Common use of (r) Clause in Contracts

(r). S.O., 1990 as amended and/or, the City of Toronto Act, 2006 as amended, (collectively referred to as the “Park Levies” or individually as a “Park Levy”). For the purposes of calculating the increase such increases shall include increases based on any change to any specified levy amount, any increases due to the increase in value of the underlying lands, any change in the date of calculation of the Park Levies and/or any change or amendment in the foregoing legislation. In the event that any Park Levies are levied against the Property, or any portion thereof, the amount to be reimbursed by the Purchaser in respect of this transaction shall be the amount of the Park Levy attributable to the Dwellings or if the Park Levies or Park Levy are invoiced against the Lands as a whole, the Purchaser shall pay his or her proportionate share of the Park Levies or Park Levy charges as determined reasonably by the Vendor;