BYLAW NO. 663-11

BYLAW NO. 663-11

A Bylaw of the Town of Esterhazy to Amend Bylaw No. 637-09 known as a Bylaw to Adopt a Draft Agreement Providing for an Option to Purchase Certain Residential Property.

The Council of the Town of Esterhazy, in the Province of Saskatchewan, enacts as follows:

1.         Bylaw No 637-09 is Amended as hereinafter set forth.

  1. Schedule “A”, Page 2, Sections d), e), f), g), h), i) j), k) and l), are hereby deleted and replaced with the following:

d)      The Purchaser shall be entitled to possession of the said lot from and after the date of paying the full purchase price plus applicable taxes and the signing of the transfer back;

e)      The Purchaser shall be responsible for taxes on the said lot from and after the date of this Agreement;

f)      The Purchaser agrees that before title is transferred, it will sign a transfer authorization which transfers the property back to the Vendor, which the Vendor can register, if necessary, in accordance with the terms outlined in paragraph g) hereof.  The title number on the transfer authorization will be blank at the time of the Purchaser signing.  The Vendor shall have authority to insert the new title number after transfer, and to register the transfer back should the Purchaser not comply with the terms in paragraph g) hereof.  The Purchaser shall be responsible for all legal fees and disbursements incurred by the Town in registering the transfer back;

g)      Upon commencement of construction, the Town shall provide the Purchaser a registrable transfer of the said lot pursuant to The Land Titles Act 2000, and the Town covenants that the said lot shall be free and clear of all encumbrances, save and except for all standard utility easements, and the miscellaneous interest registered pursuant to clause h) hereof.  In the event that construction is not started within six (6) months from the date the Town provides the title transfer to the Purchaser, and/or the structure completed within two (2) years of its commencement, or as otherwise agreed upon by Resolution of Council, the Purchaser shall forfeit all rights to the said property and the purchase price shall be refunded in full except 10% of the purchase price which shall be forfeited by the Purchaser;

h)      The Purchaser agrees that the Vendor shall be entitled to register a miscellaneous interest against the title to the property, in order to protect its interests under the transfer back provisions of clause g).  The Vendor agrees to postpone its interest, if necessary, to any interest registered on behalf of the purchaser, in order to secure financing for the development of the property.  The Vendor agrees to pay all costs associated with the registration of the miscellaneous interest, and to discharge the miscellaneous interest once the Purchaser has met its obligations under this Agreement.  The Purchaser agrees to be responsible for all costs associated with the discharge of any interest(s) registered by or against it, from the title, in the event that the Vendor registers the transfer back.  Such discharge(s), if any, will be registered within 15 business days of the transfer back being registered;

i)      The Purchaser shall be solely responsible for registration of said transfer, and the Town shall not be considered as acting on behalf of the Purchaser in this regard;

j)      The Purchaser shall be responsible to make arrangements with any public utility for connection to public utility services and be solely responsible for the cost thereof;

k)      This Agreement shall enure to the benefit of and be binding upon the respective heirs, executors, administrators and successors the parties hereto;

l)      In the event of failure by the Purchaser to perform or fulfill any covenant or condition of this Agreement, the Town shall be at liberty to determine and put an end to this Agreement by legal action and to retain by way of liquidated damages any sum or sums paid hereto and any improvements made by the Purchaser to the lot;

Bylaw No. 663-11

Page 2

m)      The Purchaser accepts full responsibility for determining and establishing suitable building elevations in relation to the design elevations of the lot, said design elevations to be obtained from the Town, having regard to the elevations of buildings on adjoining lots.

n)      Time shall be of the essence herein.

IN WITNESS WHEREOF the Town has hereunto affixed its corporate seal over the signature of its Administrator who is properly authorized in this behalf this             Day of___________, 200_.

THE TOWN OF ESTERHAZY

Seal

                                                                 

Administrator

IN WITNESS WHEREOF the Purchaser has SIGNED, SEALED AND DELIVERED

executed this Agreement this             Day of in the presence of:

                                 , 200__.

                                                                                                                                            

Purchaser                                                 Witness

                                                                                                                                            

Purchaser                                                 Witness

Mayor___________________________________________________

Administrator                                                                                      

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