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HomeMy WebLinkAbout85-21 " .. THE CORPORATION OF THE TOWN OF NEWCASTLE BY-LAW 85- 21 being a by-law to authorize the execution of an Agreement of Purchase and Sale with Kraco Carpentry Services Ltd. THE CORPORATION OF THE TOWN OF NEWCASTLE HEREBY ENACTS AS FOLLOWS: THAT the Mayor and Clerk are hereby authorized to execute, on behalf of the Corporation of the Town of Newcastle, and seal with the Corporation Seal, an Agreement between Kraco Carpentry Services Ltd., and the said Corporation, a copy of which is attached hereto as Schedule "X". By-law read a first and second time this 25th day of February 1985. By-law read a third time and finally passed this 25th day of February 1985. ~~-~ Mayor ~a~. &/f..- Clerk 1J1!e No.../~:..1.:..jl!L_......_J <# . II ONTARIO REAL ESTATE ASSOCIATION AGREEMENT OF PURCHASE AND SALE KRACO CARPENTRY SERVICES LTD. PURCHASER. .............................................. ...... ...... offers to buy from TOWN OF NEWCASTLE VENDOR, .... . ................................ ... . ...... . through Vendor's AGENT. .......~PYAN....R~A.l..TLlT.P....... .................... ..................... ......................... ......... the following PROPERTY: fronting on the .....!lOrt.h.... side of.C.~r.QUn.~...St...... ....... known municipa.lly as .P.t....~.Qt.~...1.l...l..l.?.~. B1 k. 5, in the ........... ...V.i.J.J ~9.E!..9.f. .NE!W~.q.~..tl.E!. .... ........ .............................. .... ....... ..... ....... of . ...N.E!WG.~~.tJ ~...... ....... .... ... ..... ......... ......... ...... ..... . 62 7 I 163' and havmg a frontage of ...... '. more or less by a depth of .......... more or less and described as .. .Pt... .l.ots. .11..&. .12,... -Block.. .5. ,.. Hafl ni .ng. "Plan;." 'Ca rol ine. . -Street;... V i .11 age" 'of" Newca,s t 1.e........................ . Town .. .of. . Newcastle ........................................................ ...... ..... .................................................................................................................... ............................ ............ ....... . at the PURCHASE PRICE of E I GH!~.~~. . THOUSAND N I N E .H~~P.~~P:,:,-:-:.-:-: :':'.-:-:.-:-: :':'.:':'.-:-: :':'.:':'.-:-:.":'.:':'.-:-:.":'. :':'.-:-:.".': :':'':':''.':''.':.''.':.':'::':'.:-Canadian Dollars ($Can.1.f3.,. ~9.0.~QQ':':~.~.~:':".1- on the following terms: 1. Purchaser submits with this offerrI.v~..H.~~D.~~D.:':'.-:-:.-:-:".'::':'-:-:".':.:':'-:-:".'::':'.-:-::':'.:':'.'::.":'.:':'.:-.-:-:".':.:-.-:-:.":'.".'::-."'.:':'.:-.".':~ollars ($~.QQ.~.Q.o.. ................) cash/cheque payable to Vendor's Agent as a deposit to be held by him in trust pending completion or other termination of this Agreement and to be credited towards the Purchase Price on completion. 2. Purchaser agrees to pay the balance of the purchase price in cash or by certified cheque to the vendor on closing, subject to adjustments. The vendor agrees that all frontage fees/or water & sewer, are paid for. The purchaser agrees to pay normal Regional connection charges for both water and sewer connections. The purchaser agrees to pay any survey costs associated with the transaction. The vendor warrants that a building permit is available. :~;,,' 3. Purchaser and Vendor agree that all existing fixtures are included in the purchase price except those listed hereunder: . and that the following chattels are included in the purchase price: 4. PurcJgser agrees that this Offer shall be irrevocable by him until 11:59 p.m. on the . 28th... day of ...Febr.uary.................... 19 .......... after which time. if not accepted. this Offer shall be null and void and the deposit shall be returned to Purchaser without interest or deduction. 5. This Agreement shall be completed on the ..29t.h....... day of .. .March..... .., ......... 198-5..... Upon completion. vacant possession of the property shall be given to Purchaser unless otherwise provided as follows: 6. Purchaser shall be allowed the ...~.5............ days next following the date of acceptance of this Offer to: examine the title to the property aUlis ow,n ex,pen~, to satisfy himself that there are no outstanding work orders affecting the property. that its present use (... KeSlaentlal may be lawfully continued. and that the principal building may be insured against risk of fire. 7. Vendor and Purchaser agree that there is no condition, express or implied, representation or warranty of any kind that the future intended use of the property by Purchaser is or will be lawful except as may be specifically stipulated hereunder. ~................ ..............................~............... .............~............. ...........~........... .........~............. .......~................ ..r................ ... .......... ............................./......................................................................................................................................... .................. .......... .............................../.............,.,........................................................................,....".....,.....,.,.........,.........,............................,................. 8. Purchaser acknowledges having inspected the property prior to submitting this Offer and undentaDds that upon VeDdOl' accepting this Offer there shall be a biDding agreement of purchase aDd sale betweeD Purchaser and VeDdOl'. ... 9. Provided that the title to the property is good and free from all encumbrances except as aforesaid and except for any registered restric- tions or covenants that run with the land providing that such are complied with and except for any minor easements to public utilities required for the supply of domestic utility services to the property. If within the time allowed for examining the title any valid objection to title, or to any outstanding work order, or to the fact the said present use may not lawfully be continued, or that the principal building may not be insured against risk of fire is made in writing to Vendor and which Vendor is unable or unwilling to remove, remedy or satisfy and which Purchaser wiIl not waive, this Agreement, notwithstanding any intermediate acts or negotiations in respect of such objections, shall be at an end and all monies theretofore paid shaH be returned without interest or deduction and Vendor and Vendor's Agent shall not be liable for any costs or damages. Save as to any valid objection so made by such day and except for any objection going to the root of the title, Purchaser shall be conclusively deemed to have accepted Vendor's title to the property. 10. Purchaser shall not caH for the production of any title deed, abstract, surveyor 'other evidence of title to the property except such as are in the possession or control of Vendor. Vendor agrees that he will deliver, if it is possible, any sketch or survey of the property to Purchaser as soon as possible and prior to the last day allowed for examining title. 11. All buildings on the property and all other things being purchased shaH be and remain until completion at the risk of Vendor. Pending completion, Vendor shall hold all insurance policies, if any, and the proceeds thereof in trust for the parties as their interests may appear and in the event of substantial damage, Purchaser may either terminate this Agreement and have all monies theretofore paid returned without interest or deduction or else take the proceeds of any insurance and complete the purchase. 12. Provided that this Agreement shaH be effective to create an interest in the property only if the subdivision control provisions of The Planning Act are complied with by Vendor on or before completion and Vendor hereby covenants to proceed diligently at his expense to obtain any necessary consent on or before completion. 13. Purchaser hereby warrants that he is not a non-resident of Canada pursuant to The Land Transfer Tax Act. 14. Vendor covenants and agrees that he will on or before closing provide to Purchaser either the certificate of the Minister of Revenue of Ontario that no lien is claimed under The Land Speculation Tax Act, 1974, or an affidavit in prescribed form that this transaction is exempt from said tax pursuant to the Act, and if Vendor is a corporation or partnership that it will provide a further affidavit that there has been no disposition within the meaning of the Act. 15. Purchaser shaH be credited towards the Purchase Price with the amount, if any, which it shaH be necessary for Purchaser to pay to the Minister of National Revenue in order to satisfy Purchaser's liability in respect of tax payable by Vendor under the non-residency provisions of the Income Tax Act by reason of this sale. Purchaser shall not claim such credit if Vendor delivers on completion the prescribed certificate or his statutory declaration that he is not then a non-resident of Canada. 16. Vendor shall supply to Purchaser at least five (S) days before the completion date, details of any fire insurance to be assigned on closing. 17. Unearned fire insurance premiums, rents, mortgage interest, taxes, local improvement, water and assessment rates and the cost of fuel shall be apportioned and aHowed to the day of completion (the day itself to be apportioned to Purchaser), 18. The deed or transfer shaH, save for the Land Transfer Tax Affidavits, be prepared in registrable form at the expense of Vendor and the Mortgage at the expense of Purchaser. 19. Time shall in all respects be of the essence hereof provided that the time for doing or completing of any matter provided for herein may be extended or abridged by an agreement in writing signed by Vendor and Purchaser or by their respective solicitors who are hereby expressly appointed .in this regard. . 20. Any tender of documents or money hereunder may be made upon Vendor or Purchaser or their respective solicitors on the day for com- pletion of this Agreement. Money may be tendered by bank draft or cheque certified by a chartered bank,. trust company or Province of Ontario Savings Office. 21. This Agreement shaH constitute the entire agreement between Purchaser and Vendor and there is no respresentation, warranty, collateral agreement or condition affecting this Agreement or the property or supported hereby other than as expressed herein in writing. This Agreement shaH be read with all changes of gender or number required by the context. It DATED at ... ..~.()\'JIl1Cl.rl'JiJ.l~ ..... this ...?9.:t.h.... day of ..~..f~pr.l),~ry......................................... 19a.~........ SIGNED, SEALED A in the ~11ce of: ........U...:.... IN WITNESS whereof I have her~y hand and seal: ./ J ~,~:;:.1'" ) ........r/..df:.:h~~!!"c~~i~E~Da.. fi;q,&7~. ,<' ~,' ...., .'_,.c.,...,...,....... ,.........,..................... ...,.... ............... ....... ..Date . ...... (Purchaser) ....................... The undersigned accepts the above Offer and agrees with the Agent ab?~e ~d in consideration for his services in procuring the said Offer, to pay him on the date above fixed for completion, a commission of .S.lX.., % of an amount equal to the above mentioned sale price, which commission may be deducted from the deposit. I hereby irrevocably instruct my Solicitor to pay direct to the said Agent any unpaid balance of commission from the proceeds of the sale, DATEDat.......~... .............r'...,....."..,Mt......~......~....l;i. . ":nw. TJ~f+:"I':~. .h , ,;..lL .lJ'UUL ,~ ~tl,.'................ 19 g~... ':;cy~Rj;WiUJM;~. .~.~, ,;"m~~l"" SIGNED, SEALED AND DELIVERED in the presence of: IN WITNESS whereof I have hereunto set my hand and seal: ~~;;;<Dato!f...f.:?]18t. . ............~~~j~~K.........Date.t~..~.7./t.( . "- .~ ' ,," ': ','. I ~- \ ~ ".. %~?/~' II ,.; . " ; f ACKNOWLEDGEMENT I acknowledge receipt of my signed copy of this accepted Agree- ment of Purchase and Sale" aRQ liifeet the ~eflt te farwlllElll eopy --{~.J!t~ Do;~<~!f( I acknowledge receipt of my signed copy of this accepted Agree- ment of Purchase and Sale, and direct the agent to forward a copy to my solicitor. ..... Date .......................... ............................................................................ Date .......................... (Purchaser) .............................,.............................................. Date .......................... (Purchaser) Address: ................................................................................................ (Vendor) Address: .............................. .... .... ... ................. ... ..........,..........,... .... ...... Telephone No, .................................... Telephone No. . ......................... ......... ...... ...... ...... ....... ....... .......... ......... Vendor's Solicitor .....~.(,~...f:......."J?-'?4..p.':1......... w .of I TI'J'1 Purchaser's Solicitor.. H.I~.:. ...F..(f.~. -Y..<......S;T..().~..':<!..':1.I!;....... ..... ..... Fonn No. 101