HomeMy WebLinkAboutKIN 96 088 Sale/Land - Kenny
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THE CORPORATION OF THE TOWN OF KINCARDINE
BY-LAW
BY-LAW NO. 1996-88
A BY-LAW TO AUTHORIZE THE SALE OF LAND TO
CHARLES AND MILDRED KENNY.
WHEREAS Charles and Mildred Kenny wish to purchase from
Town of Kincardine part of Goderich Street and Part of
Railway Reserve, in the Town of Kincardine, in the County
Bruce and being more particularly described as Parts 3, 4,
and 6 of Plan 3R-6519;
the
the
of
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AND WHEREAS a portion of the said lands consist of part of the
Goderich Street road allowance;
AND WHEREAS the said portion of Goderich Street has been closed
and stopped up by By-Law No. 1996-56 pursuant to Section 301
of the Municipal Act, R.S.O. 1990, Chapter M.45;
NOW THEREFORE the Council for The Corporation of the Town of
Kincardine ENACTS as follows:
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 Charles and
Mildred Kenny.
2 .
The purchase price for the said lands shall be
FIFTY-EIGHT THOUSAND FIVE HUNDRED DOLLARS ($58,500.00)
3. This by-law shall come into full force and effect upon
its final passage.
4. This by-law may be cited as the "Land Sale to Charles and
Mildred Kenny By-Law, 1996".
READ a FIRST and SECOND time this 5th day of December, 1996.
READ a THIRD time and FINALLY PASSED this 12th day of
December, 1996.
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Clerk
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SCHEDULE . A·
All and singular that certain
being and situate in the Town
and described as Part of
penetangore and Part of the
particularly described as Part
Reference Plan 3R-6519.
parcel or tract of land lying,
of Kincardine, County of Bruce,
Goderich Street, Townplot of
"Railway Reserve", and more
3, Part 4, Part 5 and Part 6 of
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Kenny Option ~f.eement
Schedule "Ä
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I REQUIRE T:tJS PLAN TO BE
DEPOSITED UNDER THE REGISTRY
ACT.
PLAN 3R-t.»'f
RECEI. AND DEPOSITED
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/ JOHN C. WOOD
l---"NT ARlO lAND SUR'IEYOR
DATE J OL'f '1/'1"
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O~· LAND REGISTRAR FOR THE
REGISTRY DIVISIOH OF BRUCE NO.3.
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CAUTION: THIS PLAN IS NOT A PLAN OF SUBDIVISION
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KINCÞ<ROINE
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This AGREEMBRT made in TRIPLICATE
DB::.e.",,'oQ.r, 1996.
this ,~~ day of
BETWEEN:
THE CORPORATION OF THE TOWN OF KINCARDINE
hereinafter called the "Optionor"
of the First Part,
-and-
CHARLES IŒHHEY AND MILDRED KEHHEY
hereinafter called the "Optionees"
of the Second Part.
THIS AGRBBMEHT WITNESSETH THAT in consideration of the sum
of ONE DOLLAR ($1.00) now paid by the Optionees to the
Optionor (the receipt of which is hereby acknowledged) and
other good and valuable consideration, the Optionor hereby
gives to the Optionees an irrevocable option to purchase,
free from encumbrances, the lands and premises being part
of Goderich Street and Part of the Railway Reserve, in the
Town of Kincardine, in the County of Bruce and being more
particularly shown as Parcels 5 and 6 of Plan 3R-6519
annexed hereto as Schedule "A" (hereinafter called the
"real property") on the terms and conditions set out below:
1. The Option may be exercised by the Optionees at an¥-.1I1/(
time f:~m~he date hereof up to but not after the ~ ~
day o~~q....*,~, 2016 and may be exercised by a <2i2--
letter del~vered the Optionor or by mailed postage
prepaid and registered, addressed to the Optionor at
707 Queen Street, Kincardine, Ontario, N2Z 1Z9.
The parties acknowledge that they have entered into a
Licence Agreement of even date herewith by which the
Optionees have permission to enter on the real
property or the 20 year period commencing on the ~~
day 0 . ~ , 1996. Upon termination of the <t!B-
Licence A eement, this option shall immediately become
null and void, and the sum of $1.00 paid by the
Optionees as consideration for the granting of this
option shall be returned by the Optionor to the
Optionees without interest or deduction.
2.
3. Upon the option being exercised the following shall be
the terms of the agreement of purchase and sale of the
real property:
a)
If the~ion is exercised on
day 0 (f- 2006, then
of the rea property shall
TWENTY-ONE THOUSAND FIVE
($21,500.00) .
or before the ~~~
the purchase price ~
be the sum of
HUNDRED DOLLARS
.. .2
Kenny Option Agreement
Page 2
b)
If the is exercised on or after the
day of , 2006, then the purchase price
of the real p erty shall be the fair market
value thereof, as 0 the 1st day of ,2006.
The fair market value the real property shall
be as the parties s 11 agree, or failing
agreement, shall be dete ined by arbitration
pursuant to the provisions f the Aroi#a#on Ac~
1991, s.o. 1991, Chapter 17, as ended from time
to time.
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c) The purchase price shall be paid
(i) the sum of ONE DOLLAR ($1.00) paid by the
Optionees as consideration for the granting
of this Option shall be credited to the
Optionees as a deposit and allowed as part of
the purchase price:
.
(ii) the balance of the purchase price, subject to
the usual adjustments, shall be paid by cash
or certified cheque on the date of
completion.
d)
The sale
date on
Option.
shall be completed 120 days after
which the Optionees have exercised
the
the
e) Vacant possession of the real property shall be
given to the Optionees on the date of completion.
f) The title shall be good and free from all
encumbrances, save and except for:
(i) local rates;
.
(ii) any registered restrictions or covenants
that run with the land provided that such
are complied with;
(iii) any registered agreements with a
municipality or a supplier of utility
service including, without limitation, gas,
electricity, water, sewage, telephone or
cable television or other telecommunication
service, providing such have been complied
with or security has been posted to ensure
compliance and completion as evidenced by
letter from the relevant municipality or
utility supplier;
(iv) any minor easements for the supply of
utility service to the real property or to
the adjacent properties.
The Optionees shall accept the real property subject to
municipal and other governmental requirements,
including building and zoning by-laws, regulations and
orders.
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Kenny Option Agreement
Page 3
g) The Optionees are to be allowed to the date of
completion to investigate the title at their own
expense. If within the time allowed for examining
title, the Optionees shall furnish the Optionor in
writing with any valid objection to title, which
the Optionor shall be unable or unwilling to
remove, remedy or satisfy and which the Optionees
will not waive, this Agreement shall,
notwithstanding any intermediate acts or
negotiations, be null and void, and the sum of
$1.00 paid by the Optionees as consideration for
the granting of this Option shall be returned by
the Optionor to the Optionees without interest or
deduction, and the Optionor shall not be liable
for any costs or damages. Save as to any valid
objection so made within such time, the Optionees
shall be conclusively deemed to have accepted the
Optionor's title to the real property.
(h) The Optionees 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 Optionor. The Optionor agrees that
any existing survey shall be delivered to the
optionees as soon as possible and prior to the
last day allowed for examining title.
(i) The Deed or Transfer,
Tax Affidavit, to be
the Optionor in a
Optionees.
save for the Land Transfer
prepared at the expense of
form acceptable to the
(j) The Optionor 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.
(k) Any tender of documents or money hereunder may be
made upon the Optionor or Optionees 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.
(1)
This option shall be effective only
provisions of section 50 of the Planning
amended, are complied with.
(m) This option, when exercised, shall constitute a
binding contract of purchase and sale.
if
Act,
the
as
4. Time in all respects shall be of the essence of this
Option.
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Kenny Option Agreement
Page 4
5.
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
THE CORPORATION OF THE TOWN
OF KINCARDINE
pe~~~
Mayor - Charles W. Mann
per:
Clerk - Maureen Couture
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Mildre Kenney
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¿ Witness
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Kenny Option ~¡;eement
Schedule "Ä
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PLAN 3R-t.»'f
f REOUIRE T:U5 PLAN TO BE
OE'OSITED UNDER THE REGISTRY
ACT,
RECEI.
AND DEPOSITED
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. JOHN C. WOOD
[..oNTARIO LAND SURVEYOR
DATE J OL'f '1/'1"
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O~· LAHD .EGS,.." '0. THE
REGISTRY OWIS.ON OF BRUCE NO.).
CAUTION: THIS PLAN IS NOT A PLAN OF SUBDIVISION
- WITHIN THE MEANING OF THE PLANNING ACT.
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