1997-106 To Authorize the Execution of an Extension Agreement between the Township of Oro-Medonte and Zerney Construction Inc.
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THE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE
BY-LAW NO. 97- 106
Being a By-law to Authorize the Execution of an Extension Agreement between the
Township of Oro-Medonte and Zerney Constrnction Inc.
.
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 of the land;
AND WHEREAS the Corporation of the Township ofOro-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 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 ofthis 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 19'h day of November, 1997.
THE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE
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MAYOR, IAN BEARD
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CLERK, LYNDA AIKEN
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EXTENSION AGREEMENT
This Agreement made this 19th day of November, 1997
BETWEEN:
.
THE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE
(the "Municipality")
- and-
ZERNEY CONSTRUCTION INC.
(the "Owner")
WHEREAS the Municipality has by Resolution dated the 19th day of November, 1997,
authorized an Extension Agreement with the Owner to extend to December 31, 1997 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 ex1end to December 31, 1997 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.
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
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Name: Ian Beard
Title: Mayor
Name: Lynda Aiken
Title: Clerk
ZERNEY CONSTRUCTION INC.
Name:
Title:
Name:
Title:
.
.
SCHEDULE "A"
DESCRIPTION OF THE LAND
Parcel 21-21, Section 51-0RO-5, being Part Lots 21 & 22,
Concession 5 now known as Part 15 and Part 26 on Plan 5lR-19930,
Township ofOro, County of Simcoe
Subject to an Easement in favour of The Corporation of the Township of Oro for drainage purposes
as set out in Instrument No. 167362, over part of this parcel designated as Part 26 on Plan 5IR-
19930.
, .
SCHEDULE "B"
PAYMENT SCHEDULE
.
Date of Payment Balance of Accrued Payment of Total Payment
Due Cancellation Interest Cancellation
Price Price
Opening Balance $6,023.09 xxxx xxxx xxxx
Upon Execution of $6,023.09 NIL $2,000.00 $2,000.00
Agreement
December 31, 1997 $4,023.09 $60.22 $4,083.31 $6,083.31
: :ODMAIPCDOCSIDOCSI50493611