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Home My WebLink About96-155 t tr • TIIE CORPORATION Or THE MUNICIPALITY OF CLARINGTON BY-LAW NUMBER 96-155 Being a By-Law to authorize the making of an Extension Agreement between the Municipality of Clarington and Mosport Park Limited, pursuant to the provisions of Section 8 of the Municipal Tax Sales Act. WHEREAS, at it meeting on August 12, 1996, Council passed a Resolution recommending the making of an Extension Agreement between the Municipality of Clarington and Mosport Park Limited, pursuant to Section 8 of the Municipal Tax Sales Act, R.S.O. 1990, c.M.60: NOW THEREFORE BE IT ENACTED BY THE COUNCIL OF THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON: 1. THAT the Mayor and Clerk are authorized to execute on behalf of the Corporation of the Municipality of Clarington an Extension Agreement in the form contained as Appendix A attached hereto provided that the Extension Agreement is executed by all parties thereto on or before September 18, 1996. 2., THAT Appendix A attached hereto form part of this By-law. By-Law read a first and second time this 16th day of September 1996. By-Law read a third time and finally passed this 16th day of September 1996. Mayor Clerk r ' Appendix "A" THIS EXTENSION AGREEMENT made as of this 16th day of September 1996. BETWEEN: THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON (hereinafter called the Municipality) OF THE FIRST PART - and MOSPORT PARK LIMITED (hereinafter called the "Ratepayer") OF THE SECOND PART WHEREAS: A. The lands and premises affected by this Extension Agreement which are described in Schedule "A" hereto are hereinafter called the "Lands". B. The Ratepayer is the owner of the Lands and at all material times has been and is shown as such on the assessment roll of the Municipality. C. A tax arrears certificate was registered against the title to the Lands in the Land Registry Office for the Land Registry Division of Durham (No. 40) as Instrument No. D475934 on August 8, 1996. A copy of the tax arrears certificate is contained in Schedule "B" hereto. D. The Ratepayer has agreed that the amount of the tax arrears shown in the tax arrears certificate referred to in Recital C is correct. E. The Municipality has not received payment of the "cancellation price" as provided for by the Municipal Tax Sales Act, R.S.O. 1990 c. M-60 (the "Act") except for payment of the amount of one hundred thousand dollars ($100,000.00) by the Ratepayer to the Municipality on execution of this Agreement. F. By letter dated August 9, 1996 a copy of which is contained in Schedule "C" hereto, the Ratepayer has requested that the Municipality enter into this Extension Agreement pursuant to Section 8 of the Act. G. The Municipality's Council has approved the making of this Extension Agreement at its meeting held on September 16, 1996. H. This Extension Agreement is made pursuant to the provisions of Section 8 of the Act and is authorized by By-Law No. 96-155 passed on September 16, 1996, a copy of which is contained in Schedule "D" hereto. (to be annexed when enacted). NOW THEREFORE THIS AGREEMENT WITNESSETH THAT in consideration of the premises and the covenants hereinafter expressed, and the sum of two dollars ($2.00) of lawful money of Canada, now paid by each Party to the other, (the receipt of whereof by each Party is hereby acknowledged), the Parties hereto covenant and agree to and with each other as follows: 1. In this Extension Agreement the term "cancellation price" has the same meaning as it has in the Act. i • Page 2 2. The Ratepayer represents and warrants to the Municipality that each of Recitals A to F of this Extension Agreement is correct. 3. The Ratepayer acknowledges and agrees that the amount of the tax arrears shown on the Tax Arrears Certificated contained in Schedule "B" is correct. 4. The period of time in which the cancellation price is to be paid is extended for the period during which this Extension Agreement subsists. This Extension Agreement shall subsist so long as each of the payments set out below is made to the Municipality in accordance with this Extension Agreement on or before the dates set out below opposite the respective amounts to be paid: D ....... ............:::::::::::::: ::>;::>::>::»::»:>;::>::>::»::><::>;::::::>::> XXX $100,000.00 September 16, 1996 16,100.00 October 15, 1996 16,100.00 November 15, 1996 16,100.00 December 15, 1996 16,100.00 January 15, 1997 16,100.00 February 15, 1997 16,100.00 March 15, 1997 16,100.00 April 15, 1997 16,100.00 May 15, 1997 16,100.00 June 15, 1997 Our 16,100.00 July 15, 1997 16,100.00 August 15, 1997 The amount which is equal to the September 15, 1997 balance of the cancellation price required to be paid pursuant to the Act. In addition, the Ratepayer agrees to pay the realty taxes levied as they come due for the period commencing October 1, 1996 and ending September 30, 1997, and shall be applied by the Municipality in accordance with the Municipal Act, R.S.O. 1990, c.M.45. Nothing comtained in this Extension Agreement derogates from the obligation of the ratepayer to pay realty taxes levied as they come due after this Extension Agreement is terminated or ceases to subsist for the purposes of the Act or the rights of the Municipality to enforce payment of same. All payments shall be made by certified cheque, money order or cash delivered to the Municipality's Treasurer at the Municipal Administrative Centre, 40 Temperance Street, Bowmanville, Ontario during the Municipality's regular business hours. 5. In the event that any of the payments referred to in paragraph 4 of this Extension Agreement is not made in accordance with paragraph 4, thereupon this Extension Agreement shall cease to subsist for the purposes of the Act. 6. The Parties acknowledge that any person may pay the cancellation price at any time. Page 3 7. This Extension Agreement shall terminate upon payment of the cancellation price by any person. 8. The Ratepayer shall not assign this Extension Agreement to any person and shall not register this Extension Agreement against the title to the Lands. 9. Each of the Municipality and the Ratepayer acknowledges that the registered legal description of the Lands contains a reference to the road allowance between Lots 34 and 35 in the 9th Concession of the Geographic Township of Clarke and that such reference shall not be construed as either an acknowledgement of nor a derogation of any right to assert a claim to ownership of such road allowance. 10. Time shall be of the essence of this Extension Agreement. IN WITNESS WHEREOF the Municipality has hereunto affixed its corporate seal by the hands of its proper officers duly authorized in that behalf and the Ratepayer has hereunto set his hand and seal the day and year first above written. SIGNED, SEALED AND THE CORPORATION OF THE DELIVERED MUNICIPALITY OF CLARINGTON Mayor: Diane Ham re Clerk: Patti Barrie MOSPORT PARK LIMITED Name N C� Title S SCHEDULE "A" THIS SCHEDULE IS SCHEDULE "A" to the Agreement which has been authorized and approved by By-Law 96-155 of the Corporation of the Municipality of Clarington enacted and passed the 16th day of September, 1996. LEGAL DESCRIPTION OF LANDS ALL AND SINGULAR those certain parcels or tracts of lands and premises situate, lying and being in the Town of Newcastle, in the Regional Municipality of Durham (formerly in the Township of Clarke, the County of Durham) being more particularly described as follows: FIRSTLY: All of Lot 33 in the 9th Concession of the said Town of Newcastle (formerly Township of Clarke), save and except the south quarter thereof; SECONDLY: All of Lot 34 in the 9th Concession of the said Town of Newcastle (formerly Township of Clarke); THIRDLY: All of Lot 35 in the 9th Concession of the Town of Newcastle (formerly Township of Clarke), save and except those parts thereof more particularly described as follows: PARCEL I: Commencing at a point in the Western boundary in said lot, distant, 4,606.80 feet (69 chains 80 links). Northerly from the South West angle of said Lot; THENCE Easterly parallel to the Northern limit of said Lot a distance of 910.80 feet (13 chains 80 links); THENCE Northerly parallel to the said Western limit of said Lot 28.38 feet (43 links); THENCE Easterly parallel to the said Northern limit of said Lot 1,195.92 feet (18 chains 12 links) to a point in the fence marking the Western boundary of an unopened allowance for road between Lots 34 and 35; THENCE Northerly in and along said fence and the said Western limit of allowance for road a distance of 1,885.62 feet (28 chains 57 links) to the North East angle of Lot 35; THENCE Westerly in and along the Northern limit of said Lot 35 a distance of 2,106.72 feet (31 chains 92 links) to the North West angle of said Lot; THENCE Southerly in and along the said Western limit of said Lot 1,885.62 feet (28 chains 57 links) to the Point of Commencement. PARCEL II: Commencing at the Town Line at the south-westerly angle of said Lot; THENCE Easterly 910.80 feet (13 chains 80 links) along the road between the 8th and 9th Concessions of the said Town of Newcastle (formerly Township of Clarke); THENCE Northerly parallel with the Town Line 4,606.80 feet (69 chains 80 links); THENCE Westerly parallel with the Concession Line 910.80 feet (13 chains 80 links) to the Town Line; THENCE Southerly 4,606.80 feet (69 chains 80 links) along the Town Line to the Point of Commencement. FOURTHLY: That part of Lot 35 in the 9th Concession in the said Town of Newcastle, containing by admeasurement 24.9 acres be the same more or less, described as follows: SCIIEDULE "A" (continued) COMMENCING at the point of intersection of a fence running Southerly with the Northerly limit of said Lot 35, said point distant Westerly in the said limit Five hundred and ninety-three feet (593') from the North-easterly angle of said Lot 35; THENCE Easterly along the Northerly limit of said Lot 35 a distance of Five hundred and ninety-three feet (593') to the North-easterly angle thereof; THENCE Southerly along the Easterly limit of said Lot 35 a distance of Eighteen hundred and eighty-five and five tenths feet (1,885.5') to a point in the line of a fence running Westerly; THENCE Westerly along the said fence in a straight line a distance of Five hundred and fifty- three and four tenths feet (553.4') to a,point in the line of a fence running northerly, said point distant Eighteen hundred and ninety-six and five tenths feet (1,896.5') from the Point of Commencement; THENCE Northerly along the said fence in a straight line a distance of Eighteen hundred and ninety-six and five tenths feet (1,896.5') to the POINT OF COMMENCEMENT. FIFTHLY: The Allowance for Road between Lots 34 and 35 in the 9th Concession of the said Town of Newcastle (formerly the Township of Clarke) extending from the Southerly limit of the said 9th Concession to the Northerly limit thereof. f � SCHEDULE 17311 THIS SCHE-RULE 1S SCHEDULE 1113" to the Agrecdnent which has bnull authorized and approved by By-Law 96-155 of the Corporation of the Municipality of Clarington enacted and passed the 16th day of September, 1996. TAX ARREARS CERTIF'ICAT'E pro"^' Document General; a Form 1—Municipal Tax Salsa Act,A.S.O.1900,c,M-00.R.R.O.1990,Rog.$24 Q Onuvlo Form A_Land R 411411 an e Act,A.S.O.1900,o.LA,R,R.O,1000,Ro •Na. D 1 -1 nd I .e 2) page.�F'Nn _.__�� r�{,•ily Addldond: N (A) Nature of Document ScMduld Tax Arrears Certificate Form 1 —Municipal Tax Sales Act . L!1 ,�.1�jf E_— �'H z l ( (Y) Cons era on o• o '""' WA ^---^- Dollars$ --- WA -- CZ .o G� J (0)Deserlptlon ac- Pan of Lots 33 and 35 and all of Lot 34, Concession 9, rn Ceographia Township of=Clorke, Municipality of Clarington, Regional Municipality of Aurham, Now Propety Idontiflers as more particularly described in the annexed Schedule. Addidorud; Soo ❑Schvdvly xeou on. Additional; p n (b) Eon (� Document Now Enaament ' ale or: Schedule ❑ Contalnss PIaNSkatch AdcGdonol Doscrlpdon Pwdos Other ❑ (!) ?Vs Doargent provl4M N lollowet . The person signing In BOX.10:hereby oenfflq��ot all or part of lax arrears In the amount of ,.,,,,$9100,49 owing.do the-31 sl day of Docamber,19 ,, ,, and at least part of such amount plus any addltlonal 1021 property 16A40 aore nd costs.Is still owing to the municipality or board named in Box 10 and that the land duscribid In this documonl will bo cold by public sale I the cancellation price la not paid within ons year following the dais of rvgistrallon of this document,: Notes;. A The time porbd for paying the cnncollation price may be vxlundod If the municipality or board authorizes un oxlunsbn agreement with the Owner of the land before the expiry of the ono-your period, B. The cancellation price Will be calculated as of the data that the amount of tho tax arrears are paid to the munkipsllty or board and will.be.higher than the amount set out above, C. Inhere Is no eucc"sfut purchaser at the public solo,the land,upon registration of a notice of vosling,will vast In the municipality or board. D. Any Inquiries relaling to this Manor may be diroctod to 1110 municipality or board namod In Box 10 At the addross shown In Box 11, Oondnuod on Wvadule ❑ man[rNStes.to bsirument numbor(o) WA ;(got out statue or Interest) Names) Date of Signature SlgngWro(a) y M 0 C'0 0'IAA'rlbrr.b i�'tHL, ,,,,,,,,,,,,,,,,,,,,,, ':'Rut .......... I....,.•..>,.•...;....., ..•......::............................ ;...,1990 03; 06 MUNICIPALITY OF CLARINGTON .. ...I........ ..................•......................... TAX COLLECTOR ..., T1 W r W V Of AUPW r W 01DNr F ervlpe 4O'I'EMPERANCE STREET,BOWMANVILLE,ONTARIO C 3A6 ATTENTION, TREASURER ()..)(Set out status or Inlerael) Data of SlgnaWrs 9(pnsturo(s) Y M 0.......... .................... ......... . WA .......................... ............ ...... ...... ...................... ............................................. ...........I........ (11)Address for 8e toe WA (tA)37lol�al'Addre}e olprop�rty0 (1 Document Prs 'red b 1 o OR06a8110ri ffii0add 11 p y Feec and Tax Orono,Ontario riCaaWer noglslrationFoo LOB 1MO Municipality of Clarington 40 Temperance Street Bowmanville,Ontario b L'IC 3A6 Total WFkJP l Wald—FwA 2cl(I IM) lIcIt THIS SCHEDULE IS SCHEDULE "D" to the Agreement which has been authorized and approved by By-Law 96-155 of the Corporation of the Municipality of Clarington "IlICk-d antl I.1nSsctl III(,- .1.6t 1 tiny of ScLrtt: III,x:I-, 1.99Ci. LE'I'TErt DATI,D AUGUST 9 199fi 46SP1 CANADA'S HOME OF MOTOR RACING August 9, 1996, Mayor Diane Flamre and Members of Council Municipality of Clarington 40 Temperance St. Bowmanville ON L1C 3A6 Dear Madame Mayor and Members of Council, I am writing to you this personal and confidential letter to express my deepest and most sincere apologies for not living up to the commitment to pay the$100,000 on account of taxes by July 31, 1996, The true story is that the funds were finally made available to me on Thursday, August 8, 1996, at noon, at which time I called Ruth Swan(she had left for lunch),Marie Marano(also gone for lunch), and Debbie Hanly(Deputy Treasurer). I finally spoke with Debbie Hanly at about 1:l Opm and advised here that the cheque could be cleared, and she could call, or have your bank call, our bank,Mr. Ian Nicholson of the CMC. Frankly, since the Thursday following Edenfest, we have had difficulties with our bank which arose as a result of a cheque issued by Eden Entertainment to Mosport in the amount of $600,000US, which was returned to us marked "Account Closed". You nlay or may not be aware that commencing on the Tuesday of the weekend prior to Eden Musicfest, I became aware that the promoters had a condition of"cash shorts"and we had to bail Ihcm out to$1,500,000.00 in order to keep faith and prevent a riot what with the spectators ariving and there being no show. I am enclosing a replacement cheque for$100,000. 1 learned at 3:00pm that 1 1:30am yesterday, your solicitors had registered the certificate of sale. I left a message for Nick Masco to call me, but have not heard from him yet. Once again, at this stage I believe, from a legal point of view, that we have to enter into a formal agreement as to the arrears. Once again, I do apologize for any inconvenience that I have cause. As soon as I learned about the situation, I attempted to rectify it as quickly as possible, Yours truly, Tl-CE MOSPORT PARK ENTERTAINMENT CORPORATION .-Bernard J. Kamin, Q.C. President and CEO THE MOSPORT PARK ENTERTAINMENT CORPORATION 825 DENISON STREET,UNIT 16•MARKHAM,ONTARIO• L3R 5E4 -- PHONE:(905)513.0550 WEOSITE:WWW.MoSPORT.COM FAX:(905)513.0566 AA.....,...0...1.1 ..+....I ..... ...._...n_:. 1A......J On.w...... i... 1A......_ n.-..�-.. -_ _._.___.._,..�_—___-_� SCHEDULE "D" THIS SCHEDULE IS SCHEDULE "D" to the Agreement which has been authorized and approved by By-Law 96-155 of the Corporation of the Municipality of Clarington enacted and passed the 16th day of September, 1996. BY-LAW NO. 96-155 THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON BY-LAW NUMBER 96-155 Being a By-Law to authorize the making of an Extension Agreement between the Municipality of Clarington and Mosport Park Limited, pursuant to the provisions of Section 8 of the Municipal Tax Sales Act. WHEREAS, at it meeting on August 12, 1996, Council passed a Resolution recommending the making of an Extension Agreement between the Municipality of Clarington and Mosport Park Limited, pursuant to Section 8 of the Municipal Tax Sales Act; R.S.O. 1990, c.M.60: NOW THEREFORE BE IT ENACTED BY THE COUNCIL OF THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON: 1. THAT the Mayor and Clerk are authorized to execute on behalf of the Corporation of the Municipality of Clarington an Extension Agreement in the form contained as Appendix A attached hereto provided that the Extension Agreement is executed by all parties thereto on or before September 18, 1996. 2. THAT Appendix A attached hereto form part of this By-law. By-Law read a first and second time this 16th day of September 1996. By-Law read a third time and finally passed this 16th day of September 1996. Mayor Clerk f � : Appendix "A" THIS EXTENSION AGREEMENT made as of this 16th day of September 1996. BETWEEN: THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON (hereinafter called the Municipality) OF THE FIRST PART - and MOSPORT PARK LIMITED (hereinafter called the "Ratepayer') OF THE SECOND PART WHEREAS: A. The lands and premises affected by this Extension Agreement which.are described in Schedule "A" hereto are hereinafter called the "Lands". B. The Ratepayer is the owner of the Lands and at all material times has been and is shown as such on the assessment roll of the Municipality. C. A tax arrears certificate was registered against the title to the Lands in the Land Registry Office for the Land Registry Division of Durham (No. 40) as Instrument No. D475934 on August 8, 1996. A copy of the tax arrears certificate is contained in Schedule "B" hereto. D. The Ratepayer has agreed that the amount of the tax arrears shown in the tax arrears certificate referred to in Recital C is correct. E. The Municipality has not received payment of the "cancellation price" as provided for by the Municipal Tax Sales Act, R.S.O. 1990 c. M-60 (the "Act") except for payment of the amount of one hundred thousand dollars ($100,000.00) by the Ratepayer to the Municipality on execution of this Agreement. F. By letter dated August 9, 1996 a copy of which is contained in Schedule "C" hereto, the Ratepayer has requested that the Municipality enter into this Extension Agreement pursuant to Section 8 of the Act. G. The Municipality's Council has approved the making of this Extension Agreement at its meeting held on September 16, 1996. H. This Extension Agreement is made pursuant to the provisions of Section 8 of the Act and is authorized by By-Law No. 96-155 passed on September 16, 1996, a copy of which is contained in Schedule "D" hereto. (to be annexed when enacted). NOW THEREFORE THIS AGREEMENT WITNESSETH THAT in consideration of the premises and the covenants hereinafter expressed, and the sum of two dollars ($2.00) of lawful money of Canada, now paid by each Party to the other, (the receipt of whereof by each Parry is hereby acknowledged), the Parties hereto covenant and agree to and with each other as follows: 1. In this Extension Agreement the term "cancellation price" has the same meaning as it has in the Act. Page 2 2. The Ratepayer represents and warrants to the Municipality that each of Recitals A to F of this Extension Agreement is correct. 3. The Ratepayer acknowledges and agrees that the amount of the tax arrears shown on the Tax Arrears Certificated contained in Schedule "B" is correct. 4. The period of time in which the cancellation price is to be paid is extended for the period during which this Extension Agreement subsists. This Extension Agreement shall subsist so long as each of the payments set out below is made to the Municipality in accordance with this Extension Agreement on or before the dates set out below opposite the respective amounts to be paid: .:.::: :::::::. ...........................::: ................................. »:: :: ::: :;:: un :;::.......................... .................................... $100,000.00 September 16, 1996 16,100.00 October 15, 1996 16,100.00 November 15, 1996 16,100.00 December 15, 1996 16,100.00 January 15, 1997 16,100.00 February 15, 1997 16,100.00 March 15, 1997 16,100.00 April 15, 1997 16,100.00 May 15, 1997 16,100.00 June 15, 1997 16,100.00 July 15, 1997 16,100.00 August 15, 1997 The amount which is equal to the September 15, 1997 balance of the cancellation price required to be paid pursuant to the Act. In addition, the Ratepayer agrees to pay the realty taxes levied as they come due for the period commencing October 1, 1996 and ending September 30, 1997, and shall be applied by the Municipality in accordance with the Municipal Act, R.S.O. 1990, c.M.45. Nothing contained in this Extension Agreement derogates from the obligation of the ratepayer to pay realty taxes levied as they come due after this Extension Agreement is terminated or ceases to subsist for the purposes of the Act or the rights of the Municipality to enforce payment of same. All payments shall be made by certified cheque, money order or cash delivered to the Municipality's Treasurer at the Municipal Administrative Centre, 40 Temperance Street, Bowmanville, Ontario during the Municipality's regular business hours. 5. In the event that any of the payments referred to in paragraph 4 of this Extension Agreement is not made in accordance with paragraph 4, thereupon this Extension Agreement shall cease to subsist for the purposes of the Act. 6. The Parties acknowledge that any person may pay the cancellation price at any time. Page 3 7. This Extension Agreement shall terminate upon payment of the cancellation price by any person. 8. The Ratepayer shall not assign this Extension Agreement to any person and shall not register this Extension Agreement against the title to the Lands. 9. Each of the Municipality and the Ratepayer acknowledges that the registered legal description of the Lands contains a reference to the road allowance between Lots 34 and 35 in the 9th Concession of the Geographic Township of Clarke and that such reference shall not be construed as either an acknowledgement of nor a derogation of any right to assert a claim to ownership of such road allowance. 10. Time shall be of the essence of this Extension Agreement. IN WITNESS WHEREOF the Municipality has hereunto affixed its corporate seal by the hands of its proper officers duly authorized in that behalf and the Ratepayer has hereunto set his hand and seal the day and year first above written. SIGNED, SEALED AND THE CORPORATION OF THE DELIVERED MUNICIPALITY OF CLARINGTON Mayor: Diane Ham re Clerk: Patti Barrie MOSPORT PARK LIMITED Name Title • t SCHEDULE "A" THIS SCHEDULE IS SCHEDULE "A" to the Agreement which has been authorized and approved by By-Law 96-155 of the Corporation of the Municipality of Clarington enacted and passed the 16th day of September, 1996. LEGAL DESCRIPTION OF LANDS ALL AND SINGULAR those certain parcels or tracts of lands and premises situate, lying and being in the Town of Newcastle, in the Regional Municipality of Durham (formerly in the Township of Clarke, the County of Durham) being more particularly described as follows: FIRSTLY: All of Lot 33 in the 9th Concession of the said Town of Newcastle (formerly Township of Clarke), save and except the south quarter thereof; SECONDLY: All of Lot 34 in the 9th Concession of the said Town of Newcastle (formerly Township of Clarke); THIRDLY: All of Lot 35 in the 9th Concession of the Town of Newcastle (formerly Township of Clarke), save and except those parts thereof more particularly described as follows: PARCEL I: Commencing at a point in the Western boundary in said lot, distant, 4,606.80 feet (69 chains 80 links). Northerly from the South West angle of said Lot; THENCE Easterly parallel to the Northern limit of said Lot a distance of 910.80 feet (13 chains 80 links); THENCE Northerly parallel to the said Western limit of said Lot 28.38 feet (43 links); THENCE Easterly parallel to the said Northern limit of said Lot 1,195.92 feet (18 chains 12 links) to a point in the fence marking the Western boundary of an unopened allowance for road between Lots 34 and 35; THENCE Northerly in and along said fence and the said Western limit of allowance for road a distance of 1,885.62 feet (28 chains 57 links) to the North East angle of Lot 35; THENCE Westerly in and along the Northern limit of said Lot 35 a distance of 2,106.72 feet (31 chains 92 links) to the North West angle of said Lot; THENCE Southerly in and along the said Western limit of said Lot 1,885.62 feet (28 chains 57 links) to the Point of Commencement. PARCEL II: Commencing at the Town Line at the south-westerly angle of said Lot; THENCE Easterly 910.80 feet (13 chains 80 links) along the road between the 8th and 9th Concessions of the said Town of Newcastle (formerly Township of Clarke); THENCE Northerly parallel with the Town Line 4,606.80 feet (69 chains 80 links); THENCE Westerly parallel with the Concession Line 910.80 feet (13 chains 80 links) to the Town Line; THENCE Southerly 4,606.80 feet (69 chains 80 links) along the Town Line to the Point of Commencement. FOURTHLY: That part of Lot 35 in the 9th Concession in the said Town of Newcastle, containing by admeasurement 24.9 acres be the same more or less, described as follows: SCHEDULE "A" (continued) COMMENCING at the point of intersection of a fence running Southerly with the Northerly limit of said Lot 35, said point distant Westerly in the said limit Five hundred and ninety-three feet (593') from the North-easterly angle of said Lot 35; THENCE Easterly along the Northerly limit of said Lot 35 a distance of Five hundred and ninety-three feet (593') to the North-easterly angle thereof; THENCE Southerly along the Easterly limit of said Lot 35 a distance of Eighteen hundred and eighty-five and five tenths feet (1,885.5') to a point in the line of a fence running Westerly; THENCE Westerly along the said fence in a straight line a distance of Five hundred and fifty- three and four tenths feet (553.4') to a,point in the line of a fence running northerly, said point distant Eighteen hundred and ninety-six and five tenths feet (1,896.5') from the Point of Commencement; THENCE Northerly along the said fence in a straight line a distance of Eighteen hundred and ninety-six and five tenths feet (1,896.5) to the POINT OF COMMENCEMENT. FIFTHLY: The Allowance for Road between Lots 34 and 35 in the 9th Concession of the said Town of Newcastle (formerly the Township of Clarke) extending from the Southerly limit of the said 9th Concession to the Northerly limit thereof. SCHEDULE "B" THIS SCHEDULE IS SCHEDULE, "13" to tltc Agrcenlelit wIliell Ilas been authorized and approved by By-Law 96-155 of the Corporation of the Municipality of Clarington enacted and passed the 16th day of Septernber, 1996. TAX ARREARS CERTIFICATE Provt,x• Document General: or Form 1—Munidpsl Tax Slat Act,R.S.O.1990,o.M,80,R.R.0.4990,Rog,824 OnuNO Form 4—Lend R Istnulon Rolorm Aot,R.S.O.1990,o,L.4,R.R.O.1980,Roo.884, D 1 so ovy Q Land Woo (_) age o 3 Fs9's 9 roperiy........,. IdanUller(t) � — AddlWnol; G � Q T N QQ &hoduia err ;K 4) t■tuts of Dooumsnt Tax Arrears Cortilioato Form 1 --Mun/cipa/Tax Sales Act Ln O 0 � � :- �L,04, wA --Z (0)DarlpUon cam: Part of Leta 33 and 35 and all o Concession 9, W Ceographio Township of Clorke, ' Municipality of Clarington, Regional Municipality of Durham, LD'-_.q—nt tillers as more particularly described in the annexed Schedule. AckriUonAt: Sao Schvduly Additional; p(�Docume nt New Easements =on Schodule ❑ Contains: PIaVSktM �tlot al ovtda�w fouowe: . ❑ Tha Person signing In Box.10'hareby oenMleigtat all or part of taz arrears In the amount of ,,...,$22`�t�`1$:4`7...........owing on the 31 st day of December,19 ............. and at least part of such amount plus any sddilional tool proporly Icxoo fiend 0004 Is still owing to the munlcipalhy or board named In Box 10 and that the land doscribod In thls document will bo cold by public sate 'l the cancoilalbn price Is not paid within one year following the dais of rvgistrutlon of this docunionl.; Notosl. A.':The time period for pa the cancollation Arica may be vxlondod If the munklpality or board authorizes an oxtonsbn agreement With the owner of thr'land before the expiry of the ono-year period, B. The cancellation price will be calculated as of the data that the amount of the tax arrears are paid to the municipaly or board and wilt,bo higher than the amount sot out above, it C. It there is no suce"slul purchaser at the public Salo,the land,upon togistratbn of a notice 01 voaling,will Yost In the(municipality or board. 0. Any Inquiries relating to thla mortar may bo diroclod to the municipality or board named in Box 10 at the addroas shown in Box 11, Oondnuod on s4iwdule ❑ Mont rarows.to batrumant numbor(e) WA 1(got out Status or Inta:esi) Nano(!) Slgnatvm(s) Dale of Signotwe Y M 0 'C'D 0'I�ti'ribiv.4'1`''t111�. ...................... ... ~- ................................ ;. MUNICIPALITYOFC 199Ci..08, 06 J.ARINGTON TAX COLLECTOR: ......................... Trtururlr a Aut,a:rld Olaar for service 40 TEMPERANCE STREET,AOWMANVILLE,ONTARIO Lid 3A6 ATTENTION: TREASURER as (14 pom(►as)(Set out Stator or Inloryi) Nrme(s) Date of Slgnaluto Sig naturv(s) Y M p ... .......................... ..........,....... . .WA ,..... .j.... .,, (13) Addrese for at• Ip WA (14 WU Id4VAddress ofp mporty WSA6 srsd b : $tt��cession HOad 10 p y y Root and TaY Orono,Ontario of Clarington ' Rogisvadon Foo LOB 1M0 ce Street , Ontario if Tots: MunkJpelWarld-Fam2o1(/tNl) SCI E'DULE "C" THIS SCHEDULE IS SCHEDULE "D" to the Agreement hvhich hus been uuthurized and approved by By-Law 96-155 of the Corporation of the Municipality vf,'Clarington cnnctcd and l.hrltisud the 16th clay of Sclltc»ttl.hcw, .1996. LETTER DA'I'.ED AUGUST 9 :1996 . SPlIRT U CANADA'S NOME OF MOTOR RACING August 9, 1996. Mayor Diane Harnre and Members of Council Municipality of Clarington 40 Temperance St. Bowmanville ON L I C 3A6 Dear Madame Mayor and Members of Council, I ant writing to you this personal and confidential letter to express my deepest and most sincere apologies for not living up to the commitment to pay the$100,000 on account of taxes by July 31, 1996. The true story is that the funds were finally made available to me on Thursday, August 8, 1996, at noon, at which time I called Ruth Swan(she had left for lunch),Marie Marano(also gone for lunch), and Debbie Hanly(Deputy Treasurer). I finally spoke with Debbie Hanly at about 1:1 opm and advised'here that the cheque could be cleared,and she could call, or have your bank call, our bank,Mr. Ian Nicholson of the CIBC. Frankly, since the Thursday following Edenfest,we have had di(iicu(ties with our bank which arose as a result Of a cheque issued by Eden Entertainment to Mosport in the amount of $600,000US, which was returned to us marked "Account Closed". You may or may not be aware that commencing on the Tuesday of the weekend prior to Eden Musicfest, I became aware that the promoters 11,1(1 a condition of"cash shorts"and we had to bail 'Heil'otit to$1,500,000.00 in order to keep faith and prevent a riot what with the spectators ariving and there being no show, I am enclosing a replacement cheque for$100,000. I learned at 3:00pm that 1 1:30ar11 yesterday, your solicitors had registered the certificate Of sale, 1 fell a message for Nick Masco to call me, but have not heard from him yet. Once again, at this stage I believe, from a legal point of view, that we have to enter into a formal agreement as to the arrears, Once again, I do apologize for any inconvenience that I have cause. As soon as I learned about the situation, I attempted to rectify it as quickly as possible, Yours truly, THE MOSPORT PARK ENTERTAINMENT CORPORATION ._Bernard 1. Kamin,Q,C. President and CEO THE MOSPORT PARK ENTERTAINMENT CORPORATION 825 DENISON STREET,UNIT 16•MARKHAM,ONTARIO •1.3R 5E4 -- PHONE:(905)513-0550 WEDSITE:WWW.MoSPORT.COM FAX:(()Or))513.0566 SCHEDULE "D" THIS SCHEDULE IS SCHEDULE "D" to the Agreement which has been authorized and approved by By-Law 96-155 of the Corporation of the Municipality of Clarington enacted and passed the 16th day of September, 1996. BY-LAW NO. 96-155 THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON BY-LAW NUMBER 96-155 Being a By-Law to authorize the making of an Extension Agreement between the Municipality of Clarington and Mosport Park Limited, pursuant to the provisions of Section 8 of the Municipal Tax Sales Act. WHEREAS, at it meeting on August 12, 1996, Council passed a Resolution recommending the making of an Extension Agreement between the Municipality of Clarington and Mosport Park Limited, pursuant to Section 8 of the Municipal Tax Sales Act; R.S.O. 1990, c.M.60: NOW THEREFORE BE IT ENACTED BY THE COUNCIL OF THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON: 1. THAT the Mayor and Clerk are authorized to execute on behalf of the Corporation of the Municipality of Clarington an Extension Agreement in the form contained as Appendix A attached hereto provided that the Extension Agreement is executed by all parties thereto on or before September 18, 1996. 2. THAT Appendix A attached hereto form part of this By-law. By-Law read a first and second time this 16th day of September 1996. By-Law read a third time and finally passed this 16th day of September 1996. Mayor Clerk Appendix "A" THIS EXTENSION AGREEMENT made as of this 16th day of September 1996. BETWEEN: THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON (hereinafter called the Municipality) OF THE FIRST PART - and MOSPORT PARK LIMITED (hereinafter called the "Ratepayer') OF THE SECOND PART WHEREAS: A. The lands and premises affected by this Extension Agreement which are described in Schedule "A" hereto are hereinafter called the "Lands". B. The Ratepayer is the owner of the Lands and at all material times has been and is shown as such on the assessment roll of the Municipality. C. A tax arrears certificate was registered against the title to the Lands in the Land Registry Office for the Land Registry Division of Durham (No. 40) as Instrument No. D475934 on August 8, 1996. A copy of the tax arrears certificate is contained in Schedule "B" hereto. D. The Ratepayer has agreed that the amount of the tax arrears shown in the tax arrears certificate referred to in Recital C is correct. E. The Municipality has not received payment of the "cancellation price' as provided for by the Municipal Tax Sales Act, R.S.O. 1990 c. M-60 (the "Act") except for payment of the amount of one hundred thousand dollars ($100,000.00) by the Ratepayer to the Municipality on execution of this Agreement. F. By letter dated August 9, 1996 a copy of which is contained in Schedule "C" hereto, the Ratepayer has requested that the Municipality enter into this Extension Agreement pursuant to Section 8 of the Act. G. The Municipality's Council has approved the making of this Extension Agreement at its meeting held on September 16, 1996. H. This Extension Agreement is made pursuant to the provisions of Section 8 of the Act and is authorized by By-Law No. 96-155 passed on September 16, 1996, a copy of which is contained in Schedule "D" hereto. (to be annexed when enacted). NOW THEREFORE THIS AGREEMENT WITNESSETH THAT in consideration of the premises and the covenants hereinafter expressed, and the sum of two dollars ($2.00) of lawful money of Canada, now paid by each Party to the other, (the receipt of whereof by each Party is hereby acknowledged), the Parties hereto covenant and agree to and with each other as follows: 1. In this Extension Agreement the term "cancellation price" has the same meaning as it has in the Act. Page 2 2. The Ratepayer represents and warrants to the Municipality that each of Recitals A to F of this Extension Agreement is correct. 3. The Ratepayer acknowledges and agrees that the amount of the tax arrears shown on the Tax Arrears Certificated contained in Schedule "B" is correct. 4. The period of time in which the cancellation price is to be paid is extended for the period during which this Extension Agreement subsists. This Extension Agreement shall subsist so long as each of the payments set out below is made to the Municipality in accordance with this Extension Agreement on or before the dates set out below opposite the respective amounts to be paid: :.::.....:.:::......... $100,000.00 September 16, 1996 16,100.00 October 15, 1996 16,100.00 November 15, 1996 16,100.00 December 15, 1996 16,100.00 January 15, 1997 16,100.00 February 15, 1997 16,100.00 March 15, 1997 16,100.00 April 15, 1997 16,100.00 May 15, 1997 16,100.00 June 15, 1997 16,100.00 July 15, 1997 16,100.00 August 15, 1997 The amount which is equal to the September 15, 1997 balance of the cancellation price required to be paid pursuant to the Act. In addition, the Ratepayer agrees to pay the realty taxes levied as they come.due for the period commencing October 1, 1996 and ending September 30, 1997, and shall be applied by the Municipality in accordance with the Municipal Act, R.S.O. 1990, c.M.45. Nothing comtained in this Extension Agreement derogates from the obligation of the ratepayer to pay realty taxes levied as they come due after this Extension Agreement is terminated or ceases to subsist for the purposes of the Act or the rights of the Municipality to enforce payment of same. All payments shall be made by certified cheque, money order or cash delivered to the Municipality's Treasurer at the Municipal Administrative Centre, 40 Temperance Street, Bowmanville, Ontario during the Municipality's regular business hours. 5. In the event that any of the payments referred to in paragraph 4 of this Extension Agreement is not made in accordance with paragraph 4, thereupon this Extension Agreement shall cease to subsist for the purposes of the Act. 6. The Parties acknowledge that any person may pay the cancellation price at any time. Page 3 7. This Extension Agreement shall terminate upon payment of the cancellation price by any person. 8. The Ratepayer shall not assign this Extension Agreement to any person and shall not register this Extension Agreement against the title to the Lands. 9. Each of the Municipality and the Ratepayer acknowledges that the registered legal description of the Lands contains a reference to the road allowance between Lots 34 and 35 in the 9th Concession of the Geographic Township of Clarke and that such reference shall not be construed as either an acknowledgement of nor a derogation of any right to assert a claim to ownership of such road allowance. 10. Time shall be of the essence of this Extension Agreement. IN WITNESS WHEREOF the Municipality has hereunto affixed its corporate seal by the hands of its proper officers duly authorized in that behalf and the Ratepayer has hereunto set his hand and seal the day and year first above written. SIGNED, SEALED AND THE CORPORATION OF THE DELIVERED MUNICIPALITY OF CLARINGTON Mayor: Diane Hamre Clerk: Patti Barrie MOSPORT PARK LIMITED Name VZ14 Title SCHEDULE "A" THIS SCHEDULE IS SCHEDULE "A" to the Agreement which has been authorized and approved by By-Law 96-155 of the Corporation of the Municipality of Clarington enacted and passed the 16th day of September, 1996. LEGAL DESCRIPTION OF LANDS ALL AND SINGULAR those certain parcels or tracts of lands and premises situate, lying and being in the Town of Newcastle, in the Regional Municipality of Durham (formerly in the Township of Clarke, the County of Durham) being more particularly described as follows: FIRSTLY: All of Lot 33 in the 9th Concession of the said Town of Newcastle (formerly Township of Clarke), save and except the south quarter thereof; SECONDLY: All of Lot 34 in the 9th Concession of the said Town of Newcastle (formerly Township of Clarke); THIRDLY: All of Lot 35 in the 9th Concession of the Town of Newcastle (formerly Township of Clarke), save and except those parts thereof more particularly described as follows: PARCEL I: Commencing at a point in the Western boundary in said lot, distant, 4,606.80 feet (69 chains 80 links). Northerly from the South West angle of said Lot; THENCE Easterly parallel to the Northern limit of said Lot a distance of 910.80 feet (13 chains 80 links); THENCE Northerly parallel to the said Western limit of said Lot 28.38 feet (43 links); THENCE Easterly parallel to the said Northern limit of said Lot 1,195.92 feet (18 chains 12 links) to a point in the fence marking the Western boundary of an unopened allowance for road between Lots 34 and 35; THENCE Northerly in and along said fence and the said Western limit of allowance for road a distance of 1,885.62 feet (28 chains 57 links) to the North East angle of Lot 35; THENCE Westerly in and along the Northern limit of said Lot 35 a distance of 2,106.72 feet (31 chains 92 links) to the North West angle of said Lot; THENCE Southerly in and along the said Western limit of said Lot 1,885.62 feet (28 chains 57 links) to the Point of Commencement. PARCEL IT: Commencing at the Town Line at the south-westerly angle of said Lot; THENCE Easterly 910.80 feet (13 chains 80 links) along the road between the 8th and 9th Concessions of the said Town of Newcastle (formerly Township of Clarke); THENCE Northerly parallel with the Town Line 4,606.80 feet (69 chains 80 links); THENCE Westerly parallel with the Concession Line 910.80 feet (13 chains 80 links) to the Town Line; THENCE Southerly 4,606.80 feet (69 chains 80 links) along the Town Line to the Point of Commencement. FOURTHLY: That part of Lot 35 in the 9th Concession in the said Town of Newcastle, containing by admeasurement 24.9 acres be the same more or less, described as follows: SCHEDULE "A" (continued) COMMENCING at the point of intersection of a fence running Southerly with the Northerly limit of said Lot 35, said point distant Westerly in the said limit Five hundred and ninety-three feet (593') from the North-easterly angle of said Lot 35; THENCE Easterly along the Northerly limit of said Lot 35 a distance of Five hundred and ninety-three feet (593') to the North-easterly angle thereof; THENCE Southerly along the Easterly limit of said Lot 35 a distance of Eighteen hundred and eighty-five and five tenths feet (1,885.5') to a point in the line of a fence running Westerly; THENCE Westerly along the said fence in a straight line a distance of Five hundred and fifty- three and four tenths feet (553.4') to a.point in the line of a fence running northerly, said point distant Eighteen hundred and ninety-six and five tenths feet (1,896.5') from the Point of Commencement; THENCE_. Nortlerly along the said fence in a straight line a distance of Eighteen hundred and ninety-six and five tenths feet (1,896.5') to the POINT OF COMMENCEMENT. FIFTHLY: The Allowance for Road between Lots 34 and 35 in the 9th Concession of the said Town of Newcastle (formerly the Township of Clarke) extending from the Southerly limit of the said 9th Concession to the Northerly limit thereof. SCHEDULE "1311 THIS SCHEDULE IS SCHEDULE' "B" to the Agreement wltiell lots been authorized and approved by By-Law 96-155 of the Corporation of the Municipality of Clarington enacted and passed the 16th day of September, 1996. TAX ARREARS Cri wrivrrA'TE pro"^. Document General: Onwa Form t—Municipal Tax Salo Act,A.S.O.1900,o,M.60,R.R.0.1990,Roo,624 Form 4—band R Isustion Rolo(m Aot,R.S.O.1990,o.L.4,R,R.O.1900,Ro .666, D I so ovy Q Lind 1 h (2) age o `� Fo9ue Idendllet(s) ~`t we,ty AddlWnol; r '� Schodulri ❑ . Cr7. ni N (4) Nature of Document "-4 Tax Arrears Corlificate Form 1 --Mun/c/pa/Tax Sales Act ., (a Cons en on co y o �`-- WA --..�..,�.,��,�,� Dollars S ----'• WA �.- �,'O C-1) (0)DacrlpUon ►_ cx Part of Lots 33 and 36 and all of Lot 34, Concession 9, Geographic Township of Clorke, ' Municipality of Clarington, Regional Municipality of Durham, Now Property Idondflers as more particularly described in the annexed Schedule. AtktitionAl; Soo ❑Schedule xeou on. Additional: (n This a).Radeee p on fiOe Document Now f:Aeement (b)' ula or: Schadule ❑ Container PIWSkatch Ack9don01 (6)?h►►Poarmsrtt Provide*N follower . DoocApdon parties Othor 'rho person signing In Box x-whoreby cenjlq� at all or part of tax arrears In the amouM of ......A44 0 0 owing,do the-31st st day of 00comber,19 ,,,,,,,,,,,,, and at(east pan of such amount plus any additional real propony Woo and coats.k still owing to the municipality or board named In Box 10 and that the land doscribod In this documont will be cold by public sale IF the eancoilaticn prise b not paid within one year following the date of registration of this documont,,• Notes: A. The,time period for paying the eaneollation price may be extondod N the municipality or board authorizes an oxtonsion Agreement With the owner of tha'land before the expiry of the ono•yoar period, B. The candeltation prke will be calculated as of the data that the amount of the tax arrears are paid to the muncl ipaly or board and will,be higher than the amount sat out above, C. It there Is no succeasful purchaser at the public salo,the land,upon registration of a not 0 of voating,will vest In the municipality or board. 0. Any Inquiries relating to:this manor may be dlroded to the munklpality or board namod in Box 10 at the addross shown in Box 11, Condnuod on Sclwdulo ❑ teenl f*l*%".to bstrumant numbor(s) WA ("I Out Statue or Inlerat) Names) BlgneWro(e) Owe of Slpoaarrs CO OI�AT'IbN;Ok`` . ...................... ..... Y ' M ? D .. ........... .......................... MUNICIPAII 1996 ,08;. . TY OF CLARINGTON TAX COLLEC, '' .role......................... I'rearuer Of Aue,nAtad Clrcer (It) Acidness ' Forst too `0 TEMPERANCE STREET,BOWMANVILLE,ONTARIO LIC 3A6 ATTENTIONi TREASURER (tz) p�rty(fooy(341 out Status or Interest) Names) 9lpnsWro(e) Data of Signature ........................ ...... ............. y M 0 ... WA.............. i,.., (14)Address fort o Ice WA (1451!41of�W AddreFe olprot�rty0 7Bowmanville.ent Pre red b r 11� Oncease on lliioaC 11 ,� p y Foos and Tax Orotto,Ontario Municipality of Cl,rirlgton noolsvodon Foo IAl3 1M0 perance Street Ontario 6 Total ' MuniHpalYkrld-Fam201(11Na) SCIILDULL "C', THIS SCHEDULE IS SCI-IEDULE "D" to the Agt•cernent which has been ruftllorized arid approved by By-Law 96-155 of the Corporation of the Municipality of Clarington rind Imssed III(,- .1.6th (Illy of Scl>L(:nllxa', 199Ci. LETTER DATED AUGUST 9 1996 4 RY CANADA'S HOME OF MOTOR RACING August 9, 1996. Mayor Diane 1-lamrc and Members of Council ,Municipality of Clarington 40 Temperance St. Bowmanville ON L1C 3A6 Dear Madame Mayor and Members of Council, I am writing to you this personal and confidential letter to express my deepest and most sincere apologies for not living up to the c 31, 1996. ommitment to pay the$100,000 on account of taxes by July The true story is that the funds were finally made available to me on Thursday, August 8, 1996, at noon, at which time I called Ruth Swan(she had left for lunch),Marie Marano(also gone for lunch), and Debbie Hanly(Deputy Treasurer). I finally spoke with Debbie Hanly at about 1:l Opm and advised here that the cheque could be cleared, and she could call, or have your bank call, our bank,Mr. Ian Nicholson of the CIBC. Frankly, since the Thursday following Edenfest, we have had difficulties with our bank which arose as a result of a cheque issued by Eden Entertainment to Mosport in the amount of $600,000US, which was returned to us marked "Account Closed". You may or may not be aware that commencing on the Tuesday of the weekend prior to Eden Musicfest, I became aware that file promoters had a condition of"cash shorls"and we had to bail them out Io$1,500,000.00 in order to keep faith and prevent a riot what with the spectators ariving and there being no show. I am enclosing a replacement cheque for$100,000, I learned at 3:00pr11 tllat 1 1:30am yesterday, your solicitors had registered the certificate of sale. I left a message for Nick Masco to call me, but Have not heard from him yet. Once again, at this stage I believe, from a legal point of view, that we have to enter into a formal agreement as to the arrears. Once again, I do apologize for any inconvenience that I have cause. As soon as I learned about the situation, I attempted to rectify it as quickly as possible, Yours truly, THE MOSPORT PARK ENTERTAINMENT CORPORATION -.-Bernard J. Kamin, Q.C. President and CEO THE MOSPORT PARK ENTERTAINMENT CORPORATION 825 DENISON STREET,UNIT 16•MARKHAM,ONTARIO• L3R 5E4 -- PHONE:(905)513.0550--4-- -- WEOSITE:WWW.MOSPOAT.COM PAX:(905)513.0566 SCHEDULE "D" THIS SCHEDULE IS SCHEDULE "D" to the Agreement which has been authorized and approved by By-Law 96-155 of the Corporation of the Municipality of Clarington enacted and passed the 16th day of September, 1996. BY-LAW NO. 96-155 THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON BY-LAW NUMBER 96-155 Being a By-Law to authorize the making of an Extension Agreement between the Municipality of Clarington and Mosport Park Limited, pursuant to the provisions of Section 8 of the Municipal Tax Sales Act. WHEREAS, at it meeting on August 12, 1996, Council passed a Resolution recommending the making of an Extension Agreement between the Municipality of Clarington and Mosport Park Limited, pursuant to Section 8 of the Municipal Tax Sales Act; R.S.O. 1990, c.M.60: NOW THEREFORE BE IT ENACTED BY THE COUNCIL OF THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON: L. THAT the Mayor and Clerk are authorized to execute on behalf of the Corporation of the Municipality of Clarington an Extension Agreement in the form contained as Appendix A attached hereto provided that the Extension Agreement is executed by all parties thereto on or before September 18, 1996. 2. THAT Appendix A attached hereto form part of this By-law. By-Law read a first and second time this 161h day of September 1996. By-Law read a third time and finally passed this 16th day of September 1996. Mayor Clerk s 1 Appendix "A" THIS EXTENSION AGREEMENT made as of this 16th day of September 1996. BETWEEN: THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON (hereinafter called the Municipality) OF THE FIRST PART - and MOSPORT PARK LIMITED (hereinafter called the "Ratepayer') OF THE SECOND PART WHEREAS: A. The lands and premises affected by this Extension Agreement which are described in Schedule "A" hereto are hereinafter called the "Lands". B. The Ratepayer is the owner of the Lands and at all material times has been and is shown as such on the assessment roll of the Municipality. C. A tax arrears certificate was registered against the title to the Lands in the Land Registry Office for the Land Registry Division of Durham (No. 40) as Instrument No. D475934 on August 8, 1996. A copy of the tax arrears certificate is contained in Schedule "B" hereto. D. The Ratepayer has agreed that the amount of the tax arrears shown in the tax arrears certificate referred to in Recital C is correct. E. The Municipality has not received payment of the "cancellation price" as provided for by the Municipal Tax Sales Act, R.S.O. 1990 c. M-60 (the "Act") except for payment of the amount of one hundred thousand dollars ($100,000.00) by the Ratepayer to the Municipality on execution of this Agreement. F. By letter dated August 9, 1996 a copy of which is contained in Schedule "C" hereto, the Ratepayer has requested that the Municipality enter into this Extension Agreement pursuant to Section 8 of the Act. G. The Municipality's Council has approved the making of this Extension Agreement at its meeting held on September 16, 1996. H. This Extension Agreement is made pursuant to the provisions of Section 8 of the Act and is authorized by By-Law No. 96-155 passed on September 16, 1996, a copy of which is contained in Schedule "D" hereto. (to be annexed when enacted). NOW THEREFORE THIS AGREEMENT WITNESSETH THAT in consideration of the premises and the covenants hereinafter expressed, and the sum of two dollars ($2.00) of lawful money of Canada, now paid by each Party to the other, (the receipt of whereof by each Party is hereby acknowledged), the Parties hereto covenant and agree to and with each other as follows: 1. In this Extension Agreement the term "cancellation price" has the same meaning as it has in the Act. Page 2 2. The Ratepayer represents and warrants to the Municipality that each of Recitals A to F of this Extension Agreement is correct. 3. The Ratepayer acknowledges and agrees that the amount of the tax arrears shown on the Tax Arrears Certificated contained in Schedule "B" is correct. 4. The period of time in which the cancellation price is to be paid is extended for the period during which this Extension Agreement subsists. This Extension Agreement shall subsist so long as each of the payments set out below is made to the Municipality in accordance with this Extension Agreement on or before the dates set out below opposite the respective amounts to be paid: .: : .::::::::1.:::::::::::;::;::;::;.;:.::::.::::.:.:::::: .] a .... : $100,000.00 September 16, 1996 16,100.00 October 15, 1996 16,100.00 November 15, 1996 16,100.00 December 15, 1996 16,100.00 January 15, 1997 16,100.00 February 15, 1997 16,100.00 March 15, 1997 16,100.00 April 15, 1997 16,100.00 May 15, 1997 16,100.00 June 15, 1997 16,100.00 July 15, 1997 16,100.00 August 15, 1997 The amount which is equal to the September 15, 1997 balance of the cancellation price required to be paid pursuant to the Act. In addition, the Ratepayer agrees to pay the realty taxes levied as they come due for the period commencing October 1, 1996 and ending September 30, 1997, and shall be applied by the Municipality in accordance with the Municipal Act, R.S.O. 1990, c.M.45. Nothing comtained in this Extension Agreement derogates from the obligation of the ratepayer to pay realty taxes levied as they come due after this Extension Agreement is terminated or ceases to subsist for the purposes of the Act or the rights of the Municipality to enforce payment of same. All payments shall be made by certified cheque, money order or cash delivered to the Municipality's Treasurer at the Municipal Administrative Centre, 40 Temperance Street, Bowmanville, Ontario during the Municipality's regular business hours. 5. In the event that any of the payments referred to in paragraph 4 of this Extension Agreement is not made in accordance with paragraph 4, thereupon this Extension Agreement shall cease to subsist for the purposes of the Act. 6. The Parties acknowledge that any person may pay the cancellation price at any time. Page 3 7. This Extension Agreement shall terminate upon payment of the cancellation price by any person. 8. The Ratepayer shall not assign this Extension Agreement to any person and shall not register this Extension Agreement against the title to the Lands. 9. Each of the Municipality and the Ratepayer acknowledges that the registered legal description of the Lands contains a reference to the road allowance between Lots 34 and 35 in the 9th Concession of the Geographic Township of Clarke and that such reference shall not be construed as either an acknowledgement of nor a derogation of any right to assert a claim to ownership of such road allowance. 10. Time shall be of the essence of this Extension Agreement. IN WITNESS WHEREOF the Municipality has hereunto affixed its corporate seal by the hands of its proper officers duly authorized in that behalf and the Ratepayer has hereunto set his hand and seal the day and year first above written. SIGNED, SEALED AND THE CORPORATION OF THE DELIVERED MUNICIPALITY OF CLARINGTON Mayor: Diane Hamre Clerk: Patti Barrie MOSPORT PARK LIMITED Name N C t� Title SCHEDULE "A" THIS SCHEDULE IS SCHEDULE "A' to the Agreement which has been authorized and approved by By-Law 96-155 of the Corporation of the Municipality of Clarington enacted and passed the 16th day of September, 1996. LEGAL DESCRIPTION OF LANDS ALL AND SINGULAR those certain parcels or tracts of lands and premises situate, lying and being in the Town of Newcastle, in the Regional Municipality of Durham (formerly in the Township of Clarke, the County of Durham) being more particularly described as follows: FIRSTLY: All of Lot 33 in the 9th Concession of the said Town of Newcastle (formerly Township of Clarke), save and except the south quarter thereof; SECONDLY: All of Lot 34 in the 9th Concession of the said Town of Newcastle (formerly Township of Clarke); THIRDLY: All of Lot 35 in the 9th Concession of the Town of Newcastle (formerly Township of Clarke), save and except those parts thereof more particularly described as follows: PARCEL I: Commencing at a point in the Western boundary in said lot, distant, 4,606.80 feet (69 chains 80 links). Northerly from the South West angle of said Lot; THENCE Easterly parallel to the Northern limit of said Lot a distance of 910.80 feet (13 chains 80 links); THENCE Northerly parallel to the said Western limit of said Lot 28.38 feet (43 links); THENCE Easterly parallel to the said Northern limit of said Lot 1,195.92 feet (18 chains 12 links) to a point in the fence marking the Western boundary of an unopened allowance for road between Lots 34 and 35; THENCE Northerly in and along said fence and the said Western limit of allowance for road a distance of 1,885.62 feet (28 chains 57 links) to the North East angle of Lot 35; THENCE Westerly in and along the Northern limit of said Lot 35 a distance of 2,106.72 feet (31 chains 92 links) to the North West angle of said Lot; THENCE Southerly in and along the said Western limit of said Lot 1,885.62 feet (28 chains 57 links) to the Point of Commencement. PARCEL II: Commencing at the Town Line at the south-westerly angle of said Lot; THENCE Easterly 910.80 feet (13 chains 80 links) along the road between the 8th and 9th Concessions of the said Town of Newcastle (formerly Township of Clarke); THENCE Northerly parallel with the Town Line 4,606.80 feet (69 chains 80 links); THENCE Westerly parallel with the Concession Line 910.80 feet (13 chains 80 links) to the Town Line; THENCE Southerly 4,606.80 feet (69 chains 80 links) along the Town Line to the Point of Commencement. FOURTHLY: That part of Lot 35 in the 9th Concession in the said Town of Newcastle, containing by admeasurement 24.9 acres be the same more or less, described as follows: SCHEDULE "A" (continued) COMMENCING at the point of intersection of a fence running Southerly with the Northerly limit of said Lot 35, said point distant Westerly in the said limit Five hundred and ninety-three feet (593') from the North-easterly angle of said Lot 35; THENCE Easterly along the Northerly limit of said Lot 35 a distance of Five hundred and ninety-three feet (593') to the North-easterly angle thereof; THENCE Southerly along the Easterly limit of said Lot 35 a distance of Eighteen hundred and eighty-five and five tenths feet (1,885.5') to a point in the line of a fence running Westerly; THENCE Westerly along the said fence in a straight line a distance of Five hundred and fifty- three and four tenths feet (553.4') to a.point in the line of a fence running northerly, said point distant Eighteen hundred and ninety-six and five tenths feet (1,896.5') from the Point of Commencement; THENCE Northerly along the said fence in a straight line a distance of Eighteen hundred and ninety-six and five tenths feet (1,896.5') to the POINT OF COMMENCEMENT. FIFTHLY: The Allowance for Road between Lots 34 and 35 in the 9th Concession of the said Town of Newcastle (formerly the Township of Clarke) extending from the Southerly limit of the said 9th Concession to the Northerly limit thereof. SCHEDULE 111311 'I'111S SCHEDULE 1S SCHEDULE' "13" to the Agrecnfcut wlficlt leas beetl authorized and approved by By-Law 96-155 of the Corporation of the Municipality of Clarington enacted and passed the 16th day of September, 1996, TAX ARREARS C.ERTIrICATE pro Document General o*nwa Form 1—Municipal Tax Uos R,6,0,1000-0-M,80,R,R,0,1990,ROg,824 D Form 4—band R letrotlon Rolorm Act,R,s.O.1000,a,L.�,R.RA,1000 RIO, .888. 1 a g o W f'I nd I so (2) o00 o po0,• a r•pert"y-"-'" ur -"� 3 �W ld"Vllor(s) r�' IuldlUond: G g.. o (4) Nature of Document Sct+oduli C" Tax Arrears Certificate Form 1 --Munlolpal Tax Sales Act CO o WA 0011wo f -- WA �( a c' Pan of Lots 33 and 35 and all of Lot 34, Concession 9, Geographic Township of Cl4rke, Municipality of Clarington, Regional Municipality of Durham, Naw Property Idont1floes as more particularly described in the annexed Schedule, Additional: Soo ❑Schvduly x•au one Additional: (5:171 AI• •). ed•ocnp on Soo Document Now t?aemanl (b) 1 ufe or: Schodulo ❑ Conllnet PIarVSketch Additional Ooacrlpdon Pwdoo ❑ polor LJ (/) TTdo poaunlertt provides se lottowet The person signing In Box.10'hsreby osnl ls��ial all or part of tax arrears In the amount of ......$2prgs9�$,��.,,,,,,,,,, wore owing do the-31 at day al December,19 ,,,,,,,,,,,,, and at least Pon of such amount plus any additional tool propony taxeo and coats.k still owing to the municipality or board named In Box 10 and that the land doscrlbod In this document will be cold by publlo sal 9 the cancellation prloe ls not paid within one year following the dais of rvgistrution of thfe documoni,,- Notes:. A'The time period forpaYing the cancollation pries may be extended If the municipality or board authorizes an oxions(on agreement with the owner of the land before the expiry of the ono-year period, B. The caMsllaticn price will be calculated as of the data that the amount of the tax arrears are paid to the municipality or board and will be higher than the amount set out above, there Is no successful purchaser at the publlc sale,the land,upon registration of a notice of vesting,will veal In the rnunicipal$y or board. 0, Any Inquiries refapng to this matter may be directed to the municipality or board named in Box 10 at the address shown In Box 11, 0ondnuod on Module ❑ Mani reletee.t0laetrumonl numbor(o) WA 1(sot out Statue or Intoraq Nome(e) SigneWro(e) Date of Slpnaturo Y M '1 ;"Rug ' /ATi, 199Ci 'O8; 06 MUNICIPAI. 0 ...................... .,..,,,,,,,....,..,,,,.,.. ITYOF ; ,,.... ... CLARINGTON TALC COLLECTOR: ;. ............................... Treuruor or Auglonred Oleoer (it) Addrew forservics `0'TEMPERANCE STREET,BOWMANVILLE,ONTARIO LI 3A6 ATTENTIONt TREASURER (12) n.rty0olnaet out sates or inlrseq Name(&) Daty of Slynalurs 8lgnafuro(s) Y M p........................... ....... ..............q............................ ......... ...,. .............. WA j.......... ....... ......(13) Address i 8WA (t4) (1 Vrs red b t 0 p y R000 d Tax Ono Municipality of Clarington Registration Foo LOB IMO 40 Temperance Street Bowmanville,Ontario L'1C 8A6 Toot AWnkJpal Wor10-fam2pl(11/991, r SCHEDULE "C" THIS SCHEDULE 1S SCHEDULE "D" to the Agreement which has been tu1111orized and approved by By-Law 96-155 of the Corporation of the Municipality of Clarington cnnctc;<I rintl l.ulssed 111c 1601 clay of Scl>Icanllcr, .1.996. LETI'rR DATED AUGUST 9 ;1996 6SP IRT CANADA'S HOME OF MOTOR RACING August 9, 1996. Mayor Diane Harnre arld Members of Council Municipality of Clarington 40 Temperance St. Bowmanville ON L1C 3A6 Dear Madame Mayor and Members of Council, I ant writing to you this personal and confidential letter to express my deepest and most sincere apologies for not living up to the commitment to pay the$100,000 on account of taxes by July 31, 1996. The true story is that the funds were finally made available to me on Thursday, August 8, 1996, at noon, at which time I called Ruth Swan(she had left for lunch),Marie Marano(also gone for lunch), and Debbie Hanly(Deputy Treasurer). I finally spoke with Debbie Hanly at about 1:l Opm and advised here that the cheque could be cleared, and she could call, or have your bank call, our bank,Mr. Ian Nicholson of the CIBC. Frankly, since the Thursday following Edenfest, we have had difficulties with our bank which arose as a result of a cheque issued by Eden Entertainment to Mosport in the amount of $600,000US, which was returned to us marked "Account Closed". You may or may not be aware that commencing on the Tuesday of the weekend prior to Eden Musicfest, I became aware that the promoters had a condition of"cash shorts"and we had to ball then,out to$1,500,000.00 in order to keep faith and prevent a riot what with the spectators ariving and there being no show. I am enclosing a replacement cheque for$100,000. I learned at 3:00prn that 1 1:30an1 yesterday, your solicitors had registered the certificate of sale. I left a message for Nick Masco to call me, but have not heard from him yet. Once again, at this stage I believe, from a legal point Of view, that we have to enter into a formal agreement as to the arrears. Once again, I do apologize for any inconvenience that I have cause. As soon as I learned about the situation, I attempted to rectify it as quickly as possible, Yours truly, 1'I II MOSPORT PARK ENTERTAINMENT CORPORATION Bernard J. Kamin, Q.C. President and CEO THE MOSPORT PARK ENTERTAINMENT CORPORATION 825 OENISON STREET,UNIT 16• MARKHAM,ONTARIO- L3R 5E4 ---- PHONE:(905)513.0550 --WEOSITE:WWW.MOSPOnT.COM FAX:(90 5)513.0566 i SCHEDULE "D" THIS SCHEDULE IS SCHEDULE "D" to the Agreement which has been authorized and approved by By-Law 96-155 of the Corporation of the Municipality of Clarington enacted and passed the 16th day of September, 1996. BY-LAW NO. 96-155 THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON BY-LAW NUMBER 96-155 Being a By-Law to authorize the making of an Extension Agreement between the Municipality of Clarington and Mosport Park Limited, pursuant to the provisions of Section 8 of the Municipal Tax Sales Act. WHEREAS, at it meeting on August 12, 1996, Council passed a Resolution recommending the making of an Extension Agreement between the Municipality of Clarington and Mosport Park Limited, pursuant to Section 8 of the Municipal Tax Sales Act, R.S.O. 1990, c.M.60: NOW THEREFORE BE IT ENACTED BY THE COUNCIL OF THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON: 1. THAT the Mayor and Clerk are authorized to execute on behalf of the Corporation of the Municipality of Clarington an Extension Agreement in the form contained as Appendix A attached hereto provided that the Extension Agreement is executed by all parties thereto on or before September 18, 1996. 2. THAT Appendix A attached hereto form part of this By-law. By-Law read a first and second time this 16th day of September 1996. By-Law read a third time and finally passed this 16th day of September 1996. Mayor Clerk Appendix "A" THIS EXTENSION AGREEMENT made as of this 16th day of September 1996. BETWEEN: THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON (hereinafter called the Municipality) OF THE FIRST PART - and MOSPORT PARK LIMITED (hereinafter called the "Ratepayer') OF THE SECOND PART WHEREAS: A. The lands and premises affected by this Extension Agreement which are described in Schedule "A" hereto are hereinafter called the "Lands". B. The Ratepayer is the owner of the Lands and at all material times has been and is shown as such on the assessment roll of the Municipality. C. A tax arrears certificate was registered against the title to the Lands in the Land Registry Office for the Land Registry Division of Durham (No. 40) as Instrument No. D475934 on August 8, 1996. A copy of the tax arrears certificate is contained in Schedule "B" hereto. D. The Ratepayer has agreed that the amount of the tax arrears shown in the tax arrears certificate referred to in Recital C is correct. E. The Municipality has not received payment of the "cancellation price" as provided for by the Municipal Tax Sales Act, R.S.O. 1990 c. M-60 (the "Act") except for payment of the amount of one hundred thousand dollars ($100,000.00) by the Ratepayer to the Municipality on execution of this Agreement. F. By letter dated August 9, 1996 a copy of which is contained in Schedule "C" hereto, the Ratepayer has requested that the Municipality enter into this Extension Agreement pursuant to Section 8 of the Act. G. The Municipality's Council has approved the making of this Extension Agreement at its meeting held on September 16, 1996. H. This Extension Agreement is made pursuant to the provisions of Section 8 of the Act and is authorized by By-Law No. 96-155 passed on September 16, 1996, a copy of which is contained in Schedule "D" hereto. (to be annexed when enacted). NOW THEREFORE THIS AGREEMENT WITNESSETH THAT in consideration of the premises and the covenants hereinafter expressed, and the sum of two dollars ($2.00) of lawful money of Canada, now paid by each Party to the other, (the receipt of whereof by each Party is hereby acknowledged), the Parties hereto covenant and agree to and with each other as follows: 1. In this Extension Agreement the term "cancellation price' has the same meaning as it has in the Act. • Page 2 2. The Ratepayer represents and warrants to the Municipality that each of Recitals A to F of this Extension Agreement is correct. 3. The Ratepayer acknowledges and agrees that the amount of the tax arrears shown on the Tax Arrears Certificated contained in Schedule "B" is correct. 4. The period of time in which the cancellation price is to be paid is extended for the period during which this Extension Agreement subsists. This Extension Agreement shall subsist so long as each of the payments set out below is made to the Municipality in accordance with this Extension Agreement on or before the dates set out below opposite the respective amounts to be paid: $100,000.00 September 16, 1996 16,100.00 October 15, 1996 16,100.00 November 15, 1996 16,100.00 December 15, 1996 16,100.00 January 15, 1997 16,100.00 February 15, 1997 16,100.00 March 15, 1997 16,100.00 April 15, 1997 16,100.00 May 15, 1997 16,100.00 June 15, 1997 16,100.00 July 15, 1997 16,100.00 August 15, 1997 The amount which is equal to the September 15, 1997 balance of the cancellation price required to be paid pursuant to the Act. In addition, the Ratepayer agrees to pay the realty taxes levied as they come due for the period commencing October 1, 1996 and ending September 30, 1997, and shall be applied by the Municipality in accordance with the Municipal Act, R.S.O. 1990, c.M.45. Nothing comtained in this Extension Agreement derogates from the obligation of the ratepayer to pay realty taxes levied as they come due after this Extension Agreement is terminated or ceases to subsist for the purposes of the Act or the rights of the Municipality to enforce payment of same. All payments shall be made by certified cheque, money order or cash delivered to the Municipality's Treasurer at the Municipal Administrative Centre, 40 Temperance Street, Bowmanville, Ontario during the Municipality's regular business hours. 5. In the event that any of the payments referred to in paragraph 4 of this Extension Agreement is not made in accordance with paragraph 4, thereupon this Extension Agreement shall cease to subsist for the purposes of the Act. 6. The Parties acknowledge that any person may pay the cancellation price at any time. t Page 3 7. This Extension Agreement shall terminate upon payment of the cancellation price by any person. 8. The Ratepayer shall not assign this Extension Agreement to any person and shall not register this Extension Agreement against the title to the Lands. 9. Each of the Municipality and the Ratepayer acknowledges that the registered legal description of the Lands contains a reference to the road allowance between Lots 34 and 35 in the 9th Concession of the Geographic Township of Clarke and that such reference shall not be construed as either an acknowledgement of nor a derogation of any right to assert a claim to ownership of such road allowance. 10. Time shall be of the essence of this Extension Agreement. IN WITNESS WHEREOF the Municipality has hereunto affixed its corporate seal by the hands of its proper officers duly authorized in that behalf and the Ratepayer has hereunto set his hand and seal the day and year first above written. SIGNED, SEALED AND THE CORPORATION OF THE DELIVERED MUNICIPALITY OF CLARINGTON Mayor: Diane Harare ZZY Clerk: Patti Barrie MOSPORT PARK LIMITED Name Title SCHEDULE "A" THIS SCHEDULE IS SCHEDULE "A" to the Agreement which has been authorized and approved by By-Law 96-155 of the Corporation of the Municipality of Clarington enacted and passed the 16th day of September, 1996. LEGAL DESCRIPTION OF LANDS ALL AND SINGULAR those certain parcels or tracts of lands and premises situate, lying and being in the Town of Newcastle, in the Regional Municipality of Durham (formerly in the Township of Clarke, the County of Durham) being more particularly described as follows: FIRSTLY: All of Lot 33 in the 9th Concession of the said Town of Newcastle (formerly Township of Clarke), save and except the south quarter thereof; SECONDLY: All of Lot 34 in the 9th Concession of the said Town of Newcastle (formerly Township of Clarke); THIRDLY: All of Lot 35 in the 9th Concession of the Town of Newcastle (formerly Township of Clarke), save and except those parts thereof more particularly described as follows: PARCEL I: Commencing at a point in the Western boundary in said lot, distant, 4,606.80 feet (69 chains 80 links). Northerly from the South West angle of said Lot; THENCE Easterly parallel to the Northern limit of said Lot a distance of 910.80 feet (13 chains 80 links); THENCE Northerly parallel to the said Western limit of said Lot 28.38 feet (43 links); THENCE Easterly parallel to the said Northern limit of said Lot 1,195.92 feet (18 chains 12 links) to a point in the fence marking the Western boundary of an unopened allowance for road between Lots 34 and 35; THENCE Northerly in and along said fence and the said Western limit of allowance for road a distance of 1,885.62 feet (28 chains 57 links) to the North East angle of Lot 35; THENCE Westerly in and along the Northern limit of said Lot 35 a distance of 2,106.72 feet (31 chains 92 links) to the North West angle of said Lot; THENCE Southerly in and along the said Western limit of said Lot 1,885.62 feet (28 chains 57 links) to the Point of Commencement. PARCEL 11: Commencing at the Town Line at the south-westerly angle of said Lot; THENCE Easterly 910.80 feet (13 chains 80 links) along the road between the 8th and 9th Concessions of the said Town of Newcastle (formerly Township of Clarke); THENCE Northerly parallel with the Town Line 4,606.80 feet (69 chains 80 links); THENCE Westerly parallel with the Concession Line 910.80 feet (13 chains 80 links) to the Town Line; THENCE Southerly 4,606.80 feet (69 chains 80 links) along the Town Line to the Point of Commencement. FOURTHLY: That part of Lot 35 in the 9th Concession in the said Town of Newcastle, containing by admeasurement 24.9 acres be the same more or less, described as follows: 1 � � SCHEDULE "A" (continued) COMMENCING at the point of intersection of a fence running Southerly with the Northerly limit of said Lot 35, said point distant Westerly in the said limit Five hundred and ninety-three feet (593') from the North-easterly angle of said Lot 35; THENCE Easterly along the Northerly limit of said Lot 35 a distance of Five hundred and ninety-three feet (593') to the North-easterly angle thereof; THENCE Southerly along the Easterly limit of said Lot 35 a distance of Eighteen hundred and eighty-five and five tenths feet (1,885.5') to a point in the line of a fence running Westerly; THENCE Westerly along the said fence in a straight line a distance of Five hundred and fifty- three and four tenths feet (553.4') to a,point in the line of a fence running northerly, said point distant Eighteen hundred and ninety-six and five tenths feet (1,896.5') from the Point of Commencement; THENCE Northerly along the said fence in a straight line a distance of Eighteen hundred and ninety-six and five tenths feet (1,896.5') to the POINT OF COMMENCEMENT. FIFTHLY: The Allowance for Road between Lots 34 and 35 in the 9th Concession of the said Town of Newcastle (formerly the Township of Clarke) extending from the Southerly limit of the said 9th Concession to the Northerly limit thereof. 1 SCHEDULE "13" 'I'l1IS SCh11sUULL IS SCIIIsUUIJI "13" to the Agreerticut w1liell has hcell authorized and approved by By-Law 96-155 of the Corporation of the Municipality of Clarington enacted and passed the 16th day of Septernber, 1996. TAX ARREARS CIJRTIFICA_E pre' '. Document General: Cnwo Form 1—Municipal Document Act,R.8.0.1000,a MAO,R.R.0..1990,Rog.824 Q Form 4—hand R Isvatton Reform Act,A.S.O.1000,e.L.4,R.R.O.1900,Ro .66a. D 1 og•vy (�1 nil Till" (2) ag• o yt 3 po9AAc(tD 7 reporly.«._- »...--....�T__.. AdSc(/) stun of Oocumml Tax Arrears Certificate Form 1 —Munlolpal Tax Sa Ln n CL' (t '(5) Cone ere on Off ,i~ C.O • Y o WA Dullws i WA = ° (9)Deocrlptlon Part of Lots 98 and 35 and all of Lot 34, Concession 9, Q Coographlo Township oFClorke, Municipality of Clarington, Regional Municipality of Aurham, Now Propeny Idondflers as more particularly described in the annexed Schedule. Additional: Soo ❑ Schedule xaou one Addldonal: (T)Thle a).RWaecnp on b Eon Document New Easement l 1 ule or: Schedule ❑ Contalnet PlWuketdt Additional Doscrlpdon Pur1.' 0t or (e)TfJn Pown(Mt proviON N(ollowet , Unperson signing In Box.10°hereby oenllolt)pi all or part or tax arrears In the amount of ......W4 1) owing on the-3 t at day of December,19 ,,,,,,,,,,,,, and at least pan of such amount pluo any additional tool property true aand costs la still owing to the municipality or board named In Box 10 and that the land described In this documonl will bo cold by public sale i the c4nouUatbn pries W not paid within one year following the dais of rvgistratlon of this documonl.,- Notes:. A 'The time period for pa the eancoliation price may be extended M the municipality or.board AuthorlZOa an extonslon Agreement with the ownor of the land before the expiry of the ono-yoar porbd, S. The cahcetlatbn pries will be calculated as of the data that the amount of tho lox arrears are paid to the Municipality or board and will be higher than the amount sot out above. C. h there Is no euccoatlul purchaser at the public Salo,the land,upon logistratbn of a notice of vosting,will vest In the rnvnicipalfty or board. 0. Any inquiries relating to:this manor may be dirocted to the municipality or board namodIn Box 10 at the addross shown In Box 11. Oondnuod on 801%edule ❑ Mont fetal"to lostrumant number(o) WA 1(841 out status or Intuat) Slgnsturo(o) Owe of sigma to 1' CO O17AiibN.01` lri . ...................... ... .$4'i ftll'I`l Y M : D �1 . 1996,.08,.0. MUNICIPALITY OF CLARINCTON ..! CO LLE CroR ....... ......................... Trwruer Of AuthOdfod Olt v (11) Addreee foreorvl,- 40'TEMPERANCE STREET,BOWMANVILLE,ONTARIO L10 3A6 ATI'ENTIONI TREASURER (12j FanyoN)(Sy out sates or Internet) Namely 9(pnsNro(y Onto of Slonstort ..........................I......... ,,,,.....,.,,,,..,, .,,,,,,,....,,,,,,,,.... Y M 0 . . ............................................... ...WA ,j.... .., (13)AddrMa for se Ice WA (14)3„ lol 41 Addrw olpiop�lry0 (19 00oument Prepared byl Foos and Tax !l�ii Concession !Roadd 11 I'rcaaurer Orono,Ontario Municipality of Clarington nogisvadon Foo LOB 1M0 40 Temperance Street Bowmanville,Ontario Lie an6 Total WNCIPot weld—Ram 201(11m) THIS SCHEDULE IS SCII:EDUL.E "ll" to the Agreement which has been authorized and approved by By-Law 96-155 of the Corporation of the Municipality of Clarington cnacled nncl plls;cd I.11e .1.601 clay of S(Tlctnbor•, 1996. LL'I"I'rH DATI:ll AUGUST 9 1996 .MOSP/ h it CANADA'S HOME OF MOTOR RACING G August 9, 1996. Mayor Diane Harnre and Members of council Municipality of Clarington 40 Temperance St. Bowmanville ON L1C 3A6 Dear Madame Mayor and Members of Council, I ant writing to you this personal and confidential letter to express my deepest and most sincere apologies for not living up to the commitment to pay the$100,000 on account of taxes by July 31, 1996, The true story is that the funds were finally made available to me on Thursday, August 8, 1996, at noon, at which time I called Ruth Swan(she had left for lunch), Marie Marano (also gone for lunch), and Debbie Hanly(Deputy Treasurer). I finally spoke with Debbie Hanly at about 1:l Opm and advised here that the cheque could be cleared,and she could call, or have your bank call, our bank,Mr. Ian Nicholson of the CIBC. Frankly, since the Thursday following Edenfest, we have had difficulties with our bank which arose as a result of a cheque issued by Eden Entertainment to Mosport in the amount of $600,000US, which was returned to us marked "Account Closed". You may or may not be aware that commencing on the Tuesday of the weekend prior to Eden Musicfest, I became aware that the promoters had a condition of"cash shorts"and we had to bail them out to $1,500,000.00 in order to keep faith and prevent a riot what with the spectators ariving and there being no show. I am enclosing a replacement cheque for$100,000. I learned at 3:00pm that 1 1:30am yesterday, your solicitors had registered the certificate of sale, I left a message for Nick Masco to call me, but have not heard from him yet. Once again, at this stage I believe, from a legal point of view, that we have to enter into a formal agreement as to the arrears. Once again, I do apologize for any inconvenience that I have cause. As soon as I learned about the situation, I attempted to rectify it as quickly as possible, Yours truly, THE MOSPORT PARK ENTERTAINMENT CORPORATION .__.Bernard J. Kamin, Q.C. President and CEO THE MOSPORT PARK ENTERTAINMENT CORPORATION 825 DENISON STREET,UNIT 16-MARKHAM.ONTARIO- L3R 5124 --- PHONE(905)513.0550�__�_` - WEOSITE:WWW.MOSPORT.COM FAX:(905)513.0566 SCHEDULE "D" THIS SCHEDULE IS SCHEDULE "D" to the Agreement which has been authorized and approved by By-Law 96-155 of the Corporation of the Municipality of Clarington enacted and passed the 16th day of September, 1996. BY-LAW NO. 96-155 THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON BY-LAW NUMBER 96-155 Being a By-Law to authorize the making of an Extension Agreement between the Municipality of Clarington and Mosport Park Limited, pursuant to the provisions of Section 8 of the Municipal Tax Sales Act. WHEREAS, at it meeting on August 12, 1996, Council passed a Resolution recommending the making of an Extension Agreement between the Municipality of Clarington and Mosport Park Limited, pursuant to Section 8 of the Municipal Tax Sales Act; R.S.O. 1990, c.M.60: NOW THEREFORE BE IT ENACTED BY THE COUNCIL OF THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON: 1. THAT the Mayor and Clerk are authorized to execute on behalf of the Corporation of the Municipality of Clarington an Extension Agreement in the form contained as Appendix A attached hereto provided that the Extension Agreement is executed by all parties thereto on or before September 18, 1996. 2. THAT Appendix A attached hereto form part of this By-law. By-Law read a first and second time this 16th day of September 1996. By-Law read a third time and finally passed this 16th day of September 1996. Mayor Clerk