Loading...
HomeMy WebLinkAboutBy-law 4518/94 THE CORPORATION OF THE TOWN OF PICKERING BY-LAW NO. 4518/94 Being a by-law to authorize the execution of a Condominium Conversion Agreement respecting Blocks 7, 8, 9 and 10, Plan 40M-1231, Pickering. [Village at the Pines Inc.; CD94001; 18CDM94001]. WHEREAS a condominium conversion application made under the Rental Housing Protection Act, R.S.O. 1990, chapter R.24, by Pickering Place Apartments Ltd. on behalf of Village at the Pines Inc. has been approved by the Council of The Corporation of the Town of Picketing, subject to a condition requiring that Village at the Pines Inc. enter into a condominium conversion agreement with The Corporation of the Town of Picketing, pursuant to section 12 of that Act; 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 Condominium Conversion Agreement in the form attached hereto as Schedule A, between Village at the Pines Inc. and The Corporation of the Town of Pickering, respecting Blocks 7, 8, 9 and 10, Plan 40M-1231, Pickering. BY-LAW read a first, second and third time and finally passed this 17th day of October, 1994. B~ce Taylor, Clerk S(~rmDULE A THIS CONDOMINIUM CONVERSION AGREEMENT made October 17, 1994, pursuant to the provisions of the Rental Housing Protection Act, R.S.O. 1990, chapter R.24, section 12, BETWEEN: VILLAGE AT THE PINES INC. hereinafter called the "Owner" OF THE FIRST PART, THE CORPORATION OF THE TOWN OF PICKERING hereinafter called the "Town" OF THE SECOND PART. THE MUTUAL TRUST COMPANY hereinafter called the "Encumbrancer" OF THE THIRD PART. WHEREAS the Owner is the owner of Blocks 7, 8, 9 and 10, Plan 40M-1231, Pickering, known as 1525 and 1535 Diefenbaker Court and 1530 and 1540 Pickering Parkway, Pickering, Ontario (the "Real Property"); and WHEREAS there are currently three six storey buildings and one five storey building (hereinafter collectively referred to as the "Four Buildings") containing in total 274 residential rental apartment dwellings units situate upon the Real Property; and WHEREAS the Town has approved, subject to certain conditions (including the requirement to enter into this Agreement), an application made on behalf of the owner under the Rental Housing Protection Act, R.S.O. 1990, chapter R.24, to convert the residential rental apartment dwellings units in the Four Buildings to residential condominium dwelling units to be offered for sale to the general public; and WHEREAS, pursuant to the provisions of section 12 of the Rental Housing Protection Act, R.S.O. 1990, chapter R.24, a municipality may enter into an agreement imposed as a condition to such an approval; and WHEREAS, the Encumbrancer has certain rights or interests in the nature of mortgage security and other encumbrances relating to the Real Property; NOW THEREFORE, THIS AGREEMENT WITNESSETH that, in consideration of the Town approving the conversion application, the covenants contained herein and other good and valuable consideration, including the payment of the sum of $2.00, by each party to each other party, the receipt and sufficiency of which is expressly acknowledged by all the parties, the parties hereto covenant and agree with one another as follows: The lands affected by this Agreement (the "Real Property") are Blocks 7, 8, 9 and 10, Plan 40M-1231, Picketing. 2. STATUS OF THIS AGREEMENT (1) In the event the plan of condominium is not registered on or before June 26, 1998, the Town's approval of the conversion application shall become void, and this Agreement shall be null and void and of no further effect, and the Town shall not be liable for any expenses, costs or damages suffered by the Owner as a result thereof. (2) This Agreement is entered into and executed by the parties for the purpose of having the Town act in reliance on the covenants by the Owner and the Encumbrancer contained herein and the Owner and the Encumbrancer hereby jointly and severally waive any tight or claim which they or either of them now has or may hereinal~er acquire which is inconsistent with the terms of this Agreement. (1) Whenever in this Agreement the pronoun "it" is used, it shall be read and construed as "he", "she", "they", "him", "her" or "them", and the number of the verb agreeing therewith shall be construed accordingly. (2) Time shall be of the essence of this Agreement. This Agreement shall enure to the benefit of, and be correspondingly binding upon the parties hereto and their respective successors and assigns, it being agreed that this Agreement shall be deemed and construed to mn with, and correspondingly bind and encumber, the title of the Real Property. (1) Any notice required to be given hereunder may be given by personal delivery or registered mail, (a) in the case of the Owner, to any director or officer of the Owner at, Suite 400, 70 University Avenue, Toronto, Ontario M5J 2M4; (b) in the case of the Town, to the Town Clerk at, Picketing Civic Complex, One The Esplanade, Picketing, Ontario LIV 6K7; and (c) in the case of the Encumbrancer, to any director or officer of the Encumbrancer at, Suite 400, 70 Universily Avenue, Toronto, Onlatio M5J 2M4. (2) Each Party may redesignate the person or the address, or both, to whom or to which such notice may be given by giving written notice to the other parties. (3) Any notice given in accordance with this section shall be deemed to have been given on the second day following the day of delivery or the day of mailing, as the case may be. 2 6. QWlqEWS COVENANTS The Owner covenants and agrees that, (1) the Owner shall upgrade and improve the heating, ventilation and air conditioning systems in each of the dwelling units in the Four Buildings to an energy efficient format that complies with energy efficiency levels required under current building standards, provided that such energy efficiency levels can be attained having regard for the existing building envelopes of the Four Buildings; (2) the Owner shall undertake and complete, to the satisfaction of the Town the following repairs in or on each of the Four Buildings: (a) resealing all failed window units; (b) reconstructing all catwalks required on roof tops; (c) installing swing stage window wash/ng anchors on main roofs; and (d) replacing existing roof-top make-up air units serving and benefiting common areas and hallways; (3) the Owner shall not permit the occupancy of any condominium dwelling unit until the work described in subsection (1), above, has been completed in respect of that unit and the work described in subsection (2), above, has been completed in respect of the building in which that unit is situate, all to the satisfaction of the Town, provided that this condition shall not prevent the continued occupancy of any dwelling unit by its current tenant; (4) the Owner shall submit a report, prepared and certified by a professional engineer, confirming that the heating, ventilation and air conditioning systems installed or to be installed in the condominium dwelling units pursuant to the provisions of subsection (1), above, comply with energy efficiency levels required under current building standards, provided that such energy efficiency levels can be attained having regard for the existing building envelopes of the Four Buildings; (5) the Owner shall offer each tenant a tenancy agreement substantially in the form presently enjoyed by the tenant, for a period of time which begins before the registration of the condominium declaration and description and which has no less than, (a) 5 years remaining, for tenants aged under 65 years on the date the offer is made, or (b) l 0 years remaining, for tenants aged 65 years or more on the date the offer is made, including renewals, remaining after the registration of the condominium declaration and description, and which provides for an increase to the annual rent in effect on the date that the offer is made of not greater than the annual guideline rent increase under rent conU'ol during each successive year, and which may be terminated by the tenant, but not the landlord, on 60 days notice; (6) any tenancy agreement entered into by a tenant under subsection (5) shall provide that, should the Owner subsequently wish to sell the dwelling unit, the Owner shall, prior to entering into any agreement of purchase and sale with any third party, provide the tenant with the fight of first refusal to purchase the dwelling unit for a period of 14 days, which fight of first refusal shall terminate with the termination of the tenancy agreement; (7) the Owner may complete a sale to a third party of a dwelling unit occupied by a tenant under a tenancy agreement entered into by a tenant under subsection (5) only if, (a) the tenant does not deliver to the Owner notice of the tenant's intention to exercise the tenant's fight of first refusal within the period of 14 days, and 3 (b) the purchaser agrees to be bound by the terms and conditions of the tenancy agreement; (8) the tenant's right of first refusal shall not be terminated, but shall continue to exist for the benefit of the tenant, where a sale of the dwelling unit to a third party is not completed; (9) subsequently to the making of the offers referred to in subsection (5), above, the Owner shall notify any new tenants, by notice in a form satisfactory to the Town's Director of Planning, that the building is subject to a condominium conversion application; (10) the Owner shall file an affidavit with and to the satisfaction of the Town's Director of Planning as evidence that, (a) the offer of a tenancy agreement with a right of first refusal has been made to every tenant in accordance with subsections (5), (6), (7) and (8), above, and that the tenant has either accepted the offer and entered into the tenancy agreement or has rejected the offer; (b) every tenancy agreement entered into pursuant to such an offer complies with subsection (6), above, and was entered into before any agreement of purchase and sale of any of the dwelling units was entered into; and (c) notices to subsequent new tenants have been made in accordance with subsection (9); (11) the Owner shall file with and to the satisfaction of the Town's Solicitor, at no cost to the Town, a letter of opinion from a solicitor addressed to the Town that the tenancy agreements referred to in subsection (5), above, are exempt from section 54 of the Condominium Act, R.S.O. 1990, chapter C.26, pursuant to subsection 54(5) thereof, and are subject to the Landlord and Tenant Act, R.S.O. 1990, chapter L.7, particularly Part IV thereof, and the Residential Rent Regulation Acl, R.S.O. 1990, chapter R.29; (12) should the Owner allocate any of the dwelling units to the Durham Region Housing Authority under the Rent Supplement Program, the Owner shall comply with clause 13 of the Rent Supplement Agreement with the Durham Region Housing Authority which provides as follows: lf this Agreement [i.e. the Rent Supplement Agreement] is terminated, the Owner agrees to permit the rent supplement tenants occupancy until their tenancy is terminated or until they cease to qualify for rent supplement benefits, whichever first occurs, under the same conditions as to payment of the rent supplement by the Housing Authority, and the Agreement will remain binding on both parties as if it were still in force. (13) consistent with Provincial objectives for housing affordability and the anticipated purchase price set out in the conversion application, the Owner shall, (a) offer proposed condominium dwelling units to existing tenants at the base purchase price set out in the application; and (b) set the pumhase price of all proposed condominium dwelling units not purchased by existing tenants either at or below the affordable purchase price of $168,000 as defined in the Land Use Planning for Housing Policy Statement - 1992 Information Bulletin; and (14) the Owner shall pay all outstanding municipal realty, business and education taxes, including all local improvement charges. 7. ENCUMBRANCEWS COVENANT The Encumbrancer hereby covenants and agrees with the Town that this Agreement shall have priority over, and take precedence over any rights or interests of the Encumbrancer affected hereby, whether or not any such right or interest was established or arose prior to the date hereof and whether or not such 4 right or interest is set out in, or arises by virtue of, any instrument or document registered on title to the Real Property, or any part thereof, prior to the registration of this Agreement. IN WITNESS WHEREOF the parties hereto have hereunto affixed their corporate seals, attested to by the hands of their duly authorized signing officers. SIGNED, SEALED AND DELIVERED VILLAGE AT THE PINES INC. Robert Steubing, President I have the authority to bind the Corporation. THE CORPORATION OF THE TOWN OF PICKERING Wayne Arthurs, Mayor Bruce Taylor, Clerk THE MUTUAL TRUST COMPANY I have the authority to bind the Corporation. j:~cdm\94001Xmisc\convtagt.doc 5