1998-022 To Authorize the Execution of an Extension Agreement between the Township of Oro-Medonte and George William Peacok
THE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE
BY-LAW NO. 98- 22
Being a By-law to Authorize the Execution of an Extension Agreement betweeu the
Township of Oro-Medonte and George William Peacock
.
WHEREAS the Municipal Tax Sales Act, Chapter M,60, Section 8 provides that a municipality
may by by-law authorize an Extension Agreement with the owner ofland extending the period of
time in which the cancellation price is to be paid and the agreement may be subject to such terms
and conditions relating to payment as are set out in it;
AND WHEREAS Council ofthe Township ofOro-Medonte by resolution on February 25,1998
authorized an Extension Agreement with the Owner to extend to May 31, 1998 the payment
period for the cancellation price payable in respect of the land;
AND WHEREAS the Corporation of the Township of Oro-Medonte is desirous of entering into
such extension agreement with the owner ofland and being described in Schedule "A" attached;
NOW THEREFORE the Council of The Corporation ofthe Township ofOro-Medonte hereby
enacts as follows:
1" The Mayor and Clerk are hereby authorized to execute an extension agreement attached
hereto and forming part of this By-law;
2, That this by-law shall come into full force and take effect on it's final passing thereof.
Read a first and second time this 4th day of March, 1998.
Read a third time and finally passed this 4th day of March, 1998.
THE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE
MAYOR, IAN BEARD
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CLERK, LYNDA AIKEN
.
This Agreement made this
day of
,1998
BETWEEN
THE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE
(the Municipality)
- and-
.
GEORGE WILLIAM PEACOCK
(the Owner)
EXTENSION AGREEMENT
WHEREAS the Municipality desires to enter into an Extension Agreement with the
Owner to extend to May 31, 1998 the payment period for the cancellation price
payable in respect of the Land described in Schedule "A" attached (the Land);
NOW THEREFORE the Municipality and Owner agree as follows:
1. The Municipality will extend to May 31, 1998, the payment period for the
cancellation price payable in respect of the land,
2, The Owner will make payments to the Municipality In accordance with
Schedule "B" attached,
3, In addition to paying the amounts provided for in paragraph 2, the Owner
will pay:
(a) as they become due, all real property taxes levied on the land that
became due and payable during the term of this Agreement; and
(b) not later than 30 days following the due date of the last payment under
paragraph 2, such additional amount, if any, as is necessary to bring the total
amount paid under this Agreement up to the amount of the cancellation price
payable in respect of the Land,
4, As long as this Agreement is a subsisting Agreement, the Municipality and its
officers will not, except as otherwise provided in this Agreement, enforce the
collection of real property taxes that, at the time of entering into this
Agreement, are overdue or in arrears in respect of the Land but compliance with
this provision does not constitute a waiver of the rights of the Municipality or
its officers to enforce collection of such taxes in the future if the Owner is in
default under this Agreement,
5, If the Owner fails to make a payment as required by paragraph 2 or by clause
(a) of paragraph 3 within fourteen days following the day that the payment is
due, or fails to make the payment as required by clause (b) of paragraph 3, the
Owner is in default and on the day that notice of the default is sent to the Owner
by the Municipality in accordance with paragraph 8, this Agreement shall cease
to be considered a subsisting Agreement.
.
6,
This Agreement shall cease to be considered a subsisting Agreement upon the
date of the sale or other disposition of the Land by the Owner.
7, Notwithstanding paragraphs 2 and 3, the Owner or any other person may pay
the cancellation price at any time and this Agreement terminates when the
cancellation price is so paid,
8, Notice to the Owner under this Agreement is sufficiently given if sent by
registered post to the Owner at the following address:
R.R.#2
Oro Station, Ontario
LOL 2EO
.
IN WITNESS the Parties have set their hands and seals,
SIGNED, SEALED AND DELIVERED
in the presence of
as to the signature
of George William Peacock
THE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE
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MAYOR
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CLERK'
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Cancellation price ~ means an amount equal to all the tax arrears owing at any time in respect of land together with all current
real property taxes owing, interest and penalties thereon and all reasonable costs incurred by the municipality, after the
Treasurer becomes entitled to register a tax arrears certificate under section 3, in proceeding under this Act or in contemplation
of proceeding under this Act, and without" restricting the generality of the foregoing, may include, legal fees and
disbursements, the costs of preparing an extension agreement entered into under section 8, the costs of preparing a survey
where such is required to register any document under this Act, and a reasonable allowance for costs that may be incurred
subsequent to advertising under section 9. Municipal Tax Sales Act, R.S.O. 1990, c. M.60
e
.
.
SCHEDULE "B"
to EXTENSION AGREEMENT
BETWEEN
THE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE
-and-
GEORGE WILLIAM PEACOCK
DATE OF BALANCE OF ACCRUED PAYMENT OF TOTAL
PAYMENT DUE CANCELLATION INTEREST CANCELLATION PAYMENT
PRICE PRICE
OPENING 6365.82
BALANCE
1. UPON 6365.82 2800.00 2800,00
EXECUTION OF
AGREEMENT
2, February 28, 1998 3565,82 35.70 1000,00 3800.00
3, March 31, 1998 2601.52 25,33 1000,00 4800.00
4, April 30, 1998 1626,85 c 14,81 1000,00 5800,00
5, May 31, 1998 641. 66 2,50 644,16 6444,16