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HomeMy WebLinkAboutBy-law 3366/90 THE CORPORATION OF THE TOWN OF PICKERING BY-LAW NO. ~365/90 Being a by-law to authorize the execution of a Development Agreement between 771380 Ontario Limited and The Corporation of the Town of Pickering, respecting the development of part of Lot 21, Concession 2, Picketing (Part 2, Plan 40R-iI100; A 21787; By-law 2639788) WHEREAS, pursuant to the provisions of sections 34 and 35 of the Planning Act, 1983, S.O. 1983, chapter 1, the Council of The Corporation of the Town of Picketing enacted By-law Z639[88 providing for the development of that part of Lot 21, Conces- sion 2, Picketing, designated as Part 2, Plan 40R-Ii100, subject to a holding pro- vision which requires, in part, that the Owner thereof enter into an agreement with the Town to provide for the development thereof /or the purposes of and in accor- dance with certain other provisions of that by-law; NOW THEREFORE, the Council of The Corporation of the Town of Picketing HEREBY ENACTS AS FOLLOWS: 1. The Mayor and Clerk are hereby authorized to execute a Development Agree- ment in the form attached hereto as Schedule A, between 771380 Ontario Limited and The Corporation of the Town of Pickering, with respect to the development of that part of Lot 21, Concession 2, Picketing, designated as Part 2, Plan 40R-ii100 (A 21/87; By-law 2639/88). BY-LAW read a first, second and third time and finally passed this 22nd day of January, 1990. Wayne Ariel's, Mayor SCHEDULE A TItlS AGREEMENT made this day of , 1989. BETWEEN: 771380 ONTARIO LIMITED hereinafter called the "Owner" OF TIlE FIRST PART, - and - TIlE CORPORATION OF TttE TOWN OF PICKERING hereinafter called the "Town" OF THE SECOND PART. WI1EREAS the Owner proposes to develop that part of Lot 21, Concession 2, designat- ed as Parts 1-7, Plan 40R-Ii100, in the Town of Picketing in the Regional Municipal- ity of Durham to provide 28 condominium units thereon; NOW TfIEREFORE, Tills AGREEMENT WITNESSETIt, that in consideration of the Town approving the proposed development and the covenants hereinafter expressed, the Parties hereto covenant and agree one with the other an follows: 1. LAND AFFECTED The land affected by this Agreement (the "Lands") is that part of Lot 21, Concession 2, designated as Part 2, Plan 40R-111OO, Picketing. 2. CANCELLATION OF AGREEMENT If the building permit for the first condominium unit to be erected on the Lands is not issued on or before December 31, 1990, the Town may, at its option on one month's notice to the Owner, declare this Agreement to be null and void and of no further effect, and the Town shall not be liable for any expenses, costs or damages suffered by tbs Owner as a result thereof. 3. NOTICE Any notice required to be given hereunder may be given by registered mail addressed to the other Party at its principal place of business and shall be effective as of the second day immediately following the date of the deposit thereof in the Post Office. 4. INTERPRETATION Whenever in this Agreement the word "Owner" or the pronoun "it" is used, the word or pronoun shall be read and construed as "Owner or Owners" or "it", "his", "her" or "them", respectively, and the number of the verb agreeing therewith shall be construed accordingly. 5. TIME Time shall be of the essence of this Agreement. 6. BINDING PARTIES This Agreement and everything herein contained shall enure to the benefit of and be binding upon the Owner and the Town and their respective heirs, executors, administrators, successors and assigns. 7. LICENCE TO ENTER The Owner shall retain a licence from any subsequent purchaser of the Lands, or any part thereof, to enter upon the Lands in order to comply with the provisions of this Agreement. 8. OWNER'S GENERAL UNDERTAKING The Owner shall complete at its own expense and in a good workmanlike man- ner, for the Town, all the municipal services as hereinafter set forth to the satisfaction of the Town of Picketing, and shall complete, perform or make payment for such other matters as may be provided for herein. 9. CONSULTING ENGINEERS (1) The Owner shall retain a Professional Engineer as the Consulting Engineer of the Owner to carry out all the necessary engineering and to supervise generally the work required to be done for the development of the project. (2) Such Consulting Engineer, or any successor thereto, shall continue to be retained until the work provided for in this Agreement is completed and formally accepted by the Town. 10. STORM WATER DRAINAGE & MANAGEMENT (1) The Owner shall construct a complete storm water drainage and manage- ment system to service the Lands and the Valley Farm Road road allow- ance adiacent thereto, according to designs approved by the Director of Public ;~/orks and according to the Town's specifications in effect at the date hereof and shall maintain the Valley Farm Road road allowance por- tion, including clearing any blockages or debris from whatever cause, until that portion is accepted by the Town. (2) Such system shall be connected to an outlet or outlets according to de- signs approved by the Director of Public Works. Should, in the opinion of the Director of Public Works, an inadequate stream or structure exist in the outlet system outside the Lands, the Owner shall carry out such works as are necessary to provide an adequate outlet. (3) In designing the system the Owner shall satisfy the concerns of the Metropolitan Toronto and Region Conservation Authority respecting slope stability. (4) Prior to the registration of this Agreement, the Owner shall, at its ex- pense, provide a report indicating the effect that storm water manage- ment, site grading and below and aboveground services within the Lands will have on existing wells on abutting properties and shall undertake any work necessary to maintain the current status. 11. CURBS & GUTTERS (1) The Owner shall reconstruct curbs and gutters where reqnired on the west side of Valley Farm Road adjacent to the Lands, according to the Town's specifications in effect at the date hereof and shall maintain them until they are accepted hy the Town. (2) If a curb depression is not located correctly with respect to a driveway, the Owner shall construct a curb depression in the correct location and fill in the original curb depression according to the specifications. 12. ROAD RECONSTRUCTION AND REPAIR (1) The Owner shall reconstruct the roadway, where required, of Valley Farm Road adjacent to the Lands, according to the Town's specifications in effect at the date hereof. (2) Until assumption by the Town, the Owner shall maintain and repair Valley Farm Road where construction has taken place and where it is used by construction traffic entering the Lands and keep it clear of mud, dust, refuse, rubbish and other litter of all types. (3) The Owner shall erect and maintain adequate signs to warn all persons using Valley Farm Road that construction is occurring; such signs and the location thereof are subject to the approval of the Town's Director of l~ublic Works. 13. BOULEVARD GONSTRUCTION (1) . The Owner shall reconstruct and sod the boulevard on the west side of Valley Farm Road adjacent to the Lands, according to the Town's speci- fications in effect at the date hereof. (2) The Owner shall keep both the Finch Avenue boulevard and the Valley Farm Road boulevard clear and free of materials and obstructions which might interfere with the installation of electric, telephone, gas or other utilities or the safe movement of vehicles and pedestrians. 14. SIDEWALKS (1) The Owner shall construct a sidewalk, within tile six months following the occupancy of the first dwelling unit to be occupied on the Lands, despite any longer time limit otherwise applicable pursuant to section 36: (a) adjacent to Parts 4 and 5, Plan 40R-ii10§, on the west side of Valley Farm Road; and (b) adjacent to Part 6, Plan 40R-11100 on the north side of Finch Avenue. (2) Despite the provisions of subsection (1), if the occupancy of the first dwelling unit occurs in November or December of any year, then the time limited for the construction of the sidewalks shall be eight months and not six months. (3) The Owner shall maintain each sidewalk until it is accepted by the Town. 15. ELECTRICAL SERVICES Where electricity, cable television service or telephone service is to be provided to the Lands, it shall be provided underground and in accordance with the standards and specifications of Picketing Hydro-Electric Commission, Picketing Cable T.V. Limited or Bell Canada, as the case may be. 16. STREET LIGIlTING (1) The Owner shall upgrade street lighting on Valley Farm Road and Finch Avenue adjacent to the Lands, including in each case poles and other necessary appurtenances where necessary. (2) Electrical service for street lighting shall be provided underground and not ahoveground. 3 (3) Street lighting and its related electrical service shall be designed and installed in accordance with standards established hy the Town and in conformity with the Association of Municipal Electrical Utilities Gnide to Municipal Standard Construction. (4) The installation of street lighting and its related services shall be under the supervision and inspection of Picketing liydro-Electrie Commission. 17. INSPECTIONS (1) Prior to the registration of this Agreement, the Owner shall pay to the Town the sum of $980 as an engineering drawing inspection fee. (2) All works required to be constructed by the Owner, except those re- ferred to in sections 15 and 16, shall be installed under the observation of Inspectors employed by the Town and the Owner shall pay the costs incurred therefor within 30 days of invoices being rendered. (3) fl`he costs referred to in subsection (2) may include, but not necessarily be limited to, salaries and wages of Inspectors, testing fees and adminis- tration fees. 18, LIAI~II,1TY INSURANCE (1) Before commencing any of the work provided for herein, the Owner sha]! supply the Town with a Liability Insurance Policy in form satisfactory to the Town, naming the Town as an insured and indemnifying the Town from any loss arising from claims for damages, injury or otherwise in connection with the work done by or on behalf of the Owner on the Lands and elsewhere. (2) The amount of the Policy shall be $5,000,000. In the event any renewal premium is not paid, the Town, in order to prevent the lapse of the Liability Insurance Policy, may pay the renewal premium or premiums and the Owner shah pay the cost of such renewal or r~newa]s within 30 days of the account therefor being rehdered by the Town. (4) The Owner shall notify the Town of the dates for the payment of the premium for the renewal of the policy and shall supply proof that the premium h;is been paid in order that the protection provided by the Liability Insurance Policy shall not lapse. 19. PERFORMANCE & MAINTENANCE GUARANTEE (1) Before commencing the construction, installation or performance of any of the works provided for herein, the Owner shall supply the Town with a 60% performance and maintenance security in a form satisfactory to the Town and in an amount established by the Director of Public Works (the "original value") for the purpose of, (a) guaranteeing the satisfactory construction, installation or perfor- mance of the works; (b) guaranteeing the payment of any amounts payable to the Town under this Agreement; (c) guaranteeing the payment of any amount that the Town may be required to pay under the provisions of the Construction Lien Act, 1983, and (d) guaranteeing all works, workmanship and materials for a period of 2 years from the date that the works are completed and such completion acknowledged, in writing, by the Town. (2) The Owner may, at any time after the first 50%, in value,'of works have been constructed, installed or performed, and paid for, apply for a reduction in the security and such application shall be made to the Town Treasurer. (3) Upon written verification from the Director of Public Works that the construction, installation or performance of the works for which reduction is being sought have been satisfactorily completed and paid for, the Town Manager may reduce the amount of the security to an amount not less than, (a) sixty per cent (60%) of the original value where no certificate or declaration of substantial performance has been made; (b) thirty-five per cent (35%) of the original value where, (i) a certificate or declaration of substantial performance has been pub]ished; (ii) 45 days following such publication have expired; and (iii) all liens that may be claimed against any holdback required to be retained by the Town have expired or have been satisfied, discharged or provided for by pay- ment into court; and (c) seventeen per cent (17%) of the original value where, (i) a certificate of final completion has been made by the Owner's Consulting Engineer; (ii) 45 days following the making of such certificate have expired; and (iii) all liens that may be claimed against any holdback required to be retained by the Town have expired or have been satisfied, discharged or provided for by pay- ment into court; which seventeen per cent (17%) portion shall secure the guarantee of works, workmanship and materials, until the obligation to guarantee has expired, when the balance of the security shall be returned to the Owner subject to any deductions for rectification of deficiencies. (4) Upon tile approval, if any, of a reduction in the amount of the security required to be provided in subsection 1, the Town Manager or the Town Treasurer shall provide to the Owner any necessary assurance to effect the reduction. 20. INCOMPLETED OR FAULTY WORK 1) If, in the opinion of the Director of Public Works, the Owner is not prosecuting or causing to be prosecuted the work in connection with this Agreement within the specified time, or in order that it may be completed within the specified time, or is improperly performing the work, or shall the Owner neglect or abandon it before the completion, or unreasonably delay the same so that the conditions of this Agreement are being violated or carelessly executed, or in bad faith, or shall the Owner neglect or refuse to renew or again perform such work as may be rejected by the Directur of Public Works as defective or unsuitable, or shall the Owner in any other manner, in the opinion of the Director of Public Works, make default in performance of the terms of this Agreement, then in any such case, the said Director of Public Works shall promptly notify the Owner and his surety in writing of such default or neglect and if such notifica- tion be without effect within ]0 clear days after such notice, then in that case, the Director of Public Works shall thereupon have full authority to purchase such materiMs, tools and machinery and to employ such workmen as in his opinion shall be required for the proper completion of the said work at the cost and expense of the Owner or his surety, or both. (2) in cases of emergency, in the opinion of the Director of Public Works, such work may be done without prior notice but the Owuer shall be forthwith notified. (3) The cost of such work shall be calculated by the Director of Public ~orks whose decision shall be final. (4) It is understood and agreed that such costs shall include a management fee of twenty per cent (20%) of the labour and material value, and fur- ther, a fee of thirty per cent (30%) of the value for the dislocation and inconvenience caused to the Town as a result of such default on the part of the Owner, it being hereby declared and agreed that the assuming by the Owner of the obligations imposed by this section is one of the consid- erations without which the Town would not have executed this Agreement. ?1. TRANSFERS - CONVEYANCES (l) Prior to the registration of this Agreement, the Owner shall convey to the Town, free and clear of all encumbrances and at no cost to the Town, all of Parts 3, 4 and 5, Plan 40R-11100, (2) Notwithstanding the provisions of subsection (1), above, a transfer required therein shall not be deemed to be subject to an encumbrance if that encumbrance relates in any way to the existence or maintenance of a public utility in operation as of the date of this Agreement. (3) Prior to the registration of this Agreement, the Owner shall convey to the Regional Municipality of Durham, free and clear of all encumbrances and at no cost to the Regional Municipality of Durham, all of Parts 6 and 7, Plan 40R-11100. (4) Prior to the registration of this Agreement, the Owner shall offer to convey to the Metropolitan Toronto and Region Conservation Authority, free ant/ clear of all encumbrances and at no cost to the Authority, all of Part ], Plan 40R-ii100. 22. TRANSFERS - EASEMENTS The Owner shall convey, at no cost to the Town, to the Owner of the land abutting the Lands on their north boundary, an easement over a portion of Part 2, Plan 40R-II100, to provide that owner with vehicular and pedestrian access to Valley Farm Road, 23. GENERAL PROVISIONS - SERVICES The Owner agrees with the Town: (a) Pavin~l _of_D~ri???_ay Approach To pave the driveway approach between the curb and the lot line. (b) Continuation of Existin~.S_~er__v!c_e~s Where the construction of services herein involves a continuation to existing services, to loin into the same, including adiustment of grades where necessary, in a good and workmanlike manner. 6 (c) Public Lands ~ Fill & Debris (i) Neither to dump nor to permit to he dumped, any fill or debris on, nor to remove or permit to be removed, any fill from any public lands, without the written consent of the authority respon- sible for such lands. (ii) On request, to supply the Town with an acknowledgement from such authority of the Owner's compliance with the terms of sub- clause (i). (iii) That there shall be no burning of refuse or debris upon the Lands or any public lands. (d) Qualitative or Quantitative Tests The Director of Public Works may have qualitative or quantitative tests made of any materials which have been or are proposed to be used in the construction of any services required by this Agreement, and the cost of such tests shall be paid by the Owner within 30 days of the account being rendered by the Town. (e) Relocation of Services (i) To pay the cost of relocating any existing services and utilities caused by the works within 30 days of the account for same being rendered by the Town. (ii) Similarly to pay the cost of moving any services or utilities installed under this Agreement in driveways or so close thereto, in the opinion of the Director of Public Works, as to interfere with the use of the driveway. (f) Specifications Unless otherwise provided, to perform any work required to be done under this Agreement to the specifications of the Town in effect at the date hereof. (g) Temporary Si§ n_s To provide and erect at its own cost, to the specifications of the Town, temporary signs of such nature and at such locations as may be designa- ted by the Director of Public Works. (h) Engineering Prior to the acceptance of the works, to supply the Town with the origi- nal drawings of the works, with amendments, if any, noted thereon. (i) Survey Monuments & Markers Prior to the acceptance of the works, to supply a statement by an Ontario Land Surveyor that, after the completion of the works, he has found or re-established all standard iron bars as shown on Plan 40R-Ill0.0. 24. COI'iSTRIICTIOM & OCCUPANCY OF BUILDINGS (1) No building permit shall be issued for any building or part of a building on the Lands until sewer and water facilities are available, and in the opinion of the Director of Public Works, capable of providing adequate service. (2) No building or part of a building on the Lands shall be occupied except upon the issuance of a municipal occupancy permit. (3) No application for a municipal occupancy permit for a building or part of a building shall be made except upon the following conditions: (i) Storm sewer, sanitary sewer and water facilities are installed and in operation to adequately serve such building or part thereof; (ii) Electric service is completed and in operation; (iii) A hard surface base has been laid on the road immediately in front of the building or part thereof and extended to an existing maintained public road; and (iv) Such curbs, as in the opinion of the Director of Public Works, are required to be completed prior to occupancy have been con- structed on the said road and extend to an existing maintained public road. DWELl,lNG UNITS In the event that more or les~ than 28 dwelling units are to be constructed the Lands, an amendment to this Agreement shah be required. 26. FINANCIAL PAYMENTS (1) The Owner shall pay to the Town a unit levy in the amount of, (a) $3,050 per unit if paid in 1990; (b) $3,250 per unit if paid in 1991; or (c) $3,400 per unit if paid in 1992, for each dwelling unit to be erected on the Lands. (2) No building permit shall be issued for any dwelling unit unless payment of the unit levy shall have been made in advance of the issuance of such permit with respect to such dwelling unit. (3) Despite the provisions of subsection (1), the Owner shall pay all levies due under the provisions of this section in full, no later than 18 months from the date of registration of this Agreement. (4) The Owner shall, immediately prior to the registration of this Agreement, deposit with the Town, a security payable to the Town, in a form satis- factory to the Town, for the sum of $95,200 as security for the payments referred to in section 26 hereof. 27. PROVISION OF PARKLAND Prior to the registration of this Agreement, the Owner shall pay to the Town the sum of $51,450 in full satisfaction of the Owner's obligation to provide parkland for the project. 28. GENERAL PROVISIONS - FINANCIAL MATTERS The Owner agrees with the Town: (a) Taxes To pay the taxes in full on the Lands as required by law from time to time. (b) Interes~ To pay interest at the rate of eighteen per cent (18%) per annum to the Town on all sums of money payable herein which are not paid on the due dates calculated from such due dates. 8 (c) Re[~istration Fees To pay all registration costs incurred by the Town relating in any way to the registration of the plan of condominium or any other related documen- tation, including transfers, in the Land Titles Office. (d) Lien or Other Claims Upon applying for final acceptance of the works to supply the Town with a Statutory Declaration that all accounts for work and materials have been paid, except normal guarantee holdhacks, and there are no claims for liens or otherwise in connection with work done or material supplied for or on behalf of the Owner in connection herewith or if such claims do exist, the Owner shall indemnify the Town against all claims, actions or demands for liens or otherwise and all costs in connection therewith. 29. EXPIRY OF SECURITIES (1) Should any security required to be given under the terms of this Agree- ment e):pire during the currency of the Agreement, the Owner shall provide to the Town at least 30 days in advance of the expiry date of that security, a further security to take effect upon the expiry. (2) Such further security shall be to the satisfaction of the Town. (3) Should no such further security be provided as required, then the Town shall have the right to convert the expiring security into cash and hold the cash in lieu of and for the same purposes as any £urtbcr security. DESIGN PLANNING (1) The Owner shaH, prior to the issuance of any building permit for the construction of any dwelling unit on the Lands, submit to the Town's Director of Planning, for approval, a report outlining siting and architec- tural design objectives for the project, which approval shall not be un- reasonably withheld. (2) The report referred to in subsection (1) may be required, at the Direc- tor's option, to provide the following information: (a) house massing; (b) streetscape; (c) exterior materials and colours,' (d) architectural sty]e; (e) visual variety; (f) energy conservation measures; and (g) any other data or information required. (3) The Owner shall, prior to the issuance of each building permit for the construction of a dwelling unit to be erected on the lands, submit to the Director, for approval, architectural drawings for that unit, which ap- proval shall not be unreasonably withheld. (5) Despite the generality of subsections (1), (2) and (3), above, the report referred to in subsection (1) and the drawings referred to in subsection (3) shall include details of driveway design (including materials and location) for all dwelling units to be erected on the Lands. 31. NOISE IMPACT ANALYSIS REPORT Prior to the registration of this Agreement, the Owner shall submit a noise impact analysis report, (a) to the Regional Municipality of Durham, for its approval with respect to technical matters, and (b) to the Town, for its approval with respect to the impact and architectural design of any recommended noise abatement measures. TREE PRESERVATION PROGRAM (1) Prior to the registration of this Agreement, the Owner shall submit a Tree Preservation Program including a tree inventor)' and recommenda- tions respecting which existing trees shall be preserved, which program shall be prepared by a qualified expert and submitted to the Director of Planning for review and the approval of the Director of Community Ser- vices and Facilities; once approved, it shall be implemented only as approved, (2) In determining whether or not to approve the Program, the Director shall be governed by the Town Tree Preservation Policy in effect at the date hereof. (3) Until such time as the Program is approved, the Owner shall not com- mence, nor allow to be commenced, any aspect of the development of the Lands, including the removal of any trees. (4) In the event that any tree required to be preserved by the approved Tree Preservation Program is removed or is, in the opinion of the Town's · Director of Community Services and Facilities, damaged to such an extent that its value or longevity is decreased or is likely to be decreased, then the Owner shall replace that tree with a tree of a height, diameter and species determined by the Director; such replacement shall be at no cost to the Town. (5) The Owner's liability under subsection (5) shall continue until, the expiry of the guarantee period referred to in section 19(1)(d), above. EXTERNAL LANDSCAPING PLAN (1) Prior to the registration of this Agreement, the Owner shall prepare and submit to the Town for approval a plan or plans showing the Owner's proposed landscaping of the Finch Avenue and Valley Farm Road road allowances adiacent to the Lands, (2) Such landscaping plan or plans shall provide for the creation by the Owner, at no expense to the Town, of a landscaping focal point on the Valley Farm Road road allowance at its intersection with Finch Avenue. (3) The Owner shall implement the plan, when approved, at no cost to the Town, and shall assume the responsibility of the maintenance of the landscaping works, at its cost. 34.' SITE PLAN/DEVELOPMENT CONTROL (1) No development, including redevelopment, shall be undertaken on the Lands except in conformity with this Agreement and with the following plans and drawings (herein collectively called the "Plans*'): Plan No. Plan Title Plan Date I,ast Revised SP-3 Site Plan April 1988 Not Revised SP-1 Site Grading Plan April 1988 Not Revised prspared by D.G. Biddle and Associates Ltd., Consulting Engineers and Architect Plan No, Plan Title Plan Date Last Revised L1 Existing Vegetation April 19, 1989 Sept 12, 1989 and Preservation Plan L2 Landscap~ Plan April 1% 1989 Nov 2, 1989 1,3 Unit Landscape Plan May 27, 1989 ,July 17, 1989 10 L4 Park Planting and June 9, 1989 Sept 13, 1989 Layout/Entrance Layout L5 Construction Details .tune 20, 1989 Sept 12, 1989 L6 Park Gazebo Details June 19, 1989 Sept 12, 1989 prepared by ilenry Kortekaas & Associates Inc., Landscape Architecture, Environmental & Recreational Planning. Plan No. Plan Title Plan Date Last Revised 9 Elevations-Units 1 to 7 February 1989 Not Revised 10 Elevations-Units 8 to 13 February 1989 Not Revised 11 Elevations-Units 14 to 19 February 1989 i~lot Revised 12 Elevations-Units 20 to 24 February 1989 Not Revised 13 Elevations-Units 25 to 28 February 1989 Not Revised prepared by Abbott Drafting and Design. (2) The Owner shall maintain, in conformity with the Plans, to the Town's satisfaction and at the sole risk and expense of the Owner, all of the facilities and works that are both shown on the Plans and located on the Lands, and shall ensure the timely removal of snow from access ramps, driveways, parking and loading areas, and walkways. (3) For the purpose of guaranteeing the maintenance by the Owner for one year after installation of the facilities and works required to be main- tained under subsection (2), above, the Owner shall provide to the Town, prior to the issuance of a building permit for the first dwelling unit to be erected on the Lands, a security in the form of an irrevocable letter of credit issued by a chartered bank in Canada in the amount of $120,000 which security may be drawn upon by the Town in such amounts, and at such times as the Town, in its sole discretion, deems advisable, should the Owner fail to maintain the facilities or works for that year to the Town's satisfaction. 35. CONDOMINIUM DEVELOPMENT Development of the Lands shall be effected only by plan of condominium. 36. TiME LIMITED FOR WORK & GUARANTEE FOR WORKMANSIIIP & MATERIALS (1) The Owner shall complete all works, services and requirements under this Agreement within eighteen months of the date of registration of this Agreement. (2) The Owner shall guarautee all works, workmanship and materials employed or used in the construction, installation or completion of all works, ser- vices and requirements under this Agreement for a period of two years from the date that the works, services and requirements are approved in writing by the Town. IN WITNESS WIIEREOF, the parties hereto have hereunto affixed their corporate 11 seals, attested by the hands of their authorized officers. 771380 ONTARIO LIMITED TIlE CORPORATION OF TIIE TOWN OF PICKERING Wayne Arthur', Mayor Bruce Taylor, Clerk ENCUMBRANCERS - TORONTO-DOMINION BANK This Agr~emeut shall have priority over and take precedence over all of Toronto- Dominion Bank's rights or interests, whether or not any such right or interest was established or arose prior to the date hereof and whether or not such right or interest is set out in or arises by virtue of any instrument or document registered on title to the lands affected hereby, or any part of them, prior to the registration of this Agreement. Dated at this day of , 1989. SIGNED, SEALED & DELIVERED ROLEX BUILDERS LIMITED ENCUblIIRANCERS - 778678 ONTARIO LIMITED This Agreement shall have priority over and take precedence over all of 778678 Ontario Limited's rights or interests, whether or not any such right or interest was established or arose prior to the date hereof and whether or not such right or interest is set out in or arises by virtue of any instrument or document registered on title to the lands affected hereby, or any part of them, prior to the registration of this Agreement. Dated at this day of , 1989. SIGNED, SEALED & DELIVERED 778678 ONTARIO LIMITED 12