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HomeMy WebLinkAbout13 025 Assign Airport Lease Agreement (Dr Viran Toor) By-law THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE KBT BY -LAW NO. 2013 - 025 BEING A BY -LAW TO AMEND BY -LAW NO. 2007 —105 BEING A BY -LAW TO AUTHORIZE THE SIGNING OF A LEASE AGREEMENT FOR THE RENTAL OF LAND AT THE KINCARDINE MUNICIPAL AIRPORT WHEREAS pursuant to the said Municipal Act, Sections 8 (1) and 9 provide that the powers of a municipality under this or any other Act shall be interpreted • broadly so as to confer broad authority on the municipality to enable the municipality to govern its affairs as it considers appropriate and to enhance the municipality's ability to respond to municipal issues and a municipality has the capacity, rights, powers and privileges of a natural person for the purpose of exercising its authority under this or any other Act; AND WHEREAS with the passing of By -law No. 2007 — 105 the Council of The Corporation of the Municipality of Kincardine entered into a lease agreement with Matchett Financial Services Inc. for rental of land to house an airplane hangar at the Kincardine municipal airport located on Concession 'A' Pt Lots 26 to 29, RP 3R -438, Parts 2 to 8, RP 3R -3803, Parts 1 to 5, RP 3613, Part 1; AND WHEREAS with the passing of By -law No. 2008 -162, said agreement was assigned to Matchett Financial Investments Inc.; AND WHEREAS Section 16 of the agreement attached as Schedule `A' to By- law No. 2007 — 105 states that the Tenant may assign the said lease provided that the Landlord has provided written consent, such consent to be granted or • withheld at the sole, unfettered discretion of the Landlord; AND WHEREAS Matchett Financial Investments Inc. wishes to assign the said agreement with the Municipality of Kincardine to Dr. Viran Toor; NOW THEREFORE the Council of The Corporation of the Municipality of Kincardine ENACTS as follows: 1. That The Corporation of the Municipality of Kincardine assign the said agreement, formerly with Matchett Financial Investments Inc. to Dr. Viran Toor. 2. That the Mayor and CAO be authorized to sign, on behalf of The Corporation of the Municipality of Kincardine, the Consent Agreement with Matchett Financial Investments Inc., attached to this by -law as Schedule 'A', and to affix the corporate seal as required. 3. That this by -law shall come into full force and effect upon its final passage. • ...12 Page 2 Assign Airport Lease Agreement (Dr. Viran Toor) By -Iaw By -Iaw No. 2013 - 025 • 4. That this by -Iaw may be cited as the "Assign Airport Lease Agreement (Dr. Viran Toor) By-law". READ a FIRST and SECOND time this 6 day of March, 2013. 11h.ae- a t Ma Ai z Clerk READ a THIRD time and FINALLY PASSED this 6 day of March, 2013. All t ` . , i r , or Clerk 4 • • CONSENT To: Matchett Financial Investments Inc. To: Dr. Viran Toor • RECITALS: A. Matchett Financial Investments Inc. and The Corporation of the Municipality of Kincardine ( "Municipality ") are parties to a Lease Agreement ( "the Contract ") dated July 11th, 2008. B. Matchett Financial Investments Inc. wishes to assign to Dr. Viran Toor all of its right, title and interest in and to the Contract. C. Dr. Viran Toor has agreed that as of April 30, 2013 (the "Effective Date ") he will assume responsibility for the discharge and performance of Matchett Financial Investments Inc. obligations under the Contract to the extent that such obligations are to be observed, paid, discharged or performed, as the case may be, at any time after the Effective Date and which arise out of events occurring after such time. Based upon the foregoing: • 1. The Municipality acknowledges that the Contract is in full force and effect and that, to the Municipalities knowledge, Matchett Financial Investments Inc. is not in default under the Contract. 2. The Municipality consents to the assignment of the Contract to Dr. Viran Toor and, in consideration of Dr. Viran Toor assumption of Matchett Financial Investments Inc.'s obligations under the Contract, agrees that upon assignment, Matchett Financial Investments Inc. will be released and forever discharged from any obligations or liabilities under the Contract arising after the Effective Date and for which Dr. Viran Toor has assumed responsibility. 3. In consideration of the Municipality's consent to the assignment of the Contract to Dr. Viran Toor the Municipality understands that it will be entitled to enforce the Contract (to the extent that the obligations and liabilities there under have been assumed by Dr. Viran Toor) directly against Dr. Viran Toor and will have a direct right of action against Dr. Viran Toor in respect of those obligations and liabilities as if Dr. Viran Toor had executed and delivered the Contract. • 4. The Municipality understands that this consent does not in any way derogate from the rights of the Municipality under the Contract or release Dr. Viran Toor from the observance and performance of all the terms, covenants, and conditions on the part of Matchett Financial Investments Inc. contained in the Contract. 5. The Municipality understands that this consent does not constitute a waiver of the requirement for consent to any further assignment of the Contract, and for any such assignment to be effective, shall require the prior consent of the Municipality as set out in the Contract. Dated this 6 day of March, 2012 and forming part of By -Law No. 2013 - The Corporation of the Municipality of Kincardine Pe %, • • L . -A--- ame: - rry Kraemer II Title: Mayor • Per: ` Name: Murray Clarke Title: CAO