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HomeMy WebLinkAbout72-51BY-LAW NUMBER Being a By- law -to authorize the sale of lands to Mark-Fast Corporation Limited, for the establish- ment of industry. WHEREAS by By-law No.1957 passed by a vote in excess of three-fourths of all the members of the Council of the Corpora- tion of the Town of Bowmanville,The Corporation of the Town of Bowmanville did authorize the purchase of certain lands in origin- al Township Lot Number 9 in the Broken Front Concession fpr the establishment of industry. AND WHEREAS the Corporation of the Town of Bowmanville has agreed to sell a certain parcel of the said lands to Mark-Fast Corporation Limited, for the establishment and carrying on of industry. NOW THEREFORE the Council of The Corporation of the Town of Bowmanville, pursuant to The Municipal Act, R.S.0.,1970, Chapter 284, Section 354(1), Paragraph 50, HEREBY ENACTS as follows: 1. That the Corporation of the Town of Bowmanville do accept an Agreement of Purchase and Sale and do sell and con- vey to Mark-Fast Corporation Limited, for the establishment of industry, 3 acres of land being part of original Township Lot No.9, in the Broken Front Concession and consisting of part of Block 13, as shown on Shortt's Plan as more particularly described on Schedule "A" attached hereto and shown outlined in red on a Plan of Survey made by M.D. Brown attached hereto and marked Schedule "B". 2. That the purchase price shall ,-b,e, $3500.00 per acre or $10,500-00. 3. That the conveyance to Mark-Fast Corporation Limited,shall contain a restrictive covenant to the effect that it shall construct a building suitable to the carrying on of its business operation on the said lands within one year from the com- pletion of the transaction and registration of the deed; Provided that its failure to construct the said building within the speci- fied time shall result in the said lands reverting to the Town of Bowmanville and becoming the property of the Town of Bowmanville, upon the Town paying to Mark-Fast Corporation Limited, the purchase price paid for the said lands less 5% of the said purchase price and the cost of obtaining the re-conveyance; And further provided that Mark-Fast Corporation Limited, will agree to execute a re- conveyance of the said lands in the event of its failure to construct - 2 - the said building and upon repayment of the purchase price as aforesaid; And further provided that an acknowledgment confirm- ing that the said building has been constructed signed by the Mayor and the Clerk of the Town with the Corporate Seal of the Municipality attached,=shall be good and sufficient evidence th that the above covenants and restrictions have been complied with and that the title of Mark-Fast Corporation Limited, is absolute. 4. That the Mayor and Clerk be and are hereby authorized to execute the said Agreement fo Purchase and Sale and a conveyance of the said lands and impress the Corpoyate Seal thereto and to execute any other documents necessary to complete this transaction. S, READ a first and e_'14 915OF - READ a third time seco d time * ti -iis Op ad finafty passed this day of 1972. day of 1972. Mayor Clerk _ SCHEDULE "A" PREMISING that all bearings mentioned herein are astronomic and are referred to the ., meridian tbz000b the intersection of the centre line of the divided lane King's Highway Number 401 and the line between the Townships of Whitby and East Whitby, at longitude 78 degrees 53 minutes 45 seconds West; 9�1 COMMENCING at an iron bar planted in the Northerly limit of said Township Lot 9 distant Westerly therein 550.00 feet from the North—Easterly angle thereof;* THENCE South 72 degrees 42 minutes 45 seconds West along the Northerly limits of said Township Lot 9 and said Block 13 a distance of 245°89 feet more or less to an iron bar marking the North—Westerly angle of said Block 13; THENCE South 17 degrees 34 minutes East along the Westerly limit of said Block 13 being the Easterly limit nfZnart Avenue, a distance of 531.46 feet to an iron bar; TBBVC2 North 72 degrees 42 minutes 45 seconds East a distance of 245.39 feet to an iron bar; v� THENCE North 17 degrees 34 minutes West a distance of 531°46 feet more or less to the POINT OF COMENCEMENT. October 24, 1972. � ~ Ontario Land Surveyor.