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HomeMy WebLinkAboutBy-law 386/76THE CORPORATION OF THE TOWN OF PICKERING BY-LAW NUMBER 3 Y,? 7 p Being a by-law to authorize the execution of an agreement between the Corporation of the Town of Pickering and Monarch Marking System, Limited with respect to the sale and purchase of Parts 4 and 5, Plan 40R-2638, Town of Pickering WHEREAS, pursuant to the provisions of subsection 1 of section 336 of The Municipal Act, R.S.O. 1970, chapter 284, the Council of the Corporation of the Town of Pickering may pass by-laws for acquiring land required for the purpose of the Corporation; AND WHEREAS, pursuant to the provisions of subsection 3 of section 336 of that Act, if it appears that a larger quantity of land than is required can be more reasonably and more advantageously acquired, the Council may acquire such larger quantity and may afterwards sell and dispose of so much of it as is not so required; AND WHEREAS the Corporation of the Town of Pickering may therefore acquire for road purposes Parts 4, 5, 6, 7, 8 and 9 on Plan 40R-2638, Town of Pickering, Part 4 not being required; 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 between the Corporation of the Town of Pickering and Monarch Marking System, Limited with respect to the sale and purchase of Parts 4 and 5, Plan 40R-2638, Town of Pickering. By-law read a first, second and third time and PASSED in open Council this IL:k day of 1976. TOWN 0:= pjCi(',E'r!NG - ----- ---- - Mayor Administrator-C rk 1 I/ /ti THIS INDENTURE OF AGREEMENT made as of the 10th day of March, 1976. B E T W E E N: MONARCH MARKING SYSTEM, LIMITED, hereinafter called "Monarch" OF THE FIRST PART, - and - THE CORPORATION OF THE TOWN OF PICKERING, hereinafter called "Pickering" OF THE SECOND PART. WHEREAS by a deed dated the 20th day of June, 1973, and registered on the 24th day of July, 1973, as instrument No. 242333, The Corporation of The Township of Pickering conveyed to Monarch Part 2, Plan 40-R-1052; and WHEREAS Part 2 of said Plan 40-R-1052 has subsequently become by superimposed Plan 40-R-2638, Parts 1, 2 and 3 of said Plan 40-R-2638; and WHEREAS The Corporation of The Township of Pickering has subsequently, by statutory authority, become The Corporation of The Town of Pickering; and WHEREAS Monarch and Pickering have entered into cer- tain subsequent agreements and it is considered that these agree- ments should be reduced to writing, NOW THEREFORE THIS INDENTURE WITNESSETH that in con- sideration of the mutual covenants and agreements hereinafter contained, the parties hereto hereby agree as follows: 1. Pickering gives to Monarch the irrevocable right of first refusal to the sale of Parts 4 and 5, Plan 40-R-2638, the price to be agreed upon at the time of such purchase and sale. - 2 - 2. In the event that Monarch purchases from Pickering said Parts 4 and 5, Plan 40-R-2638 then Monarch will forthwith re-convey free of charge to Pickering said Part 5 which will be dedicated for road purposes by Pickering. IN WITNESS WHEREOF the parties hereto have hereunto executed this agreement under their corporate seals and signed by their proper officers duly appointed. MONARCH MARKING SYSTEM, LIMITED Per: President Per: Secretary THE CORPORATION OF THE TOWN OF PICKERING Per: