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3159 To authorize the Sale of certain lands on Broadway to Sath : Sou and Somavatey So. :THE CORORATION OF THE TOWN OF TILLSONBURG BY-LAW NUMBER 3159 A BY-LAW to authorize the Sale of certain lands on Broadway to Sath Sou and Somavatey So. WHEREAS the lands subject to this by-law are owned by the Town of Tillsonburg, have been declared surplus and were offered for sale pursuant to Tillsonburg By -Law 2704. AND WHEREAS the Corporation of the Town of Tillsonburg is desirous of selling certain lands being Part of Lot 22, Plan 551 and more particularly shown as Parts 7 and 8 on Reference Plan 41R-6565 with the Town retaining an easement for Municipal Services over Part 8. AND WHEREAS Sath Sou and Somavatey So have made a written offer to purchase these lands at the Purchase Price of $40,000.00 as detailed in Offer of Purchase attached as Appendix "A" to this By -Law. BE IT THEREFORE ENACTED by the Council of the Corporation of the Town of Tillsonburg as follows: 1. THAT the Council of the Town of Tillsonburg does authorize the conveyance of lands shown as Parts 7 and 8, Plan 41R-6565 fronting onto Broadway in the Town of Tillsonburg, County of Oxford at the Purchase Price of $40,000.00 subject to the Town retaining an Easement for Municipal Services over Part 8. 2. The Mayor and Clerk are hereby authorized to execute on behalf of the Corporation of the Town of Tillsonburg such documents to give effect to this conveyance. 3. THAT this By -Law shall come into full force and effect upon the date of enactment. READ A FIRST AND SECOND TIME AND THIRD TIME, SIGNED, SEALED AND NUMBERED 3159 THIS 9THDAY OF MAY, 2005. 7 AGREEMENT OF PURCHASE AND SALE PURCHASER(S): SATH SOU and SOMAVATEY SO agree to purchase from VENDOR(S): THE CORPORATION OF THE TOWN OF TILLSONBURG REAL PROPERTY: Municipal Address: Vacant lot located on the west side of Broadway, south of Carolina Street, in the Town of Tillsonburg in Oxford County and having a frontage of 60 feet more or less by a depth of 133 feet more or less, and Legally described as: Part Lot 22, Plan 551, Town of Tillsonburg, County of Oxford, and designated as Parts 7 and 8 on Reference Plan 41R-6565; subject to an easement over Part 8 on Reference Plan 4111-6565 for the provision of municipal services, being the whole of PIN 00026 0988. being a vacant residential fully serviced building lot. PURCHASE PRICE: FORTY THOUSAND DOLLARS (CDN) ($40,000-00) DEPOSIT: The Purchaser submits HEREWITH FIVE HUNDRED DOLLARS ($500.00) cash or negotiable cheque payable to the Vendor/ to be held in trust pending completion or other termination of this Agreement and to be credited on account of the Purchase Price on completion. TERMS AND CONDITIONS: The Purchasers agree to pay the balance of the Purchase Price on completion, subject to the adjustments provided for herein. On closing, the Vendor agrees to deliver all documents in its possession relating to the Property, including but not limited to any water, soil and health test results. The terms, conditions and provisos set out in Schedule "A" attached hereto (if any) shall be read with and form part of this Agreement. 1. CHATTELS AND FIXTURES The Purchasers and the Vendor agree that all existing fixtures are included in the purchase price except those listed hereunder: n/a. and that the following chattels are included in the Purchase Price: n/a. 2. RENTAL ITEMS The following equipment is rented and not included in the Purchase Price: n/a. The Purchasers agree to assume the rental contract(s), if assumable. 3. IRREVOCABILITY This offer shall be irrevocable by the Purchasers until 11:59 p.m. on the 28th day of March, 2005, after which time if not accepted this offer shall be null and void and the deposit shall be returned to the Purchasers without interest or deduction. 4. COMPLETION DATE This Agreement shall be completed by no later than 5:00 p.m. on the 29" day of April, 2005. Upon completion, vacant possession of the Property shall be given to the Purchasers unless otherwise provided for in this Agreement. NOTICE Whenever any notice is required hereunder it shall be sufficient if given in writing to the party to whom such notice is to be given and delivered personally or by prepaid registered post to the address of such party set out herein. 6. GST The Purchase Price does not include Goods and Services Tax ("GST") and, if this transaction is subject to GST, then applicable GST shall be INCLUDED IN the Purchase Price. All GST shall be collected and remitted as required by law. If this transaction is subject to GST -but the Vendor is not required to collect or remit GST, the Purchaser agrees to provide on or before closing to the Vendor or Vendor's Solicitor a written certificate in a form reasonably satisfactory to the Vendor or Vendor's Solicitor to the effect that the Vendor is not required to collect or remit the GST and shall provide the Vendor with the Purchaser's GST registration number, if applicable, failing which the applicable GST will be paid to the Vendor on closing. If this transaction is not subject to GST, the Vendor agrees to provide on or before closing to the Purchaser or Purchaser`s Solicitor a written certificate in a form reasonably satisfactory to the Purchaser or Purchaser's Solicitor certifying that the transaction is not subject to GST. 7. TITLE SEARCH (REQUISITION DATE) The Purchaser shall be allowed until 11:59 p.m. on the 22"d day of April, 2005 to examine the title to the Property at the Purchaser's own expense, to satisfy himself that there are no outstanding work orders or deficiency notices affecting the Property, that its present use (SINGLE FAMILY RESIDENTIAL) may be lawfully continued, that there are no environmental conditions adversely affecting the present use of the Property, and that the principal building may be insured against risk of fire. The Vendor hereby consents to the municipality or other governmental agencies releasing to the Purchaser details of all outstanding work orders affecting the Property, and the Vendor agrees to execute and deliver such further authorizations in this regard as the Purchaser may reasonably require. For the purpose of satisfying himself as aforesaid, the Purchaser shall also have reasonable access to the Property by himself, his agents or consultants, in the company of the Vendor or the Vendor's agent(s) and may conduct such tests as he or his consultants advise, provided the Property shall be restored by the Purchaser at his expense to the approximate condition in which it was at the time of each such access. 8. FUTURE USE The Vendor and Purchaser agree that there is no representation or warranty of any kind that the future intended use of the Property by the Purchaser is or will be lawful except as may be specifically provided for in this Agreement. 9. SURVEY Within ten (10) days of the date of acceptance hereof the Vendor shall either (a) deliver to the Purchaser or Purchaser's Solicitor any survey of the Property in his possession or control, or (b) advise the Purchaser or Purchaser's Solicitor in writing that no such survey exists. The Purchaser shall have until the earlier of the date of completion or twenty-one (21) days following the date of such delivery or advice within which to examine the said survey or to obtain his own survey and examine same. If the Vendor fails to so deliver or advise, the Purchaser shall have until completion to obtain his own survey and examine same. 10. TITLE It is a condition of this Agreement that the title to the Property is good and free from all encumbrances except as aforesaid, and except for (a) any registered restrictions or covenants that run with the land providing that such are complied with, (b) any registered municipal agreements and registered agreements with publicly regulated utilities providing that such have been complied with or adequate security has been posted to ensure compliance and completion, as evidenced by a letter from the relevant municipality or regulated utility, (c) any easements for the supply of domestic utility or telephone services to the Property or adjacent properties which have only a minor effect on the use and enjoyment of the Property, and (d) any easements for drainage, storm or sanitary sewers, public utility lines, telephone lines, cable television lines or other services which do not materially affect the present use of the Property. - If within the time allowed for examining the title or the survey any valid objection to title or to any outstanding work order or deficiency notice or to the fact that said present use may not lawfully be continued or that environmental conditions exist on the Property which adversely affect its present use, or that the principal building may not be insured against risk of fire, is made in writing to the Vendor or to the Vendor's Solicitor and which the Vendor is unable or unwilling to remove, remedy or satisfy and which the Purchaser will not waive, this Agreement, notwithstanding any intermediate -acts or negotiations in respect of such objections shall be at an end, and all monies theretofore paid shall be returned without interest or deduction (unless otherwise provided for herein) and the Vendor shy all not be liable for any costs or damages. Save as to any valid objection so made by such day and except for any objection going to the root of title, the Purchaser shall be conclusively deemed to have accepted the Vendor's title to the Property. 11. INSPECTION The Purchaser acknowledges having inspected the Property prior to submitting this offer, and understands that upon the Vendor accepting this offer there shall be a binding agreement of purchase and sale between the Purchaser and Vendor. 12. U FFI The Vendor warrants to the Purchaser that the buildings used in conjunction with the Property have not been as at the date of completion, insulated with a urea formaldehyde type foam insulation. This warranty shall survive and not merge on completion of this transaction. 13. DOCUMENTS AND DISCHARGE The Purchaser shall not call for the production of any title deed, abstract or other evidence of title to the Property, except such as are in the possession or control of the Vendor. In the event that a discharge of any charge held by a chartered bank, trust company, credit union or insurance company which is not to be assumed by the Purchaser on completion, is not available in registrable form on completion, the Purchaser agrees to accept the Vendor's Solicitor's personal undertaking to obtain, out of the closing funds, a discharge in registrable form and to register same on title within a reasonable period of time after completion, provided that the Vendor shall have delivered to the Purchaser a statement prepared and signed by a representative of the chargee setting out the balance required to obtain the discharge, together with a direction executed by the Vendor directing the Purchaser to make payment to the chargee of the amount required to obtain the discharge out of the balance due on completion. -3- 14. DOCUMENT PREPARATION The Transfer/Deed shall, save for the Land Transfer Tax Affidavit which shall be prepared and completed by the Purchaser, be prepared in registrable form at the expense of the Vendor and any Charge/Mortgage to be given back by the Purchaser to the Vendor at the expense of the Purchaser. If requested by the Purchaser, the Vendor covenants that the Transfer/Deed to be delivered on completion shall contain the statements contemplated by Section 50(22) of the Planning Act. 15. INSURANCE All buildings on the Property and all other things being purchased shall be and remain until completion at the risk of the Vendor. The Vendor shall insure the Property and shall hold all insurance policies (if any) and the proceeds thereof in trust for the parties as their interests may appear, and in the event of substantial damage the Purchaser may either terminate this Agreement and have all monies theretofore paid returned without interest or deduction (unless otherwise provided for herein) or else take the proceeds of any insurance and complete the purchase. No insurance shall be transferred on completion. If the Vendor is taking back a Charge/Mortgage, or the Purchaser is assuming a Charge/Mortgage, the Purchaser shall supply the Vendor with reasonable evidence of adequate insurance to protect the Vendor's or other mortgagee's interest on completion. 16. PLANNING ACT Provided this Agreement shall be effective to create an interest in the Property only if the subdivision control provisions of the Planning Act are complied with by the Vendor on or before completion. The Vendor hereby covenants to proceed diligently at his expense to effect any such compliance on or before completion. 17. RESIDENCY There shall be credited toward the Purchase Price the amount if any which it shall be necessary for the Purchaser to pay to the Minister of National Revenue in order to satisfy the Purchaser's liability in respect of tax payable by the Vendor under the non -residency provisions of the Income Tax Act by reason of this sale. Purchaser shall not claim such credit if Vendor delivers on completion the prescribed certificate or his statutory declaration that he is not then a non-resident of Canada. 18. ADJUSTMENTS Any rents, mortgage interest, realty taxes including local and the cost of fuel, as applicable, shall be apportioned itslelf to be apportioned to the Purchaser) . improvements, unmetered public or private utility charges and allowed to date of completion (the day of completion 19. TIME LIMITS Time shall in all respects be of the essence hereof provided that the time for doing or completing of any matter provided for herein may be extended or abridged by an agreement in writing signed by the Vendor and Purchaser or by their respective solicitors, who may be specifically authorized in this regard. 20. TENDER Any tender of money or documents hereunder may be made upon the Vendor or the Purchaser or their respective solicitors on the day for completion of this Agreement. Money shall be tendered by bank draft or cheque certified by a chartered bank, trust company, Province of Ontario Savings Office or credit union. 21. FAMILY LAW ACT The Vendor warrants that spousal consent is not necessary to this transaction under the provisions of the Ontario Family Law Act, R. S. 0. 1990, c. F. 3, unless the Vendor's spouse has executed the consent hereinafter provided. 22. CONSUMER REPORTS The Purchaser is hereby notified that a consumer report containing credit and/or personal information may be referred to in connection with this transaction. 23. ENTIRE AGREEMENT This Agreement including the schedules hereto shall constitute the entire agreement between the Vendor and Purchaser, and there is no representation, warranty, collateral agreement or condition affecting this Agreement or the Property or supported hereby, other than as expressed herein in writing. 24. GENDER/NUMBER This Agreement shall be read with all changes of number and gender required by the context. 25. AGREEMENT IN WRITING The Vendor and Purchaser agree that there are no conditions express or implied, representations or warranties of any kind that the future intended use of the Property by the Purchaser is or will be lawful except as may be specifically stipulated elsewhere in this Agreement. MEAN 26. SUCCESSORS AND ASSIGNS The heirs, executors, administrators, estate trustees, successors and assigns of the undersigned are bound by the terms herein. DATED at Tillsonburg, Ontario, this I day of March, 2005. SIGNED, SEALED AND DELIVERED in the presence of: IN WITNESS WHEREOF I have hereunto set my hand and seal: 2k (Purchaser) Sath Sou (Purchaser) Somavatey So The undersigned Vendor hereby accepts the above Offer and its terms and covenants, and promises and agrees to and with the above-named Purchaser to duly carry out the same on the terms and conditions above mentioned, and hereby accepts the deposit of $ 500.00. t DATED at Tillsonburg, Ontario, this day of h, 2005. SIGNED, SEALED AND DELIVERED in' the presence of: I hereby acknowledge receipt of a signed copy of this accepted Agreement of Purchase and Sale this day of March, 2005 (Vendor) Vendor's Address: Attention: David C. Morris 200 Broadway Tillsonburg, Ontario N4G 5A7 Phone: (519) 842-6428 Vendor's Solicitor Phone: Fax: 1 IN WITNESS WHEREOF I have hereunto set my hand and seal: ORPORATION OF THE TOWN OF TILLSONBURG Pe • ' � (Vendor) Name: Title: Per: (Vendor} a T' e I/We have authority to bind the corporation. hereby acknowledge receipt of a signed copy of this accepted Agreement of Purchase and Sale this day of March, 2005 (Purchaser) Purchaser's Address: 72 Devonshire Ave., Apt. 305 Tillsonburg, Ontario N4G 4T2 Phone (519) 842-9901 Purchaser's Solicitor Lisa C. Gilvesy MORRIS, JENKINS & GILVESY 19 Ridout St. E., Box 280 Tillsonburg, Ontario N4G 4H8 Phone: 519-842-9017 Fax: 519-842-3394