Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act. (b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings. (c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise. (d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible. (e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated. 1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows: (a) upon receipt of Approval from an Approving Authority for: (i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance); (ii) a consent to creation of a lot(s) or part-lot(s); (iii) a certificate of water potability or other measure relating to domestic water supply to the home; (iv) a certificate of approval of septic system or other measure relating to waste disposal from the home; (v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities); (vi) allocation of domestic water or storm or sanitary sewage capacity; (vii) easements or similar rights serving the property or surrounding area; (viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or (ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party. (b) upon: (i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date; (ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date; (iii) receipt of Approval from an Approving Authority for a basement walkout; and/or (iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion. (c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii): (i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii); (ii) the Vendor shall complete the Property Description on page 2 of this Addendum; (iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and (iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above. 2. The following definitions apply in this Schedule:
Appears in 8 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement, Purchase and Sale Agreement
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 6 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement, Purchase and Sale Agreement
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.. WEB COPY
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/orand/or WEB COPY
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 5 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement, Purchase and Sale Agreement
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.
1. The Vendor WEB COPY These are additional charges, fees or other anticipated adjustments to the final purchase price or balance due on Closing, the dollar value of a home which is permitted to make stipulated in the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(ibelow. CHARGE/FEE AMOUNT OR DESCRIPTION (APPLICABLE TAXES IN ADDITION TO ALL FEES SET OUT BELOW) or 1(b)(ii):
(iSCHEDULE REFERENCE, IF APPLICABLE REFERENCE NUMBER, IF APPLICABLE Discharge of mortgage $125.00 Schedule “X” Paragraph 3(e) the 3 Business Day period in section 6(iElectronic Registration $200.00 Schedule “X” Paragraph 13(b) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:Grading Fee $500.00 Schedule “C” Paragraph 9
Appears in 4 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement, Purchase and Sale Agreement
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 3 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement, Purchase and Sale Agreement
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.. FREEHOLD TENTATIVE – October 7, 2020 Page 9 of 12
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 3 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement, Purchase and Sale Agreement
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:WEB COPY
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;; WEB COPY
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 3 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement, Purchase and Sale Agreement
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.
. 1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):): SAMPLE
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with TarionXxxxxx, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 3 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement, Purchase and Sale Agreement
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.. FREEHOLD Tentative - 2012 9 OF 11
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 3 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement, Purchase and Sale Agreement
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.
1. The Vendor of a condominium home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project condominium dwelling units have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 3 contracts
Samples: Purchase and Sale Agreement, Condominium Agreement of Purchase and Sale, Agreement of Purchase and Sale
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with TarionXxxxxx, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 3 contracts
Samples: Purchase and Sale Agreement, Agreement of Purchase and Sale, Agreement of Purchase and Sale
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.. FREEHOLD TENTATIVE – October 7, 2020 Page 9 of 14
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty CorporationCorporation , which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with TarionXxxxxx, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 2 contracts
Samples: Purchase Agreement, Purchase Agreement
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 2 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.. WEB COPY
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.
1. The Vendor of a condominium home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project condominium dwelling units have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project project on terms satisfactory to the Vendor has been arranged by a specified date;; WEB COPY
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 2 contracts
Samples: Agreement of Purchase and Sale, Agreement of Purchase and Sale
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.. WEB COPY
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;; WEB COPY
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 2 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with TarionXxxxxx, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 2 contracts
Disputes Regarding Termination. DRAFT
(a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.. DRAFT
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 1 contract
Samples: Agreement of Purchase and Sale
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:WEB COPY
Appears in 1 contract
Samples: Purchase and Sale Agreement
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.. FREEHOLD TENTATIVE - 2012 Printed on January 21, 2021, 1:38 pm
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 1 contract
Samples: Purchase and Sale Agreement
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.. FOR REVIEW
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. FOR REVIEW The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 1 contract
Samples: Agreement of Purchase and Sale
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures proced ures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.
1. The Vendor WEB COPY These are additional charges, fees or other anticipated adjustments to the final purchase price or balance due on Closing, the dollar value of a home which is permitted to make stipulated in the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(ibelow. CHARGE/FEE AMOUNT OR DESCRIPTION (APPLICABLE TAXES IN ADDITION TO ALL FEES SET OUT BELOW) or 1(b)(ii):
(iSCHEDULE REFERENCE, IF APPLICABLE REFERENCE NUMBER, IF APPLICABLE Discharge of mortgage $125.00 Schedule “X” Paragraph 3(e) the 3 Business Day period in section 6(iElectronic Registration $200.00 Schedule “X” Paragraph 13(b) of the Addendum shall be extended Grading Fee $500.00 Schedule “C” Paragraph 9 Missed Décor Appointment $500.00 per occurrence Schedule “X” Paragraph 2(l) Changes Requested to 10 calendar days Décor Paperwork $500.00 per occurrence Schedule “X” Paragraph 2(k) Administration fee for cheque replace and/or holding a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(ipayment $250.00 per occurrence Schedule “X” Paragraph 2(t) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date Service charge for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid each and every cheque payable by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust that is not honoured by the Vendor’s lawyer pursuant to financial institution upon which it is drawn $500.00 per occurrence Schedule “X” Paragraph 2(t) Walkout/Walk Up Basement $25,000 for a deposit trust agreement semi-detached home or a linked single home or a town home, Schedule “X” Paragraph 2 (executed in advance in aa) Extension Administration Fee For each extension request, $250.00 per each day that the form specified by Tarion Warranty Corporation, which form closing date is available extended Schedule “X” Paragraph 4 Wire Transfer and Direct Deposit Administration Fee $150.00 for inspection at each amount that the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed Vendor permits to be held in trust paid on account of the Purchase Price by the Vendor for the Purchaser on the same terms as are set out in the form wire transfer of deposit trust agreement described in clause (A) above.
2direct deposit. The following definitions apply in this Schedule:Schedule “X” Paragraph 18 Wire Transfer and Direct Deposit Non- Compliance Administration Fee $150.00 per occurrence Schedule “X” Paragraph 18 WEB COPY
Appears in 1 contract
Samples: Purchase and Sale Agreement
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.. WEB COPY
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/orand/or WEB COPY
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 1 contract
Samples: Agreement of Purchase and Sale
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.. DRAFT
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.. FREEHOLD TENTATIVE – October 7, 2020 Page 9 of 12 DRAFT
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilitiesotherutilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreementssiteplanagreements, density agreements, shared facilities agreements or other development agreements with developmentagreementswith Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with TarionXxxxxx, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 1 contract
Samples: Purchase and Sale Agreement
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures proced ures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.. SAMPLE
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;; SAMPLE
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty CorporationCorporation , which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:or
Appears in 1 contract
Samples: Purchase and Sale Agreement
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures proced ures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor varianceminorvariance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have Projecthave exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory termssatisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase aPurchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty CorporationCorporation , which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 1 contract
Samples: Purchase and Sale Agreement
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.. FREEHOLD TENTATIVE - 2012 Printed On: March 22, 2017 09:44 AM
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 1 contract
Samples: Agreement of Purchase and Sale
Disputes Regarding Termination. (a) a. The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) b. The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s 's own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) c. The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s 's reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) d. The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) e. The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.. FREEHOLD TENTATIVE October 7, 2020
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) a. upon receipt of Approval from an Approving Authority for:
(i) i. a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) . a consent to creation of a lot(s) or part-lot(s);
(iii) . a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 1 contract
Samples: Purchase and Sale Agreement
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.. WEB
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;; COPY
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; andand WEB
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 1 contract
Samples: Purchase and Sale Agreement
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.. REVIEW ONLY
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. REVIEW ONLY The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with TarionXxxxxx, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 1 contract
Samples: Agreement of Purchase and Sale
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures proced ures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty CorporationCorporation , which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 1 contract
Samples: Purchase and Sale Agreement
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.. FREEHOLD TENTATIVE – October 7, 2020 Page 9 of 12
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 1 contract
Samples: Agreement of Purchase and Sale
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.. FREEHOLD TENTATIVE – October 7, 2020 Page 9 of 12
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreementssiteplanagreements, density agreements, shared facilities agreements or other development agreements developmentagreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with TarionXxxxxx, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 1 contract
Samples: Purchase and Sale Agreement
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures proced ures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or and/ or any development Approvals required from an Approving Authority; and/orand/ or
(ix) site plans, plans, elevations and/or and/ or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/orand/ or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or and/ or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: :
(A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty CorporationCorporation , which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 1 contract
Samples: Agreement of Purchase and Sale
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures proced ures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:SAMPLE
Appears in 1 contract
Samples: Agreement of Purchase and Sale
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.
1. The Vendor These are additional charges, fees or other anticipated adjustments to the final purchase price or balance due on Closing, the dollar value of a home which is permitted to make stipulated in the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(ibelow. CHARGE/FEE AMOUNT OR DESCRIPTION (APPLICABLE TAXES IN ADDITION TO ALL FEES SET OUT BELOW) or 1(b)(ii):
(iSCHEDULE REFERENCE, IF APPLICABLE REFERENCE NUMBER, IF APPLICABLE Discharge of mortgage $125.00 Schedule “X” Paragraph 3(e) the 3 Business Day period in section 6(iElectronic Registration $200.00 Schedule “X” Paragraph 13(b) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:Grading Fee $500.00 Schedule “C” Paragraph 10
Appears in 1 contract
Samples: Purchase and Sale Agreement
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.. FREEHOLD TENTATIVE - 2012 Printed on January 22, 2021, 10:22 am
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 1 contract
Samples: Purchase and Sale Agreement
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on ar the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.beterminated. DRAFT
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. DRAFT The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust upgrad agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
3. Each condition must:
(a) be set out separately;
(b) be reasonably specific as to the type of Approval which is needed for the transaction; and
(c) identify the Approving Authority by reference to the level of government and/or the identity of the governmental agency, Crown corporation or quasi-governmental authority.
4. For greater certainty, the Vendor is not permitted to make the Purchase Agreement conditionalupon:
(a) receipt of a building permit;
(b) receipt of an Closing permit; and/or (c) completion of the home. DRAFT DRAFT
1. The Purchaser acknowledges and agrees that this Offer is a firm and binding Offer. Upon acceptance by the Vendor of this Offer, all Deposits paid by the Purchaser to the date of acceptance by the Vendor shall be non-refundable to the Purchaser. DRAFT
2. The Purchaser covenants to provide to the Vendor evidence of a valid approval for mortgage financing or reasonable evidence demonstrating the Purchaser’s ability to provide the balance due on closing to the Vendor within ten (10) days after acceptance of this Agreement of Purchase and Sale, failing which the Purchaser will be in default hereunder and the Vendor shall have the option, in its sole and absolute discretion, to terminate the transaction herein on seven (7) days’ notice by the Vendor, and all Deposit monies paid by the Purchaser to date shall be forfeited by the Vendor as liquidated damages and not a penalty.
Appears in 1 contract
Samples: Purchase and Sale Agreement
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.
1. WEB COPY FREEHOLD TENTATIVE – October 7, 2020 Page 9 of 12 Warranty Information for New Freehold Homes This information sheet provides a basic overview of the warranties and protections that come with your new home. This warranty is provided to you by your builder and backed by Xxxxxx. For more detailed Information visit xxxxxx.xxx and log into our online learning hub at xxx.xxxxxx.xxx/xxxxxxxxxxx Before you take possession of your new home, your builder is required to conduct a pre-delivery inspection (PDI) with you or someone you designate to act on your behalf. If you wish, you may be accompanied by someone who can provide expert assistance. The Vendor PDI is important because it is an opportunity to learn about how to operate and maintain parts of a your home, such as the ventilation, plumbing, and heating systems. It is also important because it gives you an opportunity to note items in your home that are damaged, missing, incomplete, or not working properly before you take possession of your home. This record is permitted to make the Purchase Agreement conditional also significant as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure it may help show what items may have been damaged before you moved in and helps resolve any disputes relating to domestic water supply to whether or not an item of damage was caused by the use of the home;
(iv) a certificate . The PDI is only one piece of approval of septic system or other measure evidence relating to waste disposal from damaged or incomplete Items, and you should note and document (e.g. via photos or video) any concerns or damaged items as soon as you notice them after taking possession if they were missed on your PDI. If the home;
damaged items are not addressed by your builder, you can include them in your 30-Day Form to Tarion. Damaged items are covered under the warranty if the damage was caused by the builder or their trades. There is more information about the PDI here: xxx.xxxxxx.xxx/xxxxxxxxxxx The deposit you provide to your builder is protected up to certain limits if your builder goes bankrupt, fundamentally breach es your Agreement of Purchase and Sale or you exercise your legal right to terminate it. Deposit coverage limits are $60,000 if the purchase price is $600,000 or less and 10% of purchase price to a maximum of $100,000 if the purchase price is over $600,000. This protection includes the money you put down towards upgrades and other extras. WEB COPY Your builder guarantees that your home will be ready for you to move in by a date specified in the Agreement of Purchase and Sale or a date that has been properly extended (v) completion of hard services if for certain reasons the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and original closing date cannot be waived by either party.
(b) upon:
(i) subject met). You may be able to paragraph 1(c), receipt by claim up to $7,500 from your builder in compensation if they do not meet the Vendor of confirmation conditions for an allowable extension that sales of homes are outlined in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject Addendum to paragraph 1(c), receipt by the Vendor your Agreement of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor Purchase and may be waived by the Vendor in its sole discretionSale.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 1 contract
Samples: Purchase and Sale Agreement
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.. DRAFT
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;; DRAFT
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with TarionXxxxxx, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 1 contract
Samples: Purchase Agreement
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.. POTL TENTATIVE – October 7, 2020
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 1 contract
Samples: Purchase and Sale Agreement
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:DRAFT
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;; DRAFT
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 1 contract
Samples: Purchase and Sale Agreement
Disputes Regarding Termination. (a) a. The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) b. The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s 's own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) c. The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s 's reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) d. The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) e. The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.. SAMPLE FREEHOLD TENTATIVE October 7, 2020
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) a. upon receipt of Approval from an Approving Authority for:
(i) i. a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) . a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 1 contract
Samples: Purchase and Sale Agreement
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on ar the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.. FREEHOLD TENTATIVE - 2012 Page 9 of 12
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust upgrad agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
3. Each condition must:
(a) be set out separately;
(b) be reasonably specific as to the type of Approval which is needed for the transaction; and
(c) identify the Approving Authority by reference to the level of government and/or the identity of the governmental agency, Crown corporation or quasi-governmental authority.
4. For greater certainty, the Vendor is not permitted to make the Purchase Agreement conditional upon:
(a) receipt of a building permit;
(b) receipt of an Closing permit; and/or
(c) completion of the home. These are additional charges, fees or other anticipated adjustments to the final purchase price or balance due on Closing, the dollar value of which is stipulated in the Purchase Agreement and set out below.
1. Water Meter Installation ($3,738.00 + HST), Schedule A, Paragraph 18 (e);
2. Hydro Energization ($550.00 + HST), Schedule A, Paragraph 18 (e);
3. Community Tree Planting Charge ($750.00 + HST), Schedule A, Paragraph 18 (n);
4. Survey of the Real Property ($125.00 + HST), Schedule A, Paragraph 18 (p);
5. Driveway installation (Single driveway $965.00 + HST, double driveway $1,500.00 + HST), Schedule A, Paragraph 18 (h)
6. Law Society Xxxx ($65.00 + HST), Schedule A, Paragraph 18 (i);
7. Tarion Warranty Corporation Enrolment Fee ($ ), Schedule A, Paragraph 18 (a);
Appears in 1 contract
Samples: Agreement of Purchase and Sale
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.. FREEHOLD TENTATIVE – October 7, 2020 Page 9 of 12
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan siteplan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with TarionXxxxxx, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 1 contract
Samples: Purchase and Sale Agreement
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor varianceminorvariance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have Projecthave exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory termssatisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase aPurchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: :
(A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 1 contract
Samples: Purchase and Sale Agreement
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.. DRAFT FREEHOLD TENTATIVE – October 7, 2020 Page 9 of 12
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan siteplan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;; DRAFT
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with TarionXxxxxx, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 1 contract
Samples: Purchase and Sale Agreement
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause justcause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminatedbeterminated.
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/orwalkout;and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty CorporationCorporation , which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:or
Appears in 1 contract
Samples: Purchase & Sale Agreement
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:WEB COPY
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. WEB COPY The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with TarionXxxxxx, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 1 contract
Samples: Purchase and Sale Agreement
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures proced ures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.. FREEHOLD TENTATIVE – October 7, 2020 Page 9 of 12
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty CorporationCorporation , which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 1 contract
Samples: Agreement of Purchase and Sale
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.. FREEHOLD TENTATIVE - 2012 8 of 12
1. The Vendor of a home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 1 contract
Samples: Purchase and Sale Agreement
Disputes Regarding Termination. (a) The Vendor and Purchaser agree that disputes arising between them relating to termination of the Purchase Agreement under section 11 shall be submitted to arbitration in accordance with the Arbitration Act, 1991 (Ontario) and subsection 17(4) of the ONHWP Act.
(b) The parties agree that the arbitrator shall have the power and discretion on motion by the Vendor or Purchaser or any other interested party, or of the arbitrator’s own motion, to consolidate multiple arbitration proceedings on the basis that they raise one or more common issues of fact or law that can more efficiently be addressed in a single proceeding. The arbitrator has the power and discretion to prescribe whatever procedures are useful or necessary to adjudicate the common issues in the consolidated proceedings in the most just and expeditious manner possible. The Arbitration Act, 1991 (Ontario) applies to any consolidation of multiple arbitration proceedings.
(c) The Vendor shall pay the costs of the arbitration proceedings and the Purchaser’s reasonable legal expenses in connection with the proceedings unless the arbitrator for just cause orders otherwise.
(d) The parties agree to cooperate so that the arbitration proceedings are conducted as expeditiously as possible, and agree that the arbitrator may impose such time limits or other procedural requirements, consistent with the requirements of the Arbitration Act, 1991 (Ontario), as may be required to complete the proceedings as quickly as reasonably possible.
(e) The arbitrator may grant any form of relief permitted by the Arbitration Act, 1991 (Ontario), whether or not the arbitrator concludes that the Purchase Agreement may properly be terminated.. Property: GALLERIA 01
1. The Vendor of a condominium home is permitted to make the Purchase Agreement conditional as follows:
(a) upon receipt of Approval from an Approving Authority for:
(i) a change to the official plan, other governmental development plan or zoning by-law (including a minor variance);
(ii) a consent to creation of a lot(s) or part-lot(s);
(iii) a certificate of water potability or other measure relating to domestic water supply to the home;
(iv) a certificate of approval of septic system or other measure relating to waste disposal from the home;
(v) completion of hard services for the property or surrounding area (i.e., roads, rail crossings, water lines, sewage lines, other utilities);
(vi) allocation of domestic water or storm or sanitary sewage capacity;
(vii) easements or similar rights serving the property or surrounding area;
(viii) site plan agreements, density agreements, shared facilities agreements or other development agreements with Approving Authorities or nearby landowners, and/or any development Approvals required from an Approving Authority; and/or
(ix) site plans, plans, elevations and/or specifications under architectural controls imposed by an Approving Authority. The above-noted conditions are for the benefit of both the Vendor and the Purchaser and cannot be waived by either party.
(b) upon:
(i) subject to paragraph 1(c), receipt by the Vendor of confirmation that sales of homes in the Freehold Project condominium dwelling units have exceeded a specified threshold by a specified date;
(ii) subject to paragraph 1(c), receipt by the Vendor of confirmation that financing for the Freehold Project project on terms satisfactory to the Vendor has been arranged by a specified date;
(iii) receipt of Approval from an Approving Authority for a basement walkout; and/or
(iv) confirmation by the Vendor that it is satisfied the Purchaser has the financial resources to complete the transaction. The above-noted conditions are for the benefit of the Vendor and may be waived by the Vendor in its sole discretion.
(c) the following requirements apply with respect to the conditions set out in subparagraph 1(b)(i) or 1(b)(ii):
(i) the 3 Business Day period in section 6(i) of the Addendum shall be extended to 10 calendar days for a Purchase Agreement which contains a condition set out in subparagraphs 1(b)(i) and/or 1(b)(ii);
(ii) the Vendor shall complete the Property Description on page 2 of this Addendum;
(iii) the date for satisfaction of the condition cannot be later than 9 months following signing of the purchase Agreement; and
(iv) until the condition is satisfied or waived, all monies paid by the Purchaser to the Vendor, including deposit(s) and monies for upgrades and extras: (A) shall be held in trust by the Vendor’s lawyer pursuant to a deposit trust agreement (executed in advance in the form specified by Tarion Warranty Corporation, which form is available for inspection at the offices of Tarion Warranty Corporation during normal business hours), or secured by other security acceptable to Tarion and arranged in writing with Tarion, or (B) failing compliance with the requirement set out in clause (A) above, shall be deemed to be held in trust by the Vendor for the Purchaser on the same terms as are set out in the form of deposit trust agreement described in clause (A) above.
2. The following definitions apply in this Schedule:
Appears in 1 contract
Samples: Purchase Agreement
