HomeMy WebLinkAboutKIN 95 070 Licence-Elmes/Bedfrd
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THE CORPORA TION OF THE TOWN OF KINCARDINE
BY-LAW
BY-LAW NO. 1995-70
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 Barry Elmes and Jennifer Bedford to utilize those lands
commonly known as 338 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 Barry Elmes and Jennifer Bedford to
utilize those lands commonly known as 338 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 Barry Elmes and Jennifer Bedford 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 "Elmes/Bedford License
Agreement By-law".
READ a FIRST and SECOND time this 19th day of October, 1995.
Read a THIRD time and finally PASSED this 26th day of
October, 1995.
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Mayor
Clerk
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TInS AGREEMENT made as of the)~ ~ay of October, 1995
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BETWEEN:
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THE CORPORATION OF THE TOWN OF KINCARDINE
(hereinafter called the"Optionor")
OF THE FIRST PART
-and-
BARRY WJI.I.IAM RLMES and JENNIFER CLAIRE
BEDFORD
(hereinafter called the "Optionees")
OF THE SECOND PART
nus 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 fue Optionees an irrevocable option to
purchase, free from encumbrances, the lands and premises being part of Godericl'i Street and Part of
the Railway Reserve, in the Town of Kincardine, in the County of Bruce and being more particularly
· shown as Parcell on the sketch annexed hereto as schedule" A" (hereinafter called the "real PfQperty")
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 30th day of June, 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 1st day of November, 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 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:
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(a) If the option is exercised on or before the 3bt day of October, 2005, then the
purchase price of the real property shall be the sum of FlFI'Y -SEVEN THOUSAND
DOLLARS ($57,000.00).
(b) If the option is exercised on or after the 1st day of November, 2005, then the
purchase price of the real property shall be the fair market value thereof as of the 1st day of
November, 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.
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(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 reai property pursuant to the provisions of
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the MunicipaJ Act, failing whiÍ::hthe agreement of pUrchase and sale shall 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.
(f) 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;
(ü) any registered restrictions or covenants that run with the land provided that
such are complied with;
(iü) 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
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(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 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 tide, the Optionees shall furnish the
Optionor in writing with any valid objection to tide, which the Optionor shall be unable or
unwilling to remove, remedy ot 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 ~ liable for any costs or damages. Save as to any valid objection so made within
such time, the Optionees s.Í¡all be conclusively deemed to have accepted the Optionor's title
to the real property.
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(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.
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 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.
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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.
· 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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) THE CORPORATION OF THE TOWN OF
) KINCARDINE
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)/ ) J£nnifer Bedford
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Mayor - Charles Mann
per: ~~~ ~
Clerk-Administrator - Maûceen CoutUni..~
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