3418 Schedule A Addendum to Golf Course LeaseSCHEDULE "G"
The Parties agree that during the Term the Lessee shall lease to purchase the Adjacent
Land in accordance with this Schedule and Section 8(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
Schedule C
The Parties agree that the quantum and calculation of Rent during the Term is based upon the sum of $600,000,00
plus interest on such amount at the Ontario Strategic Infrastructure Financing Authority (OSIFA) interest rate as of the
Interest on the Principal is a fixed rate calculated over a term of twenty-five years.
-" The total rent payment for the Term shall be determined by calculating the interest at the OSIFA interest rate as of thE
with the principal amount of $600,000.00. Payments shall be made in equal monthly installments as of the first day o·
The Savanta Environmental Study cost will be split and added to the $600,000 and paid for over the term of the lease
The Parties agree that the interest rate, total rent payment due under the Lease and monthly rent payment
may be inserted below after the signing of this Lease and shall be the following;
Golf Course Lease Rent Schedule
Loan Amount and Payment Amounts Total Annual Rent
Payment Year $28,000 $450,000 $131,543 $ on 66 Acres $600,000
1 2009 $2,609.14 $38,124.64 $9,464.69 $1.00 $50,199.47
2 2010 2,609.14 37,223.70 $9,464.69 1.00 49,298.53
3 2011 2,609.14 36,338.72 $9,464.69 1.00 48,413.55
4 2012 2,609.14 35,508.78 $9,464.69 1.00 47,583.61
5 2013 2,609.14 34,553.15 $9,464.69 1.00 46,627.98
6 2014 2,609.14 33,730.49 $9,464.69 1.00 45,805.32
7 2015 1,614.32 32,696.58 $9,464.69 1.00 43,776.59
8 2016 1,614.32 34,832.91 $9,464.69 1.00 45,912.92
9 2017 1,614.32 30,924.50 $9,464.69 1.00 42,004.51
10 2018 1,614.32 30,017.33 $9,464.69 1.00 41,097.34
11 2019 1,614.32 29,110.17 $9,464.69 40,189.18
12 2020 1,614.32 28,258.93 $9,464.69 39,337.94
13 2021 1,614.32 27,272.23 $9,464.69 38,351.24
14 2022 1,614.32 26,389.92 $9,464.69 37,468.93
15 2023 1,614.32 25,481.52 $9,464.69 36,560.53
16 2024 1,614.32 24,592.99 $9,464.69 35,672.00
····-·-· -·----····-····---·------·--·---· -··
17 2025 2,609.14
18 2026 2,609.14
19 2027 2,609.14
20 2028 1,956.84
21 2029
22 2030
23 2031
24 2032
25 2033
To be spread out over the next few years on a monthly basis
To be prorated over the next 5 years= 32,866
Leaving a difference of= 66632
23,697.01 $9,464.69 35,770.84
22,745.11 $9,464.69 34,818.94
21,844.16 $9,464.69 33,917.99
20,954.40 $9,464.69 32,375.93
20,038.54 $9,464.69 29,503.23
19,131.37 $9,464.69 28,596.06
29,674.96 $9,464.69 39,139.65
39,996.14 $9,464.69 49,460.83
39,261.71 $9,464.69 48,726.40
$1,020,609.51
-----·-------------
Golf Course Lease Rent Schedule
Loan Amount and Payment Amounts Total Annual Rent Monthly Payments Total to be paid per year Surplus/Deficit Remaining Amount
Payment Year $28,000 $450,000 $131,543 $ on 66 Acres $600,000
1 2009 $2,609.14 $38,124.64 $9,464.69 $1.00 $50,199.47 $0.00 -50,199.47 -50,199.47
2 2010 2,609.14 37,223.70 $9,464.69 1.00 49,298.53 $ 5,000.00 $ 40,000.00 -9,298.53 -59,498.00
3 2011 2,609.14 36,338.72 $9,464.69 1.00 48,413.55 $ 5,000.00 $ 60,000.00 11,586.45 -47,911.55
4 2012 2,609.14 35,508.78 $9,464.69 1.00 47,583.61 $ 5,000.00 $ 60,000.00 12416.39 -35,495.16
5 2013 2,609.14 34,553.15 $9,464.69 1.00 · 46,627.98 $ 5,000.00 $ 60,000.00 13372.07 -22,123.09
6 2014 2,609.14 33,730.49 $9,464.69 1.00 45,805.32 $ 5,000.00 $ 60,000.00 14194.68 -7,928.41
7 2015 1,614.32 32,696.58 $9,464.69 1.00 43,776.59 $ 4,308.75 51,705.00 0 0
8 2016 1,614.32 34,832.91 $9,464.69 1.00 45,912.92 $ 3,826.08 45,912.92 0 0
9 2017 1,614.32 30,924.50 $9,464.69 1.00 42,004.51 $ 3,500.38 42,004.51 0 0
10 2018 1,614.32 30,017.33 $9,464.69 1.00 41,097.34 $ 3,424.78 41,097.34 0 0
11 2019 1,614.32 29,110.17 $9,464.69 40,189.18 $ 3,349.10 40,189.18 0 0
12 2020 1,614.32 28,258.93 $9,464.69 39,337.94 $ 3,278.16 39,337.94 0 0
13 2021 1,614.32 27,272.23 $9,464.69 38,351.24 $ 3,195.94 38,351.24 0 0
14 2022 1,614.32 26,389.92 $9,464.69 37,468.93 $ 3,122.41 37,468.93 0 0
15 2023 1,614.32 25,481.52 $9,464.69 36,560.53 $ 3,046.71 36,560.53 0 0
16 2024 1,614.32 24,592.99 $9,464.69 35,672.00 $ 2,972.67 35,672.00 0 0
17 2025 2,609.14 23,697.01 $9,464.69 35,770.84 $ 2,980.90 35,770.84 0 0
18 2026 2,609.14 22,745.11 $9,464.69 34,818.94 $ 2,901.58 34,818.94 0 0
19 2027 2,609.14 21,844.16 $9,464.69 33,917.99 $ 2,826.50 33,917.99 0 0
20 2028 1,956.84 20,954.40 $9,464.69 32,375.93 $ 2,697.99 32,375.93 0 0
21 2029 20,038.54 $9,464.69 29,503.23 $ 2,458.60 29,503.23 0 0
22 2030 19,131.37 $9,464.69 28,596.06 $ 2,383.01 28,596.06 0 0
23 2031 29,674.96 $9,464.69 39,139.65 $ 3,261.64 39,139.65 0 0
24 2032 39,996.14 $9,464.69 49,460.83 $ 4,121.74 49,460.83 0 0
25 2033 39,261.71 $9,464.69 48,726.40 $ 4,060.53 48,726.40 0 0
$1,020,609.51 $1,020,609.46
To be spread out over the next few years on a monthly basis
To be prorated over the next 5 years= 32,866
Leaving a difference of= 66632