Settlement Agreement and Release

This is the settlement agreement for the Superior Court case, where the Feoffees agree to sell Little Neck to the tenants for $29.1 million if they can get approval from the Probate Court to break William Paine’s will.  The Feoffees also get immunity from the claims of the tenants.  The Feoffees signed the agreement without consulting the School Committee, and it requires them to pursue the litigation in Probate Court even if the School Committee opposes it.  It also meant that the tenants no longer had any skin in the game; all the legal fees to achieve the goals of the tenants and the Feoffees would be paid by the schoolchildren of Ipswich.

Superior – Feoffees – 091223 – Settlement Agreement Part 1

Superior – Feoffees – 091223 – Settlement Agreement Part 2

Superior – Feoffees – 091223 – Settlement Agreement Part 3

Part of this filing shows the prices each tenant will pay for their unit  (lot + common area privileges).  You can find an analysis of these prices compared to appraised values here.

Superior – Feoffees – 091223 – Ex. G Price List by Unit

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