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HomeMy WebLinkAboutBy-law 2815 BY-LAW NO. ~ A By-law of the Corporation of the Township of Picketing to authorize the Corporation to sell certain Township Industrial : ~.~ I ands to Satok Factory Properties.~ WH~MAb~S the T~nship of Pickering is the owner of part of Lot 20, Range 3, Broken Front Concession in the Township of Picketing, shown on plan attached hereto; Ak~ WHI.~kS the Township desires to sell Lots 4~ 5, 12 and 13 shown on the said draft site plan to Satok Factory Properties. THin, cORE THE MUNICIPAL COUNCIL OF 'CHE GORPOt~ATI6N OF THE TOWN~HIP OF PIC~f,~ING ENACTS AS FOLLOWS: .~-~ 1. That the To~mship offer to sell the aforesaid lands to Satok Factory Properties ~ at the rate of $3~000.00 per acre. 2. That the Reeve and Clerk are authorized to execute the Agreement of Sale and Deed to carry out the sale of the said lands to Satok Factory Properties.~ The Agree~mnt to be in the form attached hereto as Appendix Read a First and Second time this /~day of ~ , 1963. READ a Third time and PASS~D this /~ ~day of ~ , 1963. C~I~PORATION OF THai T(~N..HIP OF PIC~£RING ~/' ' Reeve C.S. Clerk OF of the of in the To Wit: make oath and say 1. That I was personally present and did see the within or annexed Instrument and a Dup- licate thereof duly signed, sealed and executed by the part thereto 2. That the said Instrument and Duplicate were executed by the said part at the of 3. That I know the said part 4. That I am a subscribing witness to the said Instrument and Duplicate SWORN before me at the of in the of this day of 19 A Commissioner, etc. Vendor's Solicitor Wife's Name Purchaser's Solicitor Wife's Name Deed or Transfer to be made to ]qWE, S~TOK F~CTOR][. P~Q.~EKT~ES ~, a Company to be Lqcarporated .... ~3i~¢ ~ (a~ purchaser ), hereby ~gree ~ and ~th T~ .COR~0R.ATI0.:. CE THE (as vendor ), ~ to purchase all and singular the pre~ses s~tua~ on the ~.OLLg~ side o~ ~h~ ~$~ L%~e ~-~ .......... in the To~.,nship of Pickerin~ kno~ ~s p~t O~ ~b at the price or sum of .EIgHTeEN T~ihS, J~, ~iff~ ~g~ .............. Dollars ($ as follows: 0~ TH0b[~.%;~.m=.~.r~.~.~.~ Dollars ($ cash or certified cheque to the said ~endor on th s date as a deposit, and covenant, promise and agree t~ give b~ck on closin~ to ~he Vendor a ~irst open mortgaEe For $15~120.00 ma~nring in years From date oF closing with in~eres~ at 6._~o per annum payable yearly ,~nd ~o pay 2he balance oF the said purchase price oF '" ~2~ 760.00 subject adjustments on closing. The Par~ies agree lh~t the parchase price ~s based at the rate of w3~000.00 per acre and shall be adjusted on this basis in accordance with the Vendor's survey to be prepared before closing. Schedule hereto forms part of within agreement. PROVIDED the title is good and free from all encumbrances, except local rates, and except as aforesaid; said title to be examined by me at my own expense, and the Purchaser is not to call for the production of any title Deeds or Abstract of Title, Proof or Evidence of Title, or to have furnished any copies thereof, other than those in Vendor's possession or under his control. The Purchaser accepts the property subject to the restrictions and covenants tbat run with the land providing the same have been complied with. The Purchaser to be allowed 20 days from the date of acceptance hereof to investigate the title at his own expense, and if within that time he shall furnish the Vendor in writing with any valid objection to the title which the Vendor shall be unable or unwilling to remove, and which Purchaser will not ~vaive, this agreement shall be null and void and the deposit money returned to the Purchaser without interest. The follo~ving items, the property of thc Vendor, shall be included in this sale for the price above mentioned:-- This offer to be accepted by Allgtlst l~h 19 63 otherwise void; and sale to be completed on or before the 30th day of September 1963 , on which date possession of the said premises is to be given to the Purchaser, or he is t~ accept the present ~nanc~es and to be entitled to the receipt of the rents and profits thereaf~r. This offer, when accepted, shall constitute a binding contract of purchase and sale and time in all respects shall be the essence of this agreement. It is agreed tha~ there is no representation, warranty, collateral agreement or condition affecting this agreement or the real property or supported hereby other than as expressed herein in writing. Until completion of sale, all buildings and equipment on the property shall be and remain at the risk of the Vendor until closing and the Vendor will hold all policies of insurance effected on the prOpe~y and the proceeds thereof in trust for the pa~ies here~, as their interests may appear. In the event of damage to the said buildings and equipment before the completion of this transaction, the Purchaser shall have the right to elect to ~ke such proceeds and comple~ the purchase, or cancel this agreement, whereupon the Purchaser shall be entitled to the return without interest of all monies theretofore paid on account of this purchase. UNEARNED Fire Insurance Premiums, Fuel, Taxes, Interest, Rentals and all Local Improvements and Water Rates to be propor- tioned and allowed ~ date of completion of sale; Deed or ~ansfer ~ con.in covenant on pa~ of the Purchaser ~ pay off said assumed Mortgage, to be executed by Purchaser and prepared at the expense of the ~endor and Mortgage at the expense of the Purchaser. Each pa~y is to pay the costs for registration and taxes on his own documents. Dated at Toronto this ~%h day of A~S% 19 63 WITNESS:~~~/ P erSATO~( FAC~IORY PROPERTIES I/We, hereby accept the above offer and its terms, and covenant, promise and agree to and ~th the said above-named purchaser duly carry out the same on the terns and conditions above mentioned, ~~~~XXXN~ Dated at Brougham ~~~~ . this t day~ ~ ~°f ~ ~ ~ 1963. WITNESB: /R~ve ~ ~¢ierk SC~{EDULE 1. Purchaser agrees that this Agreement is subject to the approval of the Depa~tment of Municipal Affairs and if such approval is refused or ca,mot be obtained before closing this Agreement shall be null and void and any monies paid hereunder shall be returned to the Purchaser without interest or deduction and neither Party shall be under any further liability hereunder. 2. Purchaser acknowledges and agrees that roads, sewers and ~ater services shall be installed by the Vendor under The Local Improv~nent Act on or before the 30~h day of September ~ 1963 and the Parties hereto agree that if the local /mprovement by-law requ/red to be enacted under The Local Improvement Act is not enacted by the Township and sub- sequently approved by the Ontario Municipal Board on or before the 30~h day of September , 1963, then this Agreement shall be null and void and the deposit money paid hereunder sha]3 be returned to the Purchaser without interest or deduction. 3. The Purchaser covenants and agrees to construct an industrial building on any one of the said lots or part thereof as may be subdivided with the approval of the Vendor and the Planning Board of the Township of Picketing having a minimum floor area of ~ square feet within 12 months from the date of closing herein and that in the event that it does not construct said building within 12 months aforesaid it shall at the option of the Vendor forfeit to the Vendor the sum of $3,780.00 paid herewith and resell to the Vendor the said lots 4, $, 12 and 13 at Re same price at which the Vendor has sold said lots 4, 5, 12 and 13 to the Purchaser less the said sum of $3,?80.00 and Purchaser shall give an undertaking to the Vendor to this effect when the Township submits the within Agreement of Sale to the Department of Municipal Affairs for approval. 4. Purchaser further covenants and agrees that within 24 months from the date of closing it shall construct (in addition to the i~strial bnildings referred to in ~aragraph 3 above) one or more industrial buildings having a total floor area of at least ~ square feet upon the said lands or parts thereof as my be subdivided with the approval of the Vendor and the Planning Board of the Township of Picketing and that in the event that it does not so construct said building or buildings having a total ,0oo area of at least ~ square feet within said period of 24 months 1 . -2- that it shall at the option of the Vendor forfeit to the Vendor a sum equivalent to 20% of the value of the remaining areas of land in said lots 4, 5, 12 and 13 on which no industrial building is erected estimated at $3~000.00 per acre and resell to the Vendor the aforesaid remaining areas of land on which no industrial building is erected at the same price at which the Vendor has ~old the lands herein to the Purchaser less the said sum to be forfeited hereundere Purchaser shall give undertaking to the Vendor to this effect when the Township submits the within Agreement of Sale to the Department of Municipal Affairs for approval. 5, Purchaser agrees provisions in paragraph 3 and 4 above shall be included in the deed from the Vendor to the Purchaser given on closing.