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Home My WebLink AboutKIN 95 087 Licence Agree -Kenny e e , e e THE CORPORATION OF THE TOWN OF KINCARDINE BY-LAW BY-LAW NO. 1995-87 A BY-LAW TO AUTHORIZE THE SIGNING OF A LICENSE AGREEMENT WHEREAS the Council for The Corporation of the Town of Kincardine deems it advisable to enter into a license agreement with Charles and Mildred Kenney to utilize those lands commonly known as 346 Goderich Street in the Town of Kincardine, Ontario; NOW THEREFORE the Council for The Corporation of the Town of Kincardine ENACTS as follows: 1. That The Corporation of the Town of Kincardine enter into an agreement with Charles and Mildred Kenney to utilize those lands commonly known as 346 Goderich Street, Kincardine, Ontario. 2. That the mayor and clerk be authorized to sign, on behalf of The Corporation of the Town of Kincardine, the agreement with Charles and Mildred Kenney which is attached to this by-law and to affix the Town's Corporate seal as and when required. 3 . The by-law shall come into full force and effect upon its final passage. 4. This by-law may be cited as the "Kenney License Agreement By-law" . READ a FIRST and SECOND time this 7th day of December, 1995. READ a THIRD time and finally PASSED this 21st day of December, 1995. ~~/~ Mayor Clerk , \.;. ~. ;. THIS AGREEMENT made as of the 31st-day of October, 1995 BET WEE N: . THE CORPORATION OF THE TOWN OF KINCARDINE (hereinafter called the"Optionor") OF THE FIRST PART -and- CHARLES KENNEY and MILDRED KENNEY (hereinafter called the "Optionees") OF THE SECOND PART THIS AGREEMENT WITNESSES 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 Parcel 2 on the sketch 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 any time from the date hereof up to but not after the 6th 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 Optionees have permission to enter on the real property for the 20 year period commencing on the 7th day of December, 1995. Upon the termination of the Licence Agreement, 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. 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 option is exercised on or before the 6th day of December, 2005, then the purchase price of the real property shall be the sum of THIRTY-SEVEN THOUSAND DOLLARS ($37,000.00). (b) If the option is exercised on or after the 7th day of December, 2005, then the purchase price of the real property shall be the fair market value thereof as of the 1st 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 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 shall be completed 120 days after the date on which the Optionees have 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 - , - 2 - 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. . (0 Vacant possession of the property shall be given to the Optionees 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 adj acent 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 Optionees are 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 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. (i) 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. G) 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 Optionees. (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 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. (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. .. - 3 - 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 (-------~ \ ~(_:(qk<llU_ · · . ) THE CORPORATION OF THE TOWN OF ) KINCARDINE ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) per:~~~ Mayor - Charles Mann per:~ Clerk-Administrator - Maureen Couture ~ ~., ~ - J-- Charles Kenney 7;¡A 1 ¿." 1( -h <7'y Mildred Kenney II, SCHWJÌ.ß "A" >, . .... t :. I ., >- <:( -. ~ -1 « 0:: . :' . ..~. .J .. ~ .' , o .. . _t, 'I;. .. t1 ,. .. .~ ..... ··..1 .. -., " z o a:: ~ :r: 011 .' N 0 'N .'" ... c:: ,., \.. , c:' <t ....e.. l1J ~ <1: ..J ,: " . :"~;:'í::,t '. ·d .~:.: :~~;j..} .' .. '", :r- - . ,SUBJECT PARCELS " .:\ o PROPOSED ROADWAY " ,,' : ~'. . ~ {;: ;. , ........-- f"'r.r;'-:-\1'~!,~"., ~ ~.~.r~ . I- ll/ 1 .. ::t: ,',t.) 0:: W' o o C> j',' . <"" , - - '-, ---- Ct"D<4., ----.:::~..~ H!()(J! "'- j~-~7, I :i e., "f .,. ~- .... , , - .. ~ . o ' - . ". ".:.J f2J- ......- . . _ .sti PARCEL 4 ',(AìJSTHI) ~. . '. 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