THE CORPORATION OF THE
TOWNSHIP OF NIPISSING
BY-LAW NO. 2008-1239

Being a by-law relating to Chapman’s Chute Developments Inc. and Registered Plan 42M-650, registered June 29, 2006.
______________________________________________________________________

WHEREAS on the 22nd day of November, 2005, the municipality did enter into a Subdivision Agreement with Chapman’s Chute Developments Inc. (the “Subdivider”) for the processing of a 30 lot subdivision in part of Lots 13 and 14, Concession 11 and part of Lots 13, 14 and 15, Concession 12, Township of Nipissing;

AND WHEREAS the completion date for the construction of services relating to the subdivision was December 31, 2007;

AND WHEREAS the Subdivision Agreement provides that the subdivider is responsible for payment of all outstanding legal fees and disbursements incurred by the municipality and also all reasonable professional engineering and consulting fees in connection with the services to be constructed;

AND WHEREAS the subdivider is in arrears of completion of the services and is in arrears of reimbursing the municipality for its expenses to date;

AND WHEREAS the municipality holds a standby Letter of Credit from RBC Royal Bank in the amount of $468,446.00 (CDN).

BE IT ENACTED AS A BY-LAW OF THIS CORPORATION AS FOLLOWS:

1. Subdivision Agreement – Default
That the Subdivision Agreement entered into on the 22nd day of November, 2005 between Chapman’s Chute Developments Inc. and this Corporation is in default with respect to:
(a) the drainage and road construction which have not been completed;
(b) monies paid out by this Corporation on behalf of the subdivider and for which the municipality has not been reimbursed.

2. Partial Drawing
The Clerk is hereby instructed to make an Application to RBC Royal Bank for a partial drawing on the said Letter of Credit to the extent of all outstanding indebtedness owing by the subdivider to the municipality to this date, and the sum of $5,000.00 (CDN) for future anticipated expenses.

3. Accounting
The Clerk shall prepare an account of monies on deposit and monies paid out on behalf of the subdivider pursuant to the Subdivision Agreement and forward this to the subdivider.

4. Additional Instructions
The Clerk is further authorized to take such additional steps as are necessary to carry out these instructions of Council.

THIS BY-LAW READ A FIRST, SECOND AND THIRD TIME AND FINALLY PASSED THIS THE 15TH DAY OF JULY, 2008.
THE CORPORATION OF THE
TOWNSHIP OF NIPISSING

____________________________ c/s
Wendy Billingsley, Mayor

________________________________Cindy Piper, Clerk