HomeMy WebLinkAbout78-58 THE CORPORATION OF THE
TOWN OF NEWCASTLE
BY-LAW NO. 78-58
a by-law to authorize the entering into an
Agreement with Claret Investments and Rexgate
Holdings Ltd.
WHEREAS Council has entered into a Subdivision Agreement with
Claret Investments and Rexgate Holdings Ltd. ,
AND WHEREAS Council deems it necessary to enter into a further
Agreement with the Subdividers,
NOW THEREFORE 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 Corporate Seal an Agreement between Claret Investments
and Rexgate Holdings Ltd. and the said Corporation to provide
for the posting of a Letter of Credit by the Developer in the
• event that the Mortagees do not sign the Subdivision Agreement
as per By-Law No. 78-56, which agreement is attached hereto as
Schedule "A".
READ A FIRST, SECOND AND THIRD TIME and finally passed this 6th day
of July, 1978.
G. B. Rickar�L-
Mayor
J. M. Mcllro v
Clerk
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THIS AGREEMENT made in duplicate this b-"- day of c ��
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A .D .) 1978 . ° � 1
B E T W E E N:
THE CORPORATION OF THE TOWN OF NEWCASTLE ,
hereinafter called the PARTY
OF THE FIRST PART {
and j
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CLARET INVESTMENTS LIMITED and
REXGATE HOLDINGS LIMITED, '!
hereinafter called the PARTIES
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OF THE SECOND PART.
WHEREAS the parties hereto have contemporaneously
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with the execution of this agreement , entered into a subdivision
agreement ;
AND WHEREAS under the subdivision agreement , the mort-
gagees , Glenn Homer Reynolds , Frances Marion Stacey, and
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Gladys Louise Windlad , are to execute the agreement for the j
purpose of postponing their mortgage to the subdivision
agreement ;
AND WHEREAS the mortgagees have not executed the sub-
division agreement and may refuse to do so ;
AND WHEREAS the parties hereto deem it desirable to
enter into this agreement in the event that any of the herein-
before referred to mortgagees do not execute the subdivision
agreement.
NOW THEREFORE in consideration of the mutual agree-
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ments and covenants and promises herein contained, and other
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good and valuable consideration, the parties hereto agree as
follows:
1. In the event the mortgagees, Glen Homer Reynolds, Frances
Marion Stacey and Gladys Louise Windlad, do not execute the subdivision
agreement pertaining to the Subdivision No. 18T-76048, on or before the final
approval by the Minister of Housing of the aforesaid Plan, the Owner shall
forthwith upon the final release of the Plan for registration furnish to
the Municipality an irrevocable letter of credit in a form satifactory to
the Treasurer and Solicitor of the Municipality, in an amount equal to the
unpaid principal balance of such mortgages registered against the lands
as of the date of this Agreement for which the mortgagees have not signed
the subdivision agreement.
2. In the event that any of the owners, assignees, successors
or holders of aforesaid mortgages shall commence foreclosure and/or sale
proceedings against the whole or any part of the Lands, the Municipality
may use such part of the letter of credit as is necessary to fully discharge
any mortgage upon which mortgage foreclosure and/or sale proceedings
have been commenced.
3. The amount of the letter of credit may be reduced from time
to time upon production by the Owner of evidence satisfactory to the
Municipality that the principal amount owing on the aforesaid mortgages
have been reduced and the amount of such reduction of the letter of credit
shall be equal to the amount of the reduction of the principal amount
owing on the aforesaid mortgages between the date of this Agreement
and the date of the request for a reduction in the
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letter of credit .
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4 . The letter of credit shall be. released in full when
the last of the aforesaid mortgages have been fully discharged
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by the registration upon title of a discharge of mortgage , or
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cessation of charge , as may be the case .
IN WITNESS WHEREOF the parties hereto have hereunto
affixed their corporate seals under the hands of their duly
authorized officers .
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THE CORPORATION OF THE TOWN OF
NEWCASTLE,
Per : r
Mayor
y
,,/Clerk
CLARET INVESTMENTS LIMITED, .�
Per :
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REXGATE HOLDINGS LIMITED, 41
Per :
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DATED :
B E T W E E N:
THE CORPORATION OF THE t
TOWN OF NEWCASTLE
AND
CLARET INVESTMENTS LIMITED
and REXGATE HOLDINGS LIMITED
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A G R E E M E N T
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SIMS MORTON McINERNEY & BRADY,
Barristers and Solicitors ,
117 King Street ,
Whitby, Ontario
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