HomeMy WebLinkAbout00 105 Land Sale - R. Krupp Inc
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THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
BY-LAW
NO. 2000 -105
A BYLAW TO AUTHORIZE THE SALE OF LAND TO
R. KRUPP HOLDINGS INC.
WHEREAS R. Krupp Holdings Inc. wishes to purchase from the Municipality of
Kincardine, lands at the intersection of Durham Street and Millenium Way (north
west comer), having an area of approximately 1.0 acres, in the Municipality of
Kincardine, in the County of Bruce and being more particularly described in the
Purchase and Sale Agreement (attached as Schedule "A").
NOW THEREFORE BE IT ENACTED by the Council for The Corporation of the
Municipality of Kincardine:
1. The mayor and clerk are hereby authorized to execute such documents, as
they may deem advisable to convey the lands described on Schedule "A",
attached hereto, to R. Krupp Holdings Inc.
2. The sale price for the said lands shall be seventy thousand dollars
($70,000.00)
3. This By-law shall come into force and take effect upon its final passage.
4. This By-law may be cited as the "Land Sale to R. Krupp Holdings Inc. By-law".
READ a FIRST, SECOND, and THIRD time and DEEMED TO BE PASSED
this 23rd day of August, 2000.
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Mayor
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THIS AGREEMENT made as of the .73,.( day of August, 2000,
BETW~EN:
R. KRUPP HOLDINGS INC.
(hereinafter called "Purchaser")
OF THE FIRST PART
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THE CORPORATION OF THE MUNICIPALITY OF
KINCARDINE
(hereinafter called the "Vendor")
OF THE SECOND PART
THIS AGREEMENT WITNESSES that, in consideration of the sum of ONE THOUSAND
DOLLARS ($1,000.00) now paid by the Purchaser to the Vendor (the receipt of which is hereby
acknowledged) and other good and valuable consideration, the Vendor hereby gives to the Purchaser
an irrevocable option to purchase, free from encumbrances, the lands and premises being part of Lot
I, Concession 1, South of the Durham Road, formerly in the Township of Kincardine now in the
Municipality of Kincardine, County of Bruce having a frontage along Durham Street of 93.16 feet
and a depth of 461.3 feet, more or less, and being the easterly portion of Part 1 on Reference Plan
3R-70n (hereinafter called the "real property") on the terms and conditions set out below:
1. The Purchaser shall pay the additional sum of $500.00 for this Option on or before the date
which is three months from the date of this Option, failing which this Option shall become
. null and void and the Vendor shall be entitled to retain the sum of $1,000.00 already given
as consideration for the granting of this Option.
2. Subject to paragraph 2 hereof, the Option may be exercised by the Purchaser at any time
from the date hereof up to but not after the 16'h day of February, 2001 and may be exercised
by a letter delivered to the Vendor or mailed postage prepaid and registered, addressed to
the Vendor at 707 Queen Street, Kincardine, Ontario N2Z 1Z9.
3.
After the 16'h day of February, 2001, this Option shall forthwith become null and void and
the Vendor shall be entitled to retain the sum of $1,500.00, being the sum of $1,000.00
already given as consideration for the granting of this Option and the additional sum of
$500.00 to be paid under paragraph 1 hereof.
4. Upon the option being exercised the following shall be the terms of the agreement of
purchase and sale of the real property:
(a) The purchase price of the real property shall be the sum of SEVENTY THOUSAND
DOLLARS ($70,000.00) made up as follows:
(i) the sum of ONE THOUSAND DOLLARS ($1,000.00) already paid by the
Purchaser as consideration for the granting of this Option shall be credited to
the Purchaser as a deposit and allowed as part of the purchase price;
(ii) upon payment by the Purchaser of the additional sum of FIVE HUNDRED
DOLLARS ($500.00) pursuant to paragraph 1 hereof, such additional sum
shall be credited to the Purchaser as a deposit and allowed as part of the
purchase price;
(iii) the balance of the purchase price, subject to the usual adjustments, shall be
paid by cash or certified cheque on the date of completion.
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(b)
The sale shall be completed no later than 90 days after the date of exercise of the
Option by the Purchaser.
(c)
Vacant possession of the property shall be given to the Purchaser on the date of
completion.
(d) The Vendor covenants and agrees with the Purchaser to install at the Vendor's
expense the following services, namely, roads, sewers, water and electrical services
to the lot line on or before the date of completion of this transaction.
(e) The Vendor further covenants and agrees with the Purchaser to install at the Vendor's
expense a natural gas line to the lot line if a natural gas pipeline is constructed to the
Kincardine Business Park on Highway 21. This covenant shall survive the closing
of this transaction.
(f) The title shall be good and free from all encumbrances, save and except for local
rates.
(g)
The Purchaser acknowledges that the real property is subject to storm water
management review by the Vendor's Engineers.
(h) The Purchaser is to be allowed until the date which is 60 days after the date of
exercise of the Option by the Purchaser to investigate the title at its own expense, and
to satisfy itself that there is no breach of municipal or other govemmental
requirements affecting the real property, and that the real property is zoned Highway
Commercial. If within the time allowed for examining title, the Purchaser shall
fumish the Vendor in writing with any valid objection to title, or to any breach of
municipal or other governmental requirements, or as to the fact that the zoning is not
Business Park (C6-h) which the Vendor shall be unable or unwilling to remove,
remedy or satisfy and which the Purchaser will not waive, this Agreement shall,
notwithstanding any intermediate acts ornegotiations, be null and void, and the sums
paid by the Purchaser as consideration for the granting of this Option (being the sum
of $1,000.00 already given as consideration and the additional sum of $500.00 to be
paid under paragraph 1 hereof) shall be returned by the Vendor to the Purchaser
without interest or deduction, and the Vendor shall not be liable for any costs or
damages. Save as to any valid objection so made within such time, the Purchaser
shall be conclusively deemed to have accepted the Vendor's title to the real property.
(i)
The Vendor shall prepare a Reference Plan of survey for the real property prior to
closing in order to provide a registrable description for the Deed or Transfer. Subject
to the foregoing, the Purchaser shall not call for the production of any title deed,
abstract, surveyor other evidence of title except such as are in the possession or
control of the Vendor. The Vendor agrees that any existing survey shall be delivered
to the Purchaser as soon as possible and prior to the last day allowed for examining
title.
0) The Deed or Transfer, save for the Land Transfer Tax Affidavit, to be prepared at the
expense of the Vendor in a form acceptable to the Purchaser.
(k) The Vendor shall produce evidence that it will not be at the time of closing a non-
resident of Canada within the meaning of Section 116 of The Income Tax Act, or, in
the alternative, evidence that the provisions of said Section 116 regarding disposition
of property by a non-resident person have been complied with at or before closing.
(I)
Any tender of documents or money hereunder may be made upon the Vendor or
Purchaser or upon the solicitor acting for the party on whom tender is desired, and
it shall be sufficient that a cheque certified by a chartered bank or trust company be
tendered instead of cash.
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(m) This option shall be effective only if the provisions of Section 50 of The Planning
Act, as amended, are complied with.
(n) This option, when exercised, shall constitute a binding contract of purchase and sale.
5, The Vendor covenants and agrees with the Purchaser to do nothing to encumber the real
property after the execution of this Option and while it is in effect.
6. Time in all respects shall be of the essence of this Option.
7. This agreement shall enure to the benefit of and shall be binding upon the respective heirs,
executors, administrators and assigns of the parties hereto,
IN WITNESS WHEREOF the parties hereto have hereunto set their hands and seals.
SIGNED, SEALED and DELIVERED
in the presence of
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