one who rents, has exclusive control over the interior of his unit and may decorate it and alter it as he wishes, so long as the structure, exterior and architectural integrity of the building are not affected. Through the owner's unit deed, the owner acquires not only the physical apartment itself, but the right to use facilities of the Condominium in common with other owners, for example, lobby, parking areas, laundry areas, and elevator.

Because ownership, rather than renting, is involved, the owner of a Condominium enjoys the tax benefits of home ownership: the right to deduct interest paid on his mortgage and local real estate taxes.

The unit owners elect a Board of Trustees of the Trust which is the unit owners' organization. This Trust sets policy for, and supervises, the operations and maintenance of the Condominium. During the marketing phase, the original Owner, 1105 Realty Trust, will control the majority of the Board of Trustees until it has less than 25 units remaining for sale. Unit owners share in the cost of operating the Condominium in proportion to their ownership interest in the Condominium.

The owner of a unit may mortgage his unit or not, as he sees fit, in such amount as he chooses, with any bank or other institutional lender. A unit owner is not responsible for the mortgage and tax obligations of other owners in the Condominium. Unit owners may sell their units when and how they wish and need not first offer the unit for sale to the Condominium Trust.

LOCATION

The Condominium is located on Massachusetts Avenue in Cambridge between Trowbridge Street and Remington Street. The location is within something less than 10 minutes walking distance from Harvard Square.

BUILDING

Structurally, the building has a steel frame with carrying beams fireproofed with asbestos.* The exterior is of an earth colored brown brick and exposed concrete. Window frames are bronzed aluminum and windows are of insulated glass. Heating and air-conditioning is electric by means of through the wall units.

MANAGEMENT

Wasserman Development Corporation, with which 1105 Realty Trust is affiliated, has agreed for a period of one year after the Master Deed is recorded to provide supervisory management for a fee of $10,000 per year. After a period of one year, or when the original Owner has conveyed all but 25 of the apartment units, whichever occurs later, the unit owners' organization shall have the power to make management arrangements with Wasserman Development Corporation.

NOTE: The foregoing introductory material was supplied by the original developer. It is not part of the Master Deed or the Deed of Trust and was not recorded therewith, so it has no legal force.

*This is incorrect. In 1987 the Trust engaged Environmental Solutions, Inc., to test the fireproofing material. It was found to contain no asbestos.