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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 I I/ -- 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, - and - THE CORPORATION OF THE TOWN OF PIC hereinafter called the "Town" OF THE SECOND PART, - and - 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 I' I 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- i 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: - 2 - 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- -• 3 - 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- r I? - 4 - 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 ... •+?.. r v r v•r • Ji?l. ?. ?.11VU1.1 V11J 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. ?j i? (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. -5- 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. !I ii 9. ELECTRIC DISTRIBUTION & STREET LIGE IrG q 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. i? costs of installation of such service-, itial.W- 1 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 - 6 - 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 - 7 - 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! ii 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 - 8 - PART 2 - SERVICES (Cont'd) 14 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 - g _ 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. i. i; I. i 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. - 10 - 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- - 11 - 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. - 12 - 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. Y - 13 - 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, - lA - 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. - .15 - 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. i I - 16 - 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 - 17 - 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. - 18 - 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