THE CITY OF POWELL RIVER NOTICE OF PROPERTY DISPOSITIONS In accordance with Section 26(3) of the Community Charter , the Council of the City of Powell River (the " City ") gives notice of the following dispositions of property: 1. A lease (the " Lease ") of a part of the lands legally described as PID: 029-635-691, LOT 1 DISTRICT LOT 450 GROUP 1 NEW WESTMINSTER DISTRICT PLAN EPP21856 (the " Premises ") as shown outlined in blue in the plan below. Under the terms of the Lease, the Premises will be leased to SANTE VERITAS THERAPEUTICS INC. (INC. NO. BC0931909) (the " Tenant ") for a term of 10 years plus, at the Tenant's option, an additional renewal term of an additional 10 years, subject to provisions for early termination in the event of default, agreement of the parties, the exercise of an option to purchase by the Tenant as detailed in paragraph 2 of this notice below. In accordance with the Lease terms, the Tenant will pay basic rent to the City in the sum of $180,000 per year, payable in equal monthly installments. The rent will be reviewed every five years during the term so that it remains equivalent to fair market rent applicable at the time of review. The Tenant will also be responsible for all costs associated with its use and occupancy of the Premises. 2. An option to purchase of the Premises (the " Option ") whereby the Tenant may purchase the Premises and the Remainder of Lot 1, as outlined in red in the plan below, 45 days after the date upon which the Tenant is issued a license by Health Canada, under the Access to Cannabis for Medical Purposes Regulations, for a price equivalent to the appraised value of the Premises and the appraised value of the remainder of Lot 1 at the time the Option is exercised, excluding the value of any improvements to the Premises by the Tenant after the commencement of the Lease and also less a credit for 30% of the cumulative rent paid until the date of exercise of the Option. 3.As part of the purchase, the tenant has agreed to provide the City a covenant over part of the parking lot to be dedicated for the users of Dwight Hall as identified in the drawing above. The tenant has agreed that if it is able to purchase other adjacent properties that the size of the Dwight Hall parking covenant will increase. The tenant has also agreed to provide the City with a covenant over an eastern portion of the property to maintain a treed buffer along the Marine Avenue corridor. To review the aforementioned agreements or for enquiries, please contact the City's Manager of Economic Development, Real Estate and Communications, Scott Randolph at 6910 Duncan Street, Powell River, BC V8A 1V4 (Tel. 604-485-8653; Email: srandolph@powellriver.ca)
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