2056-73 SeniorRentalHousingAgrm - Laserfiche WebLink

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THIS INDENTURE made in duplicate the 1st day of APRIL 1973. BETWEEN: THE CORPORATION OF THE COUNTY OF ESSEX, hereinafter called the County, OF THE FIRST PART -and- THE CORPORATION OF THE TOWNSHIP OF SANDWICH WEST hereinafter called respectively TOWNSHIP OF SANDWICH WEST, OF THE SECOND PART: WHEREAS the Council of the County has requested the Ontario Housing Corporation to provide rental housing accommodation for senior citizens resident in the County. AND WHEREAS a report of the Ontario Housing Corporation dated March, 1973, confirms need and effective demand for Fifteen (15) one- bedroom units to be located in the Township of Sandwich West as noted below, number 1 of this Agreement; AND WHEREAS it is deemed advisable that the Corporation of the County of Essex enter into an agreement with the said municipality of the Township of Sandwich West, whereby the Corporation of the County of Essex will make a grant to the said municipality in the amount equivalent to the 7.5% of operating losses and the local improvement costs assumed by the said Township of Sandwich West, by agreement with the Ontario Housing Corporation, for the rental housing units built in the said Township, by the Ontario Housing Corporation, within their boundaries, as approved by the County Council, by resolution, in open Council. NOW THIS INDENTURE WITNESSETH that in consideration of the premises the parties hereto covenant and agree as follows: 1. The County covenants and agrees to pay from year to year the grant for the purpose as noted above to the Township of Sandwich West for 15 units. 2. The said payments shall be on the 1st day of December in each year, from the current Social & Family Servives Budget of the County of Essex, upon the receipt of an account from the said municipalities. 3. In the even that any of the said units cease to be used for the purpose aforesaid the provisions of Section 1 hereof shall cease to have any force or effect for such unit. 4. This Agreement shall remain in force for as long as the Corporation shall continue to operate the housing accommoda- tion as a public housing project as defined in Part VI of the National Housing Act, 1954, and subject thereto, shall enure to the benefit of and be binding upon the parties hereto, their successors and assigns. Provided however that neither party to the Agreement shall assign the agreement without the written consent of the other party first. 5. Any difference between the parties hereto incapable of mutual settlement shall be settled in accordance with the provisions of The Arbitration Act, R. S. 0. 1960, Chapter 18 insofar as it is applicable and the parties hereto hereby appoint the Ontario Municipal Board as the sole arbitrator.