HomeMy WebLinkAboutBy-law 1062/79THE CORPORATION OF THE TOWN OF PICKERING
BY-LAW NO. 1062/79
Being a By-Law to authorize the execution
of a Development Agreement between Spinoni
Developments Limited and the Corporation
of the Town of Pickering respecting the
development of certain lands in Lot 20,
Concession 1 (Plan 40R- ), Pickering.
WHEREAS, pursuant to the provisions of Resolution
112/75 (Item 13) made by the Council of the Corporation of
the Town of Pickering on July 21st, 1975, Spinoni Develop-
ments Limited is required to enter into a Development
Agreement with the Corporation of the Town of Pickering
respecting the development of part of Lot 20, Concession
1, (Plan 40R- Pickering, for industrial purposes;
and
WHEREAS, as a
October 29th, 1979 of
Division Committee of
requires that Spinoni
Development Agreement
Pickering;
condition of its approval dated
application LD 409/79, the Land
the Regional Municipality of Durham
Developments Limited enter into a
with the Corporation of the Town of
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
Spinoni Developments Limited and the Corpor-
ation of the Town of Pickering respecting the
industrial development of part of Lot 20,
Concession 1, Pickering (Plan 40R-
(LD 409/79).
BY-LAW read a first, second and third time and finally passed
this 19th day of November , 1979.
M or (Actin i
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SCHEDULE "A" to By-law 1062,!79
THIS AGREEMENT made this day of , 1979.
BETW1's'EN:
SPINONI DEVELOPMENTS LIMITED
hereinafter called the "Owner"
OF THE FIRST PART,
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THE CORPORATION OF THE TOWN OF PIC
hereinafter called the "Town"
OF THE SECOND PART,
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WILLIAM A. MOFFATT
ARNMENT INVESTMENTS LIMITED
THE TORONTO-DOMINION BANK
and
THE ROYAL BANK OF CANADA
hereinafter collectively called the "Encumbrancers"
OF THE THIRD PART.
WHEREAS, the Owner proposes to develop certain lands in
Lot 20, Concession 1, designated as Parts 1- inclusive, on
Plan 40R- ; and
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WHEREAS, the Encumbrancers have certain rights or.
interests in the nature of encumbrances relating to the
lands affected hereby;
t
NOW TII! SFi'OP.'1; THIS AGREEMENT WITNL'SSETH, that in con-
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sideration of the Town aptJroving the proposed %oning for the
said 1.aIKi:> and i:.]1C' CGvC.1".AI'1::5 hCL'e.l.]liaitCr C'}:IJYC':i3Cd, the Par-
ties hereto covenant and agree one with the other as follows:
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PART 1 - PROPERTY DESCRIPTION
1. LANDS AFFECTED
The lands affected by this Agreement (hereinafter
called "the lands affected hereby") are:
ALL AND SI14GULAR those certain parcels or tracts
of land and premises situate, lying and being in
the Town of Pickering, in the Regional Municipal-
ity of Durham and Province of Ontario, and being
composed of,
Those parts of. Lot 20, Concession 1, designated
as Parts 1- inclusive, on a plan of survey of
record filed in the Land Titles Office for the
Registry Division of Durham as Plan No. 40R-
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PART 2 - SERVICES
2. OWNER'S GENERAL UNDERTAK
The Owner agrees to complete at his own expense and
in a good workmanlike manner, for the Town, or other
appropriate authority, all the municipal services as
hereinafter set forth to the satisfaction of the
Director of Public Works for the Town of Pickering,
and to complete, perform or make payment for such
other matters as may be provided for herein.
3. CONSULTING ENGINEERS
The owner agrees to retain a Professional Engineer
as the Consulting Engineer of the Owner to carry
out all the necessary engineering and generally
supervise the work required to be done for the
development of the lands affected hereby. Such
Consulting Engineer, or any successor thereto,
shall continue to be retained until the work pro-
vided for in this Agreement is completed and form-
ally accepted by the Town.
4. STORM SEWERS
The Owner agrees to construct a complete storm
sewer system including storm connections to the
street line and catch basin leads to service the
lands affected hereby and adjacent road allow-
ances and to provide capacity for other lands
upstream of the lands affected hereby, according
to designs approved by the Director of Public
Works and according to the specifications of the
Town in effect at the date hereof and to maintain
them, including clearing any blockages or debris
from whatever cause until they are formally accep-
ted by the Town. Such sewers shall be constructed
to an outlet or outlets according to designs
approved by the Director of Public Works and
shall be of :sufficient size and depth and at
locations either within or outside the boundary
of the lands affected hereby to service the
lands affected hereby and the aforementioned
other lands outside the boundary of the lands
affected herwDy which, in the opinion of the
Director o: PuMis will TE:y 1111'(' 'Llia ir
use as trunk ouc.lets. Should, in the opinion of
the Director of Public Works, an inadequate
strewK or structure exist in the outlet system
outside the lands; aEfccted hereby, the Owner may
be required to carry out such works as are neces-
sary to prov.i.dc adequate outlets.
The Town may connect or authorize connection into
any part of the system but such connection shall-
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PART 2 - SERVICES (Cont'd)
4. STORY: SEWERS (Cont'd)
not constitute acceptance of the sewer system by the
Town.
5. ROADS - VALLEY FARM ROAD
(1) Within one year from the date hereof, the
owner shall reconstruct that portion of
Valley Farm Road, as re-aligned, adjacent
to the westerly boundary of the lands.
Such reconstruction shall include recon-
struction of the road base for its entire
length and width and the provision of both
base and top courses of asphalt for the
easterly 9.75 metres between Bayly Street `
and the northerly limit of the most north-
erly entrance to Part , Plan 40R-
(2) All construction referred to in subsection
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and subject to the Town's direction.
6. ROADS - PROPOSED INTERIOR ROAD
(1) Prior to the commencement of development
of all or any part of Parts Plan
40R- , the Owner shall construct a
roadway, together with all related appur-
tenances on Part , Plan 40R- ,
according to the Town's specifications
for paved roads in effect at the date
hereof including such boundary or approach
roads as may be necessary to provide an
adequate access.
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(2) It is acknowledged that, dependant upon
the nature of the development of all or
any of Parts Plan 40R- , a
roadway along the full length of Part:
Plan 40R- , may not be requ.'•._rcd, in
which case the Town, in its sole discre-
tion, may permit the roadway referred to
in subsection 1 to be shortened accord-
ingly.
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PART 2 - SERVICES (Cont'd)
7. ROADS - GENERAL
The specifications for boulevard grading, sidewalks
and sodding shall apply to existing roads adjacent
to the lands affected hereby. The Owner covenants
and agrees that until assumption by the Town, it
will maintain and repair streets both within and
outside the boundary of the lands affected hereby
where construction has taken place or is used by
traffic entering those lands and keep them clear
of dust, refuse, rubbish, or other litter of all
types. The Owner will erect and maintain adequate
signs to warn all persons using such roads that
they have not been assumed by the Town from the
time that they are opened until formal assumption
by the Town.
8. CURBS & GUTTERS
The Owner agrees to construct curbs and gutters,
(a) on the road referred to in coction 15,
(b) along the entire easterly side of Valley
Farm Road adjacent to Plan 4011- , and
(c) on both the east and west sides of thG
relocated intersection of Valley Farm
Road and Bayly street,
according to the specifications of the Town in
effect at the date hereof, and to maintain them
until they are formally accepted by the Town.
If any curb depressions ane not located correc-
tly with respect to a driveway, the Owner shall
construct a curb depression in the correct loca-
tion and fill in the original curb depression
according to the said specifications.
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9. ELECTRIC DISTRIBUTION & STREET LIGE IrG
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Electric distribution services shall t provided it
for all lots and blocks within the ._?n, Klee-
ted hereby according to one standards n5d spec- ;i
ifications of the appi6p luUw .+w.:::ulu/. 1"e i?
Owner shall make such financ:ini arran.,rn,r:nts as 0
may be required to ensure the construction of
those services. The Owner agree Le p.y all.
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costs of installation of such service-, itial.W-
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ing poles and other necessary appurLanances.
Lighting shall be designed and installed in !
accordance with standarO ; est.tbl l nhod by the f
Town and in conformity with the Association of
Municipal Electric Utilities Guide Co municipal
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PART 2 - SERVICES (Cont'd)
9. ELECTRIC DIS'T'RIBUTION & STREET LIGHTING (Cont'd)
.Standard Construction. The installation of all
works provided for in this clause shall be con-
structed under the supervision and inspection of
the aforesaid authority.
10. INSPECTION OF WORK.
All works required to be constructed by the Owner
shall be installed under the observation of Inspec-
tors employed by the Town and the Owner agrees to
pay the costs incurred (Salaries and Expenses)
-therefor within ten days of their being rendered.
11. LIABILITY INSURANCE
Befuiu uuuuuencing any Stage 01 the work yrovicwG
for herein, the owner shall supply the Town Man-
ager with a Certificate of Liability insurance in
a form satisfactory to the Town indemnifying the
Town from any loss arising from claims for dam-
ages, injury or otherwise in connection with the
work done by or on behalf of the Owner on the
lands affected hereby. The amount- of the said
policy shall be $1,000,000. In the event any
renewal premium is not paid, the Town, in order
to prevent the lapse of such Liability Insurance
Policy, may pay the renewal premium or premiums
and the Owner agrees to pay the cost of such re-
newal or renewals within ten (10) days of the
account therefor being rendered by the Town. It
shall be the responsibility of the Owner to not-
ify the.Town of the dates for the renewal of the
premium of the said policy and to supply proof
that the premium has been paid in order that the
guarantee provided by the Liability Insurance
Policy shall not lapse.
12. PERI•'012L1AP,'CE
Before commencing any Stage of Cho work provided
for herein, the owner sha ll supply the To',on with
a Performance and I?a l:+?;r>r;:1i?Cc? `iccurity in form
satisfactory to tl Town ana in the i,m-unt of
$ to guarantee Lhe :-ati.sfactory completion
of the work in thot Scayn and to qua rantee the
workmanship and materials for a period of two (2)
years from the date that the saki works are
approved in writing, by the Director of Public
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PART 2 - SERVICES (Cont'd)
12. PERFORMANCE & MAINTENANCE GUARANTEE (Cont'd)
Works. Such Performance and Maintenance Security
shall be in the form of an irrevocable bank letter
of credit, The Owner may, from time to time,
apply for a reduction in the letter of credit and
such application shall be made to the Town Manager
and such reduction may be granted by him upon
written verification of the Director of Public
Works that the services for which reduction is
being sought have been satisfactorily completed,
provided such reduction shall not reduce the
amount of the security to any amount less than
ten per cent (10%) of the original value, which
ten per cent portion shall apply as the security
for maintenance until the obligation to maintain
has expired, when the balance of the security
shall be returned to the owner subject to any
deductions for maintenance purposes..
13. DRAINAGE - SODDING
The Owner agrees to provide the Town, prior to the
commencement of the development of the lands affec-
ted hereby, with a Grading Control Plan prepared by
the Owner's Consulting Engineer, establishing the
proposed grading of the lands to provide for the
proper drainage thereof and the drainage of all
adjacent lands which drain through the said lands.
The Grading Control Plan shall be prepared in accor-
dance with such Grading Control Plan under the
supervision of the Owner's Consulting Engineer. If,
in the opinion of the Director of Public 6;orks,
drainage problems cccur prior to formal acecptance
of the development by the Town, the Owner agrees ,
to correct them by re-grading or by the construe- I?
tion of catch basins, swales or other structures f'
as may be necessary to correct such problems. The {
Owner agrees to sod the front, side and rear yards 1f
of each of the lots or blocks except for pa<.ed or
planted areas, upon the completion of the +7..onstruc-
tion of buildings thereon. I!
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14. INCOMPLETF..D OR FAULTY WORK ai
If, in the opinion of the Director of. Public Nlo.rks;
the owner is not prosecuting or caus_.;:g tc be proc
ecuted the wor". in connection with ::-,irecmcnt
within the speciLied time, or _.n order tlia' it may
be completed within the specified 1_ :zmc, cr is in:-
proper.ly performing the work, or ,;hall the owner
neglect or abandcn i.t: be fora t hl , c.,mpieti.on, or
unreasonably delay the same so t;:a: the conditions
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PART 2 - SERVICES (Cont'd)
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15.
INCOMPLETED OR FAULTY WORK (Cont'd)
of this Agreement are being violated or carelessly
executed, or in bad faith, or shall the owner neg-
lect or refuse to renew or again perform such work
as may be rejected by the Director 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 said Director of Public Works shall promptly
notify the owner and his surety in writing of
such default or neglect and if such notification
be without effect within ten (10) clear days after
such notice, then in that case the Director of
Public Works shall thereupon have full authority
and power immediately to purchase such materials,
-tools and machinery and to employ such workmen as
in his opinion shall be required for the proper
completion of the said work at the cost and
expense of the Owner or his surety, or both. In
cases of emergency, in the opinion of the Direc-
tor of Public Works, such work may be done with-
out prior notice but the Owner shall be forthwith
notified. The rnst of such work shall be calcu-
lated by the Director of Public 1,7Orks whose de?i-
sion shall be final. It is understood and agreed
that such costs shall include a management fee of
twenty per cent (200) 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 paragraph is one of
the considerations, without which the Town would
not have executed this Agreement.
TRANSFERS - CONVEYANCES
(1) Prior to the commencement of Stage 1, the
Owner shall convey, free and clear of all
encumbrances, at no cost Lo the grantee,
the lands referred to in Coltu^,n I of the
following Tab-le to the re.specti.ve author-
ities referred to in Ciunui II:
Table
Column I Column 7:?:
Part: The Corporation of the
Plan 401,- 'D'own of. Pickering
Part The Corporation of the
Plan 40R-- Town of Pickering
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PART 2 - SERVICES (Cont'd)
15. TRANSFERS - CONVEYANCES (Cont'd)
Table (Cont'd)
Column I Column II
Part The Regional Municipality
Plan 40R- of Durham
Part The Regional Municipality
Plan 40R- of Durham
(2) Prior to the commencement of Stage 2, the
Owner shall convey to the Town, free and
clear of all encumbrances, at no cost to
the Town, Part , Plan 40R- , or such
portion of same required, in the Town's
sole discretion, for road purposes.
16. TRANSFERS - EASEMENTS - GENERAL
The Owner shall arrange at no cost to the Town
for granting to the Town such easements as the
Director of Public Works or his designate shall
deem necessary for the provision of storm sewer
services both within the boundaries of the
development and across lands adjacent to the
development but outside its boundaries. Such
easements shall be subject to the approval of
the Director of Public Works or his designate
as to their location and width. The construc-
tion of any services in such easement or ease-
ments shall not coimnence until the easement has
been acquired, unless permission Lo do so has
been obtained by the owner, in writing, from the
Town and from the registered owner of the lands
across which the easement shall lie.
17. STREET NAMING
The Town shall name all public roads to be pro-
vided on the lands affec.Led hereby.
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1Q. SERV.iCF; CUACTTY
This Agreement shall be :subject to the Owner
entering into satisfactory arrancJeuuaits with
the Town anI the Regicnal Municipality of
Durham with respect to the allocation of sew-
age treatment plant capacity and water capa-
city for the development.
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3.9. GENERAL PROVISIONS - SERVICES
The Owner agrees with the Town.
(a) Paving of Driveway Approaches
To pave the driveway approaches between
the curb and the limit of the road allow-
ance.
(b) Ontario Hydro Rights-of-Way
In the event that a right-of-way of
Ontario Hydro passes through or is
immediately adjacent to the lands
affected hereby, to fence such right-
of-way on both sides, or the adjacent
side thereof, as the case may be, prior
to developing the adjacent lands. The
fence is to be of construction and de-
sign as may be approved by the Town.
(c) Continuation of Existing Services
Where the construction of services herein
involves a continuation to existing ser-
vices, to join into the same, including
adjustment of grades where necessary, in
a good workmanlike manner.
(d) Public Lands - Fill & Debri
To neither dump nor permit to be dumped,
any fill or debris on, nor to remove or
permit to be removed any fill from any
public lands, other than the actual con-
struction of roads in the lands affected
hereby without the written consent of
the Authority responsible for such lands.
The Owner shall, on request, supply the
Town with an acknowledgement from such
Authority of the Owner's compliance with
the terms of this clause. The Owner fur-
ther agrees that there shall be no burn-
ing of refuse or debris upon his lands
or any public lands.
(e) Qualitative or Quantitative Tests
The Director of Public Works may have
qualitative or quantitative tests made
of any materials which have been or arc
proposed to be used in the construction
of any services required by this Agvee-
meat, and the cost of such tests shall
be paid by the Dener wit;; M,_ Ly 113)
days of the account: heir: ,;
the Town.
(f) Relocation of Ser.vicew
To pay the cost of relocating any exist-
ing services and utilities causuO by
the subdivision work within thirty (30)
days of the account for same bc?i.ng ren-
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PART 2 - SERVICES (Cont'd)
19. GENERAL PROVISIONS - SERVICES (Cont'd)
(f) Relocation of Services (Cont'd)
dered by the Town. The Owner further
agrees to similarly pay the cost of
moving any services or utilities in-
stalled under this Agreement in drive-
ways or so close thereto, in the
opinion of the Director of Public
Works, as to interfere with the use of
the driveway.
(g) Specifications
Unless otherwise provided, to perform
any work required to be done under this
Agreement to the specifications of the
Town in effect at the date hereof.
(h) Temporary Signs
To provide and erect at its own cost,
t.emnor;-iry street signs and warning
rign3 aL locations designated by the
Director of Public Works; such signs
shall be according to the specifications
of the Town.
(i) Permanent Signs
To provide and erect at its own cost,
permanent signs at locations designa-
ted by the Director of Public Works to
the specifications of the Town.
(j) Engineering Drawings
Prior to the final acceptance of the
public services, to supply the Town
with duplicate original drawings of
the engineering works for tke services,
with amendments, if any, noted thereon.
(k) Snow Plowing & Sandier of Roads
If, in the opinion of the Director of
Public Works, the condition of the
road surface is not acceptable to hiri
for winter control, to snow plow and
sand such roads from such occupied
buildings to existing Town roads,
including alternate means of access
where available. Such snow plowing
and sanding shall be done from time
to time when the Director of Public
works deems conditions warrant and
until such Lime as tho roads are
acceptable to the Di-rector of Public
Works for winter control.
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PART 2 - SERVICES (Cont'd)
19. GENERAL PROVISIONS - SERVICES (Cont'd)
(1) Survey Monuments & Markers
Prior to the acceptance of the public
services by the Town, to supply a state-
ment by an Ontario Land Surveyor that,
after the completion of the work, he
has found all standard iron bars as
shown on the registered plans, and sur-
vey monuments at all block corners,
the ends of all curves, other than
corner roundings and all points of
change in direction of roads.
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PART 3 - CONSTRUCTION & OCCUPANCY OF BUILDINGS
20. CONSTRUCTION & OCCUPANCY OF BUILDINGS
(1) The Owner agrees that no building permit
shall be issued for any building or part
of a building on the lands affected here-
by until sewer and water facilities are
available, and in the opinion of the Dir-
ector of Public Works, capable of provid-
ing adequate service.
(2) The Owner further agrees that no building
or part of a building on the lands affec-
ted hereby shall be occupied except on the
following conditions:
(a) Sewer and water facilities are
installed and in operation to
service adequately such build-
ing or part thereof;
(b) A municipal occupancy permit has
been issued;
(c) Electric service is completed
and in r-craticn; cnd
(d) Curbs have been constructed and
an asphalt base laid on the road
immediately in front of the
building or part thereof and
both extended to an existing
maintained public road.
(3) The Owner agrees with the Town that should
any building or part thereof be occupied
in contravention of any or all. of the pro-
visions contained in subsection (2), above,
then in that event the Owner shall pay to
the Town, the sum of $1,500 for each build-
ing or part thereof so occupied as liquida-
ted damages for such contravention. The
issuance by the Town of municipal occupancy
permits for each and every building on any
,lot or block on the lands affected hereby
shall be deemed to be a release from the
provisions of this subsection with respect
to that lot or block.
(4) The Owner further covenants and agrees to
maintain vch.ici,la.r access to a].1_ occuniod
buildings on the lands affected h reiw,
until the z o.?Qs are Formally by
the, Town, anti forth^r acreen to obtai?l
similar covenants from any sub;equenc Owner
of any o;: t.hc Janus <.o-jccted ire; eby,
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PART 3 - CONSTRUCTION & OCCUPANCY
OF BUILDINGS (Cont'd)
21.
SITE PLANNING
(1) The Owner agrees that prior to the issuance
of building permits for any building to be
erected on the lands affected hereby, it
shall submit architectural and siting plans
for that building and its site to the Town
for approval. The Owner agrees to engage
the services of only one architectural or
engineering firm at one time to coordinate
the design for any building unit and that
firm is to be the coordinator throughout
the design approval process.
(2) The siting plans may be required, at the
Town's option, to provide the following
information:
(a) street scape for front and rear
elevation at a scale acceptable
to the Director of Planning;
(b) street scape to show all street
(c) the relationship of buildings by
blocks, and
(d) any other data or information re-
quired by the Town.
22.
LANDSCAPE PLANNING
The Owner agrees that prior to the issuance of build-
ing permits for any building to be erected on the
lands affected hereby, it shall submit a landscaping
plan for that building and its site to the Town for
approval. The Owner further agrees that upon appro-
val by Lhe Town of a landscaping plan, the landscap-
ing wo.r)a shoe:n on the plan shall be constructed,
installed or planted, as the case may be, in con-
formance with the landscaping plan, and be completed
within two (2) years of the date of approval of the
plan, or within such other period of time permitted,
in writing, by the Director of Planning.
23. FENCING
Upon completion of final lot grading and sodding
of the lands affected hereby, the owner shall
erect a permanent fence along the boundary of the
lands affected hereby.
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PART 3 - CONSmRUCTION & OCCUPANCY
01? f31JILD"!GS (Coat' d)
23. FENCING (Cont'd)
Such fence shall be 1.5 metres high and constructed
of nine gauge, galvanized steel lint: fencing with
maximum 0.05 metre mesh, unless substitution is
authorized in writing by the Director of Public
Works, or is required by any other authority hav-
ing jurisdiction.
24. TREE PLANTING
(1) The Owner shall plant on the lands, trees
of a size, number and type acceptable to
the Town. A schedule of the owner's tree
planting scheme shall be approved by the
Director of Planning prior to the planting
of any trees. A list of acceptable tree
species and sizes will be provided.
(2) The trees approved by the Town shall be
planted by the Owner no more than 3 months
after final grading is done in the speci-
fic area.
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PART 4 - FINANCIAL MATTERS
25. GENERAL PROVISIONS - FINANCIAL MATTERS
The Owner agrees with the Town:
(a) Taxes
To pay the taxes in full on all the lands
affected hereby, as required by law from
time to time.
(b) Local Improvements
Prior to the registration of this Agreement,
to prepay any outstanding local improvement
charges which are levied against any of the
lands affected hereby.
(c) 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.
(d) Registration Fees
To pay all registration costs incurred by
the Town relating in any way to the regis-
tration of this Agreement or any other re-
lated documentation, including transfers.
(e) Lien or other Claims
Upon applying for final acceptance of the
public services, to supply the Town with
a Statutory Declaration that all accounts
for work and materials have been paid,
except: normal guarantee holdbacks, and
there are no claims for liens or otherwise
in connection with such work done or mater-
ial supplied for or on behalf of the owner
in connection with the works or if such
claims do exist, the Owner agrees to indem-
nify the Town against any claims, actions,
or demands for mechanics' liens or other-
wise and all costs in connection therewith.
26. EXPIRY OF
The Owner fnhhuc ,g ces l.hnt. s hould any security
requ ired to Lc qii: n under Khc terms of this Agree-
ment expi re auri.nq the currency of the Agreement,
the Owner shall provide to the Town at least thirty
(30) days A advance oq the exp iry date of that
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PART 4 - FINATICIAL MATTERS (Cont'd)
26. EXPIRY OT' SECURITIES (font' d)
security, a further security to take effect upon the
expiry. Such further security shall be to the satis-
faction of the Town. Should no such further security
be provided as required, then the Town shall 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.
27. MAINTENANCE OF SECURITIES
If the Town draws against any security provided by
the Owner pursuant to the provisions hereof, there-
by reducing the amount of the security, then in
that event, the Town may, at its option, require
the Owner to increase the amount of the security
to any amount equal to or less than the original
amount, and the Owner shall so increase the amount
within 10 days of its receipt of the Town's notice
requiring same.
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PART 5 - GENERAL PROVISIONS
a._=.----? I_? --- _
28. LICENCE TO ENTER
The owner agrees with the Town to retain a licence
from any subsequent purchaser of the aforesaid
lands to enter upon such lands in order to comply
with the provisions of this Agreement.
29. NOTICE
Any notice required to be given hereunder may be
given by registered mail addressed to the other.
Party at its principal place of business and shall
be effective as of the date of the deposit thereof
in the Post Office.
30. ENCUMBRANCES
The Encumbrancers agree with the Tot,i chat this
Agreement shall have priority over and take prec-
edence over any rights or interests they may have
in the lands affected hereby, u:hether 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 vir-
tue of any instrument or document registered on
title to the lands affected hereby, or any part
of them, prior to the registration of this Agree-
ment.
31. INTERPRETATION
(1) Whenever in this Agreement the word "Owner"
and the pronoun "it" is used, it shall be
read and construed as "Owner or Owners"
and "his", "her" or "their", respectively,
and the number of the verb agreeing there-
with shall be construed accordingly.
(2) The
t ?
h CrCtn shall 1-n Yr• n, r'i. or, Hii?C n.v ?innai'
(3) Time shall be c` the, es-encc oS' this Agroe-
ment.
(4) This AgreemenC a;:d everything herein con-
tained :;hill enure to the benefit of and
be binding upon the parties hereto, their
successors and assigns.
- 19 -
IN WITNESS WHEREOF the said Parties have hereunto
affi_red their Corporate Seals attested to by the hands
of their proper officers in that behalf fully authorized.
SIGNED, SEALED and DELIVERED
SPINONI DEVELOPMENTS LIMITED
Per:
Per:
THE CORPORATION OF THE TOWN OF PICKERING
Clerk
In the presence of WILLIAM A. MOFFATT
ARNMENT INVESTMENTS LIMI'T'ED
Per:
Per:
THE TORONTO-DOMINION BANK
Per:
Per:
THE ROYAL BANK, OF CI.NAD,
Per:
Per:
SCIfEIDUTA? "At'
1.
TIY7 LIMIT FOR WORK 6 GUARANTF.i FOR VIORM4ANSI]IP
b M ?Tj:!'IALS
Save as herein othererisc provided, the Owner agrees
to complete the works required under this Agreement
within the time limits specified in the Table set
out below and to guarantee the workmanship and mat-
erials for a period of two (2) years from the date
that the said works are approved in writing by the
Director of Public Works. Any work other than that
specifically provided for in the Table shall be com-
pleted within the time provided for therein for.
Stage 2 aboveground services.
Table
Works
Stage 1 - Valley Farm Road
(a) Underground Services
(b) Aboveground Services
Stage 2 - Interior Road
(c) Underground Services
(d) Aboveground Services
Time Limit for Completion
Two years from the date
of conveyance to the
Town
Two years from the date
of the registration of
this Agreement
one year from the date
of conveyance to the
Town
Two years from the date
of conveyance to the
Town
h
II