Option to Repurchase Land

Transcription

1 Option to Repurchase Land This agreement made this day of 20 A.D. Between: The Village of Marwayne P.O. Box 113 Marwayne, AB T0B 2X0 Hereinafter called the Village And: Hereinafter called the Land Owner PREAMBLE: Whereas the Village and the Land Owner have entered into an Agreement for Sale of Land, which includes requirements of the Land Owner to acquire a development permit, commence and complete construction within specified time periods after acquiring the land. And whereas the Village has been given the right to reacquire the land in the event of non-completion of these items within the specified periods. Option to Repurchase Land Page 1

2 The Parties agree as follows: 1. In consideration of transfer of title to the Land Owner by the Village, the Land Owner hereby grants to the Village the sole, exclusive and irrevocable option to repurchase the following land from the Land Owner: (Legal) (Hereinafter called the Property ) 2. The Purchase Price for the property shall be the sum of (initial lot purchase price less five percent (5%) plus the GST of the purchase price and any taxes owing). 3. This option may be exercised by the Village in the following events; a. The Land Owner does not obtain a development permit for development on the Property within six (6) months of purchase of the property; or b. The Land Owner does not commence construction within one (1) year from the date the development permit is issued; 4. The option may be exercised upon occurrence of any of the above events by the Village, which shall at that time provide notice to the Land Owner of the election by the Village to exercise its option to repurchase the Property. 5. Notice shall be in writing and delivered to the Land Owner by single registered mail, addressed to the Land Owner at the address specified on page 1 of this Agreement. 6. Upon receipt of notice of exercise of the option, the Land Owner shall provide to the Village a registerable Transfer of Land, free and clear of all encumbrances (excepting utility rights of way, easements and other nonfinancial encumbrances), to be presented in trust for payment of the option price following title transfer registration to the Village. The Village shall be entitled to register a caveat against the land title to the Property to protect its rights under this Agreement. Upon the Land Owner obtaining a development permit and completing construction on the Property within the specified deadlines, this option shall be null and void and the Village shall provide to the Land Owner a registerable discharge of the caveat filed by the Village with respect to the Agreement. Option to Repurchase Land Page 2

3 Time shall be of the essence of this Agreement. This Agreement shall be binding on the parties hereto, their successors, heir s executor, administrators and assigns. This Agreement shall be governed by and construed in accordance with the laws of the Province of Alberta and the laws of Canada applicable therein and each of the parties irrevocable attorns to the jurisdiction of the Courts of the Province of Alberta. DATED at, Alberta, this day of, 20. Village of Marwayne Purchaser(s) Mayor Purchaser Chief Administrator Officer Purchaser Witness to Purchaser ( s) Signature Option to Repurchase Land Page 3

4 AFFIDAVIT OF EXECUTION C A N A D A ) PROVINCE OF ALBERTA ) TO WIT: ) I,, of, in the Province of Alberta, (occupation), MAKE OATH AND SAY: 1. That I was personally present and did see and (if applicable) named in the within instrument who is/are personally known to me to be the person/persons named theri9n, duly sign and execute the same for the purpose named therein. 2. That the same was executed at, in the Province of Alberta, and that I am the subscribing witness thereto. 3. That I know the said party/parties and he/she/they is/are in my belief of the full age of 18 years. SWORN before me at, ) In the Province of Alberta, this day ) Of, 20. ) ) ) ) A Commissioner for Oaths in and for the Province of Alberta. My Commission Expires: Option to Repurchase Land Page 4

5 CAVEAT FORBIDDING REGISTRATION TO THE REGISTRAR OF NORTH ALBERTA LAND REGISTRATION DISTRICT: TAKE NOTICE THAT THE VILLAGE OF MARWAYNE, of Box 113 Marwayne, Alberta, T0B 2X0, claiming an interest as Purchaser under an Option to Repurchase Agreement in writing between the Village of Marwayne and [Purchaser} in writing dated [date] in the following land: [legal] being lands described in Certificate of Title No. standing in the register in the name of [Purchaser] and I/we forbid the registration of any person as transferee or owner of, or of any instrument affecting the said estate or interest, unless the instrument or certificate of title, as the case may be, is expressed to be subject to my/our claim. I/WE APPOINT Box 113, Marwayne, Alberta T0B 2X0, as the place at which notices and proceedings relating hereto may be served. DATED this day of. 20. VILLAGE OF MARWAYNE (Seal) PER: PER: Option to Repurchase Land Page 5

6 AFFIDAVIT IN SUPPORT OF CAVEAT FORM 27, SECTION 131 C A N A D A ) PROVINCE OF ALBERTA ) TO WIT: ) I,. of, in the Province of Alberta, [occupation], MAKE OATH AND SAY 1. THAT I am agent for the within-named Caveator 2. THAT I BELIEVE THE SAID Caveators have a good and valid claim upon the said lands and I say this Caveat is not being filed for the purpose of delaying or embarrassing any person interested therein or proposing to deal therewith. SWORN before me at, ) In the Province of Alberta ) This day of, 200. ) ) ) ) A Commissioner for Oaths in and for the Province of Alberta. My Commission Expires: Option to Repurchase Land Page 6