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.
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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
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officers.
SIGNED, SEALED & DELIVERED
THE CORPORATION OF THE TOWN OF PICKERING
J. D. S. INVESTMENTS LIMITED
President
Vice-President