HomeMy WebLinkAbout01 060 ld sale ext krupp con1
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THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
BY-LAW
NO. 2001 - 60
A BYLAW TO AUTHORIZE THE SECOND EXTENSION OF AN
AGREEMENT FOR THE SALE OF LAND TO
R. KRUPP HOLDINGS INC.
WHEREAS R. Krupp Holdings Inc. entered into an agreement to purchase from
the Municipality of Kincardine, lands at the intersection of Durham Street and
Millenium Way (north west comer), having an area of approximately 1.0 acres, in
the Municipality of Kincardine, in the County of Bruce and being more particularly
described in the Extension Agreement (attached as Schedule "A").
AND WHEREAS that agreement was extended on February 28, 2001 and now
has an expiry date of May 17, 2001;
AND WHEREAS R. Krupp Holdings Inc. has requested a second extension to
the original agreement for a further 180 days;
AND WHEREAS The Corporation of the Municipality of Kincardine is agreeable
to the second extension of the original agreement, subject to additional
conditions as described in the attached Schedule "A";
NOW THEREFORE BE IT ENACTED by the Council for The Corporation of the
Municipality of Kincardine:
1. The mayor and clerk are hereby authorized to execute such documents, as
they may deem advisable to extend the agreement to convey the lands
described on Schedule "AD, attached hereto, to R. Krupp Holdings Inc.
2. The sale price for the said lands shall be seventy thousand dollars
($70,000.00).
3. This By-law shall come into force and take effect upon its final passage.
4. This By-law may be cited as the "Second Extension of Land Sale Agreement
Part 1, Plan 3R-7072, Con. 1, SDR By-law".
READ a FIRST, SECOND, and THIRD time and DEEMED TO BE PASSED
this 23rd day of May, 2001.
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SCHEDULE "A"
'BY-LAW 2001 - 60
THIS EXTENSION AGREEMENT made as of the It 1Aday of May, 2001,
BETWEEN: .
R. KRUPP HOLDINGS INC.
(hereinafter called 'Purchase!")
OF THE FIRST PART
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THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
(hereinafter called the "Vendo!")
OF THE SECOND PART
THIS AGREEMENT WITNESSES that, in consideration of the sum of ONE
THOUSAND FIVE HUNDRED DOLLARS ($1,500.00) already paid for the original
agreement of August 23, 2000 for the option for the Party of the First Part to purchase
part of Lot 1, Concession 1, South of the Durham Road, formerly in the Township of
Kincardine, now in the Municipality of Kincardine, County of Bruce, having a frontage
along Durham Street of 93.16 feet and a depth of 461.3 feet, more or less and being
the easterly portion of Part 1 on Reference Plan 3R-7072 (hereinafter called the "real
property"), that the Party of the Second Part agrees to the extension of the Option to
Purchase for 180 days on the terms and conditions as set out as follows:
1. The Parties agree to all the terms as set out in the original agreement of August
23,2000, except they agree to extend the Option to Purchase to the 13th day of
November, 2001 and to Item 2 below;
2. Notwithstanding anything to the contrary contained herein or in the original
agreement, the Purchaser hereby agrees that the Vendor shall have the
continuing right to sell the real property. In the event the Vendor receives an
acceptable Offer to Purchase the real· property, the Vendor shall advise the
Purchaser, in writing. The Purchaser shall thereupon have a one-week period in
which' to match the Offer and if the Purchaser does not match the Offer, the
option granted herein shall expire.
IN WITNESS WHEREOF the parties hereto have hereunto set their hands and seals.
SIGNED, SEALED and DELIVERED
in the presence of
~~l'_ 0Â'>.1ill" r>;....A
Witness
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) President e G. Krupp
...) I have authority to bind
) the Company
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) The Corporation of the
.) Municipal' of Kincardine
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) Rosaline Graham, Clerk