1992-050 Medonte
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THE CORPORATION OF THE TOWNSHIP OF MEDONTE
BY-LAW NO, 1992-50
A BY:LAW to authorize the Amendment to a settlement agreement between Horseshoe Resort
Corporation and the Corporation of the Township of Medonte.
WHEREAS Council by By-law 1991-30 entered into an agreement with Horseshoe Resort Corporation;
AND WHEREAS Council is desirous to amend that agreement;
NOW THEREFORE, Council of the Corporation of the Township of Medonte hereby enacts as follows:
(1)
That the Reeve and Clerk are hereby authorized to execute on behalf of the Township of
Medonte an amending agreement with Horseshoe Resort Corporation.
READ a first and second time, read a third time and passed this 14th Day of September, 1992.
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REEVE
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THIS AMENDING AGREEMENT made as of the 23rd day of July, 1992
BET WEE N:
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HORSESHOE RESORT CORPORATION
hereinafter called "Horseshoe"
OF THE FIRST PART:
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THE CORPORATION OF THE TOWNSHW OFMEDONTE
hereinafter called "Township"
OF THE SECOND PART:
WHEREAS the parties hereto entered into an agreement
made as of the 28th day of October. 1991 (the "Agreement");
Agreement:
AND WHEREAS the parties wish to amend- the
NOW THEREFORE TIDS AMENDING AGREEMENT
WITNESSETH that in consideration of the mutual covenants herein contained
and for other good and valuable consideration, the receipt and sufficient of which
is hereby acknowledged. the parties hereby agree with each other as follows:
1.
Paragraph 3.2 of the Agreement is hereby deleted and the following
is substituted therefore:
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"In the event that Horseshoe fails to enter into a Site Development
Agreement with the Township upon the terms as set out above on or
before November 15. 1993. or in the event that Horseshoe fails to
make further deposit payments as contemplated under paragraph
1.2 above within 30 days of demand therefore by the Township. the
Township shall be entitled to rezone the subject lands as it sees fit.
in its absolute discretion. and Horseshoe covenants and agrees that
It shall not call Into question directly or Indirectly in any proceeding
whatsoever, in law or in equity. or before any administrative tribunal.
the right of the Township to rezone the said lands".
2.
In all other respects the Agreement remains in full force and effect.
unamended.
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IN WITNESS WHEREOF the parties hereto have executed this
Agreement on the following dates:
By Horseshoe on the day of
1992,. II
HORSES...~iV~../~.! SORT.. CO~J,RATION
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Per: _tic, ! i
Authorized Signing fficer
I have authority to bind the Corporation
y
992.
THE CORPORATION OF THE TOWNSHIP
OF MEDONTE