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HomeMy WebLinkAboutBy-law 3561/90 THE CORPORATION OF THE TOWN OF PICKERING BY-LAW NO.3561 /90 Being a by-law to authorize the execution of a Development Agreement between the Town and Canuck Green HoMings Ltd. respecting the development of a residential townhouse condominium on part of Lot 26, Range 3, Broken Front Concession, part of Block E, Plan M-17, and all of Block L Plan M-17, Pickering (south-east corner, West Shore Boulevard/Bayly Street; A36/89) WHEREAS as a condition of the approval of Zoning By-law Amendment Application A36/89, the Council of The Corporation of the Town of Pickering requires that the Applicant enter into a site/development agreement pursuant to the provisions of the Planning Act 1983, S.O. 1983, chapter 1, and the Municipal Act, R.S.O. 1980, chapter 302, respecting the development of a residential townhouse condominium on part of Lot 26, Range 3, Broken Front Concession, part of Block E, Plan M-17, and all of Block I, Plan M-17, Picketing; NOW THEREFORE, the Council of The Corporation of the Town of Pickering HEREBY ENACTS AS FOLLOWS: 1. The Mayor and Clerk are hereby authorized to execute a Development Agreement, in the form attached hereto as Schedule A, between the Town and Canuck Green Holdings Limited respecting the development of a residential townhouse condominium on part of Lot 26, Range 3, Broken Front Concession, part of Block E, Plan M-17, and all of Block I, Plan M-17, Picketing (south-east comer, West Shore Boulevard/Bayly Street; A36/89). BY-LAW read a ftrst, second and third time and finally passed this 1st day of October, 1990. TOWN CF PICKERING APPROVED LEGAL OEP*[.' THE CORPORATION OF THE TOWN OF PICKERING BY-LAW NO.3561 /90 Being a by-law to authorize the execution of a Development Agreement between the Town and Canuck Green Holdings Ltd. respecting the development of a residential townhouse condominium on part of Lot 26, Range 3, Broken Front Concession, part of Block E, Plan M-17, and all of Block L Plan M-17, Pickering (south-east corner, West Shore Boulevard/Bayly Street; A36/89) WHEREAS as a condition of the approval of Zoning By-law Amendment Application A36/89, the Council of The Corporation of the Town of Picketing requires that the Applicant enter into a site/development agreemem pursuant to the provisions of the Planning Act 1983, S.O. 1983, chapter 1, and the Municipal Act, R.S.O. 1980, chapter 302, respecting the development of a residential townhous¢ condominium on part of Lot 26, Range 3, Broken Front Concession, part of Block E, Plan M-17, and all of Block I, Plan M-17, Picketing; NOW THEREFORE, the Council of The Corporation of the Town of Pickering HEREBY ENACTS AS FOLLOWS: 1. The Mayor and Clerk are hereby authorized to execute a Development Agreement, in the form attached hereto as Schedule A, between the Town and Canuck Green Holdings Limited respecting the development of a residential townhouse condominium on part of Lot 26, Range 3, Broken Front Concession, part of Block E, Plan M-17, and all of Block I, Plan M-17, Picker'mg (south-east comer, West Shore Boulevard/Bayly Street; A36/89). BY-LAW read a first, second and third time and finally passed this 1st day of October, 1990. Wayne Ar~ur~,.M'ay& TOWN CF" PICKERING I ^ppR0VFD SCHEDULE A THIS DEVELOPMENT AGREEMENT mR October 1st, 1990. BETWEEN: CANUCK GR~F_.N HOLDINGS L,[MI'I~D hereinafter called the "Owner" OF THE FIRST PART, - and - THE CORPORATION OF THE TOWN OF PICKERING hereinafter called the "l'own" OF THE SECOND PART. WHEREAS. the Owner proposes to develop part of Lot 26,.Range 3, Broken ..Front Con. ceasion, part of Block E. Plan M-17. and all of Block I, Plan M-IT, all m the Town of Picketing m the Regional Municipality of Durham. as a 41 unit mwnbouse condominium project, in accordance with the terms and conditions imposed by the Council of the Town in its npproval in principle of the Owner's application for rezoning designated as Application A36/89; NOW THEREFORE, THIS AGREEMENT WITNESSETH, that in consideration of the Town approving the Owner's Application A36/89, and the covenants hereinafter expressed, the Parties hereto covenant and agree one with the other as follows: I. ~ The lands affected by this Agreement (the "Lands") are, (a) that part of Lot 2.6, Range 3, Broken Front Concession, Picketing, designated as Parts 1 to 21, both inclusive, Plan 40R-12750; (b) that part of Block E, Plan M-17, Picketing, designated as Parts 1, 2 and 3, Plan 40R-6270; and (c) all of Block I, Plan M-17, Picketing. 2. CANCELLATION OF AGREEMENT In the event that, (a) all payments and securities required hereby to be delivered to the Town by the Owner prior to the registration of this Agreement have not been delivered on or before June 30, 1991, and (b) n zoning by-law permitting this development to proceed has not come into force on or before June 30, 1991, the Town .may., at its option on one month's notice to the Owner, declare this Agreemem to he null and void and of no further effect, and the Town shall not he liable for any expenses, costs or damages suffered by the Owner as a result thereof. Any notice required to he given hereunder may he given by registe, red mail addressed to the other .P. arty at its principal place of bus'.me, ss and. shah he effective as of the second day immediately following the date of the deposit thereof m the Post Office. Whenever in this Agreement the word "Owner" or "Encumbrancer" and the pronoun "it" is used, it shah be read and consmied ns "Owner or Owners", "Encumbrancer or Encumbrancers" and "his", "her" o~ "them", respectively, and the number of the verb a~reein$ therewith shall be construed accordingly. Time shah be of the essence of this Agreement. This Agreement and everything herein contained shall enure to the benefit of and be b'mding upon the Parties hereto, their successors and assigns. The Owner shall retain a licence from any subseq~.em purchns~r of the l..ands, or any pan thereof, to enter upon the Lands in order to comply with the provisions of this Agreement. 8. OWNER'S GENERAL UNDERTAKING The Owner shah complete at its own expense and in a good workmanlike manner, for the Town, aH the municipal services ns hereinafter set forth to the satisfaction of the Town of Picketing, and shah complete, perform or make payment for such other matters ns may be provided for 9. CONSULTING ENGINEERS (1) The Owner shall retain a Professional Engineer ns the Consulting Engineer of the Owner to carry out aH 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, shah continue to be retained until the work provided for in this Agreement is completed and formally accepted by the Town. (3) Thisprovisi.on shaH.not be construed so as to prevent the Owner from changing from one Consulting Engineer to another at any time or times during the development and construction of the project, so long ns the Owner has a Consulting Engineer retained at aH tunes. (1) The Owner shall construct a complete storm water drainage and management system, including storm connections and catch basin leads to service the Lands and to provide capacity for lands upstream thereof according to designs approved by the Director of Public Works and according to the specifications of the Town in effect at the date hereof and shall maintain it, including clearing any blockages or debris from whatever cause, until it is formally accepted by the Town. (2) Such system shall be constructed to an outlet or outlets according to designs approved by the Director of Public Works and shah be of sufficient size and depth and at locations either within or outside the Lands to service the Lands and the lands outside the Lands, which in the opinion of the Director of Public Works will require its use as n trunk outlet. (3) Should, in ~ opinion of the Director of Public Works, an inadequate stream or structure exist in the outlet system outside the Lands, the Owner may be required to carry out such works ns are necessary to provide an adequate outlet. (1) The Owner shah reconstruct damaged curbs and gutters on the east side of Westsbore Boulevard adjacent to the Lands, according to the specifications of the Town in effect at the date hereof and shall maintain them until they are formally accepted by the Town. (2) If any curb depressions are not located correctly with respect to a driveway, the Owner shah conatmct 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 maintain and repair Westshore Boulevard where conatmction 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 liRer of all types. (2) The Owner shall erect and maintain adequate signs to warn all persons using Westshore Boulevard that constmctiun is occun'ing; such signs and the location thereof are subject to the approval of the Town's Director of Public Works. 13. BOULEVARD RECONSTRUCTION (1) The Owner shall reconstruct and sod the boulevards adjacent to the Lands according to the specifications of the Town in effect at the date hereof and shall maintain them until they are accepted by the Town. (2) The Owner shall keep the boulevards adjacent to the Lands 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. SIDEWALK~ The Owner shall reconstruct any damaged sidewalk adjacent to the Lands according to the specifications of the Town in effect at the date hereof and shall maintain it until it is accepted by the Town. 15. ELECTRICAL SERVICES Where electricity, cable television service or telephone service is to he provided to the .L~, it shall .be provided underground, a~.d in accordance with the. standards and specifications of Pickenng Hydro-Electric Commission, Picketing Cable T.V. L~nited or Bell Canada, as the case ruay he. 16. DRAINAGE - SODDING (1) The Owner shall provide the Town, before commencing any of the work provided for herein and prior to the commencement of the develoj~rn~..nt of the Lands, with a Grading Control Plan prepared by the Owner's Consulting Engineer, establishing the proposed grading of the lands to provide for the proper drainage thereof and the drainage of all adjacent lands which drain through the.-- Lands.. (2) The Grading Control Plan shall he prepared in accordance with the Town's Lot Drainage Specifications in effect at the date of this Agreement, and shall not provide for the drainage of surface run-off water onto Town-owned parkland, open space or walkways unless provision is made for the installation by the Owner, at no cost to the Town, of suitable swales and catch basins to manage adequately, in the opinion of the Town's Director of Community Services and Facilities, that surface mn-off water. (3) The Grading Control Plan is subject to the approval of the Town's Directors of Public Works and Community Services and Facilities. (4) The grading of all lands shall he carried out by the Owner in accordance with the ~pg.mVed Grading Cuntml Plan, under the supervision of the Owner's Consulting (5) If, in the opinion of the Director of Public Works, drainage problems occur prior to formal acceptance of the works by the Town, the Owner shall correct them by re-greding or by the construction of catch basins, swales or other structures as may be necessary to correct such problems. (6) Despite the time limit otherwise applicable pursuant to section 32(1), the Owner shall sod that pan of the Lands that are not built upon, except for paved, planted or treed areas, prior to the occupancy of the first dwelling unit erected thereon. (1) Prior to the registration of this Agreement, the Owner shall pay to the Town the sum of $1,435 as an engineering drawing inspection fee. (2) All works required to be constructed by the Owner, except those referred to in section 15 shall be installed under the observation of .h.z.s. pectors employed by the Town and the Owner shall pay the costs incurred therefor within 30 days of invoices being rendered. (3) The costs referred to in subsection (2) may include, but not necessarily be limited to, salaries and wages of Inspectors, testing fees and administration fees. 18. LIABILITY INSURANCE (I) Before commencing any of the work provided for herein, the Owner shall 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 Lauds and elsewhere. (2) The amount of the Policy shall be $5,000,000. (3) In the event any renewal premium is not paid, the Town, in order to prevent the lai~e of such Liability Insurance Policy, may pay the renewal premium or premiums and the Owner shallpay the cost of such renewal within 30 days of the account therefor being rendered by the Town. (4) It shall be the responsibility of the Owner to notify the Town of the dates for the re.newal of the premium of the said policy and to supply proof that the premium of the smd policy has 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 performance 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 Director of Public Works. (2) The Owner may, at any time after the lust 50%, in value, of works have been constructed, installed or performed, and paid for, apply for a ~xluction in the security and such application shall be made to the Town Treasurer. -4- (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 nmount 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 published; (ii) 45 days following such publication have expired; and (iii) aH liens that may be claimed against any holdback required to be retained by the Town have expired or have been satist"~..d, discharged or provided for by payment 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 payment into court; which seventeen per cent (17%) portion shaH 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 the 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 necessmy 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 unproperly 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 Director of Public Works as defective or unsuitable, or shah 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 Director of Public Works shaH promptly notify the Owner and his surety in writing of such default or neglect and if such notification be without effect within 10 clear days after such notice, then in that case, the Director of Public Works shall thereupon have full authority to purchase such materials, tools and machinery and to employ such workmen as in his opinion shah be required for the ~.r completion of the work at the cost and expense of the Owner or his surety, or (2) In cases of emergency, in the opinion of the Director of Public Works, such work may be done without prior notice but the Owner shah be forthwith notified. (3) The cost of such work shah be calculated by the Director of Public Works whose decision shah be t-mai. -5- (4) Such costs shall include a management fee of twenty per cent (20%) of the labour .and material value, and further, a fee of thirty per cent (30%) of the value for the dislocauon 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 paragraph is one of the considerations, without which the Town would not have executed this Agreement. 21. TRANSFERS - EASEMENTS - STORM WATER DRAINAGE & PEDESTRIAN (1) The Owner shall arrange at no cost to the Town for granting to the Town such easements as the Director of Public Works shall deem necessary for the provision of storm water drainage and management facilities both within the boundaries of the Lands and across lands adjacent thereto. (2) Each storm water drainage and management easement shah be subject to the approval of the Town's D't~ctor of Public Works as to its location and width. (3) The construction of services in any storm water drainage and management easement shah not commence until the easement .has been acquired, unless pennlssion to. do so has been obtained by the Owner, in writing, from the Town and from the registered owner of the lands across which the easement shall lie. (4) The Owner shall arrange at no cost to the Town for granting to the Town a pedestrian access easement across the Lands between Bayly S~eet and the Town-owned lands to the south of the Lands. (5) The pedestrian acces.s easement shaH. be subject to the a~roval of the Town's Director of Community Services and Facilities as to its location and width, subject to the following: (a) in no event shall the pedestrian access easement be wider that 3.0 metres, and (b) the pedestrian access easement shall be located within the play area located approximately midway along the Bayly Street frontage of the Lands. 22. OENERAL PROVISIONS - SERVICES The Owner agrees with the Town: (a) Paving of Driveway Approaches To pave aH driveway approaches between the curb and sidewalk. (b) Continuation'of Existing Services Where the construction of services herein involves a continuation to existing services, to join into the same, including adjustment of grades where necessary, in a good and workmanlike manner. (c) Pllblic Lands - Fill & Debris (i) Neither to dUmp nor to permit to be dumped, any ~l or debris on, nor to remove or permit to be rem. oved, any fill from any public lands without the written consent of the authority responsible for such lands. (ii) On request, to supply the Town with an acknowledgen.~.., nt from such authority of the Owner's compliance with the terms of subclanse (0. (iii) That there shah be no burning of refuse or debris upon its Lands or any public lands. (d) 0ualitafiye or Ouantitative 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 cons.tr.u, ctinn 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. -6- (e) Relocation of Services (i) To pay the cost of relocating any existing services and utilities caused by the work 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. 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) ~ 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 designated by the Director of Public Works. (h) To provide and erect at its own cost, to the specificatinns of the Town, permanent signs of such nature and at such locations as may be designated by the Director of Public Works. (i) ' ' ' Prior to f'mal acceptance of the works, to supply the Town with the original drawings of the engineering works with amendments, if any, noted thereon. (j) Survey Monuments & Markers Prior to f'mal 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~12750 and Plan M-17 (re Blocks E and I, only). 23. CONSTRUCTION & OCCUPANCY OF BUILDINGS (1) No building permit shall be issued for any building or part of a building on the Lands until, (a) sewer and water facilities are available, and in the opinion of the Director of Public Works, capable of providing adequate service; (b) base course asphalt has been laid on all roadways on the Lands; (c) the levy payment required by section 25(1) hereof has been made; (d) the noise attenuation security required by section 29(3) has been provided; and (e) the site plan/developmem security required by section 30(3) has been provided. (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 on the Lands shall be made except upon the following conditions: (a) storm sewer, sanitary sewer and water facilities are installed and in operation to adequately serve such building or part thereof; and (b) electric service is completed and in operation. 2';. In the event that more or less than 41 dwelling units are to be constructed on the Lands, an amendmem to this Agreement shall be required. ~7- (1) Prior to the issuance of a building permit for any dwelling unit to be erected on the Lands, the Owner shall pay to the Town a unit levy in the amount of, (a) $3,050 per unit if paid in 1990; or (b) $3,250 per urdt if paid in 1991, for each dwelling unit to be erected on the Lands. (2) Prior to the registration of this Agreement, the Owner shall provide to the Town, a letter of credit, in a form satisfactory to the Town, issued by a chartered bank in Canada and I?yable to the Town in the amount of $133,250 as security for the paymem referred to m subsection (1), above. 26. GENERAL PROVISIONS - FINANCIAL MATTERS The Owner agrees with the Town: (a) Taxes To pay the taxes in full on all the Lands as required by law from t/me to time. (b) Inte~st 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 thc due dates calculated ~rom such due dates. (c) To pay all registration costs incurred by the Town relating in any way to the registration of this Agreement or any other related documentation, including transfers, in the Land Titles Office. (d) ' ' Upon al~lying 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 clahm for liens or otherwise in connection with such work done or material supplied for or on behalf of the Owner in connection with the works, or if such claims do exist, the Owner shall indemnify the Town against all clain~, actions or demands for liens or otherwise and all costs in connection therewith. 27. EXPIRY OF SECU-R1TIES (1) Should any security required to be given under the terms of this Agreement expire during the currency of the Agreement, the Owner shall provide to the Town at least 30 days in advance of the exphy date of that security, a timber security to take effect upon the expiry. (2) Such fult~r 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 conver~ the ex~pi~.~g secun.'ty into cash and hold the cash-in-lieu of and for the same purposes as any mrmer secunty. 28. PROVISION OF PARKLAND/TREE PLANTING IN PARKLAND (1) Prior to the regisuation of this Agreement, the Owner shah pay to the Town the sum of $75,337.150 in cash or by certified cheque, which sum the Town shah accept in full satisfaction of the Owner's obligation to provide parkland. (2) .The .Owner. sh~l '.n~pl.ement.th?. SUl~plen~.ntary T? Planting in Parkland Plan prepared oy Alexanaer nuurevlcs ana ASSOCIates Limited (Fr.o~ct 891-354-L-3) ns approved by the Town's Director of Community Services and Facilities. -8- 29. NOISE ATrBNUA~ON MEASURES (1) In the development of this project, the Owner shall implement the noise attenuation measures recommended in an engineering report to he prepared by the Owner's consulting engineers at the Owner's cost. (2) Upon the completion of the implementation of those measures, the Owner shall provide to the Town's Director of Planning a Certificate of Compliance from a Professional Engineer stating that those noise attenuation measures have been implemented in accordance with that report. (3) Prior to the issuance of a building permit for the f'u'st dwelling unit to be erected on the Lands, the Owner shall provide to the Town a security in the form of an irrevocable letter of credit issued by a chartered bank in Canada in a form satisfactory to the Town in the amount of $ , pursuant to which the Town may draw.any amount.up to the full amount thereof in the event that the Owner fails to provide the Certificate of Compliance required under subsection (2) within three years of the regiatxation of this Agreement. (4) The Owner shall keep the letter of credit in good standing at all times and, should the Town draw upon it at any time, the Owner shall forthwith increase the face value thereof by the amount of the draw. (5) Any draw upon the letter of credit made by the Town pursuant to subsection (3) shall he deemed to he a penalty for the breach by the Owner of its obligations hereunder and shall not absolve the Owner from complying with the provisions of this section. (6) Upon receipt Of the Certificate of Compliance required under subsection (2), the Town shall return the letter of credit to the Owner, but under no circumstances shall any amount drawn upon it by the Town be returned or refunded to the Owner or to any other person. (7) The Owner shall indemnify and save harmless the Town, (a) from any loss, inconvenience or damage which may result from the Owner failing to comply with any provision of this section; and (b) against any action or claim made against the Town by any person arising out of the implementation or non-implementation of the noise attenuation measures or out of the execution of this Agreement with this section in it. 30. SITE PLAN/DEVELOPMENT CONTROL (1) No development, including redevelopment, shall he undertaken on the Lands except in conformity with this Agreement and with the following plans and drawings (herein collectively called the "Plans"): (a) prepared by (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, ail of the facilities and works that are shown on the Plans and, (a) are located on the Lands, or (b) are located off the Lands but provide access (pedestrian, vehicular or both) to and shall ensure the timely removal of snow from access ramps, driveways, parking and loading areas, and walkways. (3) For the purpose of guaranteeing (for two years after installation) the main.tenance by the Owner of the facilities and works required to he maintained under subsection (2), above, the Owner shall provide to the Town, prior to the issu.ance of a building ponnit for the first dwelling unit to he erected on the Lands, a security in the form of an irrevocable letter of credit issued by a chartered bank in Canada in a form satisfactory to the -9- Town in the amount of $ , 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 two year period to the Town's satisfaction. (4) At the end of the two year guarantee period when the obligation to guarantee has expired, the security shall be retumed to the Owner subject to any deductions for failure to maintain during the guarantee period. 31. CONDOMINIUM DEVELOPMENT (1) Development of the Lands shall be effected only by plan of condominium. (2) Upon the registration of this Agreement, or so soon thereafter as practicable, the Owner shall proceed with the division of the Lands by way of application for plan of condominium approval. 32. TIME ~D FOR WORK AND GUARANTEE OF WORKMANSHIP AND MATNRIALS (1) The Owner shall complete all works, services and requirements under this Agreement within two years of the registration of this Agreement. (2) The Owner shall guarantee all works, workmanship and materials employed or used in the consuuction, installation or completion of all wodcs, services 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 WHEREOF, the Owner and the Town have hereunto affixed their respective Corporate Seals atiested to by the hands of their authorized officers. SIGNED, SEALED & DF. LIVERED CANUCK GREEN HOLDINGS LllVlrI'ED THE CORPORATION OF THE TOWN OF PICKERING Wayne A~hurs, Mayor Brace Taylor, Clerk - 10-