HomeMy WebLinkAbout03 027 land sale 1450052 Ont
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THE CORPORATION OF THE MUNICIPALITY OF KINC1INE
NO. 2003 - 27
A BY-LAW TO AUTHORIZE THE SALE OF
LAND TO 1450052 ONTARIO LlMITEQ
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WHEREAS 1450052 Ontario Limited wishes to purchase from e Municipality of
Kincardine lands having an area of approximately 9.4 acres nd described as
Part of Lot 1, Concession 1, South of the Durham Road in th former Town of
Kincardine (now Municipality of Kincardine) in the County of ruee being more
particularly described on the Agreement of Purchase and Sal attached to this
By-law as Schedule "A"; .
NOW THEREFORE the Council for The Corporation of th~ Municipality of
Kincardine ENACTS as follows: .
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That the Mayor and C.A.O. be authorized to execute S$h documents, on
behalf of The Corporation of the Municipality of Kincardine, as they may
deem advisable to convey the lands described on Sch ule "A" attached
hereto, to 1450052 Ontario Limited. I
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The sale priee for the said lands shall be six hundre~ and eighty-one
thousand five hundred dollars ($681,500.00) plus applica~le taxes.
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These lands are subject to all restricted covenants cur;entlY existing on
title on the 45 acre Kincardine Business Park and regi tered on title as
instrument number 0345510 on October 25, 1999 and in trument number
0347146 on January 17, 2000 at the Land Registry Office in Walkerton.
This transaction is subject to the conditions outlined in the Agreement of
Purchase and Sale attached to this By-law as Schedule "t".
This purchase is subject to a five percent (5%) commissitn fee payable to
Prudential Achievers Realty, Ajax, Ontario. !
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Land Sale (9.4 acres) to 1450052 Ontario Limited (2003),¡ By-Law
By-law No. 2003-27
Page 2 of 2
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Funds from this transaction shall be credited to the dev~lopment cost of
this agreement with the balanee to be credited toward$ to the Ward I
Industrial Development Reserve Fund.
This by-law shall come into full force and effect upon its finþl passage.
This By-law may be cited as the "Land Sale (9.4 acr~s) to 1450052
Ontario Limited (2003) By-law". ..
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READ a FIRST, SECOND and THIRD TIME and passed this 19th day of
February, 2003.
(
„„, AGREEMENT OF PURCHASE AND SALE a Th J I nt o
ORM
Put
m (FOR USE IN THE PROVINCE OF ONTARIO) -
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BUYER, 1450052.0NTARI UMITE agrees to purchase from i
SUM, TFIE. CORP. QRAIXON. QE. THEZY( UN1 .SAd.UTY...QF..KINC4%1W,INA the following
REAL PROPlRTYt fuel heal names al sabot
Address f'I.IQHWAY. 21. fronting on the West side of HIQRWAY.2.1
In the
and having a frontage of more or less by a depth of more or less and legally described as
.P.ART..QE.L CIT..1..GQNCASSION.I.SQ1.111 .QEDURHA,M. ROAD. IN... Tk1. E.MUNIGIP,PkLIDC.Q.F..UICAW)INE -
B.EdNCr.A> QU:L.Q4,A, ORES..:. AS. QUTGiNED IN. RED.ON.,A (ib. pca+.rN9.
Bpd dnaipnon of bad including easements net d.saL.d Owyhe l
't .
; , PURCHASE PRICK Six,LLundred.Ettd. Eighty.. Qaa. TTtauslad. Rxrc. iiunAzad .L?QL4aTE.End.3,gtv..G.emts Dollars (CDNSI 681.5
WOW:
, Buyer submits ( upon�acce nce ) Fi@ can..ThousandlollarsandZem.CeNS Dollars (CDNSI 15,000.00..
acceptance)
by negotiable �que payable ta.RLKUDENTTALSCHIE.Y. FRS .REALTY.within.4$.b.910 Ptanelo .. be held in trust without interest pending completion or r
cheque -.
this other termination of t Agreement and to be credited toward IM Purchase Price on completion. Buyer agrees to pay the balance os follows: -
The Buyer agrees to pay a further sum of $10,000.00 to Prudential Achievers Realty, in cash or by certified cheque, upon removal of the
conditions contained in Clause 1, in Schedule "A” as a supplementary deposit to be held in trust pending completion or other termination of _
this Agreement. This amount is to be credited towards the purchase price on completion of this transaction.
The Buyer agrees to pay a further sum of $25,000.00 to Prudential Achievers Realty, in cash or by certified cheque, upon removal of all
further conditions in Schedule "A ", as a supplementary deposit to be held in trust pending completion or other termination of this
Agreement. This amount is to be credited towards the purchase price on completion of this transaction. -
BUYER AGREES to pay the balance of the purchase price subject to the usual adjustments in cash or by certified cheque to the Seller on
closing.
THE PARTIES TO THIS TRANSACTION hereby acknowledge that the broker acts for the buyer under an buyer agency agreement and •
that the broker will be compensated by the Seller. •
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This offer is subject to Council By -Law approval.
SCHEDULE(S) SCHEDULES..A,B,C,A attached hereto forms) par) of this Agreement.
1. CHATTHS INCLUDED: NONE
2. FIXTURES EXCWDED: NONE
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3. RENTAL ITEMS: The following equipment is rented and not included in the Purchase Price. The Buyer agrees to assume the rental contractlsl, if assumable:
4. IRREVOCABILITY: This Offer shell be irrevocable by Buyer until 6:00 p.m. on the 20th day of Febrgary 20 03 ,
(Seller/Buyer
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. ,
5. COMPLETION DATE: This Agreement shall be completed by no later than 6:00 p.m. on the 15th , of April 40 04
Upon completion, vacant possession of the property shalt be given to the Buyer unless otherwise provided or in this Agreement.
6. NOTICES: Seller hereby appoints the listing Broker as Agent for the purpose of giving and receiving notices pursuont to this Agreement. Only If the Co-operating
Broker represents the interests of the Buyer in Ibb transaction, the Buyer hereby appoints the Cooperoting Broker as Agent for the purpose of giving and
receiving notices pursuant to this Agreement. Any notice relating hereto or provided for herein shall be in writing. This offer, any counter offer, notice of acceptance thereof,
or any notice shall be deemed given and received, when hand delivered to the address for service provided in the Acknowledgement below, or where o facsimile number -
is provided herein, when transmitted electronically to that facsimile number. .
FAX No ( 5191396 - 82$$ (For delivery of notices to Seller) FAX No. 905- 428 -7680 !For delivery of notice. to Buyer)
7. OST: If this transaction is subject to Goods and Services Tax (G.S.T.), then such tax shall be the Purchase Price.
(included bin addlton to
If this transaction is not subject to G.S.T., Seller agrees to certify on or before closing, that the transaction is not subject to G.S.T.
8. T1TII SEARCH' Buyer shell be albwed until 6:00 p.m. on the 12th day of March 40 04 (Requisition Date) to
examine the lide to the property at his own expense and until the earlier of: (i) thirty days from the later of the Requisition Date or the date on which the conditions in this
Agreement are fuelled or otherwise waived or; Oil five days prior to completion, to satisfy himself that there are no outstanding work orders or deficiency notices affecting
the property, that its presentvse( I may be bwdsdly continued
and th at 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 affecting the property, and Seller agrees to execute and deliver such further authorizations in this regard as Buyer may reasonably require.
9. FUTURE UM Seller and Buyer agree that there is no representation or warranty of any kind that the future intended use of the properly by Buyer is or will be lawful except
as may be specifically provided for in this Agreement.
10. TITLE: Provided that the title to the properly is good and free from all registered restrictions, charges, liens, and encumbrances except as otherwise specifically provided in
this Agreement and save and except for la any registered restrictions or covenants that run with the land providing that such are complied with; lb) any registered municipal
agreemenh and registered agreements with publicly regulated utilities providing such have been complied with, or security has been posted lo ensure compliance and
completion, as evidenced by a letter from the relevant municipality or regulated utility; lc) any minor easements for the supply of domestic utility or telephone services to the
property or adjacent properties; and Id) any easements for drainage, storm or sanitary sewers, public utility lines, telephone lines, cable television lines or other services
which do not materially affect the present use of the property. If within the specified times referred to in paragraph 8 any valid objection to title or to any outstanding work
order 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 made 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 in favour of the Buyer and any
mortgagee, (with all related costs at the expense of the Seller), and which Buyer will not waive, this Agreement not withstanding 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 Broker and Co-operating Broker shall
not be liable for any costs or damages. Save as to any valid objection so mode by such day and except for any objection going to the root of the Lille, Buyer sholl be
conclusiyth deemed to have accepted Seller's title to the property.
11. CLOSING ARRANOEMINTS: Where each of the Seller and Buyer retain a lawyer to complete the Agreement of Purchase and Sale of the Property, and where the
transaction will be completed by electronic registration pursuant to Part III of the Land Registration Reform Act, R.S.O. 1990, Chapter 14 and the Electronic Registration Act,
S.O. 1991, Chapter 44, and any amendments thereto, Are Seller and Buyer acknowledge 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 lo) not occur at the same time as the registration of the transfer /deed (and any
other documents intended to be registered in connection with the completion of this transaction) and (b) be subject to conditions whereby the lawyer(sl receiving any of the
Requisite Deliveries will be required to hold same in trust and not release same except in accordance with the terms of a document registration agreement between the
said lawyers, the form of which is as recommended from time to time by the Law Society of Upper Canada. Unless otherwise agreed b by the lawyers, such exchange of
the Requisite Deliveries will occur in the applicable Land Titles Office or such other location agreeable to both lawyers.
OREA Standard Forms Do not alter when printing or reproducing the standard pro-set portion. Fsfo rr et Form No. 101 01/02
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12. DOCUMENTS AND DISCHARGE: Buyer shall not call 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 Dote. If a discharge of any Charge /Mortgage held by a corporation incorporated pursuant to the Trust And loan Companies Act (Canada), Chartered
Bank, Trust Company, Credit Union, Caisse Popubire or Insurance Company and which is not to be assumed by Buyer on completion, is nol available in registrable form
on completion, Buyer agrees to accept Seller's lawyer's personal undertaking to obtain, out of the closing funds, a discharge in registrable form and to register same on title
within a reasonable period of time after completion, provided that on or before completion Seller shall provide to Buyer a mortgage statement preporeddby the mortgagee
setting out the balance required to obtain the discharge, together with a direction executed by Seller directing payment to the mortgagee of the amount required to obtain
the discharge out of the balance due on completion.
13. INSPECTION: Buyer acknowledges having had the opporlunty to inspect the properly and understands that upon acceptance of this Offer there shall be a binding agreement of purchase and sale between Buyer and Se�llleerr.
14. INSURANCE All buildings on the property and all 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 creole 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. •
16. DOCU PRIPARATICMI: The Transfer /Deed shall, save for the Land Transfer Tax Affidavit, be prepared in registrable form at the expense of Seller, and any
Cha /Mortgage to be given back by the Buyer to Seller at the expense of the Buyer. t requested by Buyer, Seller covenants that the Transfer /Deed to be delivered on •
cam on shall contain the statements contemplated by Section 50(22) of the Planning Act, R.S.O.1990.
17. NCI': Buyer shall be credited towards the Purchase Price with fm amount, if any, necessary for Buyer to pay to the Minister of National Revenue to satisfy Buyer's
(lability In respect of tax payable by Seller under the nonresidency 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 a statutory declaration that Seller is not then a non-resident of Canada.
18. ADJUSTMENTS: Any rents, mortgage interest, really taxes including local improvement rotes and unmetered public or private utility charges and unmetered cost of fuel,
as applicable, shall be apportioned and allowed to the day of completion, the day of completion itself to be apportioned to Buyer.
19. TUBE LIMITS: Time shall in all respects be of the essence hereof provided that the lime for doing or completing of any matter provided for herein may be extended or
abridged by an agreement in writing signed by Seller and Buyer or by their respective lawyers who may be specifically authorized in that regard.
20. TENDERS Any tender of documents or money hereunder may be made upon Seller or Buyer or their respective lawyers on the day set for completion. Money may be tendered _
by bank draft or cheque certified by a Chartered Bank, Trust Compony, Province of Ontario Savings Office, Credit Union or Caisse Populaire.
21. FAMILY LAW ACT: Seller warrants that spousal consent is not necessary to this transaction under the provisions of the Family Law Act, R.S.O.1990 unless Seller's spouse
hos executed the consent hereinafter provided.
22. UFFI: Seller represents and warrants to Buyer that during the time Seller has owned the property, Seller hos not caused any building on the property to be insulated with
insulation containing ureoformaldehyde, 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 oithis transaction, and if the building is part of a multiple unit building, this warranty shall
only apply to thol part �of the building which is the subject of this transoNbn.
23. CONSUMER REPORTS: The Buyer Is hereby notified that a consumer report containing credit and /ar personal information may be referred to
In connection with this transaction.
24. AGENCY: It is understood that the brokers involved in the transaction represent the parties as set out in the Confirmation of Representation below.
25. AGREEMENT IN wgRING: 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 Seller. There is no representation, warranty, collateral }agreement or
condition, which affects this Agreement other than as expressed herein. For the purposes of this Agreement, Seller means vendor and Buyer means purchaser. This Agreement •
shall be recd with all changes of gender or number required by the context.
26. SUCCESSORS AND ASSIGNS: The heirs, executors, administrators, successors and assigns of the undersigned are bound by the terms herein.
DATED at TORONTO . ... h W day of FekTUaiy 20. 93 ......
SIGNED, SEALED A iEtNERED in the r r. • IN WITNES w eve d and seal: / i y • DATE(. ei 4 / . .V I
(Buyer,' Per 450052 Ontario Limited 15.04
FMPnessl IBWerj • DATE
(Sean
1, the Undersigned Seller, agree to the above Offer. I hereby irrevocably instruct my lawyer to pay directly to the Listing Broker the unpaid balance of the commission together
with applicable Goods and Services Tax land any other taxes as may hereafter be applicable), from the proceeds of the sale prior to any payment to the undersigned on
completion, as advised by the Listing Broker to my lawyer.
DATED at KINCARDINE this day of February 20 43
SIGN a AIED AND DE . D in the pre . • of: IN WITNESS whe I have hereunto set my hand and seal: •
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,� . .�, ' 7 .. ... ... .. ea► lir
e , „ e Manic ILimit .
/ ( e Mhmici ;l *erdm�
nn [Seal) DATE PC t ? p f�3
L .... . , s "— DATE
Ammenl 15el ISeall
SPOUSAL CONSENT: The Undersigned Spouse of the Seller hereby consen . . disposition evidenced herein pursuant to the provisions of the Family Low Act,
R.5.O.1990, and hereby agrees with the Buyer that he /she will execute all necessary or incidental documents to give full force and effect to the sale evidenced herein.
[Witness) [Spouse) (Spouse) ( gall
CONFIRMATION OF EXECUTION: Notwithstanding anything contained herein to the contrary, I confirm this Agreement with all changes both typed and written was finally executed
by of parties at a.m. /p.m. this day of 20
CONFIRMATION OF REPRESENTATION [Signature of Seller or Buyer)
I hereby acknowledge and confirm IM Listing Broker represents the interests of the I hereby acknowled e and confirm the Co-operating Broker represents the interests of the
t5elfer /Seller and the Buyer) this lranaection. [SL[_ i.�s Z. in this transaction.
". -. u er
Signature of listing Broker or authorized representative Signature erating Broker or authorized representative
Marne of Listing Broker. Name of Cooperating Broker. PRUDENTIAL ACHIEVERS REALTY
905- 428 -7677 905 428 - 7680
Tel No. FAX No. Tel Na. FAX No.
ACKNOWLEDGEMENT
I acknowledge receipt of my signed copy of this occepsed Agreement of Purchase and Sale I acknowledge receipt of my signed copy of this accepted Agreement of Purchase and Sale
and I authorize the Agent to forward a copy to my lawyer. and I authorize the Agent to forward a copy to my lawyer.
i DATE IBuyerl DATE
[Seller) DATE lSuye) DATE
Address for Service. Address for Service.
Tel. No Tel. No
Seller's Lawyer Buyer's Lawyer
Address Address
Tel. No. FAX No. Tel. No. FAX No.
FOR OFFICE USE ONLY COMMISSION TRUST AGREEMENT
To: Cooperating Broker shown on the foregoing Agreement of Purchase and Sole:
In consideration for the Cooperating Broker procuring the foregoing Agreement of Purchase and Sale, I hereby declare that all moneys received or receivable by me in connection with the Transaction
as contemplated in the MLS Rules and Regulations of my Real Estate Board shell be receivable and held in bust. This agreement shall constitute a Commission Trust Agreement as defined in the MIS Rules
and shall lea subject to and governed by the MLS Rules pertaining to Commission Trust.
DATED as of the death and time of the acceptance of tm foregoing Agreement of Purchase and Sale. Acknowledged by.
Signature of Listing Broker or authorized representative Signature of Cooperating Broker or authorized representative
JJ fo r , I SMc'l-
VACANT LAND
SCHEDULE "A"
1. This offer and the agreement resulting from the acceptance thereof shall be conditional for a
period of One Hundred and Twenty (120) days from the acceptance thereof upon the Buyer
at it's sole discretion being satisfied that it will be able to develop the subject property on
terms and conditions that meet it's satisfaction. Failing which this offer shall become null and
void and the Buyer's deposit retumed In full with interest and without deduction. This
condition is for the sole benefit of the Buyer. Waiver or invocation of this condition must be
done in writing and delivered to the Seller or the Seller's agent.
2. This offer and the agreement resulting from the acceptance thereof shall be further
conditional upon the following:
(a) The Real Property being zoned on or before the waiver or invocation of the conditions
contained herein so as to permit the construction and operation of a store or stores for
general commercial and retail purposes, satisfactory to the Buyer, in its sole discretion.
(b) The soil conditions are such as to enable the Buyer to erect a commercial/retail unit or
units on the Real Property without additional costs for piling and in this connection, the
Buyer shall be entitled to enter the Real Property forthwith after acceptance of this offer
for the purpose of making soil tests at its own expense, provided that in so doing, it
makes good any damage caused thereby.
(c) A building permit be available for issuance by the municipality having jurisdiction, so as
to permit the Buyer to construct and operate on the Real Property a commercial /retail
development, which is in accordance with a site plan satisfactory to the Buyer and the
Municipality, and permits access and egress in a manner satisfactory to the Buyer and
the Municipality, all on proper application being made therefor and the payment of
normal building permit fees only.
(d) That all services required for the usual and normal operation of a commercial /retail
development on the Real Property are available for connection at a boundary line or
lines of the Real Property, such services to include hydro, water, and sewer .
(e) That any and all consents or approvals required under The Environment Assessment
Act, The Environmental Protection Act, or from any Conservation Authority having
jurisdiction, in respect of the construction and operation of the Buyer's proposed
commercial /retail development, be in fact given.
(f) That there has been no contamination of the soil subjacent to the Real Property.
3. All of the conditions set forth in paragraph 2 hereof are inserted for the sole benefit of the
Buyer and any one or more or none of the said conditions may be waived by the Buyer or
may be invoked by the Buyer at any time until one hundred and eighty (180) days following
the date of the removal of the condition contained in paragraph 1 hereof , and if so invoked,
then this offer and the agreement resulting from the acceptance thereof, shall be of no
further force or effect, and the Seller shall return or cause to be returned to the Buyer, the
deposit with interest and without deduction.
The Buyer may, at its own option, elect to close the transaction on a day sixty (60) days
after the fulfillment or waiver of all of the said conditions, provided that such elected closing
day is prior to the Closing Date otherwise set forth herein.
Any waiver or invocation of any of the conditions set forth in paragraph 1 above may be
made by the Buyer or its solicitor by giving notice in writing, by regular mail, to the Seller or
the Seller's solicitor, or such notice may be delivered to the Seller or the Seller's solicitor.
Any notice shall be deemed to have been given on the business day following the day on
which the same was delivered, if delivered, or if mailed, then on the first business day
immediately following the mailing of same.
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In the event that no notice whatsoever is forwarded by the Buyer or its solicitor as
contemplated by this paragraph 2, then the Buyer shall be deemed to have invoked the
conditions set forth in paragraph 1 above and this Offer and the agreement resulting for the
acceptance thereof shall be of no further force or effect and the Seller shall return or cause
to be returned to the Buyer, the deposit with interest and without deduction.
4. It is understood by all parties that Sixty (60) days following the removal of the condition(s)
• set forth in paragraph 1, if the Buyer wishes to proceed further under the terms and
conditions as otherwise set forth in this Agreement of Purchase and Sale he shall instruct
Prudential Achievers Realty to pay to the Municipality of Kincardine the deposit held in trust
by them in the amount of Twenty Five Thousand Dollars ($25,000.00) failing which this offer
shall become null and void the Buyer's deposit shall be returned to them forthwith in full
without interest or deduction, otherwise this deposit shall become "non refundable" to the
Buyer If the Buyer fails to complete this transaction. This deposit shall be credited towards
the purchase price if the transaction is successfully completed.
5. The Buyer acknowledges that the property is subject to the zoning by -law attached as
Schedule C and further, that the property is subject to the restrictive covenants attached as
Schedule D.
6. The Seller represents and warrants to the Buyer and the Buyer relies thereon in entering
into this transaction, that
(a) The Seller has not received any notice of expropriation of the Real Property or any part
or parts thereof, and is not aware of any proposed expropriation by the authorities
having jurisdiction.
(b) The Seller is not a non - resident of Canada, and that on or before the closing, the Seller
shall deliver a statuary declaration to this effect, which statuary declaration shall state
that the Seller was not a non- resident of Canada at the time of the entering into of this
agreement and is not a non - resident at the time of closing.
(c) That all services required for the usual and normal operation of a commercial /retail
development on the Real Property are available for connection at a boundary line or
lines of the Real Property, such services to include hydro, water and sewer, and that all
of such services have been fully paid for, to the intent that the Buyer will be liable to pay
normal connection charges only.
(d) If the Real Property is subject to a subdivision or development agreement entered into
by the Seller or one of his predecessors in title, with the municipality or other
governmental authority having jurisdiction, that all obligations of the Seller pursuant to
the terms of such subdivision agreement insofar as they relate to the Real Property, are
fully paid for or bonded, to the intent that the Buyer shall be required to pay any monies
or post any bonds pursuant to such subdivision or development agreement in order to
be permitted to proceed with its proposed development.
(e) There are no capital levies, sewer impost fees, or similar charges presently affecting the
Real Property, or contemplated by any applicable governmental authorities having
jurisdiction.
(f) No part of the Property has ever been used for dumping or storage of waste or chemical
substances, nor has nay part of the Property or the Seller been subject to an open file or
investigation pursuant to the Provincial Environmental Protection Act (Ontario).
(g) No part of the Property has ever been used as a cemetery or otherwise the burial of
human remains as described in the Cemeteries Act (Ontario).
The foregoing representations and warranties shall survive the closing of the transaction
contemplated by this offer.
7. The Seller covenants and agrees with the Buyer as follows:
(a) Upon execution of this agreement by all parties, the Buyer shall have the right to enter
upon the Real Property for purposes of preparation of site and grading plans, and shall
also have the right, at its own expense, to erect a sign upon the Real Property,
advertising a proposed commercial /retail development and inviting tenant inquiries in
respect thereof. Such sign shall be of a size and installed in such a manner as to not
unduly interfere with or restrict the Seller's use of the Real Property, and in the event
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that this Agreement is terminated by the Buyer, such sign shall be removed by the Buyer
at its own expense, and forthwith after such termination.
(b) To deliver to the Buyer, within fifteen (15) days after acceptance of this offer by the
Seller, a survey of the Real Property prepared by an Ontario Land Surveyor together
with a certificate of acreage addressed to the Buyer, certifying the exact area of the Real
Property.
(c) That the Buyer may, upon the execution of this agreement by all parties, make
application(s) to all govemmental bodies or agencies having jurisdiction, for the
purposes of obtaining a building permit for the commercial/retail unit or units desired to
be erected by the Buyer on the Real Property. The Seller shall execute all such
documents that may be required by the Buyer in respect thereto, provided that all out -of-
pocket expenses shall be for the account of the Buyer.
(d) At its own expense, and on or before closing, to register discharges and /or releases (as
the case may be) of any mortgages, liens, or encumbrances affecting the Real Property.
(e) At its own expense and on or before closing, to remove any contaminated soil subjacent
to the Real Property, the existence of which is revealed by the Buyer's soil tests.\
8. The Seller hereby acknowledges that the Buyer is acting as a trustee only without any
personal liability, and the Seller further agrees that this agreement may be assigned by the
Buyer without obtaining any consent of the Seller and that upon receiving written notice of •
such assignment by the Buyer, the Seller shall close this transaction with such assignee.
9. Notwithstanding the date for waiver or invocation of the conditions set forth on
subparagraphs 2 a) and c), in the event that the Buyer, at the time of the originally
scheduled date for waiver or invocation, still requires approvals from any governmental or
municipal body, such as Municipal Council or the Ontario Municipal Board or the Courts, in
order to satisfy the conditions set forth in paragraph 2 of this Schedule "A ", then the Date of
Closing and the time for waiver, invocation or satisfaction of the conditions set forth in
subparagraphs 2 a) and c) of this Schedule "A ", shall be extended by a maximum of two (2)
further periods of Sixty (60) days each and such extension shall be automatic with no notice
or acknowledgement being required whatsoever.
Provided always that, notwithstanding the extension set out above, this transaction shall be
closed, subject always to the terms hereof, within sixty (60) days after all of the conditions
set forth in paragraph 2 of this Schedule "A" have been satisfied in full or waived by the
Buyer.
10. The funds paid as deposit hereunder shall be held by the agent or other party holding same,
in an interest bearing account, with all interest accruing or earned thereon, to be for the
benefit of the Buyer.
11. The parties acknowledge and agree that the Purchase Price herein has been calculated on
the basis of the Property having a usable acreage of 9.4 acres (the "Useable Acreage ") at a
price of $72,500.00 per usable acre (the "Acreage Price "). In the event that the survey to be
delivered pursuant to the provisions of subparagraph 5 (b) hereof reveals that the Usable
Acreage is either more or less than 9.4 acres, then the Purchase Price shall be adjusted
either upwards or downwards as the case may be, by multiplying the Useable Acreage
times the Acreage Price.
3
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F•2- 06/37 11::1 MUN I C I PAL 11l • OF • K I NCRRD 1 tE + 14354 645 NLI. 87b ?u2
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i / PHASE III
.�. /Highway ,,, // ! Works = $200,000
'r ,. ''�. / Retell 94 acres
Storm Water = $30,000
j`%> \ Street Lights (signals) _ $125,000
! 4 - / / /, Road Work = $200,000
� � / Sanitary = $ 74,000
� ;i / Water = $65,000
E lectrical s $35,000
�� ,; Hydrants = $101000
r „, Engineering (10%) mg $73,900
� o TOTAL s $812,900
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