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HomeMy WebLinkAbout73-36THE CORPORATION OF THE TOWN OF BOWMANVILLE BY -LAW NO. 3,3 Being a by -law to authorize the sale of lands to Penwest Development Cor- poration Limited for the establish- ment of industry. WHEREAS by by -law Number 72 -52 passed by a vote in excess of three - fourths of all members of council of the Corporation of the Town of Bowmanville, hereinafter called the "Town" do the sixth day of November, 1972, the Town did authorize the purchase of certain lands in the First Con- cession of the Town of Bowmanville more particularly described in Schedules "A" and "B" attached hereto and other adjacent lands for the establishment of industry. AND WHEREAS the said lands, and other lands, were purchased by the Town of Bowmanville by instrument Number 57433 registered on the 12th day of December, 1972. AND WHEREAS the Town has agreed to sell the said lands described in Schedule "A" to Penwest Development Corpor- ation Limited for the purpose of the establishment of industry and has further agreed to grant to Penwest Development Corpor- ation Limited an option to purchase the lands described in Schedule "B ". NOW THEREFORE the Council of the Corporation of the Town of Bowmanville pursuant to the Municipal Act R.S.O. 1970 Chapters 284, Section 354 (1), paragraph 50, HEREBY ENACTS as follows: 1. That the Town do sell and convey to Penwest Development Corporation Limited the 3.54 acres more particu- larly described in Schedule "A" attached hereto at the price of $24,780.00. 2. The said purchase and sale shall be completed on or before the 15th day of September, 1973. 3. That the Town grant to Penwest Development Corpor- ation Limited an option to purchase the lands more particularly described in Schedule "B ", containing 7.15 acres at a price of $50P50.00 for a period of one year from the date of registration of a conveyance of the lands described in Schedule "A ". The terms of the option shall be 10/ option money payable at the said date of registration of the conveyance of the lands des- cribed in Schedule "A" which option money shall be credited to the balance of the purchase price in. the event the option is exercised and provided that Penwest Development Corporation Limited or its successors may exercise the said option by giving thirty days notice in writing to the Town,, and if the option shall not be exercised, the deposit paid thereunder shall be forfeited to the Town. -2- 4. That the conveyance of the lands described in Schedule "A" and any lands sold pursuant to the said option to purchase shall contain restrictive covenants to the effect that the Grantees shall construct a building suitable for carrying on of its business on the said lands within one year from the completion of the transaction and registration of the deed; Provided that the failure of the Grantees to construct the said building within the specified 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 the Grantees the purchase price paid for the said lands less 10% of the said purchase price and the cost of obtaining the 3e- conveyance; And further provided that Penwest Development Corporation Limited or its successors, will agree to execute a re- conveyance of the said lands in the event of their failure to construct the said buildings and upon repayment of the purchase price as aforesaid; And further provided that an acknowledgment confirming that the said buildings 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 that the above covenants and restrictions have been complied with and that the title of Penwest Development Corporation Limited asm absolute. 5. That the Mayor and Clerk be and are hereby authorized to execute the said Option to Purchase and the coveyances granted pursuant to this By -Law and impress the Corporate seal thereon and to execute any other documen is necessary to complete these transactions. Read a first and second time this day of June, 1973. - Read a third time and finally passed this ) day of June, 1973. r� a.......... ................ Mayor .. ... ....a...... ..:.... (/ Clerk. 7 . at a ;bi. Y. the Southerly limit of said Tot 8 distant 981.85 feet I measured on a course of North 73 degrees 06 minutes 30 seconds Fast from the Soul Westerly angle of said lot 8; . THENCE lot 8 a distance of 320.37 feet more or less to an iron bar planted at the point of intersection with a fence marking the Westerly limit of a travelled road known as Cemetery Road, said iron bar distant 16 feet measured Westerly in said Southerly limit from the South-Easterly angle thereof; THENCE North • degrees minutes 30 seconds ' the line of a fence marking the Westerly Limit of said Cemetery Road a distance of 480.00 feet to a point; THENCE South 73 degrees 06 minutes 30 seconds West a distance of 321.63 feet more or less to the point of intersection with a line drawn on a c ourse of North 17 degrees minutes 0 seconds West from the point of ate, _e s c - m- THENCE South 17 degrees 54 minutes 30 seconds East a distance of 480.00 feet to the POINT OF COMMENCEMENT. SUBJECT TO an _:?au:,ct in favour of the d, • .' registered as Instrument a #^ # in the Registry Office for the Registry of ar June 22., 1975. I a D m fro, Ontario land Surveyor. PREMISING that the Easterly limit of b 8 astronomic degrees 28 minutes 30 seconds West as shown on Deposited THENCE :r�elating all bearings herein thereto; BEGINNING at an iron bar planted at the point of intersection of a fence ma the Westerly limit of a travelled road known as Cemetery Road with the Southerly limit of said 1,ot 8., said iron bar distant Westerly in the last-mentioned liml 16.00 feet from the South-Easterly angle of said Lot 8; Thence North 17 degrees 45 minutes 30 seconds West along the said fence a di I of 480.00 feet to the point of commencement of the lands to be herein described.- s , , h 73 degrees • 6 minutes 30 seconds - of 681.63 feet more or less to the point of intersection with a line drawn on a course of North 17 degrees mina minates ! seconds West from point o f - of is distant 621.85 feet measured Easterly therein from the South-Westerly angle •, THENCE North 17 degrees 54 minates 30 seconds West a distance of 453.75 feet t® an iron ; THENCE !r t 72 degrees minutes 30 seconds East a distance of 682.75 or less to an iron bar planted the line of a fence marking the Westerly limit travelled road known as Cemetery Roadj THENCE South 17 degrees 45 minutes 30 seconds East along last-mentioned distance of 459.49 feet more or less to the POINT OF COMMENCHMM. I M. D a Brown Ontario Land Surveyor.