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HomeMy WebLinkAboutBy-law 3590/90 THE CORPORATION OF THE TOWN OF PICKERING BY-LAW NO, 359°~0 Being a by-law to authorize the execution of a Development Agreement between the Town and J.D.S. Investments Limited and METC Properties Inc. respecting the redevelopment of the Metro East Trade Centre on part of Lot 18, Concession 1, Picketing (Part 1, Plan 40R-12591). WHEREAS as a condition of the approval of the plans and drawings for the redevelopment of the Metro East Trade Centre on part of Lot 18, Concession 1, Picketing (Part 1, Plan 40R- 12591), The Corporation of the Town of Picketing requires that J.D.S. Investments Limited and METC Properties Inc. enter into a site/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; 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 and J.D.S. Investments Limited and METC Properties Inc. respecting the redevelopment of the Metro East Trade Centre on part of Lot 18, Concession 1, Picketing (Part 1, Plan 40R-12591). BY-LAW read a first, second and third time and finally passed this 19th day of November, 1990. PIC~ERING LEGAL DEPT.r THI~ CORPORATION OF THE TOWN OF PICKERINO BY-LAW NO. 3590~0 Being a by-law to authorize the execution of a Development Agreement between the Town and J.D.S. Investments Limited and METC Properties Inc. respecting the redevelopment of the Metro East Trade Centre on part of Lot I8, Concession 1, Picketing (Part 1, Plan 40R-12591). WHEREAS as a condition of the approval of the plans and drawings for the redevelopment of the Metro East Trade Centre on part of Lot 18, Concession 1, Picketing (Part 1, Plan 40R-12591 ), The Corporation of the Town of Picketing requixes that J.D.S. Investments Limited and METC Properties Inc. enter into a site/development agreement pursuant to the provisions of the Planning Act 1983, S.O. 1983, chapter 1, and the MunicipalAct, R.S.O. 1980, chapter 302; 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 and J.D.S. Investments Limited and METC Properties Inc. respecting the redevelopment of the Metro East Trade Centre on part of Lot 18, Concession 1, Picketing (Part 1, Plan 40R-12591). BY-LAW read a first, second and third time and finally passed this 19th day of November, 1990. Wayne Arthur, Mayor TOWN CF APPI O'¢[ O SC~]EDULE A THIS DEVELOPMENT AGREEMENT made November 19, 1990. BETWEEN: LD.S. INVESTMENTS LIMITED and METC PROPERTIES INC. hereinafter collectively called the "Owner" OF THE FIRST PART, THE CORPORATION OF THE TOWN OF PICKERING hereinafter called the '~Fown" OF THE SECOND PART. WHEREAS, the Owner proposes to redevelop that part of Lot 18, Concession 1, Pickering, designated as Pnn 1, Plan 40R-12591, to continue its use as a trade centre known as the Melxo East Trade Centre, and is required by the provisions of section 40 of the Planning Act 1983, S.O. 1983, chepter 1, to enter into a development agreement with the Town; NOW THEREFORE THIS AGREEMENT W1TNESSETH that in consideration of the Town npproving the Owner's plans and d~awings for the Metro East Trade Centre site, and the covenants hereinafter expressed, the Pnrties hereto covenant and agree one with the other as follows: The lands affected by this Agreement (the "Lands") are that part of Lot 18, Concession 1, Picketing, designated as Part 1, Plan 40R-12591. 2. CANCELLATION OF AGREE~ In the event this Agreement is not registered on or before December 31, 1990, the Town may, at its option on one month's notice to the Owner, declare this Agreement to be null and void and of no further effect, and the Town shall not he liable for any expenses, costs or damages suffered by the Owner as a result thereof. Any notice required to be given hereunder may he given by registered ma/l add~ssed to the other ?.any at its principal place of business and shall be effective as of the second day immediately following the date of the deposit thereof in the Post Office. Whenever in this Agreement the word "Owner" and the pronoun "it" is used, it slutll he rend and construed as "Owner or Owners" and "his", "her" or "them", respectively, and the number of the verb agreeing therewith shall be construed accordingly. Time shall he of the essence of this Agreement. This Agreement and everything herein contained shall enure to the benefit of and be binding upon the Parties hereto, thei~ successors and assigns. The Owner shall retain a licence from any subsequent purchaser of the Lands, or any pan thereof, to enter upon the Lands in order to comply with the provisions of this Agreement. 8. OWNER'S GENERAL UNDERTAKING The Owner shall complete at its own expense and in a good workmanlike manner, for the Town, all the works and services as hereinafter set forth to the satisfaction of the Town of Picketing, and shall complete, perform or make payment for such other matters as may he provided for 9. CONSULTING ENGINEERS (1) The Owner shall retain a Professional Engineer ss the Consulting Engineer of the Owner to carry out all the necessary engineering and to supervise generally the work required to be done for the redevelopment of the project. (2) Such Consulting Engineer, or any successor thereto, shall continue to be retained until the work provided for in this Agreement is completed and formally accepted by the Town. (3) This provision shall not he construed so as to prevent the Owner from changing from one Consulting Engineer to another at any time or times during the redevelopment and construction of the project, so long as the Owner has a Consulting Engineer retained at 10. PICKERING PARKWAY SERVICES - CURBS AND GLrVFERS: ROAD DRAINAGE (1) The Owner shall reconstruct curbs and gutters and all necessary road drainage facilities on~ (a) that part of Picketing Parkway located at the main entrance to the Metro East Trade Centre site (i.e., the east half of Pan 24, Plan 40R-9576 and the north half of Pan 1, Plan 40R-9576), and (b) that pan of Picketing Parkway located at the south entrance to the Metro East Trade Centre site (i.e., at the centre of Pan 2, Plan 40R-9576), and shall maintain them until they are formally accepted by the Town. (2) If any curb depressions are not located correctly with respect to a driveway, the Owner shall construct a curb depression in thc correct location and fill in the original curb depression. 11. PICKERING PARKWAY SERVICES - ROAD RECONSTRUCTION AND REPAIR (1) The Owner shall reconsuuct, (a) that part of Picketing Parkway located at the main entrance to the Metro East Trade Centre site (i.e., the east half of Pan 24, Plan 40R-9576 and the north half of Part 1, Plan 40R-9576), and (b) that pan of Picketing Parkway located at the south entrance to the Metro East Trade Centre site (i.e., at the centre of Pan 2, Plan 40R-9576), and shall repair Picketing Parkway where construction has taken place nnd where it is used by construction traffic entering the Lands and keep it clear of mud, dust, refuse, rubbish and other litter of all types. -2- (2) · The Owner shaH erect and maintain adequate signs to warn aH persons using Picketing Parkway that construction is occurring; such signs and the location thereof are subject to the approval of the Town's Director of Public Works. 12. pl~O PARKWAY SERVICES - BOULEVARD RECONSTRUC-~ION (1) The Owner shaH reconstruct and sod the boulevard on, (a) that part of Pickering Parkway located at the main entrance to the Metro East Trade Centre site (i.e., the east half of Pan 24, Plan te0R-9576 and the north half of Part 1, Plan 40R-9576), nad (b) that part of Picketing Parkway located at the south entrance to the Metro East Trade Centre site (i.e., at the centre of Part 2, Plan 40R-9576), and shaH maintain it until it is accepted by the Town. (2) The Owner shaH keep the bouievard clear and free of materials and obstructions which might interfere with the installation of electric, telephone, gas or other utilities or the safe movement of vehicles and pedestrians. 13. PICKF~RITqG PARKWAY SERVICES - SIDEWAIJ( The Owner shaH reconstruct the sidewalk on, (a) that part of Picketing Parkway located at the main entrance to the Metro Fast Trade Centre site (i.e., the east half of Part 24, Plan 40R-9576 and the north half of Part 1, Plan 40R-9576), and (b) that part of Picketing Parkway located at the south entrance to the Metro East Trade Centre site (i.e., at the centre of Part 2, Plan 40R-9576), and shah maintain it until it is accepted by the Town. 14. PICKER.lNG PARKWAY SERVICES - STREET LIGHTING & TRAFFIC SIGNALS (1) The Owner shall install street lighting, including poles and other necessary appurtenances, on Picketing Parkway adjacent to the Lands, such lighting to be located, (a) on the centre island of that part of Picketing Parkway designated as Part 24, Plan 40R-9576, and (b) on the east and north sides of the balance of Picketing Parkway adjacent to the Lands. (2) The Owner shaH install traffic signals, including poles and other necessary appurtenances, on that part of Picketing Pa~scway located at the main entrance to the Metro East Trade Centre site (i.e., the east half of Part 24, Plan 40R-9576 and the noah half of Part 1, Plan 40R-9576). (3) Street lighting, traffic signals and theix related electrical services shall he installed, (a) in accordance with standards established by the Town and in conformity with the Association of Municipal Electrical Utilities Guide to Municipal Standard Construction, and (b) under the supervision and inspection of Picketing Hydro-Electric Commission. 15. ELECT~CAL SERVICES Where electricity, cable television service or telephone service is to be provided to the Lands or to street lighting and traffic signals on Picketing Parkway, it shaH be provided underground and in accordance with the standards and specifications of Picketing Hydro-Electric Commission, Picketing Cable T.V. Limited or Bell Canada, as the case may be. -3- 16. ON S1TE DRAiNAOI~ AND SODDING (1) The Owner shall provide the Town, before commencing any of the work provided for herein and prior to the commencement of the redevelopment of the Lands, with a Grading Control Plan prepared by the Owner's Consulting Engineer, re-establishing the proposed gr*a~n.g, of the lands to provide for the pl~dsr drainage thereof and the drainage of all adjacent lands which drain through the . (2) The Grading Control Plan shall be prepared in accordance with the Town's Lot Drainage Specifications and shall not provide for the drainage of surface nm-off water onto Town-owned parkland, open space or walkways unless provision is made fo.r the installation by the Owner, at no cost to the Town, of suitable swales and catch basins to manage adequately, in the opinion of the Town's Director of Community Services and Facilities, that surface nm-off water. (3) The Grading Control Plan is subject to the approval of the Town's Directors of Public Works and Community Seotices and Facilities. (4) The Owner shall grade the Lands, and reconstruct the storm water drainage and management system where required by the Town's Director of Public (a) according to the approved Grading Control Plan, (b) according to designs approved by the Director, and (c) under the supervision of the Owner's Consulting Engineer, and shall maintain the system, including clearing any blockages or debris from whatever cause, to the Director's satisfaction. (5) The system shall be constructed to an outlet or outlets according to designs approved by the Director and shall he of sufficient size and depth and at locations either within or outside the Lands to ser,~ice the Lands and the lands outside the Lands, which in the opinion of the Director will require its use as a trunk outlet. (6) Should, in the opinion of the Director, an inadequate stream or structure exist in the outlet system outside the Lands, the Owner may be required to carry out such works aa are necessary to provide an adequate outlet. (7) If, in the opinion of the Director of Public Works, drainage problems occur prior to formal acceptance of the works by the Town, the Owner shall correct them by re-grading or by the construction of catch basins, swales or other structures az may he necessary to correct such problems. (8) The Owner shall seed that part of the Lands that are not built upon, except for paved, planted or t~ed areas. (1) Prior to the registration of this Agreement, the Owner shall pay to the Town the sum of $2,000 as an engineering drawing inspection fee. (2) All works required to he constructed by the Owner, except those referred to in section 15 shall be installed under the observation of Inspectors employe.d by the Town and the Owner shall pay the costs incurred therefor within 30 days of invoices being rendered. (3) The costs referred to in subsection (2) may include, but not necessarily he limited to, salaries and wages of Inspectors, testing fees and administration fees. 18. LIABILITY INSURANCR (1) Before commencing any of the work prov! .ded for herein, ~ Owner shall supply the Town with a Certificate of Insurance verifym$ that a Liability Insurance Policy is in place in a form satisfactory to the Town, naming the Town as an im.ur~.d 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 the Owner on the Lands and elsewhere. -4- (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 such LiabRity Insurance Policy, may pay the renewal premium or premiums and the Owner shallpay the cost of such renewal within 30 days of the account therefor being rendered by the Town. (4) The Owner shall notify the Town of the dates for the renewal of the premium of the said policy and supply proof that the premium of the said policy has been paid in order that the protection provided by the Liability Insurance Policy shall not lapse. 19. PICKERING PARKWAY SERVICES - PERFORMANCE & MAINTENANCE GUARANTEE (1) Before commencing the construction, installation or performance of any of any Pickering Parkway services required herein, the Owner shall supply ~ Town with a $200,000 (the "original value") performance and maintenance security in a form satisfactory to the Town for the purpose of, (a) guaranteeing the satisfactory conatmction, installation or performance of the services; (b) guaranteeing the payment of any amounts payable to the Town under this Agreement; (c) guaranteeing the payment of any amount that the Town may be required to pay under the provisions of the Construction Lien Act, 1983, and (d) guaranteeing all services, workmanship and matefiais for a period of 2 years from the date that the services are completed and such completion acknowledged, in writing, by the Director of Public Works. (2) The Owner may, at any time after the first $0%, in value, of services have been constructed, installed or performed, and paid for, apply for a reduction in the security and such application shell be made to the Town T~easurer. (3) Upon written verification from the Director of Public Works that the construction, installation or performance of the services for which reduction is being sought have been satisfactorily completed and paid for, the Town Manager may reduce the amount of the security to an amoum not less than, (a) sixty per cent (60%) of the original 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 against any holdback required to be retained by the Town 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 Owner's Consulting Engineer; (ii) 45 days following the making of such certificate have expired; and (iii) all !iens 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 paymem into court; -5- which seventeen per cent (17%) portion shall secure the guarantee of servicea, workmanship and materials, until the obligation to guarantee has expired, when the balance of the security shall be returned to the Owner 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 m subsection (1), the Town Manager or the Town Treasurer shall provide to the Owner any necessary assurance to effect the reduction. 20. PICKBRllqG PARKWAY SERVICES - INCOMPLETED OR FAULTY WORK (1) If, i~. the opinion of the Director of Public Works, the Owner is not prosecuting or causing to be prosecuted the Picketing Parkway services within the specified time, or in order that they may be completed within the specified time, or is improperly performing the services, or shall the Owner neglect or abandon the services before the completion, or unreasonably delay the same so that the conditions of this A~'eement are being violated or ca~leasly executed, or in bad faith, or shall the Owner negleci or refuse to renew or again perform such work as may be rejected by the Direcior of Public Works as defective or unsuitable, or shall the Owner in any other manner, in the opinion of the Director of Public Works, make default in performance of the terms of this Agreement, then in any such case, the Director of Public Works shah promptly notify the Owner and his surety in writing of such default or neglect and ff such notification be without effect within l0 clear days after such notice, then in that case, the Director of Public Works shall thereupon have full authority to purchase such materials, tools and machinery ~nd to employ such workmen as inhis opinion shah be required for the ~..r completion of the services at the cost and expense of the Owner or his surety, o~ (2) In cases of emergency, in the opinion of the Director of Public Works, work may be done without prior notice but the Owner shah be forthwith notified. (3) The cost of all work performed under this section shah be calculated by the Director of Public Works whose decision shah be f'mal. (4) Such costs shah include a management fee of twenty per cent (20%) of the labour .and material value, and further, a fee of thirty per cent (30%) of the value for the dislocation and inconvenience caused to the Town as a result of such default on the part of the Owner, it being hereby declared and agreed that the assuming by the Owner of the obligations imposed by this section is one of the considerations, without which the Town would not have executed this Agreement. 21. TRANSFERS OF STORM DRAINAGE EASE~ (1) The Owner shall arrange at no cost to the Town for obtaining and registering such reference plan or plans as may be necessary to identify aH easements to be transferred hereunder. (2) The Owner shall transfer to the Town, free and clear of ail encumbrances and at no cost to the Town, such storm drainage easements (on or in the Lands or any adjacent lands) as the Town's Director of Public Works shah deem necessa~ for the provision by the Owner at the Owner's expense of storm water drainage and management facilities. (3) The construction of any works or services in any such easement shall not commence until the easement has been transferred to the Town, unless written permission to do so has been obtained by the Owner from the owner of the lands on or in which the easement wffi be located. 22. GENERAL PROVISIONS - SERVICES The Owner agrees with the Town: (a) Pavin_t of Drivewa.v Ap?roaches To pave aH driveway approaches between the curb and sidewalk. -6- (b) ~ontlnua~ion of ~xi~ing Servic~. ~e~ ~ c~cti~ of ~i~s he~ ~volv~ a cont~uation to ex~t~g ~ic~, to jo~ ~to ~ s~, ~clu~g ~s~nt of ~a~ w~ necess~, ~ a g~ wo~ m~er, (c) ~b~c ~ - F~ & ~b~ (i) Ne~r to dump nor to ~it to ~ ~m~, ~y fill or ~b~s on, nor to remove or ~t to ~ ~moved, my ffdl from ~y public l~ds wi~out ~ comem of ~ ~ofiF r~sible for such 1~. ~ ~est, to su~ly the Town wi~ ~ ac~owl~ge~nt ~om such of ~ ~er's comp~ce wi~ &e te~s of subclau~ (i). ~at ~e~ sh~ ~ no ~g of ~ or ~b~ ~n im L~ or my ~b~c l~&. (d) ~t~ive or Qu~tita~ve T~ts ~ D~tor of Public Wo~ may h~e qu~itative or qu~it~ive t~ m~ of ~y mamri~s w~ch have ~en or ~ pro~d to ~ used ~ ~ ~ns~son of ~y wo~ or ~s ~d by ~ A~nt, ~ ~ c~t of such tes~ sh~ ~ p~d by ~r wi~ 30 ~ys of &e accost ~g ~n~ by ~ To~. (e) ' ' (i) To ~y t~ c~t of ~l~at~g ~y e~s~g se~ic~ ~d ut~ties caus~ wo& wi~ 30 days of ~ accost for s~ ~g ~n~d by ~ To~. S~ly to pay t~ cost of mov~ ~y se~i~s ~ ~ities ~t~ed ~r Ag~ment ~ ~veways or so close ~to, ~ t~ op~on of ~e D~ctor of ~bBc Wo~, ~ m ~teffe~ wi& ~ u~ of ~ &iveway. (0 S~d~ ~d S~c~cafio~ U~e~ o~e provided, to do ~1 thugs ~u~ to ~ do~ ~r t~s A~nt acco~ wi& ~ st~d~& ~d s~c~ca~ons of ~e To~ ~ effect at t~ date ~f. (S) To ~vi~ ~d e~ ~ its o~ cost te~r~ si~ of such na~ ~d at such 1~ ~ ~y ~ ~s~ by ~e D~e~or of ~b~c Wo~. (h) To provi~ ~d e~ at its o~ cost ~ent si~s of such nam~ ~d at such l~io~ ~ may ~ design~ed by &e D~or of ~bHc Works. (i) ' ' ' P~or to fm~ ~pt~ of ~c Pi~e~g P~ se~ices, to su~ly ~ Town wi~ o~g~ cng~g &aw~gs ~mof wi& ~n~nm, ~ ~y, ~ed ~on. CONS~U~ON & ~C~ OF B~D~GS (1) No ~ ~t sh~ ~ ~sued for ~y ~g or p~ of a buHd~ on t~ unt~ ~wer ~ water fac~ties ~ ~able, ~ ~~ op~on of &e ~ctor of ~b~c Wo~, c~able of pmvi~ ~quate ~mice. (2) No ~g ~ p~ of a ~fl~g on t~ ~ sh~ ~ ~p~d ~c~ u~n ~su~ of a m~cip~ ~cup~cy ~t. (3) No ~plic~ion for a m~icip~ ~p~ ~t for a ~g or p~ of a ~d~ (a) sto~ sewer, s~t~ ~wer ~ w~er f~Hities ~ ~ ~d ~ o~r~on to ~ua~ly se~e such ~fl~g ~ ~ ~; -7* (b) electric service is completed and in operation; and (c) the development or redevelopment of the Lands cortfonns to this Agreement and the Plans set out in section 26, below. 24. GENERAL PROVISIONS - FINANCIAL MATTERS The Owner agrees with the Town: (a) Int st 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. (b) ~ To pay ail registration costs incurred by the Town relating in any way to the regis~rnfion of this Agreement or any other related documentation, including transfers, in the Registry Office. (c) ' ' ~ePon applying for t'mai acceptance of the services, to supply the Tow~., with a Statutory claration that all accounts for work and materials have been paid, except normal guarantee holdbacks, and there are no claims for Uens or otherwise in connection with such work done or material suppUed for or on behalf of the Owner in connection with the works, or ff such claims do exist, the Owner shall indemnify the Town again~ all claims, actions or demands for liens or otherwise and all costs in connection therewith. 25. EXPIRY OF SECURITIES (1) Should any security required to be given under the terms of this Agreement exph~e durin.g the currency of the Agreement, the Owner shall provide to. the Town at least 30 days m advance of the expiry date of that security, a further security to take effect upon the expiry. (2) Such ftmher security shah be to the satisfaction of the Town. (3) S. hould no such further .security be pr.ovided as required, then the Town shah have the right to convert the expiring security into cash and hold the cash-in-lieu of and for the same purposes as any further security. 26. SITE PLAN/DEVELOPMF24T CONTROL (1) No development, including redevelopment, shall be undertaken on the Lands except in conformity with this Agreement and with the following plans and drawings (herein collectively called the "Plans"): Item No. prepared by, and (b) prep dby. (2) The Owner shall maintain, in conformity with the Plans, to the Town's satisfaction and at the sole risk and expense of the Owner, all of the facilities and works that are shown on the Plans and, (a) are located on the Lands, or (b) are located off the Lands but provide access (pedestrian, vehicular or both) to the Lands, or (c) are located o.ff the Lands but]provide services for the benefit of the Land~ on easements adjacent to the Lands, -8- and shall ensure the timely removal of snow from access ramps, driveways, parking and loadin~ ~eas, and walkways. (3) For the imrfn~e of guarameeing (for two years afier installation) the maintenance by the Owner of the facilities and works required to be maintained under subsection (2), above, the Owner shall provide to the Town, prior to the issuance of the first building permit to be issued hereafter for the construction of any building or pan of a building on the Lands, a security in the form of an irrevocable letter of credit issued by a chanered bank in Canada in a form satisfactory to the Town in the amount of $230,000, which security may be drawn upon by the Town in such amounts, and at such times, as the Town, in its sole discretion deems advisable, should ~he Owner fail to maintain the facilities or works for that two year period to the Town's satisfaction. (4) At the end of tbe two year guarantee period when the obligation to guarantee h~ expired, the security shall be returned to the Owner subject to any deductions for failure to maintain during the guarantee period. 27. TIME LIMITED FOR WORK ~ GUARANTEE OF WORKMANSHIP AND MATERIA!-R (1) The Owner shall complete all works, services and requirements under this Agreement within two years of the date of registration of this Agreement. (2) The Owner shall guarantee all works, workmanship and materials employed or used in the constmctinn, installation or completion of all works, services and requirements under this Agreement for a period of two years from the date that the works, services and requirements are approved in writing by the Town. 28. CONTRIBUTION TO PICKERRqG TOWN SIGNAGE Prior to the registration of this Agreement, the Owner shall pay to the Town in cash or by certified cheque the sum of $15,000 as its contribution to the acquisition and erection of a "Welcome to Picketing" sign to be placed at or near the Brock Road/Picketing Parkway intersection or the Brock Road/Kingston Road intersection, at the discretion of the Town. IN WITNESS WHEREOF, the companies comprising the Owner and the Town have hereunto affLxed their respective Corporate Seals attested to by the hands of their authorized officers. SIGNED, SEA£ED & D~Lt'VERED J.D.S INVESTMENTS LIMITED Jacob Israeli, Chief Executive Officer METC PROPERTIES INC. A. V. Forbell, Director THE CORPORATION OF THE TOWN OF PICKERING Wayne Arthum, Mayor Brace Taylor, Clerk -9- ENCUbIBRANCI~ - LAURENTIAN BANK This Agreement shah have priority over and take precedence over ah of the rights or interests of Lamontian Bank whether or not any such right or interest was established or arose prior to the date here. of and whether or not such right or interest is set out in or arises by virtue of any instntment or document registered on title to the lands affected hereby, or any part of them, prior to the registration of this Agreement. Dated at ,this dayof ,1990. SIGNED, SEALED & D~.L/VERED LA URENTIAN BANK ENCUMBRANCER - ROYAL TRUST COMPANY This Agreement shall have priority over and. take p~cedence over all of the rights or interests of Royal Trust Company whether or not any such right or interest was established or arose prior to the date hereof and whether or not such right or interest is set out in or arises by virtue of any instrument or document registered on tire W the lands affected hereby, or any part of ~hem, prior to the registration of this Agreement. D~ed at ,this dayof ,1990. SIGHED, SF_.ALI~.D & DFI,IVERED ROYAL TRUST COMPANY ENCUIVlBR2tNCER - (~TIB,a_NK CANADA This Agreement shall have priority over and take precedence over all of the rights or interests of Citibank Canada whether or not any such right or interest was established or arose prior to the date hereof and whether or not such right or interest is set out in or arises by virtue of any instrument or document registered on title to the lands affected hereby, or any part of them, prior to the registration of this Agreement. D,,l~d ~t , this day of ,1990. SIGNED, SEALED & DELIVERED - 10-