HomeMy WebLinkAbout By-law 1718/83THE CORPORATION OF THE TOWN OF PICKERING
BY-LAW NO. 1718/83
Being a by-law to authorize the execution
of an Agreement between the Corporation of
the Town of Pickering and the Great-West
Life Assurance Company respecting the
application of section 22 of the Subdivision
Agreement respecting Draft Plan 18T-80034
(Runnymede Development Corporation Limited)
WHEREAS the Corporation of the Town of Pickering, Runnymede Development Cor-
poration Limited and the Great-West Life Assurance Company have entered into a
Subdivision Agreement dated April 18th, 1983, respecting the development of Draft
Plan 18T-80034; and
WHEREAS the Corporation of the Town of Pickering and Great-West Life Assurance
Company wish to clarify the application of section 22 of that Agreement to the latter;
NOW THEREFORE, the Council of the Corporation of the Town of Pickering HEREBY
ENACTS AS FOLLOWS:
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
Pickering and the Great-West Life Assurance Company with respect to section 22
of the Subdivision Agreement dated April 18th, 1983 respecting Draft Plan
18T-80034 (Runnymede Development Corporation Limited).
BY-LAW read a first, second and third time and finally passed this 4th
July, 1983.
day of
ToWN OF
~IC~(.ERING
APFi{OVED
May,
Schedule "A" to By-law 1718/83
THIS AGREEMENT made in triplicate this 25th day of
1983.
BETWEEN:
THE CORPORATION OF THE TOWN OF PICKERING
(hereinafter called the
- and -
"Town")
OF THE FIRST
THE GREAT-WEST LIFE ASSURANCE COMPANY
PART
(hereinafter called the "Mortgagee")
OF THE SECOND PART
W~EREAS pursuant to a charge between
Runnymede Development Corporation Limited (hereinafter
called "Runnymede") and the Mortgagee dated the 14th
day of August, 1981 and registered on the 31st day of
August, 1981 at 11:55 a.m. as Instrument No. LT 132996
in the Land Registry Office, Land Titles Division of
Durham (No. 40), the Mortgagee is the mortgagee of a
number of parcels of land, including the lands more
particularly described in Schedule "A" hereto.
AND WHEREAS ~unnymede has obtained draft
approval for a plan of subdivision for the said lands
and has entered into a Subdivision Agreement with the
Town made the 18th day of Apr{l, 1983.
AND WHEREAS the Town has requested that the
Mortgagee, as an encumbrancer, execute the Subdivision
Agreement to postpone its rights under the mortgage as
more particularly provided for in the Subdivision
Agreement.
NOW THEREFORE WITNESSETH that in consideration
of the execution of the Subdivision Agreement by the
,2
Mortgagee and the sum of ONE ($1.00) DOLLAR of lawful
money of Canada now paid by the Mortgagee to the Town
(receipt thereof is hereby acknowledged) THE PARTIES
AGREE HERETO AS FOLLOWS:
1. Clause .22 of the said Subdivision Agreement
will not apply to the Mortgagee, notwithstanding the
Mortgagee may become an owner of the lands subject to
the said Subdivision Agreement.
2. The Mortgagee agrees that prior to any convey-
ance of the lands to any purchaser pursuant to an
exercise of the Mortgagee's rights under its mortgage,
the Mortgagee will require the subsequent purchaser to
enter into an agreement with the Town to build that
number of dwelling units equal to the difference between
432 and the number of dwelling units constructed at the
time of the purchase, such units to be constructed
within such a time period as may be specified by the
IN WITNESS WHEREOF the parties hereto have
hereunto affixed their corporate seals duly attested by
the hands of their respective proper signing officers
in that behalf.
THE CORPORATION OF THE TOWN
OF PICKERING
Per:
c/s
and:
THE GREAT-WEST LIFE ASSURANCE
Per:~
H.A./I;)~G~j.~_u?orized Signature,:/s
·
er, Mortgage Investments
W. d. Hats,J~anaD
This is Schedule "A" to an agreement
made between The Corporation of the
Town of Pickering and The Great-West
Life Assurance Company made the 25th
day of May, 1983
ALL AND SINGULAR that certain parcel or tract of land
situate, lying and .being in the Town of Pickering, in
the Regional Municipality of Durham (formerly in the
Township of Pickering, in the County of Ontario) and
Province of Ontario and being composed of,
FIRSTLY, that part of Lot 25, Concession 1, designated
as Part 1 on a plan of survey deposited in the Land
Registry Office, Land Titles Division of Durham (No.
40) as Plan 40R-5687,
Parcel Pickering Con. 1-25-1 Section Town of Pickering
SECONDLY, Lots 1 and 2, according to Plan 489 registered
in the Land Registry Office, for the Registry Division
of Durham and designated as Part 1 on a plan of survey
deposited in the Land Registry Office, Land Titles
Division of Durham (No. 40) at Whitby as Plan 40R-6021,
Parcel Pickering Plan 489-1-1 Section the Regional
Municipality of Durham
THIRDLY, the whole of Block "A" according to registered
Plan M-1037 filed in the Land Registry Office, Land
Titles Division of Durham (No. 40).
Part of Parcel Plan - 1 Section M-1037 (Pickering)