1991-012 To Amend the Subdivision Agreement for Horseshoe Highlands Phase IVA
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THE CORPORATION OF THE TOWNSHIP OF ORO
BY-LAW NO. 91-12
Being a By-law to Amend the Subdivision Agreement
for Horseshoe Highlands Phase IVA
WHEREAS the Corporation of the Township of Oro entered into a
Subdivision Agreement with Horseshoe Resort Corporation and
Standard Trust and Counsel Trust Company as authorized by Counci
Resolution of September 24, 1990;
AND WHEREAS this Subdivision Agreement has been registered in
Land Titles Office for Simcoe on lands described as the North
Half and South Half of Lot 3, Concession 4 and part of Lot 4,
Concession 4, all in the Township of Oro in the County of Simcoe
all as more particularly described as Parts 2 and 3 on a Plan of
Reference deposited in the Land Titles division of Simcoe as
51R20113 and Block 40 on Plan 51M-447;
AND WHEREAS Council for the Corporation of the Township of Oro
deems it desirable and expedient to amend this Subdivider's
Agreement with regard to Security held for the Reconstruction of
Part of the 4th Line;
NOW THEREFORE Council for the Corporation hereby enacts as
follows:
1. That the Amendment to the Subdivision Agreement
Horseshoe Resort Corporation, the Corporation of the
Township of Oro and Standard Trust Company and Counsel
Trust Company, attached hereto as Schedule "A" form
part of this By-law.
2. That the Reeve and Administrator/Clerk be authorized to
sign the attached Schedule "A" on behalf of the
Corporation.
3. This By-Law shall come into force and take effect upon
passage hereof.
READ a first and second time this 24th day of January, 1991.
READ a third time and finally passed this 24th day of January,
1991.
THE CORPORATION OF THE TOWNSHIP OF ORO
~r~
R~ve, Robert E. D ury
W. Small
,
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THIS AGREEMENT made this 21st day of January, 1991.
BETWEEN:
THE CORPORATION OF THE TOWNSHIP OF ORO
(hereinafter called the "Municipality")
-and-
HORSESHOE RESORT CORPORATION
(hereinafter called the "Developer")
WHEREAS the Municipality and the Developer entered into a
Subdivision Agreement (the "Agreement") on the 26th day of
September, 1990 which Agreement was registered on the 31st day
of October, 1990 as instrument number 185778;
AND WHEREAS Item 4 on Schedule "D" to the Agreement
estimated the cost of the reconstruction of part of the Fourth
Line as the sum of $371,000.00 (the "road construction");
AND WHEREAS in lieu of posting a letter of credit for said
sum the Developer and the Municipality have agreed that the
title to Lots 15, 19, 105, 108 and 144, Plan 51M-456, (the
"Lots ") be conveyed to the Municipality;
AND WHEREAS the parties have entered into this Agreement
for the purpose of evidencing their Agreement for the manner in
which the Lots may be sold by the Municipality or conveyed back
to the Developer;
NOW THEREFORE THIS AGREEMENT WITNESSETH that in
consideration of the mutual covenants herein contained and for
other good and valuable consideration (the receipt and
sufficiency of which is hereby acknowledged) the parties agree
as follows:
1. The Developer agrees to convey Lots 15, 19 105, 108 and
144, Plan 51M-456 to the Municipality.
2. The Developer agrees to reconstruct the Fourth Line in
accordance with the requirements of the Agreement on or before
the earlier of:
(a) September 26, 1995; or
(b) nine months after the date on which the 125th
building permit is issued for Registered Plan
51M-456.
3. The Developer agrees that in the event that it defaults
under the terms of the Agreement as same relates to the road
construction, and said default continues for thirty (30) days
after written notice from the Municipality then in that event
the Municipality shall be free to sell, transfer and convey the
Lots or anyone or more of the Lots, on such terms as the
Municipality in its discretion, acting reasonably, may deem
appropriate.
4. The Municipality agrees that upon the completion of the
road construction pursuant to the terms of the Agreement, that
the Developer shall be entitled, subject to confirmation from
the Municipality's engineer as to the status and adequacy of
completion of the road construction, to a reconveyance of the
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Lots, or so many of the Lots as the Township Engineer may
determine, acting reasonably, the intention being that the
Municipality shall always be the registered owner of the Lots or
so many of the Lots as are necessary to ensure that they may
realize sufficient net proceeds on the potential sale of the
Lots to complete any of the obligations of the Developer
pursuant to the Agreement, as same relates to the road
construction.
5. The Developer shall have the option of lodging with the
Municipality a letter of credit in the amount of $371,000.00 (or
such lesser amount as may be approved by the Township Engineer,
acting reasonably), as security for the road construction and
upon lodging said security with the Municipality, the Developer
shall be entitled to a reconveyance of the Lots from the
Municipality.
6. The Municipality and the Developer agree that the
intersection of Alpine Way and the Fourth Line will not be
opened to motor vehicle traffic until the Fourth Line has been
reconstructed.
7. The Developer agrees to construct a suitable barrier, to
the satisfaction of the Municipality, blocking motor vehicle
traffic on Alpine Way at the intersection of Alpine Way and the
Fourth Line.
8. The Developer agrees to provide signs at the intersection
of Alpine Way and Highland Drive, to the satisfaction of the
Municipality, indicating that it is a dead end with no other
exit.
9. The Developer agrees to indemnify and save harmless the
Municipality from all costs, claims, actions, liabilities and
demands arising or resulting from the Township accepting the
five Lots in lieu of a Letter of Credit for security or, arising
from or the result of the barrier across Alpine Way at the
Fourth Line intersection and the fact that there is only one
exit from the area serviced by Alpine Way, Nordic Trail, Bridle
Path and Pod's Lane.
IN WITNESS WHEREOF the parties have hereunto executed
this Agreement as of the date first above written.
THE CORPORATION OF THE TOWNSHIP OF ORO
Per: ~ ~ i3V~
~eeve, Robert E. Drury
Per: 1f:L:t-~/ ~
Clerk, Robert W. Small
HORSESHOE RESORT CORPORATION
Per:
Wayne Patterson, Secretary
I HAVE THE AUTHORITY TO BIND THE CORPORATION