Item - 2022.CC47.12

City Council on July 19, 20, 21 and 22, 2022, adopted the following:

1. City Council authorize the appropriate City officials to enter into and register on title an agreement to amend the Section 37 Agreement dated October 26, 2020, registered as Instrument AT5558406 on October 29, 2020 and the Section 111 Agreement dated July 21, 2021, registered as Instrument AT5814429 on July 29, 2021 in a form satisfactory to the City Solicitor, as follows:

a. add the following definitions to the Section 37 Agreement and the Section 111 Agreement:

"Approved Lender" means a lender designated as an approved lender by CMHC in accordance with the National Housing Act (Canada) and the regulations thereunder that is a mortgagee of the CMHC Financed Lands pursuant to a certificate of insurance issued by CMHC.

"CMHC" means Canada Mortgage and Housing Corporation established by the Canada Mortgage and Housing Corporation Act, R.S.C. 1985, c. C-7, as amended; and

"CMHC Financed Lands" means the lands financed by CMHC including the construction and operation of the Eastern Market Building, which includes the Developer-owned Affordable Rental Units, certain ground floor commercial space and related facilities in the building; and

b. add the following paragraph to the Section 37 Agreement and the Section 111 Agreement:

"Notwithstanding anything in this Agreement to the contrary, CMHC, an Approved Lender, any transferee from CMHC or an Approved Lender, or any subsequent successors in title to the CMHC Financed Lands will not be responsible for any obligations pertaining to the City/TCHC Units and the Replacement Social Housing Units.  For clarity, for the purpose of this paragraph, subsequent successors in title to the CMHC Financed Lands only pertains to owners that follow CMHC, an Approved Lender or their transferees on title."

2. City Council direct the City Solicitor to prepare such amendments to the registered Section 37 Agreement and Section 111 Agreement and any other such amendments determined necessary to implement City Council's decision on this matter, on terms satisfactory to the Chief Planner and Executive Director, City Planning and in a form satisfactory to the City Solicitor.