HomeMy WebLinkAboutBy-law 2767/88 THE CORPORATION OF THE TOWN OF PICKERING
BY-LAW NO. 2767 /88
Being a by-law to authorize the execution of an
agreement between The Corporation of the Town
of Picketing and Invar Building Corporation
extending to December 31, 1988, certain con-
ditions contained in the Agreement of Purchase
and Sale authorized for execution by By-law
2360/87 respecting that part of Lot 18, Range 3,
B.F.C., Picketing, designated as Part 1, Plan
40R-7115.
WHEREAS pursuant to the provisions of section 210.50 of the Municipal Act, R.S.O.
1980, chapter 302 and section 131(2) of the Regional Municipality of Durham Act,
R.S.O. 1980, chapter 434, as amended, the Council of The Corporation of the Town
of Picketing enacted By-law 2360/87 authorizing the execution of an Agreement of
Purchase and Sale pursuant to which Invar Building Corporation would purchase that
part of Lot 18, Range 3, B.F.C., Pickering, designated as Part 1, Plan 40R-7115, for
the establishment and carrying on of industries and of industrial operations and uses
incidental thereto; and
WHEREAS the transaction relating thereto closed on May 26, 1987, subject to several
continuing conditions, including that Invar Building Corporation construct thereon an
industrial building of at least 100,000 square feet within twelve months of May 26,
1987;
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 an agreement, in the
form attached hereto as Schedule A, between The Corporation of the Town of
Picketing and Invar Building Corporation, the effect of which is to extend the
time limited for the construction of an industrial building of at least 100,000
square feet on that part of Lot 18, Range 3, B.F.C., Picketing, designated as
Part 1, Plan 40R-7115, from May 26, 1988 to December 31, 1988.
2. Schedule A hereto shah form part of this by-law.
BY-LAW read a first, second and third time and finally passed this 2nd day of May,
1988.
THE CORPORATION OF THE TOWN OF PICKERING
BY-LAW NO. 2767 /88
Being a by-law to authorize the execution of an
agreement between The Corporation of the Town
of Pickering and Invar Building Corporation
extending to December 31, 1988, certain con-
ditions contained in the Agreement of Purchase
and Sale authorized for execution by By-law
2360/87 respecting that part of Lot 18, Range 3,
B.F.C., Picketing, designated as Part l, Plan
40R-7115.
WHEREAS pursuant to the provisions of section 210.50 of the Municipal Act, R.S.O.
1980, chapter 302 and section 131(2) of the Regional Municipality of Durham Act,
R.S.O. 1980, chapter 434, as amended, the Council of The Corporation of the Town
of Picketing enacted By-law 2360/87 authorizing the execution of an Agreement of
Purchase and Sale pursuant to which Invar Building Corporation would purchase that
part of Lot 18, Range 3, B.F.C., Pickering, designated as Part 1, Plan 40R-7115, for
the establishment and carrying on of industries and of industrial operations and uses
incidental thereto; and
WHEREAS the transaction relating thereto closed on May 26, 1987, subject to several
continuing conditions, including that Invar Building Corporation construct thereon an
industrial building of at least 100,000 square feet within twelve months of May 26,
1987;
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 an agreement, in the
form attached hereto as Schedule A, between The Corporation of the Town of
Picketing and Invar Building Corporation, the effect of which is to extend the
time limited for the construction of an industrial building of at least 100,000
square feet on that part of Lot 18, Range 3, B.F.C., Picketing, designated as
Part 1, Plan 40R-7115, from May 26, 1988 to December 31, 1988.
2. Schedule A hereto shall form part of this by-law.
BY-LAW read a first, second and third time and finally passed this 2nd day of May,
1988.
SCHEDULE A
THIS AGREEMENT made this 2nd day of May, 1988.
BETWEEN:
THE CORPORATION OF THE TOWN OF PICKERING
herein called the "Town",
OF THE FIRST PART,
and
INVAR BUILDING CORPORATION
herein called "Invar",
OF THE SECOND PART.
WHEREAS, pursuant to an Agreement, executed by Invar on December 1, 1986 and by
the Town on January 19, 1987, the Town conveyed to Invar that part of Lot 18,
Range 3, Broken Front Concession, Pickering, designated as Part 1, Plan 40R-7115,
subject to certain terms, covenants and conditions, including,
(a) that Invar construct thereon an industrial building of at least 100,000
square feet within twelve months of May 26, 1987; and
(b) that, in the event that Invar fails to comply with the covenant referred
to in (a), above, Invar shall re-convey the property to the Town for the
purchase price of $630,000 (being the purchase price for the original
conveyance to Invar);
an d,
WHEREAS Invar has requested that the time limited for the construction of the indus-
trial building be extended to December 31, 1988;
NOW THEREFORE this Agreement witnesseth that, in consideration of the sum of $2.00
now paid by each Party to the other, receipt of which by each is hereby acknowl-
edged, and of other good and valuable consi~' ration, the Parties hereto agree as
follows:
1. The land affected by this Agreement (herein called the "Property") is that part
of Lot 18, Range 3, Broken Front Concession, Picketing, designated as Part 1,
Plan 40R-7115.
2, In this Agreement, the term "construct" means "obtain a building permit for,
and commence the construction of".
3. Despite the provisions of any other agreement between the parties to the con-
trary, Invar shall construct on the property an industrial building of at least
100,000 square feet on or before December 31, 1988.
4. In the event that Invar fails to construct such a building on or before Decem-
ber 31, 1988, Invar shall sell the property to the Town, free and clear of all
encumbrances, on or before January 31, 1989, for the sale price of $630,000,
subject to adjustments for taxes and utilities.
5. Invar shall obtain, on or before May 26, 19B$, an agreement in a form satisfac-
tory to the Town, from each encumbrancer on title to the property on that date
postponing that encumbrancer~s interests in the property in favour of this
Agreement.
6. Time shall be of the essence hereof.
7. This Agreement shall be binding upon the parties hereto, and their respective
successors and assigns.
IN WITNESS WHEREOF the Parties hereto have hereunto affixed their corporate seals,
attested by their duly authorized officers.
SIGNED, SEALED & DELIVF, RED
THE CORPORATION OF THE TOWN OF PICKERING
n E. AndersSfl', Mayoi-
Bruce Taylor, Clerk
INVAR BUILDING CORPORATION