HomeMy WebLinkAbout07 020 Amend Agreement between Municipality and 2100902 Ontario Ltd.
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THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
BY-LAW
NO. 2007 - 020
BEING A BY -LAW TO AUTHORIZE AN AMENDMENT TO AN
AGREEMENT OF PURCHASE AND SALE BETWEEN THE
MUNICIPALITY OF KINCARDINE AND 2100902 ONTARIO LIMITED
WHEREAS with the passing of By-law No. 2006 - 147, the Corporation of the
Municipality of Kincardine authorized entering into an Agreement of Purchase
and Sale with, and the sale of land to, 2100902 Ontario Limited for lands
described as Part of Lot 1 Concession 1 South of Durham Road (former
Township of Kincardine) in the Municipality of Kincardine in the County of Bruce;
AND WHEREAS the Municipal Act, 2001, S.O. 2001, c. 25 Sections 8 and 9 (1)
provides municipalities with the powers of a natural person to enable them to
govern their affairs as they consider appropriate under this or any other Act;
AND WHEREAS the Council for The Corporation of the Municipality of
Kincardine deems it advisable to amend its current Agreement of Purchase and
Sale with 2100902 Ontario Limited;
NOW THEREFORE the Council for The Corporation of the Municipality of
Kincardine ENACTS as follows:
1.
That amendments to the Agreement of Purchase and Sale between
the Municipality of Kincardine and 2100902 Ontario Limited be hereby
authorized.
2. That an Amending Agreement be added to the current agreement
between the Municipality of Kincardine and 2100902 Ontario Limited to
reflect the amendments.
3. That the Mayor and CAO be authorized to sign, on behalf of The
Corporation of the Municipality of Kincardine, any and all documents
required to amend the agreement with 2100902 Ontario Limited
attached hereto as Schedule "A".
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Amendment to Agreement of Purchase and Sale with
2100902 Ontario Limited By-law
By-Law No. 2007 - 020
4.
This By-law shall come into full force and effect upon its final passage.
5. This By-law may be cited as the "Amendment to Agreement of
Purchase and Sale with 2100902 Ontario Limited By-law".
READ a FIRST, SECOND and THIRD TIME and FINALLY PASSED this 12th
day of February, 2007.
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Clerk
J nIS IS ~CneaU1e ".1:1- .. w JjY~Law
No. ~CJC1-O 10 passed the ill!:L day
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AMENDING AGREEMENT
Made This 23rd Day of January, 2007.
BETWEEN:
THE CORPORATION OF TIlE MUNICWALITY OF KINCARDINE
(the "Vendor") OF THE FIRST PART
AND
2100902 ONTARIO LIMITED
(the "Purchaser")
OF THE SECOND PART
WHEREAS:
(a) The Vendor and the Purchaser entered into an agreement of purchase and sale dated
August 9, 2006 (the "Agreement") for the purchase of approximately 12.7 acres of
land in the Municipality of Kincardine, Ontario, as more particularly described in the
Agreement (the "Property"); and
(b) The parties wish to amend the provisions of the Agreement as set out herein.
NOWTHEREFORE, IN" CONSIDERATION of the payment of $10.00 and other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the
parties hereto, the Vendor and the Purchaser agree to amend the Agreement as follows:
1. Section 6.4 is hereby added as follows:
6.4 This Agreement shall be conditional until the Closing Date upon the Vendor
obtaining a severance (the "Severance") of the Property from those lands to be retained by
the Vendor as more particularly outlined in blue on Schedule "A". In the event that the
V endor has not obtained the Severance by the Closing Date, then the Closing Date shall
automatically be extended for an additional sixty (60) days to allow the Vendor sufficient
time to obtain the Severance. If the Purchaser has still not obtained the Severance by the
expiry of this extended period, then barring further agreement of the parties hereto, this
Agreement shall be terminated and the deposit with interest forthwith returned to the
Purchaser.
2. Section 29 of the Agreement is hereby deleted and replaced with the following
Visitor Centre
The Purchaser agrees with the Vendor in situating the proposed "Visitor Centre" adjacent to the
Subject lands on approximately 1.16 acres (the "Visitor Centre Lands"), in the location as shown
in blue on Schedule A attached, that such property will remain in municipal ownership (and the
Purchase Price will be adjusted accordingly). The development of the Visitor Centre and any
servicing requirements will be the sole responsibility of the Vendor.
3. The existing Schedule "A" to the Agreement is hereby deleted and replaced with the
Schedule "A" attached hereto, without limiting the generality of the foregoing, the
Purchaser shall purchaser the Property outlined in red on Schedule "A" attached hereto.
4. Upon execution of this Amending Agreement, the Purchaser hereby waives the Due
Diligence Condition as set out in Section 6.2 of the Agreement.
5. This Amending Agreement shall be irrevocable by the Purchaser until Tuesday January
23,2007 unti15:00 p.m.
6. Any terms which are not specifically defined herein shall have the same meaning as set
out for such terms in the Agreement.
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7. This Amending Agreement may be executed in any number of counterparts. A party may
send a copy of its executed counterpart to each other party by facsimile transmission
instead of delivering a signed copy original of that counterpart. Each executed counterpart
(including each copy sent by facsimile transmission) shall be deemed to be an original and
all executed counterparts taken together shall constitute one agreement.
8. Save and except as amended herein, the Agreement is unamended and in full force and
effect.
Dated this 23rd day of January, 2007.
2100902 ONTARIO LIMITED
Per:
Per:
UW e have authority to bind the corporation
THE CORPORATION OF THE
MUNIC OF INE
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SCHEDULE A
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