COMS-007-11 Bloomfield Pioneer Cemetery - Town of Milton

:8897579_2.DOC.
arm’s length with the Purchaser (or the Purchaser’s heirs, administrators, successors or
assigns including the value of all chattels situate thereon which are then owned by the
Purchaser and which are intended to pass on such sale transaction and the value of any
encumbrances or mortgages assumed by the purchaser or taken back as part of the
consideration for such sale transaction, less the aggregate of the following:
(a) the cumulative total of any and all capital
improvements to the Property (as determined in
accordance with generally accepted accounting
principles) made by the Purchaser to the Property
from and after the Date of Closing;
(b) any real estate commission payable by the
Purchaser in disposing of the Property to such a
bona fide purchaser in an amount not to exceed the
then current industry practice; and
(c) reasonable legal and accounting fees payable by the
Purchaser in disposing of the Property.
“Profit” means the amount by which the Sale Price exceeds the Base Amount;
On the Date of Closing, the Purchaser will enter into an agreement with the Vendor, in
the form attached hereto as Schedule “I”, to be registered on title to give effect to these
provisions.
PREPARATION OF TRANSFER/DEED DOCUMENTS
15(1) The Transfer/Deed of the Lands will be prepared by the Vendor, except for the Affidavit
of Residence and Value of the Consideration (“Land Transfer Tax Affidavit”), which will
be prepared by the Purchaser. The Purchaser shall pay its own legal costs, registration
costs, and all land transfer tax payable.
TENDER
16. Any tender of money or documents pursuant to this Agreement may be made on the
Vendor or the Purchaser or their respective solicitors. Money must be tendered in
Canadian funds by bank draft or negotiable cheque certified by a Canadian chartered
bank, trust company, credit union or Province of Ontario Savings Office.
ADJUSTMENTS
17(1) Adjustments between the Vendor and the Purchaser shall be made on the Date of Closing
for taxes, local improvement rates, utility costs, rents and other matters or items which
are ordinarily the subject of adjustment. Such adjustments shall be made on the basis that
the Date of Closing shall be for the Vendor's account.
15.