HomeMy WebLinkAbout13 136 719-723 Queen Street (Part Lot 1 Durham Market Block Plan, being part 1 of plan 3R-1947 annex property sale by-law THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
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, N /C /lAIIiY OF KINGO
BY -LAW
NO. 2013 -136
BEING A BY -LAW TO AUTHORIZE THE SALE OF PROPERTY TO
DAVID BROWN
(719 -723 Queen Street)
WHEREAS Section 270 (1) of the Municipal Act, 2001, S.O. 2001, c. 25, as
amended, provides that a municipality shall adopt and maintain policies with
• respect to the sale and other disposition of land;
AND WHEREAS pursuant to the said Municipal Act, Section 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 the Municipality of Kincardine, on June 1, 2005 declared surplus
to its needs that property described as 719 -723 Queen Street (Part Lot 1 Durham
Market Block Plan, Being Part 1 of Plan 3R -1947 former Town of Kincardine);
AND WHEREAS a Short Narrative Appraisal Valuation was completed by The
Appraisers Network on July 18, 2013;
AND WHEREAS the Council of the Municipality of Kincardine deems it advisable
to dispose of the aforementioned property;
• AND WHEREAS David Brown has submitted an offer to p urchase the
aforementioned property in the amount of $226,000;
NOW THEREFORE the Council of The Corporation of the Municipality of
Kincardine ENACTS as follows:
1. That the Mayor and Chief Administrative Officer be authorized and directed
to sign and execute such documents, on behalf of The Corporation of the
Municipality of Kincardine as they may deem advisable, to convey that
property described as 719 -723 Queen Street (Part Lot 1 Durham Market
Block Plan, Being Part 1 of Plan 3R -1947 former Town of Kincardine), and
to affix the corporate seal of the Municipality of Kincardine.
2. The sale price for the said property be two hundred and twenty -six
thousand dollars ($226,000.00).
3. That this transaction is subject to the conditions set out in the Agreement of
• Purchase and Sale attached hereto as Schedule `A' and forming part of the
By -law and that net proceeds be placed in a reserve fund pending
disposition by Council.
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Page 2 of 2
719 -723 Queen Street (Part Lot 1 Durham Market Block Plan, Being Part 1 of
Plan 3R -1947 former Town of Kincardine) Property Sale By -law
By -law No. 2013 - 136
• 4. This by -law shall come into full force and effect upon its final passage.
5. This by -law may be cited as the "719 -723 Queen Street (Part Lot 1 Durham
Market Block Plan, Being Part 1 of Plan 3R -1947 former Town of
Kincardine) Property Sale By -law ".
READ FIRST and SE • ND time this 16 day of October, 2013.
AMA a4V1Aa u
mow
Mayor Clerk
READ THIRD ti - nd ALLY PASSED this 16 day of October, 2013.
iikata
Mayor Clerk
1111
•
RECEIVED 69/02/2013 1 E: 41 5193566744 COULTRUP
SEP -02 -2013 03:21 PM This is Schedule "A" toFl3x -1,aw
N X13 -(310 passed the 161 day
of CHobey' 2015
A g r e e m e n t of Purchase Parttt
for use it the Fr4vihc& of C nfaNa
t1 t et %lal
Se tember 20 13
This Agreement of Purchase and Sole dated this 3 day of ....1?
gunk David Brown , agrees to purchase from
(NI legal names o) qtr bu
SELLER. The Corporation of The Municipality of Kincardine , the following
(Full it goi names o} ell Setters)
ftrIAL PROPERTY:
Address 719-723 Queen Street
fronting side of.gueen Street
on the
in the Municipality of Kincardine
and having a frontage of 82.4 feet more or less by a depth of 100 feet more or less
and legally described as Part Lot 1 Durham Market Block Plan., Being Part 1 of Plan 3R -1947,
Town of Kincardine, County of Brice (the "property ").
(Legal description of lone! including easements not scfh d efsewhcre)
PURCHASE PRICE: Dollars (CDN i) 22 ),000.00
Two Hundred Twenty - Six Thousand Dollars
IDEPGSET: Buyer submits Upon acceptance
(Herewith /Upon Aeceptonce /os otherwise described in this Agreement)
Five Thousand Dollars (CONS)
5,000.00
by negotiable cheque payable to RE /MAX LAND EXCHANGE LTD Brokers e (1UN) "Deposit Holder"
to be held in trust pending completion or other termination of this Agreement and to be credited toward the Purchase Price on completion.
For the purposes of this Agreement, "Upon Acceptance" shall mean that the Buyer is required to deliver the deposit to the
Deposit Holder within 24 hours of the acceptance of this Agreement. The parties to this Agreement hereby acknowledge that
unless otherwise provided for in this Agreement, the Deposit Holder shall place the deposit in trust in the Deposit Holder's
non - interest bearing Real Estate Trust Account and no interest shall be earned, received or paid on the deposit.
Buyer agrees to pay the balance as more particularly set out In Schedule A attached.
SCKED 4 attached hereto form(s) part at this Agreement.
1. MREVOCAt3IUTY: This offer shall be irrevocable by BuyPY,. ,, ,, until 5:00 P.m. on
(ntler /Buyer)
the 6th. day of September 20 13 after which time, if not accepted, this
offer shall be null and void and the deposit shall be returned to the Buyer in full without interest.
2_ COMPLETION tIA.TE: This Agreement shall be completed by no later than 6:00 p.m_ on the 10th, day
o f January 2 0 14 Upon completion, vacant possession of the property shall be given to the
Buyer unless otherwise provided for in this Agreement.
• INITtAL5 OF BUYt_ti(S): (ITV) INITIALS OF SELLER (S); C{V„S_D.
1 , K+ 2 6 13 , Onn�no ool tafi.. .e:.ir:u, I' 04 A'). Afl rg lA rorx.rd. fan, vrns devro,wd try Okk irr w o . n raat
prutllon of ib m.x,.w .and pcansm,
only. My o"ic' uY P or re�od�i is a p ol,ihl..d R. i , pi:. Kn"u... .tenm t o` IX1EA Do ro liter R wtio p G inl o. ad ,yxodu,Io "rt st=d p pwfn.. 1E0 600 Revlsed 2413 Fogg 1 a 7
1EI3Formaer Nov/2012
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3. fil.CTICESs The Seller hereby appoints the Listing Brokerage as anent for the Seller for the purpos,c of gluing and
recetvin9 notices pursuant to this Agreement, Where a Brokerage (Buyer's Brokerage) has entered into a re resentation
agreement with the Buyer, the Buyer hereby appoints the Buyer's Brokerage os agent for the purpose af and
receiving notices pursuant to this Agreement. Where a txrotcerage represents bath the Setier and the Buyer
(multiple €'eprese-rnaii rn), the Brokerage shat[ not be appo(nted or authorized to be csgerct for ether
the Buyer of the Seiler for the purpose of giving and receiving notices. Any notice relating hereto or provided
for herein shall be in writing, in addition to any provision contained herein and in any Schedule hereto, this offer, any
counter - offer, notice of acceptance thereof or any notice to be given or received pursuant to this Agreement or any
Schedule hereto (any rf them,'rDacument") shall be deemed given and received when delivered personally or hand delivered to the
Address for Service provided in the Acknowledgement below, or where a facsimile number or email address is provided herein, when
transmitted electronically to that facsimile number or email a respectively, in which case, the signatures) of the party (parties) shall
be deemed to be original.
FAX No ' t=AX No 416- 6980052
(For delivery d Documents to Seller] (For delivery of Documents to F.uyer)
Email Address; Email Address;
(For delivery of Documents lo Seller( (For delivery of Documents to Buyer)
4, CHATTELS INCLUDED:
Unless otherwise stated in this Agreement or any Schedule hereto, Seller agrees to convey all fixtures and chattels
included in the Purchase Price free from all liens, encumbrances or claims affecting the said fixtures and chattels.
5, FIXTURES EXCLUDED:
None
6. RENTAL CTEMS: The following equipment is rented and not included in the Purchase Price, The Buyer agrees to assume
the rental contract(s), if assumable:
Nonc
7. HST: If the sale of the property (deal Property as described above) is subject to Harmonized 5a/es Tax
(HST), then such tax shall be in addition to the Purchase Price. The Seller will not collect HST if the Buyer
provides to the Seller a warranty that the Buyer is registered under the Excise Tax Act ( "ETA('), together with a copy of
the Buyer's ETA registration, a warranty that the Buyer shall self - assess and remit the HST payable and file the prescribed
form and shall indemnify the Seller in respect of any HST payable, The .foregoing warranties shall not merge but shall
survive the completion of the transaction. If the sale of the property is not subject to HST, Seller agrees to certify an or
before closing, fhot the transaction is not subject to HST. Any HST on chattels, If applicable, is not included in the Purchase Price.
8. TITLE SEARCH: Buyer shall be allowed until 6:00 p.m. on the 4 th• day of Januat' 20
(Requisition Date) to examine the title to the property at his own expense and until the earlier of: (1) thirty days from the
later of the Requisition Date or the date on which the conditions in this Agreement are fulfilled or otherwise waived or;
(ii) five d prior to completion, to satisfy himself that there are no outstanding work orders or deficiency notices
affecting the property, that its present use Cl ( - General Commercial
may be lawfully continued and that the principal building may be insured against risk of fire. Seller hereby consents to the
municipality or other governmental agencies releasing to Buyer details of all outstanding work orders and deficiency notices
affecting the properly, and Seller agrees to execute and deliver such further authorizations in this regard as Buyer may
reasonably require.
it' iTiALS OF DI,IVLit(5•): ( ) INITIALS OF SELLER (S);
02013, OfN!la Reul F.6,f, ("WENT M right reserved. Re: kne Wn+ d+'nd+Fial by OREA fv the Lisa of es mernbvs and h,wivnat
only. Any yl„r use or n.araduilrn a pr h,b,t d creep web rrix w,M„n r n.wt of OREA. Do not ohm when otWin,l or rupeockicino the ctonda r ".•t Phu. Fhrna sae Revised 2013 P4gq 2 of 7
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9. Fureura UM Seller and Buyer agree that there is no representation or warronfy of any kind that the future intended
use of the property by Buyer is or will be lawful except as may be specifically provided for In this Agreement.
10. MIX: Provided that the title to the property is good and free from call registered restrictions, charges, liens, and
encumbrances except co otherwise specifically 3rovided in this Agreement and save and except for (a) any registered
restrictions or covenants that run with the lone providing that such are complied with; (b) any registered municipal
agreements and registered agreements with publicly regulated utilities providing such hove been complied with or
security has been posted to ensure compliance and completion, os evidenced by a letter from the relevant municipcility
or regulated utility; (c) or minor easements for the supply of domestic utility or telephone services to the property or
odjacenl properties; rand d) any easements for drainage, storm or sanitary sewers, public utility lines, telephone lines,
cable television lines or otner services which do not materially affect the use of the property, If within the specified times
referred to in paragraph 8 any valid objection to title or to any outstanding work ercer or deficiency notice, or to the
fact the said present use may not lawfully be continued, or that the principal building may not be insured against risk of
fire is mode in writing to Seller and which Seller is unable or unwilling to remove, remedy or satisfy or obtain insurance
save and except against risk of fire (Title Insurance) in favour of the Buyer and any mortgagee, (with oil related casts at
the expense of the Seller, and which Buyer will not waive, this Agreement notwithstanding any intermediate acts or
negotiations in respect of such objections, shall be at an end and all monies paid shall be returned without interest or
deduction and Seller, Listing Brokerage and Cooperating 8rokeroge shall not be liable for ony costs or damages, Save
os to any valid objection so made by such day and except for any objection going to the root of the title, Buyer shall be
conclusively deemed to have accepted Seller's title to the property.
11, CLOSING APLEZA GEMEt TS1 Where each of the Seller and Buyer retain a lawyer to complete the Agreement of
Purchase and Sole of the property, and where the transaction will be completed by electronic registration pursuant to
Fart ill of the land Registration Reform Act, R.S,O, 1990, Chapter L4 and the Electronic Registration Act, S.U. 1991,
Chapter 44, and any amendments thereto, the Seller and Buyer acknowted a and agree that the exchange of closing
funds, non - registrable documents and other items (the "Requisite Deliveries') and the release thereof to the Seller and
Buyer will (a not occur at the same lime os the re istration of the transfer /deed (and any other documents intended to
be registered in connection with the completion of this transaction) cold (b) be subject to conditions whereby the lawy er(s)
receiving ony of the Requisite Deliveries will be required to hold some in trust and not release some except in accord
with the terms of a document registration agreement between the said lawyers, The Seller and Buyer irrevocably instruct
the staid lawyers to be bound by the document registration agreement which is recommended from time to time by the
Lciw Society of Upper Canada. Unless otherwise agreed to by the lawyers, such exchange of the Requisite Deliveries will
occur in the applicable Land Titles Office ar such other location agreeable to both lawyers.
12. DOCUMENTS AND DISCHARGE: Buyer shall not coil for the production of any title deed, abstract, survey or other
evidence of title to the property except such as are in the possession or control of Seller. If requested by Buyer, Seller will
deliver any sketch or survey of the property within Seller's control to Buyer as soon as possible and prior to the Requisition
Date. If a discharge of any Charge /Mortgage held by o corporation incorporated pursuant to the Trust And Loan
Companies Act (Canada), Chartered Barik, Trust Company, Credit Union, Caisse Populairs or Insurance Company and
which is not to be assumed by Buyer on completion, is not available in registrable form on completion, Buyer agrees to
accept Seller's lawyer's personal undertaking to obtain, out of the closing funds, a dischar a in registrable form and to
register name, or cause some to be registerec, on it within a reasonable period of time after completion, provided that
an or before completion Seller shall provide to Buyer a mortgage statement prepared by the mortgages setting out the
balance required to obtain the discharge, and, where a real-time electronic cleared funds transfer system is not being
used, a direction executed by Seller directing payment to the mortgages of the amount required to obtain the discharge
out of the balance due on completion,
13. INSPECTION: Buyer acknowledges having had the opportunity to inspect the property and understands that upon
acceptance of this offer there shall be a binding agreement of purchase and sale between Buyer and Seller,
14. INSURANCE; ANCE; All buildings on the property and oil other things being purchased shall be and remain until completion
at the risk of Seller. Pending completion, Seller shall hold all insurance policies, if any, and the proceeds thereof in trust
for the parties as their interests may appear and in the event of substantial damage, Buyer may either terminate this
Agreement and have all monies paid returned without interest or deduction or else take the proceeds of any insurance
and complete the purchase, No insurance shall be transferred on completion. If Seller is taking back a
Charge /Mortgage, or Buyer is assuming a Charge /Mortgage, Buyer shall supply Seller with reasonable evidence of
adequate insurance to protect Seller's or other mortgagee's interest on completion,
15, PLANNING ACT: This Agreement shall be effective to create an interest in the property only if Seller complies with the
subdivision control provisions of the Planning Act by completion and Seller covenants to proceed diligently at his expense
to obtain any necessary consent by completion.
INITIALS OF BUYER (S)t () INITIALS OF SELLE
4 I�(S)s
e 2013, Orkvio H,.,i EIVC �1NCl:lo� ror.EA Af� hl. ruaHHVl. Thlr form wmo d„ ,.la,,ed by UREA lortha d I
u ueYan iro moml'+� and cmnoos
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WE1SFom ' Nov/2012
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SEP - 02 - 2013 03:23 PM P,04
16. t Cl,dME `T f RCBAI, :TIONI The Transfer /Deed shall, save for the Lord Transfer Tax Affidavit, b prepared in
registrobl6 form cct thr e:xpenae of Seller, and any Charge: /Mortgage to be given bock by the Buyer to Seller at the
expense of the Buyer. If requested by Buyer, Seller covenants that the Transfer /Deed to be delivered on completion shall
contain the statements contemplated by Section 50(22j of the Planning Act, R,S_O.1990.
17. RESIb.EI r: Buyer shall be credited towards the Purchase Price with the amount, if ony, necessary for Buyer to pay to
the Minister of Notional Revenue to satisfy Buyer's liability in respect of tax payable by Seller under the non- residency
provisions of the Income Tax Act by reason of this sale. Buyer shall not claim such credit if Seller delivers on completion
the prescribed certificate or o statutory declaration that Seller is not then o non - resident of Canada,
18. AbJUSTMUNT5t Any rents, mortgage interest, realty taxes including local improvement rotes and unmetered public or
private utility charges ond unmetered cost of fuel, as applicable, shall be apportioned and allowed to the dray of
completion, the day of completion itself to be apportioned to Buyer.
19, TIME LIMITS: Time shall in all respects be of the essence hereof provided that the time for doing or completing of any
matter provided for herein may be extended or abridged by em agreement in writing signed by Seller and Buyer or by
their respective lawyers who may be specifically authorized in that regard.
20. PROPERTY ASSESSMENT: The Buyer and Seller hereby acknowledges that the Province of Ontario has implemented
current value assessment and properties may be reassessed on an annual basis, The Buyer and Seller agree that no
claim will be made against the Buyer or Seller, or any Brokerage, Broker or Salesperson, for any changes in property
tax as a result of a re- assessment of the property, save and except any property taxes that accrued prior to the completion
of this transaction_
21. Ttitefi>IIt Any tender of document or money hereunder may be mode upon Seller or Buyer or their respective lawyers
on the day set for completion, Money shall be tendered with funds drown on a lawyer's trust account in the form of e
bank draft, certified cheque or wire transfer using the Large Value Transfer System.
22. FAMILY LAW ACT: Seller warrants that spousal consent is not necessory to this transaction under the provisions of the
Family Law Act, R.S.O,1990 unless Seller's spouse has executed the consent hereinafter provided.
23. UPFI: Seller represents and warrants to Buyer that during the time Seller has owned the property, Seller has not caused
any building on the property to be insulated with insulation containing urecformaldehyde, and that to the best of Seller's
knowledge no building on the property contains or has ever contained insulation that contains ureaformaldehyde. This
warranty shall survive and not merge on the completion of this transaction, and if the building is part of a mu tttiple unit
building, this warranty shall only apply to that part of the building which is the subject of this transaction.
24, f - 1£GA.L, ACCOUNTING AND ENVIRONMENTAL ADVICE: The parties acknowledge that any information provided
by the brokerage is not legal, tax or environmental advice, and that it has been recommended that the parties obtain
independent professional advice prior to signing this document,
25. CONSUMER REPORTS; The Buyer is hereby Notified that a consumer re.port corrta €rtinrs credit and /or
personal Information may be referred to In connection with this transcsctkott.
26. AG EEMEINT I £ WRITING: If there is conflict or discrepancy between any provision added to this Agreement
(including any Schedule attached hereto) and any provision in the standard pre -set portion hereof, the added provision
shall supersede the standard pre -set provision to the extent of such conflict or discrepancy. This Agreement including any
Schedule attached hereto, shall constitute the entire Agreement between Buyer and Seiler, There is no representation,
warranty, collateral agreement or condition, which a fects this Agreement other than as expressed herein. For the
purposes of this Agreement, Seller means vendor and Buyer means purchaser. This Agreement shall be read with all
changes of gender or number required by the context. .
27. TIME AND ilATC: Any reference to a time and date in this Agreement shall mean the time and date where the property
is located.
INITIALS S CAF S YS (S)t INITIALS OF SELLER(S). (
El 0 2013, Ontou rd ..•d 6t,w. As »aaton rce Ai A!1 riah;n reurved. This tam we* gi.voloprd 6y MA fcr 14 r sa and reprodu;lion d llo n nbers ond lirmnuxs
toy.. My al. '', u+R rapradurna, .s rm6ihiwi w.,.:«pt poorwritVn cc.+,wfl rk OSSA. Do not oh k4 .n printord a wprakkinit *o sfandon{ p a-m portion. Farm sec Revised 2013 Anse 4 ¢f 7
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28, tUCCE4iStItUl ik,f4t5 ALMA The heirs, executors, odministrotart, $ucces$ors and araigni of the undarLietwd are
bound by the terms hereir,.
SIGNED, SEALED AND DELIVERED in the pretAnce ofl 114 WITNESS whereof I have h Ad my hand and 6eal:
David Bro , ii
r
,---
DAT
t .., ....... . .
Vi Signing diGir)
1Witnass) 1 E
e DATE
{Witness{ puyerAulhori.erl Signing akar) (Sect{
I, the Undersigned Seller, agree to the above offer. I hereby irrevocably instruct my lawyer to pay directly to the brokera9 e(s1
with whom I have agreed to pay commission, the unpaid balance of the commission together with applicable Harmonized
Soles Tax (and any other taxes as may hereafter be applicable), from the proceeds of the sole prior to any payment to the
undersigned on completion, as advised by the brokerage(s) to my lawyer.
SIGNED, SEALED AND DELIVERED in the pretence of: IN WITNESS whereof 1 hove hereunto tel my hand and seal:
• •'" ' , 1 ilk. Illp \,......_ ti D AT , A 1.1
. ."---- -;-,----, --
, — -- --- –
(Witness) 0,1ier/Autnori.ed Signing Officer) ISonfl '
DATE
wieeest) (Sefier)Authorized Signing Officer) (sect)
SPOUSAL CONSENT: The Undersigned Spouse of the Seller hereby consents to the disposition evidenced herein pursuont to
the provisions of the Family Law Act, R.S.01 990, and hereby acrees with the Buyer that he/she will execute all necessary .
or incidental documents to give full force and effect to the sale evicenced herein.
• DATE
{Wilne8s{ (Sgoinal (Seol)
CONFORM/MON OF ACCEPTANCE; Notwithstanding anything contained herein to the contrary, I confirm this Agreement with all
- 6—±—
n ....
changes both typed and written was finally accepted by a ll ponies ot -- a. p.r2 this day
/
o f .....Q. , 20 13
(signivvrc of Softer or buyorl
MIFCARMATIOK ON BkOKERAGIASi)
Listing Brokerage RE/MAX LAND EXCI-I LTD Brokerage (KIN) Tel.No, ( 19
BOX 521, 768 QUEEN STREET KINCARDINE N2Z 2Y9
_..... . ._ ,
.. - • • --
. Co-op/Buyer Brokerage Tel.No,
ACKWVILEI3diEMENT
I acknowledge receipt of my signed copy of this occepted Agieetnent of Purehoso I acknowledge receipt of my signed copy of this accepted Agreement of Purchase
and Sale and I authorize the Brokerage to forward o copy to my lawyer. and Sole and I authorize the Brokerage to forward a copy to my lawyer,
DATE DATE
(Seller) illi David'atown
DATE DATE
Puller) ikuyei)
Acicims tor mit:iron for soryi00 Neville Park Blvd.
s 5ervice
Tel.No. Toronto, Ont. M4E 3P5 Tel 416-698-157g
Seller's Lawyer,..5:c:,C1, VNJ\-0-rei g uyar i s L owy r Striltil l Hunt & Buok (Rqg.,er Hunt
Acidness Address 5B- Durham St. Kincardine
51-3g6-3458 519-396-3568
Ica.Na. FAX No, Tel.No. FAX N.
.. • . ••••• • _.. . ,
Foe )PPICE USE OW GICAMMISSIOP1 MAT PARIEMENT
To: Co-open:sting Brokerage shown on the foregoing Agreement of Purchase and spk: RE/MAX LAND EXCHANGE LTD Brokerage (KIN)
15 omioivaiion for the Co Brokerege procuring the foregoing Agreement of Purchase and Salm, I hereby decinrci that all =nays received receivable by me in connection with
the TransoctIon o8 contemplated i ?A
he SO Rules and Regulations of my Real Estate Roord Atoll be receivable and held in bog. This ogre- nt 81) nstitule o Commission Traci Agreement
a&
teed in the 1181.SIV P an eh be subled to and governed by the MLS1' Dulet pertaining to Commission Trust.
D nATED ois.oitir a nna i of' th • cceptonoe of the fore' • g At i i i ant of Purchase and Sale. Acknowledged 6 .
'). t _Al •
. -......,
{Authorized to b d the Ligin s : . . . .. - , (Auill,,r■inii .' . nd 8. Co-wooeting Brokerage)
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This Schedule is attached to and forms pare of the Agreement of Purchase and Sale between:
Etf't'E(,. David Brown and
SELLER, The Corporation of The Municipality of Kincardine
for the purchase and sale of
719 -723 queen Street Kincardine
N2Z 1Z9 doted the .33 d o f September , 20 13
Buyer agrees to pay the balance as follows:
The Buyer agrees to pay the balance of the purchase price, subject to adjustments, by bank draft or certified cheque, to
the Scaler on the completion of this transaction.
The Seller covenants and agrees to deliver to the Buyer, on or before, September 10, 2013:
a) Seller's written verification of all revenues and expenses for 2011, 2012 and 2013 and a ny major repairs,
replacements or additions for the past Five (5) years,
b) Copies of all maintenance and service contracts applicable to the real property. All outstanding
maintenance, management and service contracts not approved by the Buyer prior to the closing date shall be canceled
by the Seller, at the Seller's expense,
c) All rent schedules and leases and verification of rents
This offer is conditional until September 20, 2013 upon the buyer inspecting all leases, rent schedules, revenue and
expense statements, and the entire building to satisfy himself that there is nothing unacceptable to the Buyer, failing
which, this offer shall become null and void and the Buyer's deposit shall be returned to the Buyer, in full, without
interest or deduction.
The condition contained herein is for the benefit of the Buyer and may he waived by the Buyer, at any time, in the
Buyer's sole discretion.
The Buyer agrees to accept all existing tenancies, provided that the Tenants are not in default of their existing
agreements
The Seller undertakes and agrees that. after the date of acceptance hereof and until the closing date, the Seller will
maintain the premises in the same manner that a prudent owner would, with reasonable wear and tear only excepted.
The Seller covenants and agrees to deliver the Buyer on th.e completion date herein, a Statutory Declaration containing
the following warranties for each unit:
a) Lease or rental agreement, including tenn and rent. payable,
b) The amount of pre -paid rent and security deposit,
o) A statement that the lease or rental agreement and the tenancy, to the best of the Seller's knowledge and belief, is in
good standing, valid and subsisting, except as more particularly set out,
d) That the Seller, as Landlord, shall not be in breach of any of its' covenants to the Tenant.
The warranties made by the Seller herein shall not merge on the closing of this transaction and shall survive closing.
This form must be initialed by all parties to the ,agreement of Purchase and Sale.
EC tTIAbS OF BLITTIE(S): � INITIALS OF SELLER(S):
e 2012, Ontario Real Eva% A.,e hfraS rOS:EAl. AA rights reserved. This farm woe drcw■loped lry °REA 1a tha usa and ..4 a d 1s mambo, and Gcvnsms
on}, My Uri ^� ",« o r�wlaa�an Is p}4 y , -�,,i . stn• unfn.n wruwai of t7REA. Do fle 0 1„, when pInring or reproducing '' n .ndn,d pwet 'Mien Forth 50O Revised 201 Wive 6 4f 7
V E5Farrrta' Nov/2012
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This Schedule is attached to and forms port of the Agreement of Purchase and Sole between:
ru`tti:r David Brown , and
,l um The Corporation of The Municipality of Kincardine
for the purchase and sale of
7 9 -72S queen Street Kincardine
1N12Z 1Z9 dated the 3 day of September , 20 1-3
The Seller covenants and agrees to deliver to the Buyer, on closing:
a) Directions authorizing all tenants to make all future rental payrnents to the Buyer and /or his assignee, ,S
the Buyer may direct,
b) All keys for the building in his possession,
c) An assignment of leases to the Buyer,
d) Acknowledgements signed by all tenants in the premises, stating the terms of their tenancies and confirming, that
the fixtures in the unit are the property of the Landlord,
e) An assignment of all warranties, guarantees, indemnities, maintenance and service contracts relating to the property
in favour of the Buyer,
The Seller shall credit the Buyer out of the monies clue on closing, all pre -paid rents and security deposits that are held
or, should be held, by the Landlord or Seller, on the closing date,
All rentals in arrears at the date of closing hereof shall be for the account of the Seller and shall not be adjustcd on the
closing date. The Seller shall be entitled to collect and retain the same,
The Seiler represents:, warrants and covenants to the Buyer, and hereby acknowledges and agrees that the Buyer is
relying upon such representations, warranties and covenants that they shall survive completion of the transaction and -
rernain in full force and effect thereafter as follows:
The property does, and will at closing, comply with all applicable regulations, by- laws, restrictions, laws and
re,quirctnents, including without limitation, municipal zoning, building and fire regulations, that, prior to closing, no
notice will have been received by the Seller from any municipal authority, fire department, health department,
insurance underwriter, agent or broker or other agency, relating to any defects in tic construction, condition,
maintenance or operation of the property, providing that if such notice is received, the Seller shall notify the Buyer of
same forthwith and rectify same, on or before closing, at the Seller's own expense.
The Buyer agrees to extend the "closing dater' to a future date, provided that the Seller provides a minimum of Thirty
(30) days notice of their intent to dalay the completion date.
The Buyer and the Seller agree that a photocopy, facsimile or email transmission of the original Agreement of Purchase
and Sale shall be accepted as a true copy.
The Buyer and Seller acknowledge that they have been advised that they should seek outside professional advice such
as lawyers, home inspectors, surveyors, accountants, insurance agents or brokers and mortgage consultants prior to
signing this offer.
The Buyer and Seller hereby acknowledge that the Province of Ontario has implemented current value assessment and
properties may be re-assessed on an annual basis, particularly after a building pemut is issued and /or improvements
completed to the property. The Buyer and Seller agree that no claim will be made against the Buyer or Seller, or any
Broker or Salesperson, for any changes in property tax as a result of a re- assessment of the property.
This form must be initialed by all parties to the Agrrment of Purchase and Sale.
INITIALS OF BE YSIt(S)c INITIALS OF SELLEl (5)r "r
531 w u113, O,io ;a Real Eu A,, »
-wino rd�al. NI tight. re.vod. ihie o (m+.,++., d.wlapad by OFD la fna wn or to . d . , i, momM*. »»d Ii vn>cs:
ong: My oll,s v» rr e, I: pre *bi c,*c 4 * +. rte"• +@»I, swn! of OREA. On � oaks wl \ pahIe 74,,,.1np Ih. dcmdard pro-s.,+ rx*d »n. Form 5e10 Revised 2013 P4114 7 of f
WEQFormse 4 v/2012