2002-124 To Authorize the Execution of a Site Plan Control Agreement between the Corporation of the Township of Oro-Medonte, and Carriage Hills Resort Four, Inc.
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THE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE
SITE PLAN CONTROL
BY-LAW NO. 2002-124
Being a By-Law to Authorize the Execution of a Site Plan Control Agreement
between The Corporation of the Township of Oro-Medonte,
and Carriage Hills Resort Four, Inc.
described as lands as follows:
Parcel 1-26, Section 51-0ro-3, being Part of Lots 1 and 2, Concession 3,
designated as Part 1 on Plan 51 R-31409,
Township of Oro-Medonte, County of Simcoe
WHEREAS authority to enter into Site Plan Control Agreements is provided for in
Section 41 of The Planning Act, RS.O., 1990, c. P. 13, as amended, and Council
deems it necessary to enter into a Site Plan Control Agreement on the lands described
herein;
AND WHEREAS By-Law No. 94-149, a By-Law to Designate Parts of the Township as
Site Plan Control Areas, was passed by Council for the Township of Oro-Medonte,
pursuant to the provisions of The Planning Act, RS.O., 1990, c. P. 13, as amended;
AND WHEREAS the lands referred to in this By-Law are subject to Site Plan Control,
pursuant to By-Law No. 94-149;
NOW THEREFORE the Corporation of the Township of Oro-Medonte hereby enacts as
follows:
1. THAT the Township enter into the Site Plan Control Agreement attached hereto, as
Appendix "A", on lands described on the attached Schedule "A";
2. THAT the Mayor and Clerk are hereby authorized to execute the Site Plan Control
Agreement on behalf of the Corporation of the Township of Oro-Medonte;
3. THAT the attached Appendix "A" and Schedule "A" shall form part of this By-Law;
4. THAT this By-Law shall come into force and take effect upon being enacted by
Council.
By-law read a first and second time this 4th day of December, 2002.
By-law read a third time and finally passed this 4th day of December, 2002.
THE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE
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f ayor, J.Neil Craig
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APPENDIX "A"
SITE PLAN AGREEMENT
- between -
CARRIAGE HILLS RESORT FOUR, INC.
- and -
THE CORPORATION OF THE
TOWNSHIP OF ORO-MEDONTE
DESCRIPTION OF LANDS
Part of Parcel 1-26, Section 51-0ro-3, Being Part of
Lots 1 and 2, Concession 3, Designated as
Part 1 on Plan 51R-31409 (Formerly Township of Oro)
TOWNSHIP OF ORO-MEDONTE
COUNTY OF SIMCOE
November, 2002
By-Law No. 2002-
-
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Section 7
e Section 8
Section 9
Section 10
Section 11
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Schedule "A"
Schedule "B"
Schedule "C"
Schedule "0"
Schedule "D1"
Schedule "E"
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THE TOWNSHIP OF ORO-MEDONTE
SITE PLAN AGREEMENT
TABLE OF CONTENTS
Covenants by the Owner
Covenants by the Township
Development Restrictions
Development Changes
Security
Compliance
Co-operation
Binding Effect
Severability of Clauses
Save Harmless
Development Charges, Real Property Taxes & Other Levies
& Imposts
SCHEDULES
Legal Description of Lands
Site Plan
Deeds and Easements to be Conveyed
Itemized Estimate of Cost of Internal Construction
Itemized Estimate of Cost of External Construction - Line 3 North
Standard Township Letter of Credit
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SITE PLAN CONTROL AGREEMENT
This Agreement made in quadruplicate this (j day of
accordance with Section 41 of the Planning Act.
2002, in
BETWEEN:
CARRIAGE HILLS RESORT FOUR, INC.
Hereinafter called the "Owner"
PARTY OF THE FIRST PART
-and-
THE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE
Hereinafter called the "Township"
PARTY OF THE SECOND PART
WHEREAS the Owner has applied to the Township of Oro-Medonte to permit a 78-unit
timeshare development on lands described in Schedule "A", attached hereto;
AND WHEREAS the Township has enacted a By-law to provide for the designation of the
lands as a "Site Plan Control Area";
AND WHEREAS the Owner intends to develop the lands in accordance with the Site Plan
attached hereto as Schedule "B";
NOW THEREFORE This Agreement Witnesseth THAT in consideration of the mutual
covenants hereinafter contained, the parties hereto hereby covenant and agree as
follows:
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1. COVENANTS BY THE OWNER
The Owner covenants and agrees as follows:
a) The Owner owns the subject lands described in Schedule "A", attached hereto,
and has provided the Township with a Registered Deed containing the legal
description of the subject lands.
b) This Agreement may be registered against title to these subject lands and shall
take priority over any subsequent registrations against the title to the subject lands.
c) No work shall be performed on the lands, nor any use made of the subject lands
with respect to the proposed development, except in conformity with all the
provisions of this Agreement.
d) The Owner shall, prior to the execution of this Agreement, obtain all necessary
permits and approvals from the Township and from all Ministries and Agencies,
including, but not limited to, the County of Simcoe, Nottawasaga Valley
Conservation Authority, Ministry of the Environment, and A.W.S. Engineers and
Planners Corp.
e) The Owner shall, prior to the execution of this Agreement, pay all municipal taxes
and charges related to obtaining the approval of these lands for the intended use.
f) The Owner shall pay a refundable deposit for such reasonable costs as may be
involved to the Township in having its Solicitor, Engineer, Planner and staff,
perform any work in connection with this Agreement, including the preparation,
drafting, execution, and registration of this Agreement. The Owner acknowledges
and agrees that the Owner shall be responsible for the cost of performance of all
the Owner's obligations hereunder, unless the context otherwise requires. Every
provision of this Agreement, by which the Owner is obligated in any way, shall be
deemed to include the words "at the expense of the Owner", unless specifically
stated otherwise. The refundable deposit for expenses and actual cost shall be
$5,000.00. The Owner shall replenish the refundable deposit, to its full amount,
when the expenses and actual costs are submitted by the Township.
g) The Owner shall have delivered to the Township, all Transfers/Deeds, Discharges
and Easements, or other documents required by Schedule "C", as well as
certification from the Owner's Solicitor that the Transfer/Deeds and Easements
shall provide the Township with good title, free and clear from all encumbrances.
h) The Owner shall file with the Township Solicitor, for his approval, a postponement
of mortgage/charge document.
i) The Owner shall pay to the Township, all cash deposits, development charges and
security required by Schedules "D" and "D1".
j) The Owner shall employ Engineers, registered and in good standing with, the
Association of Professional Engineers of Ontario to prepare all required Drawings
and specifications, contracts, and provide contract administration.
The Owner shall provide supervision during construction of all services and ensure
that the work is carried out by construction methods conforming to acceptable
engineering practice.
The Owner shall file with the Township, a letter confirming the terms of the
Engineer's retainer.
k) The Owner shall lodge with the Township, an insurance certificate:
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e)
Upon written notification by the Owner's agent, certifying that all required works
for which the Letter of Credit was submitted have been completed in accordance
with the plans submitted and upon confirmation by the Township or its agent that
the Owner's obligations under this Agreement have been completed, the
Township will return said Letter of Credit.
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f) If in the event of default of the Owner under any of the provisions of this
Agreement, it becomes necessary for the Township to realize on its security or
deposits, then the Township shall give, by registered mail, twenty-one (21) day's
notice, its intent to draw down on the security or deposit.
6. COMPLIANCE
Any action taken by the Township or on its behalf, pursuant to this Agreement, shall be in
addition to and without prejudice to any security or other guarantee given on behalf of the
Owner for the performance of its covenants and agreements herein, and upon default on
the part of the Owner hereunder, the Township shall, in addition to any other remedy
available to it, be at liberty to utilize the provisions of Section 325 of the Municipal Act,
RS.O. 1980, Chapter 302, as amended.
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7. CO-OPERATION
The Owner consents to the registration of this Agreement by the Township, upon the title
of the subject lands, at the expense of the Owner and agrees to execute such further and
other documents, consents or applications, as required, for the purpose of securing
registration and giving effect to the provisions of this Agreement.
8. BINDING EFFECT
This Agreement, and everything contained herein, shall be binding upon the successors
and assigns of the Parties hereto, and upon the lands described in Schedule "A",
attached hereto, such Schedule being a legal description of the lands, and it is further
agreed that this Agreement shall be prepared, approved and registered on title.
9. SEVERABILITY OF CLAUSES
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Should any Section, Subsection, Clause, Paragraph or Provision of this Agreement be
declared by a Court of competent jurisdiction to be invalid, the same shall not affect the
validity of the Agreement as a whole or any part thereof, other than the provision so
declared to be invalid.
10. SAVE HARMLESS
The Owner, on behalf of itself, its successors and assigns, agrees to indemnify and save
harmless, the Township from and against any and all claims, suits, actions and demands
whatsoever, which may arise either directly or indirectly by reason of any work or service
performed by the Township, its servants or sub-contractors in order to complete the work
or services required to be completed under this Agreement, provided the subject matter
of such action, suits, claims or demands was not caused intentionally or through gross
negligence on the part of the Township, its servants or agents or sub-contractors.
11. DEVELOPMENT CHARGES, REAL PROPERTY TAXES & OTHER LEVIES &
IMPOSTS
Development charges and education development charges shall be payable on a per-
block basis, prior to the issuance of the first Building Permit with respect to the particular
block.
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IN WITNESS WHEREOF, the Parties hereunto have affixed their respective seals
under the hands of their proper officers duly authorized in that behalf.
SIGNED, SEALED AND DELIVERED ) CARRIAGE HILLS RESORT
) FOUR, INC,~_
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).. <;Jlmage}li~ esort
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) I By:// .<>~/,
l~J~. ~. erv~~ Exec. V.P.
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) The Corporation of the
) Township of Oro-Medonte
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) per:
)
~~"MN
) . Neil Craig, Mayor
)
)
)
) Marilyn Pe
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SCHEDULE "A"
NOTE:
It is understood and agreed that this Schedule forms part of the Site Plan
Agreement between the Township of Oro-Medonte and Carriage Hills
Resort Four, Inc.
LEGAL DESCRIPTION OF LANDS
Part of Parcel 1-26, Section 51-0ro-3, being Part of Lots 1 and 2, Concession 3,
designated as Part 1 on Plan 51 R-31409 (formerly Township of Oro), Township of Oro-
Medonte, County of Simcoe.
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SCHEDULE "8"
NOTE:
It is understood and agreed that this Schedule forms part of the Site Plan
Agreement between the Township of Oro-Medonte and Carriage Hills
Resort Four, Inc.
SITE PLAN
Site Plan is not in a registerable form and is available from the Township of Oro-Medonte.
The following Drawings and Report prepared by BIA Beinhaker/lrwin Associates, URS Cole
Sherman, P.K. Menzies, The Hulbert Group Int. Inc., Project #TO-8989 dated 09/03/02,
revised November 21,2002.
A200
L-200
L-200
SG1
Site Plan
Details
Planting Plan
Site Grading and Servicing Plan (Project #01104).
Storm Water Management Report - URS Cole Sherman - August, 2002, revised November,
2002.
P1-P3
P4-P5
Water Main Profile - Line 3 North
Entrance design to Carriage Hills Phase IV prepared by URS Cole Sherman
dated October, 2002, revised November 21,2002.
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SCHEDULE "C"
NOTE:
It is understood and agreed that this Schedule forms part of the Site Plan
Agreement between the Township of Oro-Medonte and Carriage Hills
Resort Four, Inc.
DEEDS AND EASEMENTS TO BE CONVEYED
All title documents shall be properly drawn and executed by the parties, with the
appropriate Lot or Block Number inserted in the description of the document, and the
registered Plan Number shall be left blank, to be inserted by the Solicitors for the
parties after the Plan is registered and a Plan Number assigned.
The consideration for all conveyances shall be the sum of Two Dollars ($2.00) and the
cost of preparation, execution and registration thereof, shall be borne by the Owner.
e All documents to be registered, shall be prior approved by the Solicitor for the
Township.
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The following land and easement shall be conveyed:
1.0 LANDS TO BE CONVEYED TO THE TOWNSHIP
N/A
2.0 DRAINAGE EASEMENTS TO BE CONVEYED TO THE TOWNSHIP
N/A
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NOTE:
13132 11: 28
,
9135--882--4.399
COLE SHERMAN
PAGE 1:::14
SCHEDULE "0"
It is understood and agreed that this Schedule forms part of the
Subdivision Agreement beyween the TOWNSHIP OF ORO-MEDONTE
AND CARRIA~ HILLS RESORT FOUR, INC.
ITEMIZED ESTIMATE OF COST Of CONSTRUCTION OF EACH PART OF THE
INTEBNAL WORKS
CARRIAGE HILLS PHASE IV TIMESHARE DEVELOPM~~T
The follow1ng list summarizes the cost estimate of the major works, but is not necessarily incJusive:
A) Roadway Construction complete, including clearing and grubbing,
excavation, granular road base materials, concrete curb and spillways
an.5L~0 lif!~E.!..!1_~..halt. ____.__....__....____.__..___..____..______._....__..._.___.._._.......____..___..._1..__~Z..~~~.?.: 0.0....
e B)
C)
D)
E)
F)
G)
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Storm Drainage works complete, including storm sewers, ditch inlet
catchbasins, culverts, detention pond, topsoil. seed and mulch, sod,
dit~~j.!!g_~.'2.q_~1!t~Q!?.!:!.2.'2.9._~!~~.9.!:1_..~?_~_~r.2!_9_~Y.~~~._._._..______._..-.___.._._..._.._._...._.._.._....._....._~.._....._?~.!.~2.Q.~9.Q.".
Waterworks. including watermains, valves, hydrants and valves, water
.~2.~J~!._~!!.~_.!:!:.<?-~~f.i.~~!L~!1...~9._P.~!!.1.P.~9_~.~.~'".."__.__.".___..."'.."_...~............-.._.."..._.....__..."...__.._._....._...._,,_~...__.7.?..!.g~.Q.:Q9_.
..?!~J~.?J}'_~.~~.~.:.~,_~~~~u.9J.~g_,,~!L~.~.~g.~J~!~_~_.?E.eY,.~~~~D_~~~.....__"."......_..._,__..............__........._.._........._.._~_.._....~ 7 .Qg9.~9Q.".
..~ is2..~Jj~O~?~~_J.~~'!2~.!~f.~...~~_..~!r.~~~...r.::.~r:n~..~D.s!..~~.9~!~!~.~_~~.__..".........""..."........_........_......._~..................!.l!?.9!LQ.Q....
Electrical supply, Including street lights, control panels and
du~_sr..2.~_~~~9~..._._______.._._._..__..._.__.._.__.......______.______.___.._._.______._,,__...."__....___~___..............~__......2?....9.9.Q.:QQ.....
f~.~kla~_q.,~9!.1S3.!._i!:'_9J_':!dlng..9r~~,~~.9.~..~~-~~!..t~!JE~~~~9_E~~,9..~_........."_..____.."____.......__.~_..._..~.??LO0.~;QQ...
-...--.....--..-,...--------,.......-.....-___,~,_-.._.."",...""'_,"1.._'.._.....,.........'-.._,..._.....,.....,....~..................."._,~.......,..,.____................,..,,.,,.....,.."',-t......,......__.......,__..._,_
Allowance for Engineering and supervision
SUB-TOTAL $ 934,685.00
$ 1 40.,20.2.75
TOTAL $ 1,074,867.75
7 % G.S.T. $ 75,242.14
GRAND TOTAL COST $ 1,150.,129.89
NOTE:
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9135--882--4399
COLE SHERMAf~
PAGE 133
SCHEDULE "0-1"
It is understood and agreed that this Schedule forms part of the
Subdivision Agreement beyween the TOWNSHIP OF ORO-MEDONTE
AND CARRIAGE HILLS RESORT FOUR, INC.
,,I
ITEMIZED ESTIMATE OF COST OF CONSTRUCTION OF EACH PART OF THE
EXTERNAL WORKS
CARRIAGE HILLS PHASE IV TIMESHARE DEVELOPMENT
The following list summarizes the cost estimate of the major works, but is not necessarily inclusive:
A)
B)
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C)
D)
E)
F)
G)
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Roadway Construction complete, including clearing and grubbing,
excavatIon, granular road base materials, concrete curb and spillways
_~~s!,.tw<2..IIf1~_ of ~~.E~~J,!:..,_________,___,_.,____,_._.___....__"..._..___''...___'__._._._'.'..''__..____'_____,,_..~__22.J..?~~:.9..Q...
Storm Drainage works complete, including storm sewers, ditch inlet
catchbasins, culverts, detention pond, topsoil, seed and mulch. sod,
_~l!S~,!~,.~.~2.~~!~!,2.~_,~_Qs!_~rE~J.2O'_~9D~!2'._~.~y.lS~!____......_..__."..,.__.._"._._._._,_..___,.,",.._.___..._t____,._,..__,:_....__..
Waterworks, Including watermains, valves, hydrants and valves. water $ 63.920.00
_~~!.Yl~2,~~~9_'!J.?d!!1~~!!.o!l...!!?.E.~.P!l9..~~.~._...,..._,____,_.____._.._,._..__,_..._....___.____,_..,.._,.__._,___,.,____'________.__._."
_~nitalY_~~w€!.~s i,:!cl uding" all a~<>0~ te(.L~0?.':'rt_e..~_~~.E2.~____.._..,,_______.__,_,_,_,._,_,_____~_,___,__,_._.....:_"_..
Mi~E2.!!.~~~~~J!.~~_~.!.:!.~~_~_~!reet_D.~r:!),~..~D~..~!:IJat~~".~.!9!}~,_,__.__.._.__.,"-"'__,_____._~"._._,__,._,,,.....:_,,---
Electrical supply, including street lights, control panels and
duct cross inns __.____,__,__,,,..._._,,..._,-....-.__._,-_..,.!...~,,_.~_.~,,....:-._..,
______......._.....__.R.:___..........._'"'..._.____..,............,........___...............___....____....,....._...,~"..,......,,...,.........,~...._
.f.~!!<J..a.l'2_~!?~~_l~.~!.l:J.9!n9..9!.~1!:.9.!_!~~~~l..~~~9.~~,,~~~_E.~~_~~~__..___,____"...._.."____,__...l___,,.~J..?.9..2:.Q!L
--------.-.---------.............-.........--...-...............'-........-....-...-......""-....-...--..........-"".....-""--,....-'''.-.-.....--...'
SUB - TOTAL $124,749.00
Allowance for Engineering and supervision
$ 18.712.35
TOTAL $143,461,35
7 % a.S.T. $ 10,042.29
GRAND TOTAL COST $ 153,503.64
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HSBC ID
IRREVOCABLE STANDBY LETTER OF CREDIT
DATE OF ISSUE: November 15,2002
~IRREVOCABLE STANDBY LETTER OF CREDIT NO: 2002076
AMOUNT: CAD1,137,234.25
(ONE MILLION ONE HUNDRED THIRTY SEVEN THOUSAND TWO HUNDRED THIRTY FOUR AND 25/100
CANADIAN DOLLARS)
DATE OF EXPIRY: November 14,2003
BENEFICIARY:
THE CORPORATION OF THE TOWNSHIP OF
ORO-MEDONTE
P.O. BOX 100
ORO, ONTARIO LOL 2XO
APPLICANT:
CARILLION CANADA INC./CARRIAGE HILLS
RESORT FOUR INC.
80 NORTH QUEEN STREET
TORONTO, ONTARIO M8Z 5Z6
WE HEREBY AUTHORIZE YOU TO DRAW ON HSBC BANK CANADA, 4550 HURONTARIO STREET,
MISSISSAUGA, ONTARIO L5R 4E4 FOR ACCOUNT OF CARILLION CANADA INC./CARRIAGE HILLS
RESORT FOUR INC., UP TO AN AGGREGATE AMOUNT OF ONE MILLION ONE HUNDRED THIRTY SEVEN
THOUSAND TWO HUNDRED THIRTY FOUR AND 25/100 CANADIAN DOLLARS (CAD1,137,234.25),
WHICH IS AVAILABLE ON DEMAND.
PURSUANT TO THE REQUEST OF THE APPLICANT, WE, HSBC BANK CANADA, 4550
HURONTARIO STREET, MISSISSAUGA, ONTARIO L5R 4E4, HEREBY ESTABLISH AND GIVE TO YOU
AN IRREVOCABLE STANDBY LETTER OF CREDIT IN YOUR FAVOUR IN THE ABOVE TOTAL AMOUNT,
WHICH MAY BE DRAWN ON BY YOU AT ANY TIME AND FROM TIME TO TIME UPON WRITTEN DEMAND
FOR PAYMENT MADE UPON US BY YOU WHICH DEMAND WE SHALL HONOUR WITHOUT ENQUIRING
WHETHER YOU HAVE A RIGHT AS BETWEEN YOURSELF AND THE SAID APPLICANT TO MAKE SUCH
DEMAND, AND WITHOUT RECOGNIZING ANY CLAIM OF THE SAID APPLICANT OR OBJECTION BY
THEM TO PAYMENT BY US.
PROVIDED, HOWEVER, THAT YOU ARE TO DELIVER TO US AT SUCH TIME AS A WRITTEN
DEMAND FOR PAYMENT IS MADE UPON US, A LETTER SIGNED BY AN AUTHORIZED SIGNING OFFICER
OF THE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE AGREEING AND/OR CONFIRMING THAT
MONIES DRAWN PURSUANT TO THIS IRREVOCABLE STANDBY LETTER OF CREDIT ARE TO BE USED TO
PERFORM ANY OUTSTANDING OBLIGATIONS OF THE SAID APPLICANT TO YOU OR TO ENSURE THAT
ANY OUTSTANDING OBLIGATIONS OF THE SAID APPLICANT TO YOU ARE PERFORMED IN CONNECTION
WITH THE SUPPLY AND INSTALLATION OF THE WATERMAIN, STORM SEWERS, SANITARY SEWER,
ASPHALT PARKING AREA, CONCRETE CURBS, LIGHTING AND LANDSCAPING FOR CARRIAGE HILLS
RESORT, PHASE 4 AND PROPERTY DESCRIBED AS PARCEL 1-27, SECTION 51-0RO-3, BEING PART
OF LOTS 1 AND 2, CONCESSION 3, DESIGNATED AS PART 1 ON PLAN 51R-31409, TOWNSHIP OF
ORO-MEDONTE (FORMERLY TOWNSHIP OF ORO), COUNTY OF SIMCOE.
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IT IS UNDERSTOOD AND AGREED THAT THE OBLIGATION OF HSBC BANK CANADA UNDER THIS
IRREVOCABLE STANDBY LETTER OF CREDIT IS AN OBLIGATION TO PAY MONEY ONLY AND THAT
UNDER NO CIRCUMSTANCES SHALL HSBC BANK CANADA BE OBLIGED TO PERFORM OR CAUSE TO
PERFORM ANY OF THE APPLICANT'S ACTUAL OBLIGATIONS TO YOU.
PARTIAL DRAWINGS ARE PERMITTED.
THE AMOUNT OF THIS IRREVOCABLE STANDBY LETTER OF CREDIT MAY ONLY BE REDUCED BY
THE AMOUNT OF DRAWINGS PAID OR AS ADVISED BY NOTICE IN WRITING GIVEN TO US BY YOU.
HSBC Bank Canada f 2
4550 Hurontario Street, Mississauga, Ontario L5R k40
General Enquiries: (905) 568-3666 Fax: (905) 568-5301 / (905) 568-5302
},
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if'
It THIS PAGE IS AN INTEGRAL PART OF IRREVOCABLE STANDBLY LETTER OF CREDIT NO.: 2002076.
THIS IRREVOCABLE STANDBY LETTER OF CREDIT WILL EXPIRE AT OUR COUNTERS AT HSBC
BANK CANADA, 4550 HURONTARIO STREET, MISSISSAUGA, ONTARIO L5R 4E4, ON THE ABOVE
MENTIONED EXPIRY DATE, HOWEVER, IT IS A CONDITION OF THIS IRREVOCABLE STANDBY
LETTER OF CREDIT THAT IT SHALL BE DEEMED TO BE AUTOMATICALLY EXTENDED, WITHOUT
AMENDMENT, FOR ONE YEAR FROM THE PRESENT OR ANY FUTURE EXPIRATION DATE HEREOF,
UNLESS AT LEAST THIRTY (30) DAYS PRIOR TO ANY SUCH EXPIRATION DATE WE NOTIFY YOU IN
WRITING BY REGISTERED MAIL OR COURIER THAT WE ELECT NOT TO CONSIDER THIS
IRREVOCABLE STANDBY LETTER OF CREDIT RENEWED FOR ANY SUCH ADDITIONAL PERIOD. UPON
RECEIPT BY YOU OF SUCH NOTICE, YOU MAY DRAW HEREUNDER BY MEANS OF YOUR DEMAND
ACCOMPANIED BY YOUR WRITTEN CERTIFICATION THAT THE AMOUNTS DRAWN WILL BE RETAINED
AND USED BY YOU TO MEET OBLIGATIONS INCURRED OR TO BE INCURRED IN CONNECTION WITH
THE ABOVE; FURTHER, THAT YOU WILL RELEASE ANY AMOUNT(S) NOT REQUIRED BY YOU TO THE
APPLICANT.
THE DRAWINGS UNDER THIS IRREVOCABLE STANDBY LETTER OF CREDIT ARE TO STATE THAT
THEY ARE DRAWN UNDER HSBC BANK CANADA, 4550 HURONTARIO STREET, MISSISSAUGA, ONTARIO
L5R 4E4, IRREVOCABLE STANDBY LETTER OF CREDIT MENTIONING ITS NUMBER AND DATE.
~ WE HEREBY AGREE THAT DRAWINGS UNDER THIS IRREVOCABLE STANDBY LETTER OF CREDIT
~ WILL BE DULY HONOURED UPON PRESENTATION PROVIDED THAT ALL TERMS AND CONDITIONS OF
THE IRREVOCABLE STANDBY LETTER OF CREDIT HAVE BEEN COMPLIED WITH.
EXCEPT SO FAR AS OTHERWISE EXPRESSLY STATED, THIS IRREVOCABLE STANDBY LETTER
OF CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS
(1993 REVISION), INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 500.
YOURS TRULY,
HSBC BANK CANADA
4550 HURONTARIO STREET
MISSISSAUGA, ONTARIO L5R 4E4
o ('it c10 "
AUTHORIZED SIGNATIJRE
41
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(9) This Document relates to instrument number(s)
Name(s)
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(10) Party(ies) (Set out Status or Interest)
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(11) Address
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(12) Party(ies) (Set out Status or Interest)
DatE -:-f Signature
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(15) Document Prepared by:
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Fees and Tax
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