Whereas, The deferred operation of this act would tend to defeat its
purpose, which is forthwith to subordinate the reversionary clause contained in
the deed from the City of Brockton to the Boys and Girls Club of Brockton, Inc.,
therefore it is hereby declared to be an emergency law, necessary for the
immediate preservation of the public convenience.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same as follows:
Notwithstanding the provisions of chapter 137 of the acts of 1996 or any other general or special law to the contrary, the city of Brockton, acting by and through its mayor, is hereby authorized to subordinate the reversionary clause contained in the deed from the city of Brockton to the Boys and Girls Club recorded at Plymouth county registry of deeds at Book 18181, Page 349 to allow the Boys and Girls Club to obtain financing, not to exceed $250,000.00, from a conventional lender to fund much needed repairs to the Boys and Girls Club property. The form and content of any documents shall be acceptable to the mayor except that any subordination agreement executed by the mayor shall contain a provision that any surplus funds, after payment of principal, interest and lender?s costs and expenses, resulting from any foreclosure sale shall be paid to the city of Brockton.
Approved August 2, 2007.