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HomeMy WebLinkAboutBy-law 3482/90 THE CORPORATION OF THE TOWN OF PICKERING BY-LAW NO. 3482 /90 Being a by-law to authorize the execution of a Development Agreement between the Town and Duffin Developments Inc. and the Canadian Imperial Bank of Commerce respecting the development of part of Lots 21 and 22, Concession 1, Picketing (south-east corner, Glenanna Road and Kingston Road; LD 53/89). WHEREAS as a condition of the withdraw, al of an appeal by The Corporation of the Town of Picketing of Durham Land Division Committee Decision LD 53/89, it is necessary to enter into a Development Agreement pursuant to the provisions of the Planning Act I983, S.O. 1983, chapter 1, and the Municipal Act, R.S.O. 1980, chapter 302, with the Owner of the subject lands, Duffin Developments Inc., and the proposed purchaser of a portion thereof, Canadian Imperial Bank of Commerce; 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, Duffin Developments Inc. and the Canadian Imperial Bank of Commerce respecting the development of part of Lots 21 and 22, Concession 1, Pickering (south-east comer, Glenanna Road and Kingston Road; LD 53/89). BY-LAW read a first, second and third time and finally passed this 28th day of June, 1990. TOWN GF PlCKERtNG APPROVED L£G,~L DEP'~ THE CORPORATION OF THE TOWN OF PICKERING BY-LAW NO. 3482 /90 Being a by-law to authorize the execution of a Development Agreement between the Town and Duffin Developments Inc. and the Canadian Imperial Bank of Commerce respecting the development of part of Lots 21 and 22, Concession 1, Picketing (south-east corner, Glenanna Road and Kingston Road; LD 53/89). WHEREAS as a condition of the withdrawal of an appeal by The Corporation of the Town of Pickering of Durham Land Division Committee Dec!sion LD 53/89, it is necessary to enter into a 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, with the Owner of the subject lands, Duffin Developments Inc., and the proposed purchaser of a portion thereof, Canadian Imperial Bank of Commerce; 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, Duffin Developments Inc. and the Canadian Imperial Bank of Commerce respecting the development of part of Lots 21 and 22, Concession 1, Picketing (south-east corner, Glenanna Road and Kingston Road; LD 53/89). BY-LAW read a first, second and third time and finally passed this 28th day of June, 1990. Wayne~AYthurs(Mayor "'-~ row cd PlCKERING APPROVED, LEGAL DEF"r SC~IEDUT.~ A THIS AGREEMENT made June 18, 1990 BETWEEN: DUFFIN DEVELOPMENTS INC. herein called "Duffin" OF THE FIRST PART, o and - THE CORPORATION OF THE TOWN OF PICKERING herein called the "Town" OF THE SECOND PART, - and - CANADIAN IMPERIAL BANK OF COMMERCE herein called the "Bank" OF THE THIRD PART. WHEREAS Duffin and the Ban. k propose to develop part of Lots 21 and 22, Concession 1, Pickering, through the construcuon of an office building and a bank building as an integrated development on separately owned lots; and WHEREAS, as a condition of Durham Land Division Committee Decisio. n. LD /90, .Duffin is required t.o enter into this Agreement with the Town pursuant to the provas~ons of section 50 of the PlanntngAct 1983, S.O. 1983, chapter 1; and WHEREAS the Bank intends to purchase part of th.e lands affect, ed hereby from Duffin and is therefore required to comply with the provisions of th~s Agreement insofar as they affect that part; NOW THEREFORE, THIS AGREEMENT WITNESSETH, that in consideration of the Town concurring in the proposed development and land severance,, and in consideration of the sum of $2.00 now paid by each Party to each other Party (receipt of which from each is hereby acknowledged by each), the Parties hereto covenant and agree as follows: 1. The lands affe.c, ted by this Agreement (the "Lands") are those parts of Lots 21 and 22, Concession 1, Picketing, designated as Parts X and Y, Plan 40R-ZZZZZ. 2. CANCELLATION OF AGREEMENT (1) The Town shall register t.hi.s .Agreemen.t on title !o. the Lands wit. bin 45 days of the date of Durham Land Dlvasion Committee Deoslon /90, or, if that Decision is appealed, within 30 days of the decision on appeal if the decision on appeal is to approve the land severance as contemplated herein. (2) In the event that this Agreement is not regis, tered on or before March 31, 1991, the Town may, at its option on one month's notice to the Owner and the Bank, declare this Agr. eement to be null and void and of no further effect, and the Town shall not be hable for any expenses, costs or damages suffered by Duffin or the Bank, or both, as a result thereof. (1) An~. notice given hereunder re.ay be given by personal delivery or by registered mail addressed to the other Parties at, (a) in the case of Duffin, The Vice-President of Land Development, Duff'm Developments Inc., Suite 800, 1000 Finch Avenue, North York, Ontario M3.I 2E? (b) in the case of the Town, The Clerk, The Corporation of the Town of Picketing, One The Esplanade, Picketing, Ontario L1V 6K7 (c) in the case of the Bank, The Senior Solicitor - Real Estate, Legal Division, Canadian Imperial Bank of Commerce, Head Office, Commerce Court North, 31st Floor, Toronto, Ontario M5L lA2 and shall be effective if personally delivered as of the day. immediately following the day of delivery, and if mailed as of the fifth day immediately following the date of the deposit thereof in the Post Office. (2) Any Party may change the person to whom or the address at which, or both, such notice may be given b)t givang notice of such change to the other Parties in accordance with subsection (1), above. 4. INTERPRETATION In this Agreement, the term, (a) "Bank's Lands" means that part of the Lands designated as Part X, Plan 40R-ZZZZZ, and (b) "Duffin's Lands" means that part of the Lands designated as Part Y, Plan 40R-ZZZZZ. 5. TIME Time shall be of the essence of this Agreement. 6. BINDING PARTIES This Agreement and everything herein contained shall enure to the benefit of and be binding upon the Parties hereto, their successors and assigns. ?. LICENCE TO ENTER (1) Duffin shall grant, to the Bank and the Bank shall grant to Duffin an easement, right of way or hcence over the grantor's lands to enable the grantee to enter thereon in order to comply with the provisions of this Agreement. (2) Each of Duffin and the Bank shal! retain a~. easement, right of way or licence from any subsequent purchaser of their respective lands, or any part thereof, to enter thereon in order to comply with the provisions of this Agreement. 2 8. GENERAL UNDERTAKINGS (1) Each of ..Du. ffin and the Bank shall complete a.t.its own.expense and in agood wor.km .~ke manner, for the Town, all the mumopal services on or in its lands, or serving its lands, as hereinafter set forth to the satisfaction of the Town, a~.d shall coml~lete, perform or make payment for such other matters as may be provided for herein- (2) Wherever pursuant to this Agreement the Town, or a servant, agent or em. ployee of the Town, has the power or discretion to accept, approve or determine any matte, r, thing, plan, work or const..ruction, such power or discretion shall be exercised reasonably and not arbitrarily. 9. CONSULTING PROFESSIONAL ENGINEER (1) Duff.in a.nd the Bank shall retain o.ne Consulting Professional En~neer or Engnneenng firm as their joint Consultin. g Professional E.ngmeer to carry out all the necessary engineering and to superbase the work required to be done by this Agreement for the development of the Lands. (2) Such Engine? or Engineering firm shall continue to be retained.until the works provided for in this Agreement are completed, the guarantee period has expired, and the works have been accepted by the Town. 10. STORM DRAINA(~E (1) Duffin and the Bank shall construct a c.omplete storm water drainage an.d management system, including storm conne, ctions to .the street line and catch basin leads, to service all the Lands and to provide capacity .for lands upstream thereof according, to designs approved by the Director of Public Works and acco. rdin. g to the specifications of the Town in effect at the date hereof and shall mmntmn it, including clearing any blockages or debris from whatever cause, until it is accepted by the Town. (2) Such system shall be construct.ed to an outlet or outlets accordi~.g to designs approved by the Director of Public Works and shall be of su. fficient s~ze and depth and at locations either within or outsid.e t. he Lands' t~ senace the Lands and any lands outside the Lands which in the opimon of the Director of Public Works will require its use as a trunk outlet. (3) Should, in the opinion of the Director o.f Public Works, an inadequate stream or structure exist in the outlet system outside the Lands, the Duffin and the Bank malt be required to carry out such works as are necessary to provide an adequate outlet. (4) The Town may connect or authorize connection into any part of the system but such connection shall not constitute acceptance of the sewer system by the Town. (5) No. connection under subsection (4), above, shall be undertaken or authorized prior to preliminary acceptance of the sewer system by the Town, except in an emergency. 11. BOULEVARDS. ROADS. CURBS (1) Duffin and the Bank shall keep all.boulevards clear and free of materials and obstructions which might inteffe.re with the installation of electric, telephone, gas or other utilities, and shall repair, re-sod or re-landscape any boulevard adjacent to the Lands that is damaged during the development of the Lands. (2) Duffin and the Bank shall maintain and repair roads.where construction has taken place or that are used by construction traffic en.tenng the Lands and keep such roads clear of mud, dust, refuse, rubbish or other litter of all types. (3) If any curb depression is not located correctly with.respect to a driveway, Duffin and the Bank shall construct a curb depression m tl~e correct location and fill in the original curb depression according to the Town's specifications. 12. ELECTRICAL SERVICES Where electricity, cable television service .or telephone service is. to be provided to the Lands or any part thereof, it shall, be p. rov~ded underground and .m accordance with the standards and specifications of .Pickermg Hydro-Electric Comnussion, Pickering Cable T.V. Limited or Bell Canada, as tl~e case may (1) Prior to the registration of this Agree.ment~ Duffin and the Bank shall pay to the Town the sum of $2,000 as an engineering drawing inspection fee. (2) All works required to be constructe.d by Duffin or the Bank or both, except those referred to in section 12 shall be installed under the observation of Inspectors employed by the Town and Duffm and the Bank 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 ne.cessarily be limited to, salaries and wages of Inspectors, testing fees and administration fees. 14. LIABILITY INSURANCE (1) Prior to the registration of t~is Agreement, each of Duffle. and the Bank shall supply the Town with a Certificate of Insurance, in form satisfactory to the Town, verifying that a General Liability Insurance Policy is in pi.ace insuring itself and the Town 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 Duffin or the Bank, as the case may be, on or in its Lands and elsewhere pursuant to this Agreement. (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 lapse of the Policies, may pay the renewal premium or premiums and Duffle. or the Bank, as the case may be, shal! pay the cost of such renewal or renewals w~thin 30 days of the account therefor being rendered by the Town. (4) Duffin and the Baok shall notif~ the Town of the dates for the renewal of the Policies and to supply l~roof that the renewal premiums have been paid in order that the protection provided by the Policies shall not lapse. 15. PERFORMANCE ~ MAINTENANCE GUARANTEE (1) Prior to the registration of this Agreement, eac.h of Duffin and the Bank shall supply the Tow? with a 60°~ performance and maintenance security by irrevocable letter of credit m a form satisfactory .to. the Town and in an amount established by the Director of Public Works (the ~ongmal value~) for the purpose of, (a) guaranteeing the satisfactory construction, installation or performance of the works that are required of it hereunder; (b) guaranteeing the payment of any amounts payable by it to the Town hereunder; (c) guaranteeing the payment of any amount th,at the. Town may be required to pay under the provisions of the Construction Lien Act, 1983, in respect of works that are required of it hereunder, and (d) guaranteeing all works, workmanship and materials that are required of it hereunder for a period of .2 years from the date that the works axe completed and such completion acknowledged, in writing, by the Director of Public Works. 4 (2) Duff'm and the Bank may, at any time after the first 50%, in value, of works that are required of it have. b.een constructed, installed or performed, and paid for, apply for a reduction m its security and such application shail be made to Town Treasurer. (3) Upon written verification from the Director of Public wot. ks t.hat t.he construction, installation or l~._._rformance of the wo.rks for which reductaon is being sought have been satisfactorily c. ompleted and prod for, the Town Manager shall reduce the amount of the security to an amount not less than, (a) sixty per cent (60%). of the origins! 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) all liens that may be claimed agalnxt any holdback required to be r.e. tained by the .T. own have expired, or have been satisfied, 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 Consulting Professional 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 (1'/%) portion shall secure the guarantee of works, workmanship and material?, until the obligation to guarantee has expired, when the balance of the security shall be returned 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 any necessary assurance to effect the reduction. 16. DRAINAGE - SODDING (1) Before commencing any of the work provided for herein and prior to the commencement of the develo~.ment of the Lands, Duffin and the Bank shall provide to the Town a Gra.d!ng Control Plan prepared by their Consulting Professional Engineer establishing the prop. osed 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 be prepared in acco. rdance with the Town's Lot Drainage Specifications in effect at the date of th~s Agreement, and shall not provide for the d. rainage of surf.ace run2off water onto any Town-owned walkway unless provision is made for the installation by the Duffin and the Bank, at no cost to the Town, of suitable swales and catch basins t.o manage that surface run-off water adequately, in the opinion of the Town's Director of Community Services and Facilities. (3) The Grading Control Plan is subject to the approval of the Town's Director of Public Works and Director of Community Services and Facilities. (4) The grading of all lands.shall be carried out by Duffin and t.he Bank i.n accordance with the approved Grading Control Plan, under the supervision of their Consulting Professional Engineer. 5 (5) If, in the opinion of the Director of Public Works, drainage problems occur prior to formal acceplance of the works by the Town, Duff'm and tl~e Bank shall correct them by re-grading or by the construction of catch basins, swales or other structures as may be necessary to correct such problems. (6) Duffin and the Bank shall sod the I a~ds except for paved, planted or treed areas upon the completion of the construction of buildings thereon. 17. INCOMPLETED OR FAULTY WORK (1) If, in the opinion of the Director of Public Works, Duffin or the Bank is not prosecuting or .causing to be prosecut, ed the work. in connection with this Agreement wit.bm the spe. cified time, or in or. der that it may be completed within the specified t~me, or is kmproperl¥ perform~.ng the work, or shall Duffin or the Bank negl.ect or aba?don ~t before ~ts complet}.on, or unreasonably delay it so that the conditions of th~s Agreement are being wolated or carelessly executed, or in bad faith, or shall Duffin or the Bank neglect or refuse to re.n. ew or again perform such work as may b.e rejected by the Town's Director of 1~. bhc Works or Director of Community Services and Facilities as defective or unsuitable, or shall Duffin or the Bank in any other manner, in the opinion of the Town's Director of Public Works, make default in performance of the terms of thts Agreement, then in any such case, the Town's Director of Public Works shall promptly notify Duffin or the Bank, as the case may be, i.n writing of such default or ne$1ect and if such notifica- tion be wi.thout effect wi.thru 10 clear days after such nottce, then in that case, the Town's D~rector of Pubhc Works shall thereupon have full authority to purchase such materials: tools and machinery and to employ such w. orkmen asin his opinion shall be required for the proper completion of the sa~d work at the cost and expense of Duffin or the Bank, as the case may be, or its surety, or both. (2) In cases of emergency, in.the opinion of. the Town's Director of Public Works, such work may be d. one w~thout prior not, ce but Duff'm or the Bank, as the case may be, shall be not~fiod forthwith. (3) The cost of such work shall be calculated by the Town's Director of Public Works whose decision shall be final. (4) Such costs, shail include a management fee of twenty per cent (20%) of the labour a.nd mat. erml val.ue, and ~rther, a fee of thirty per cent (30%) of the value for the d~sloeatlon and mconvemence caused to the Town as a result of such default on the p.art of Duffin or the Bank it being.here, by d. eclared and agreed that the assurmng by. Duffin and t.he Bank of the obhgat~ons ~mposed by this section is one of the considerations, wathout which the Town would not have executed this Agreement. 18. TRANSFERS - EASEMENTS (1) Duffin and the Bank shall arrange at no cost to the Town for gra.nting to the Town such easements as the Town's Director of Public Works or h~s designate shall dee.re, necessary for the provision of storm water drainage and management facihties within the Lands. (2) Such easements shall be subject to the approval of the Town's Director of Public Works or his designate as to their location and width. (3) The construction of any services in such easement or easements referred to in subse.ction (1) shall not commence until .the e.~ement has been acquired, unless permission to do so has been obtained, tn venting, from the Town and from the registered owner of the lands across which the easement shall lie. 19. GENERAL PROVISIONS - SERVICES Duffin and the Bank agree with the Town: 6 (a) Paving of Driveway Ap. 9roaches To pave all driveway approaches between the curb and sidewalk to the Town's specifications for paved roads. (b) Continuation of Existing Services Where the construction of services herein involves a continuation to existing services, to join into t. he same, including adjustment of grades where necessary, m a good and. workmanlike manner. (c) Public Lands - Fill & Debris (i) Neither to dump nor to permit to be dumped, any fill .o.r debris on, nor to remove or permit to be remove.d, any fill fro.m any public lands, other than in the actual repair of roads vathout the written consent of the authority responsible for such lands. (ii) On request, to supply the Town with an acknow!edgement from such authority of compliance with the terms of subclause 0). (iii) That there shall be no burning of refuse or debris upon the I znds or any public lands. (d) Oualitative or Ouantitative Tests The Town's Director. of Public Works may have qualitative or quantitativ? tests made of any materials which have been. or are proposed to be used m the construction of any services required by th~s Agreement, and the cost of such tests shall be paid by Duffin and the Bank within 30 days of the account being rendered by the Town. (e) Relocation of Services (i) To pay the cost of relocating a. ny existing services and utilities within 30 days of the account for same being rendered by the Town. (ii) Similarly to pay the co. st of moving any services or u. tflities ins.tailed under this Agreement in driveways or so close thereto, m the opinion of the Town's Director of Public Works, as to interfere with the use of the driveway. (0 Unless otherwise provided, to perform any .work required to be done under this Agreement to the specifications of the Town m effect at the date hereof. (g) To provide and erect at its own cost, to. the specifications of the Town, tempora~ signs of such nature and at such locations as may be designated by the Town's Director of Public Works. (h) To provide and erect at their own cost, to the specifications of the Town, permanent signs of such nature and at such locations as may be designated by the Town's Director of Public Works. (i) Prior to the final acceptance of the works, to supply the Town with the original drawings with amendments, if any, noted thereon.. (.i) Survey Monuments & Markers Prior to the acceptance of the works by the Town, to supply a statement by an Ontario Land Su~eyor that, after the completion of the works, he has found or re-established all standard iron bars and survey monuments delineating the boundaries of the Lands. 20. CONSTRUCTION & CKZCUPANCY OF BUILDINGS (1) No building permit shall be issued for any building or p.~. of a building on the Lands until sewer and water fac/lit/es are available, and m the ojp/n/on of the Town's Director of Public Works, capable of providing adequate sennce. (2) .No building or p .art. of a building on the. Lands shall be occupied except upon the issuance oira mumapal occupancy permit. (3) No .application for a munidpal occupancy permit .f.o.r a building or part of a building shall be made except upon the following cond/twns: (i) Storm sewer, sanitary sewer and water facilities are installed and in operation to adequately serve such building or part thereof; and (ii) Electric service is completed and in operation. 21. PERM1TYED DEVELOPMENT (1) The Iands shall be developed only with one office-commerc/al buiMin:z, which may be constructed in up to two phases (one on each of Duffm's Lands'and the Bank's Lands), containing only those uses permitted by the Town's By-law 3036 as amended by By-law 2.340/87, which building shall be comprised of at least one office tower of at least four storeys. (2) Prior to the issuance of any building permit for the construction of any building on the Lands, Duffin shall commence construction of all works required to be constructed by it on Kingston Road adjacent thereto by the provisions of the agreement d.ated January 19, 1987, between it, the Town and Discovery Place Limited, notice of which was registered September 9, 1987, as Instruments No. D259811 and LT348800. (3) On or before March 31, 19.9.1, Duffin and the Bank shall apply for and obtain building permits for all buildings to be constructed on the Lands, the construction of which shall be completed on or before December 31, 1996. (4) If Durham Land Divisign Committee Decision LD /90 is appealed, then the dates set out in subsectio, n (3), .above, shall each be extended by a period of time equal in length to the per,od of time between, (a) the date that that Decision would have become final and binding if it had not been appealed, and (b) the date that the decision on appeal becomes final and binding. 22. DESIGN PLANNING (1) Duffin and the Bank s.h.a!l, prior to the issuance .of any building, p. ermit for the construction of any bmldln, g on the Lands, submit a report outlimngsiting and architectural design objectives for the development to the Town's-Director of Planning, for approval, which approval shall not be unreasonably withheld. (2) The report referred to in subsect!on (1) may be required, at the Director's option, to provide the following information: i building maSsing; cb streetscape; exterior materials and colours; architectural style; visual variety; . energy conservation measures; and (g) any other data or information reasonably required. (3) Duff'm and the Bank sha!l, prior to the issuance of any building permit for the construction of. any building, to be erected .o.n. any p.ar~, of. the lands, submit site plans and architectural drawings for that building an.d its site to the Director, for approval, which approval shall not be unreasonably withheld. 8 (4) The plans and drawings referred to ~n subsection (3) may be required, at the Director's option, to provide the following information: (a) the location of all buildings and structures to be erected and the location of all facilities and works associated therewith; / the location of landscapi.ng features, including trees; . ~ streetscape for ail elevations at a scale acceptable to the Director; streetscape to show all street furniture and vegetation; the relatxo' nship of buildin~ by blocks; and any other data or information reasonably required. 23. ~ENERAL PROVISIONS - FINANCIAL MATYERS Duffin and the Bank agrees with the Town: (a) Taxes To pay the taxes in full on the Lands as required by law from time to time. (b) Interest 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 the due dates calculated from such due dates. (c) To pay .all registration costs incurred by the Town relating in any way to the regis, tratxon of this Agreement or any other related documentation in the Land Registry and Land Titles Offices. (d) I,i~a~Dalmt~Claima Upon applying for final acceptance of the works, to supp!y the Town with a Statutory Declaration that all accounts for work and materials have been paid, except no .nnal g.u. arantee holdbacks, and the.re are no claims for liens or otherwise in connection vath such work done or material supplied for or on behalf of Duffm or the Bank, or ff s.uch clai.ms do exist, Duffin and the Bank shall indemnify the Town against all c?ams, actions or demands for liens or otherwise and all costs in connection therewith. 24. EXPIRY OF LETTERS OF CREDIT (I) Should any letter of credit required to be given un.d. er the terms of this Agreement expire during the currency of the Agreement, .Duffin or the Bank, as the case may be, shall provide to the Town at least 30 days m advance of the expiry date of that letter of credit a further letter of credit to take effect upon the expiry. (2) Such further letter of credit shall be in a form satisfactory to the Town. (3) Should no such further letter of cred!t.be provided as required, then the Town shall have the right to convert the expmng letter of creditinto cash and hold the cash in lieu of and for the same purposes as any further letter of credit. 9 IN WITNESS WHEREOF, Duffin, the Town and the Bank have hereunto affLxed their respective Corporate Seals attested to by the hands of their authorized officers. SIGNED, SEALED & DELIVERED DUFFIN DEVELOPMENTS INC. THE CORPORATION OF THE TOWN OF PICKERING Wayne Arthurs, Mayor Bruce Taylor, Clerk CANADIAN IMPERIAL BANK OF COMMERCE ENCUMBRANCER - CITIBANK CANADA _T~. is Agreement shall have priority over and take pr. ecedence over all of the rights or interests of C~tibank Canada whether or not any such right .or interest was esta. blished or arose prior to the date hereof and whether or not such .right or interest is set out m or arises by virtue of any instrument or document registered on t~tle to the lands affected hereby, or any part of them, prior to the registration of this Agreement. Dated at , this day of ,1990. SIGNED, SEALED & DELIVERED CITIBANK CANADA 10