HomeMy WebLinkAboutKIN 94 011 F.B.D.B Tax Arrears
THE CORPORATION OF THE TOWN OF KINCARDINE
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BY-LAW
BY-LAW NO. 1994-11
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A BY-LAW TO AUTHORIZE THE EXECUTION OF TAX ARREARS
EXTENSION AGREEMENT PURSUANT TO SECTION 8 OF THE MUNICIPAL
TAX SALES ACT, R.S.O. 1990, c. M.60.
WHEREAS The Corporation of the Town of Kincardine has
registered on the 4th day of March, 1993, a tax arrears
certificate against the lands described in Schedule "A", being
the agreement attached hereto and forming part of this by-law;
AND WHEREAS Section 8 of the Municipal Tax Sales Act, R.S.O.
1990, c. M.60 provides that a municipality may by by-law
authorize an agreement with the owner of such land to extend
the period of time in which the cancellation price payable on
the land is to be paid;
NOW THEREFORE the Council for The Corporation of the Town of
Kincardine ENACTS as follows:
1. THAT an agreement be entered into by the Corporation with
the Federal Business Development Bank, being the owner of
the lands described in Schedule "A", being the agreement
attached hereto, to extend the time period in which the
cancellation price payable on these lands is to be paid
beyond March 4, 1994.
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4.
THAT the mayor and clerk be authorized to enter into this
agreement on behalf of the Corporation;
This by-law shall come into full force and effect upon
its final passage.
This by-law may be cited as the "Federal Business
Development Bank Tax Arrears Extension Agreement By-law".
READ a FIRST, SECOND and THIRD time and FINALLY PASSED this 24th
day of February, 1994.
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SENT BY:G S & H ; 2-22-94 ; 11:17
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THIS AGREBMØ'!' made th18 2Uh day of February, A.D. 19114.
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Th. l!ðr8l,)!·.~;ð" ðT ~hf!!! Tnwn of Kin~Ard.in.
Barainafter callad the "Town"
OF TIΠP:tRST PART
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~~der~l ~ugin.ss DeveloDmen~ Bank
Hereinafter called the "OWner"
OF 'l"H1 SECOND PART
MIl.... the OWner i. an owner pursuant to the Municipal
Sal.. Tu Aet: of the land in the Town of Kincardi.ne dli1Bcri.Þed in
Schedule "Ad attached hereto and forming part of thi. Agreement
(herainafter "thti Iandll) by virtue of a mortgage regilll:ered on June
28, 1990 .. In.~r~ment number 268554.
A1ID -.-us the land 18 in arrears of tax.. as of the
J1BC day of December, 1992, in the .mo~nt of $25,935.03 .ft~ a tax
arrear. certif~cate wae registered in the Re~istry Office on the
304 day Qf March, 1993 as Inatrument number 29357. in respect t:o
the land.
AIm WIIDDI t:he owner rapl'eeent.s t.o the Town t.hat. t.be
owner 1. proce.ding to eell the laftd pU%8U&nC to a power of aal.
atld that the t.ax iln'ea:r. will be paid out of the proceeds of that
aale.
AND ....." the Council of the Corporation of the Town of
JCincardine, on the 24th day of PIIbruary, lU4 p...ed by-law number
].994-11 authoriaiZ),9 ~hll execution of chi. Extension Agreement with
t.h. Owner relating to the lande, all within the meaning of Section
8(1) of ~he Municipal Tax Sales Act, 1.5.0. 1990, chapter M. '0, .a
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SENT BY:G sa H ; 2-22-Q4 : 11:18
ØT BY'IIIIITe:. .ŒNKINS, ÐIßj(AN; N2-84 ;10:35.UI :
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_ IDIIØOU 'l'BI' .--........, w¡.,...nm thAI: i 1'1
ClOftliåeraticm of the prell1... and of the ~ovenant. and obligationø
herei=fter contained, 1t··18 h.r~ agTellCi as follows:
1.
'1'be owner hereby a.::knowllllQges tbst .e of Pecelllber J1. 1992.
the OWI1!1r'. land :I.. in urears ot tUi.. in tho all!OUftt of
$25.935.03;
2. The OwnoZ" sFeos to p.y all tax ""~·"Clr., penalti.., interest
and cuZ"Z"ent tax.. on or betore May 31, 1994:
3.
In the event the Owner defaults 1ft any Obligation undertaken
by thtl1ll plU'll1lJ1t to th1e AgrO_lIt, t;hiB Ag¡-eeDlent shall cu.e
to be ccms1derec1 8 .uba1ating ~ee1ll8l1t within thll meaning of
section 8(2) Ie) or 'l'he Munil'lipa1 Sal.. Aet, R.S.O. lUO,
~hApter M. '0, a. ..ended;
4. The OwneZ" anI:! _y IItb.Z" ¡¡anon MY lit any 1:.1me pay the balance
of the cancellation price at eny ~ime prior to tn. afor..a1d
MAY 31. 199. date.
5, OnCle tbe t.Z"mS o~ t1'lb A9~CI.(lHIllt have been :Ul!illed and. once
the cancellation price haa been paid as atoresa1d and on or
before May 31, 1194. thiø Agreement eha~ 1. term2.aate and the
Town Tr.a~er (or AGtLng Treasurer) shall fo~thw1th register
III Tax ArnaZ". CaIlcallat:lon CertlUc:ate in the pre.crlbed form.
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'I'hh Agr.....ent shall extend co and be b>.ncsing ¡¡POD and G\lre
to the benelit of the perCie. to this AgrBament aD4 to theiZ"
Z"espectivo .~cces~. Clnd ...19118.
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SENT By:e S & H ; 2-22-94 ; 11:18 ;
"""".. .... .nlU u.., IIW'ft1l1..:ll. &l1.li1\001II;'" .c:;-.:rDl .JU"\1DMII ,
5196215056"
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416 973 5529;# 4
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The Parties hereby agZ'.. that th:l.ø Agreement N)" be regi.te~ed
against the land8.
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Dr Nt':lm8' llUuor the 'rown and the owner have hereunto
.~~1xed their eorporace seale.
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TIm CORPORATION OF THB 'l'OIm OF KDTCARDD1Ii
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5ENT BY:G 5 . H : 2-22-84 : 15:42
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