HomeMy WebLinkAboutKIN 96 057 Land Sale - Austin
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THE CORPORATION OF THE TOWN OF KINCARDINE
BY-LAW
BY-LAW NO. 1996-57
A BY-LAW TO AUTHORIZE THE SALE OF LAND TO BEATRICE AUSTIN.
WHEREAS Beatrice Austin and The Corporation of the Town of
Kincardine entered into an Agreement dated March 4, 1996
providing for Beatrice Austin to purchase Town lands upon
which her residence is situated should Beatrice Austin choose
to exercise that option;
AND WHEREAS Beatrice Austin has, by letter dated June 25,
1996, indicated a desire to exercise said option;
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-~6 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 Beatrice
Austin in accordance with the Option to Purchase
Agreement dated the 4th day of March, 1996, and which
is attached as Schedule "B".
2 . The purchase price for the said lands shall be FIFTY
EIGHT THOUSAND DOLLARS ($58,000.00).
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 Austin
By-Law" .
READ a FIRST and SECOND time this 18th day of July, 1996.
READ a THIRD time and FINALLY PASSED this 1st day of August,
1996.
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Mayor
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Clerk : , c .
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SCHEDULE n A n
All and singular that certain parcel or tract of land lying,
being and situate in the Town of Kincardine, County of Bruce,
and described as Part of Goderich Street, Townplot of
penetangore and Part of the "Railway Reserve", and more
particularly described as Part 7 and Part 8 of Reference Plan
3R-6519.
SCHEDULE "B"
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THIS AGREEMENT made as of the 4 day of I(Yì. ~ I t¡ 'i b
B' E T WEE N:
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THE CORPORATION OF TlIE TOWN OF KINCARDINE
(hereinafter called the"Optionor")
OF THE FIRST PART
- and -
BEATRICE AUSTIN,
(hereinafter called the "Optionee")
OF THE SECOND PART
TIUS AGREEMENT WITNESSES that in consideration of the sum of ONE DOLLAR ($1.00) now
paid by the Optionee to the Optionor (the receipt of which is hereby acknowledged) and other good and
valuable consideration, the Optionor hereby gives to the Optionee 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
Parcel 4 on the sketch annexed hereto as schedule "A" (hereinafter called the "real property") on the
~s and conditions set out below:
'II The Option may be exercised by the Optionee at any time from the date hereof up to but not
after the 28th day of December, 2015 and may be exercised by a letter delivered to the Optionor or by
mailed postage prepaid and registered, addressed to the Optionor at 707 Queen Street, Kincardine,
Ontario, N2Z lZ9.
2. The parties acknowledge that they have entered into a Licence Agreement of even date
herewith by which the Optionee has permission to enter on the real property for the 20 year period
commencing on the 29th day of December, 1995. Upon the ternination of the Licence Agreement, this
option shall immediately become null and void, and the sum of $1.00 paid by the Optionee as
consideration for the granting of this Option shall be returned by the Optionor to the Optionee without
interest or deduction.
3. Upon the option being exercised the following shall be the terms of the agreement of purchase
and sale of the real property:
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(a) If the option is exercised on or before the 28th day of December, 2005, then the
purchase price of the real property shall be the sum of FIFTY-EIGHT THOUSAND
DOLLARS ($58,000.00).
(b) If the option is exercised on or after the 29th day of December, 2005, then the
purchase price of the real property shall be the fair market value thereof as of the 29th day
of December, 2005. The fair market value of the real property shall be as the parties shall
agree, or failing agreement, shall be as determined by arbitration pursuant to the provisions
of the Arbitration Act, 1991, S.O. 1991, Chapter 17, as amended from time to time.
(c) The purchase price shall be paid as follows:
(i) the sum of ONE DOLLAR ($1.00) paid by the Optionee as consideration
for the granting of this Option shall be credited to the Optionee 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.
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(d) The sale shall be completed 120 days after the date on which the Optionee has
exercised the Option.
(e) The Agreement is conditional until the date of completion upon the Optionor passing
the necessary by-laws to stop up and convey the real property pursuant to the provisions of
the Municipal Act, failing which the agreement of purchase and sale shall become null and
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void, and the sum of $1.00 paid by the Optionee as consideration for the granting of this
Option shall be returned by the Optionor to the Optionee without interest or deduction.
(0 Vacant possession of the property shall be given to the Optionee on the date of
completion. .
(g) 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, electricity, water, sewage, gas, 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; and
(iv) any minor easements for the supply of utility service to the real property
or to adjacent properties.
The Optionee shall accept the real property subject to municipal and other governmental
requirements, including building and zoning by-laws, regulations and orders.
(h) The Optionee is to be allowed to the date of completion to investigate the title at its
own expense. If within the time allowed for examining title, the Optionee shall furnish the
Optionor in writing with any valid objection to title, whïeh the Optionor shall be unable or
unwilling to remove, remedy or satisfy and which the Optionee 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 Optionee as consideration for the granting of this Option shall be returned
by the Optionor to the Optionee 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
Optionee shall be conclusively deemed to have accepted the Optionor's title to the real
property.
(i) The Optionee 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 Optionee 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 Optionor in a form acceptable to the Optionee.
(k) 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.
. (I) Any tender of documents or money hereunder may be made upon the Optionor or
Optionee 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.
(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.
4. Time in all respects shall be of the essence of this Option.
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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.
, WITNESS WHEREOF the parties hereto have hereunto set their hands and seals.
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SIGNED, SEALED and DELIVERED
in the presence of
) THE CORPORATION OF THE TOWN OF
) . KINCARDINE
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Mayor - Charles Mann
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Clerk-Administrator - Maureen Couture
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Beatrice Austin
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~ Province
of
Qntarlo ~
Document General
Form 4 - ..- Res!8trallon Relorm Act
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0320300
(1) Reglslry ~
(3) Property
ldenllfterll)
LBnd TRIBI 0 (2) PBge 1 01 6 pBgas
Block Property
AdditIonal:
~hedUle 0
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HftTlflUTE Of IIEQISTIIATIttI
íllUCE (3) WALlIUTON
(4) NI"''' 01 Document
By-law
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DolIBlS $
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'96 RUG B Arlll 33
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lANO.II£QISTIIAR
(6 8ICI1pIIon
That Part
lying and
Bruce and
7, 9, and
of the Goderich Street road allowance, Fi ~1
situate in the Town of Kincardine, County of
more particularly described as Parts 2, 3, 6,
11 of - ~. . " Plan No. 3R-6519.
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New Property ldenlifiers
AddltlonBl:
See 0
Schedule
Ex I
Additional:
See
Schedule
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(7) This
Document
ConI8Ins:
(B) Redescription
New Eesement
PlonlSketch
1, (b) Schedule for:
Additional
0: Description 0 Parties 0 Other Ð
(6) This Document provides .. follows:
~ Corporation of the Town of Kincardine hereby applies for registration of a By-law
No. 1996-56 in respect of lands described in box (6). The by-law is enacted pursuant
to Subsection 297 (1) of the Municipal Act, R.S.O. 1990 C.M. 45.
,Continued on Schedule 0
(I) This Documonl_1 to "'"lIument numbet(l)
(10) PIlfly(Ieo) (Set out Status or Interest)
."me(I) Slgnoture(s) Dala of Sigl18tul8
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arles W. Mann, Mayor ¡! ¡
KINCARDINE 'i : i
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Maureen A. Couture - Clerk ! ¡!
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(11) Ad*""
forS_
(12) PBrtJ(I..) (Set out Status or Interest)
Name(l)
Signoture(l)
Date of Signature
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(15) Document Praporad by: ~ Fees and Tax
Maureen A. Couture, z Registration Fee ct>
Not assigned Town of Kincardine, 0
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707 Queen Street, IJ)
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KINCARDINE, Ontario w
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