3418 To authorize amend by-law 3276 being an agreement with The Tillsonburg Golf and : Country Club for the leasing of land. :THE CORPORATION OF THE TOWN OF TILLSONBURG
BY-LAW NUMBER 3418
A BY-LAW to authorize amend by-law 3276 being an agreement with The Tillsonburg Golf and
Country Club for the leasing of land.
WHEREAS The Town of Tillsonburg is desirous of amending by-law 3276 being a lease
agreement with the Tillsonburg Golf and Country Club.;
THEREFORE the Council of the Town of Tillsonburg enacts as follows:
I THAT By-law Number 3276 is hereby amended by replacing Schedule C and Schedule
G with the Schedules attached hereto.
READ A FIRST AND SECOND TIME THIS 26" DAY OF April, 2010.
READ A THIRD AND FINAL
MAYOR -Stephen Molnar
CLERK -Michael Graves
TIME AND PASSED THIS 26th DAY OF April, 20100
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SCHEDULE "G"
The Parties agree that during the Term the Lessee shall lease to purchase the Adjacent
Land in accordance with this Schedule and Section S(7).
'The Parties agree that the Adjacent Land is the land described in Schedule "F" and
consists of approximately 66 acres.
'The Parties agree to enter into an addendum to this Lease (the "Addendum Lease")
whereby the Lessee shall lease to purchase the Adjacent Land. The Addendum Lease
shall contain similar terms as this Lease with the exception of Term and Rent. The term
shall be for ten (10) years and commence no later than October 31, 2007. Rent shall be
$1.00 per year.
At the end of the term of the Addendum Lease the Parties shall enter into a standard
Agreement of Purchase and Sale whereby the Lessee shall purchase the Premises
based upon $3500 per acre for 42 acres and $12,000 per acre for 10 acres for a total
purchase price of $267,000. This reflects the approximation of usable land of the ANSI
area south of the train tracks. Provided that the purchase of the Adjacent Lands occurs
no later than December 31, 2017 then the purchase price shall not be indexed annually
by the Consumer Price Index or otherwise altered in any manner. G.S.T., if applicable,
shall be in addition to the purchase price. Closing shall occur no later than 60 days of
the end of the Term
Closing shall occur no later than 60 days from the end of the term of the Addendum
Lease. Between the end of the term of the Addendum Lease and closing the risk of the
Premises shall be with the Lessee and the terms and conditions of this Lease shall
continue with the exception that no monthly rent shall be payable.
The Lessee shall purchase the Premises in an "as is" and "where is" condition. The
Lessee shall not call on the Lessor to perform any work or fulfill any warranties or
undertakings whatsoever or remedy any fault, problem or defect in the title or condition
of the Premises