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HomeMy WebLinkAboutBy-law 1274/81THE CORPORATION OF THE TOWN OF PICKERING BY-LAW NO. 1274/81 Being a By-Law to authorize the execution of a Land Exchange Agreement between the Corporation of the Town of Pickering and J.D.S. Investments Limited with respect to Part Lots 20 and 21, Concession 1, Pickering WHEREAS, pursuant to the provisions of section 336 of The Municipal Act, R.S.O. 1970, chapter 284, the council of every municipal corporation may pass by-laws for, inter alia, acquiring any land required for the purposes of the corporation and disposing of same when no longer so required; and WHEREAS, the Corporation of the Town of Pickering requires those parts of Lots 20 and 21, Range 3, B.F.C., Pickering, designated as Parts Plan 40R- for the purposes of the Corporation; and WHEREAS, the Corporation of the Town of Pickering no longer requires those parts of Lot 21, Concession 1, Pickering, des- ignated as Parts , Plan 40R- for the purposes of the Corporation; 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 Land Exchange Agreement, in the form attached hereto as Schedule "A", between the Corporation of the Town of Pickering and J.D.S. Investments Limited respecting those parts of Lots 20 and 21, Concession 1, Pickering, desig- nated as BY-LAW read a first, second and third time and finally passed this sixth day of April , 1981. TOLb'N ql IJ i o I SCHEDULE "A" to By-law 1274/81 THIS AGREEMENT made in triplicate this day of , 1981. B E T W E E N: THE CORPORATION OF THE TOWN OF PICKERING hereinafter called the "Town" OF THE FIRST PART, - and - J. D. S. INVESTMENTS LIMITED hereinafter called "J.D.S." OF THE SECOND PART. WHEREAS, the Town is the owner in fee simple of the lands and premises more particularly described in Schedule "A" hereto (herein- after called the "Town lands"); and WHEREAS, J.D.S. is the owner in fee simple of the lands and prem- ises more particularly described in Schedule "B" hereto (hereinafter called the "J. D. S. lands") ; and WHEREAS, in order to provide for the orderly development of the Main Central Area of the Town it is appropriate that the Town and J. D. S. exchange ownership of the Town lands and the J.D.S. lands, subject to certain terms and conditions; NOW THEREFORE, THIS AGREEMENT WITNESSETH THAT, in consideration of the mutual covenants and agreements herein contained, and subject to the terms and conditions hereinafter set out, the Parties hereto agree as follows: 1. (1) The Town, having inspected the lands, shall accept from J.D.S., a conveyance of the lands more particularly described in Schedule "B" hereto, which schedule forms a part of this Agreement, upon the terms and conditions herein set out. (2) J.D.S., having inspected the lands.,-shall accept from the Town, a conveyance of the lands more particularly described in Schedule "A" hereto, which Schedule forms a part of this Agreement, upon the terms and conditions herein set out. (3) Upon the closing of this transaction in accordance with the terms and conditions hereof, the Town shall establish a park- land dedication credit in the amount of hectares in favour of J. D. S. , upon which J.D.S. may draw from time to time in order to satisfy parkland dedication requirements imposed upon it by the Town in furtherance of future resi- dential development in the Town's Main Central Area. - 2 - 2. The value of the lands involved in this transaction is hereby agreed to be $150,000 per acre. (1) The closing of the transaction shall be subject to the pro- viso that the title of each Party's lands is good and free and clear of all encumbrances; title of the other Party's lands is to be examined by each Party at its own expense, and neither Party shall call for the production of any title deeds or abstracts of title, proof or evidence of title, or have furnished any copies thereof, other than those in the other Party's possession or under it's control. (2) Each Party shall be allowed thirty (30) days from the date hereof to investigate at its own expense the title of the other Party's lands, and if within that time either Party shall furnish the other Party in writing with any valid objection to the title of the other Party's lands which the other Party shall be unable or unwilling to remove, and which the first Party will not waive, this Agreement shall be null and void. 4. The deed to be delivered by each Party to the other shall be in the usual statutory form, and shall convey a good and marketable title free and clear of all encumbrances save and except the original grant thereof from the Crown. 5. Taxes, interest and all local improvement and sewer and water rates shall be proportioned and allowed to the date of closing of this transaction. 6. The closing of this transaction shall be completed on or before May 15th, 1981, on which date possession of the Town lands shall be given to J.D.S. and possession of the J.D.S. lands shall be given to the Town. 7. No tender of documents hereunder may be made. 8. The closing of this transaction shall not merge any covenant, agreement, term or condition herein contained, all of which shall survive such closing and continue in full force and effect. 3. Time shall be of the essence herein. 46. This Agreement shall enure to the benefit of and be binding upon the Parties hereto, their successors and assigns, and constitutes a binding contract of purchase and sale, of which time shall, in all respects, be of the essence. IN WITNESS WHEREOF the Parties hereto have hereunto affixed their respective corporate seals, duly attested by their proper authorized - 3 - officers. SIGNED, SEALED & DELIVERED THE CORPORATION OF THE TOWN OF PICKERING J. D. S. INVESTMENTS LIMITED President Vice-President