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THE CORPORATION OF THE TOWN OF NEWCASTLE
BY-LAW NUMBER 85- 58
being a by-law to authorize the entering into of an
Agreement with Jack Zurba and the Corporation of the
Town of Newcastle.
The Council of the Corporation of the Town of Newcastle
hereby enacts as follows:
1. 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's seal, an
agreement between Jack Zurba and the said Corporation
dated the day of , 1985, in the form
attached hereto as Schedule "X".
2. THAT Schedule "X" attached hereto forms part of this
by- 1 aWe
BY-LAW read a first time this 22nd day of April, 1985.
BY-LAW read a second time this 22nd day of April, 1985.
BY-LAW read a third time and finally passed this
22nd day of April, 1985.
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1 File NO.-.ka.:.~__.-J
THIS AGREEMENT made this 25th day of March, 1985.
BETWEEN:
JACK ZURBA, of the Town of Spruce Grove,
in the Province of Alberta,
hereinafter referred to as the Party
OF THE FIRST PART
- and -
THE CORPORATION OF THE TOWN OF NEWCASTLE,
hereinafter referred to as the Party
OF THE SECOND PART
WHEREAS JACK ZURBA is the registered owner of those
lands known as Part Lot 28, Concession BF, being Part 2 on Plan
10R708;
AND WHEREAS the current development agreement registered
as Instrument No. 90723 is in default and remains outstanding at this
time;
AND WHEREAS in consideration of the Corporation of the
Town of Newcastle releasing those lands cited above from the
subdivision agreement and permitting the registration of said release,
the Parties herein agree that the Party of the First Part shall pay to
the Party of the Second Part, the sum of ONE THOUSAND DOLLARS
($1,000.00) and shall further post a letter of credit in the amount of
TWO THOUSAND DOLLARS ($2,000.00) as security towards future costs that
may be incurred by the Party of the Second Part.
IT IS FURTHER AGREED between the Parties that the said
sum of ONE THOUSAND DOLLARS ($1,000.00), together with the Letter of
Credit shall be held in trust and shall be reimbursed and returned to
the Party of the First Part upon the payment by either the sub-divider,
Darlington Industrial Estates, or any owner of the lands of monies due
and owing under the terms of the development agreement.
. d
2 -
It shall be incumbent upon the Party of the Second Part to attempt to
recover any monies expended and to extract same from the subdivider,
any future developer or any owner of these lands. It is agreed that
the ONE THOUSAND DOLLARS ($1,000.00) and the Letter of Credit shall not
be utilized by the Party of the Second Part until all resourses have
been exhausted in attempts to recover any monies owing and in the event
settlement concluded for sums less than are due and owing, the
settlements shall operate as full payment and under the terms of said
agreement and the ONE THOUSAND DOLLARS ($1,000.00) and letter of credit
shall be returned and released to the Party of the First Part.
The Party of the Second Part further acknowledges the
obligations of 479141 Ontario Limited, the purchasers of the lands in
question by way of an Agreement dated the 20th day of November, 1984,
wherein the purchaser agrees to comply with the requirements for paving
driveways and seeding and mulching of ditches as specified in paragraph
2(b) of the development agreement and to comply with fencing and
landscaping requirements as specified in Paragraph 3 of Schedule "G" of
the said development agreement.
IN WITNESS WHEREOF the Party of the First Part has
hereunto set his hand and seal, and the Party of the Second Part has
hereto affixed its corporate seal attested by the hands of its duly
authorized officers.
SIGNED, SEALED AND DELIVERED )
)
in the presence of )
) JACK ZURBA
)
)THE CORPORATION OF THE TOWN OF NEWCASTLE
)BY:
)
)
) Authorized Signing Officer
)
)
)
) Authorized Signing Officer