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1997-107 To Authorize the Execution of an Extension Agreement between the Township of Oro-Medonte and Crowdy Widows and Orphans Home THE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE BY-LAW NO. 97-107 Being a By-law to Authorize the Execution of an Extension Agreement between the Township of Oro-Medonte and Crowdy Widows and Orphans Home . 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 of land 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 of the Township ofOro-Medonte by resolution on November 19, 1997, authorized an Extension Agreement with the Owner to extend to December 31, 1997 the payment period for the cancellation price payable in respect ofthe land; AND WHEREAS the Corporation of the Township ofOro-Medonte is desirous of entering into such extension agreement with the owner of land and being described in Schedule "A" attached; NOW THEREFORE the Council of The Corporation of the 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 19'h day of November, 1997. Read a third time and finally passed this 19th day of November, 1997. THE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE ,(, /' /C\.',. / 1 I MAYOR, IAN BEARD ,/ " elL' ,,--y /' j' ,C(\ c"'1'"",,~.,;..I.,&c __ CLERK, LYNDA AIKEN . EXTENSION AGREEMENT This Agreement made this 19th day of November, 1997 BETWEEN: . THE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE (the "Municipality") - and - TIber, 1997, e period for '\" attached CROWDY WIDOWS AND ( (the "Owner" WHEREAS the Municipality has by Resolutio authorized an Extension Agreement with the Owner to ex payment of the cancellation price payable in respect of the (the "Lands"); NOW THEREFORE the Municipality and Ownt L The Municipality will extend to December 31, cancellation price payable in respect of the Lands. ,_Ju",nt of the 2. The Owner will make payments to the Municipality in accordance with Schedule "B" attached. 3. In addition to paying the amounts payable pursuant to Section 2 herein, the Owner will pay: (a) as they become due, all real property taxes levied on the Lands that come 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 Section 2 herein, 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 Lands. 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 2 taxes that, at the time of entering into this Agreement, are overdue or in arrears in respect of the Lands 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. Ifthe Owner fails to make a payment as required by Section 2 or by subsection 3(a) herein, within fourteen days following the day that the payment is due, or fails to make the payment as required by subsection 3(b) herein, the Owner shall be deemed to be in default and on the day that notice of the default is sent to the Owner by the Municipality whereupon this Agreement shall cease to be 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 Lands 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. IN WITNESS WHEREOF the parties have executed this Agreement as at the date first set out above. THE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE Name: Ian Beard Title: Mayor -,,-:/ / 1/ / ,/' ~l_A:'~__ l' tA'A~ Name: Lynda Aiken Title: Clerk CROWDY WIDOWS AND ORPHANS HOME Name: Title: Name: Title: . 3 Schedule" A" to an Extension Agreement between The Corporation of The Township ofOro-Medonte and Crowdy Widows and Orphans Home dated the 19th day of November, 1997 DESCRIPTION OF THE LAND The west half of the east half of Lot II, Concession 6, containing 49 acres more or less, Save and Except one acre on the north west comer of the said west half of east half heretofore conveyed to the Baptist Church or trustees therefore Township ofOro, County of Simcoe 4 Schedule "B" to an Extension Agreement between The Corporation of The Township of Oro-Medonte and Crowdy Widows and Orphans Home dated the 19th day of November, 1997 . PAYMENT SCHEDULE Date of Payment Balance of Accrued Payment on Total Payment Due Cancellation Interest account of Price Cancellation Price Opening Balance $5,656.23 xxxx xxxx xxxx Upon Execution of $5,656.23 NIL $1,200.00 $1,200.00 Agreement November 22, 1997 $4,456.23 NIL $1,000.00 $2,200.00 December 31, 1997 $3,456.23 $43.20 $3,499.43 $5,699.43 : :ODMA \PCDOCS\DOCS\504402\!