Common use of Increase in Charges Clause in Contracts

Increase in Charges. FOR REVIEW ONLY The Purchaser shall on the Closing Date pay and/or reimburse the Vendor the amount of any increases after the 1st day of January, 2021 of any development charges pursuant to the Development Charges Act (Ontario), education development charges pursuant to the Education Act (Ontario) (collectively the “Development Charges) and the amount of any new or additional levy or development and/or education development charge, paid, assessed against or attributable to the Real Property (notwithstanding that such increase in the Charges or such new or additional Charges may be levied or paid prior to the year of the Closing Date or that any new or additional Charges arise after the date of this Agreement). The Purchaser acknowledges and agrees that a certificate from an officer, employee or agent of the Vendor confirming the Vendor’s costs and reimbursement as set out in this paragraph shall constitute sufficient evidence for the purpose of calculating these adjustment items and shall be binding on the Purchaser. Provided that any reduction or rebate of the Charges (the “Development Charge Rebate”) shall be the property of the Vendor and the Purchaser hereby assigns all of the Purchaser's right, title and interest (if any) in and to the Charge Rebate to the Vendor and the Purchaser hereby irrevocably authorizes and directs the payment of such Charge Rebate to the Vendor and the Purchaser further agrees to execute all forms, applications or documents to facilitate the payment of such Charge Rebate to the Vendor and the Purchaser agrees to extract a similar covenant in any agreement entered into between the Purchaser and any subsequent purchaser. The provisions of this paragraph shall not merge on the closing of this transaction but shall survive same.

Increase in Charges. FOR REVIEW ONLY The Purchaser shall on the Closing Date pay and/or reimburse the Vendor the amount of any increases after the 1st day of JanuaryJune, 2021 2023 of any development charges pursuant to the Development Charges Act (Ontario), education development charges pursuant to the Education Act (Ontario) (collectively the “Development Charges) and the amount of any new or additional levy or development and/or education development charge, paid, assessed against or attributable to the Real Property (notwithstanding that such increase in the Charges or such new or additional Charges may be levied or paid prior to the year of the Closing Date or that any new or additional Charges arise after the date of this Agreement). The Purchaser acknowledges and agrees that a certificate from an officer, employee or agent of the Vendor confirming the Vendor’s costs and reimbursement as set out in this paragraph shall constitute sufficient evidence for the purpose of calculating these adjustment items and shall be binding on the Purchaser. Provided that any reduction or rebate of the Charges (the “Development Charge Rebate”) shall be the property of the Vendor and the Purchaser hereby assigns all of the Purchaser's right, title and interest (if any) in and to the Charge Rebate to the Vendor and the Purchaser hereby irrevocably authorizes and directs the payment of such Charge Rebate to the Vendor and the Purchaser further agrees to execute all forms, applications or documents to facilitate the payment of such Charge Rebate to the Vendor and the Purchaser agrees to extract a similar covenant in any agreement entered into between the Purchaser and any subsequent purchaser. The provisions of this paragraph shall not merge on the closing of this transaction but shall survive same.