PEEL NON-PROFIT HOUSING CORPORATION

BORROWING BY-LAW NUMBER 11-82

A by-law authorizing the borrowing of money by PEEL NON-PROFIT HOUSING CORPORATION to be secured by a charge granted to IMPERIAL LIFE ASSURANCE COMPANY OF CANADA.

 

BE IT ENACTED as a by law of the Corporation as follows:

1. That the Corporation enter into, execute and deliver to Imperial Life Assurance Company of Canada a charge in the sum of SEVEN MILLION, EIGHT HUNDRED AND TWENTY-FOUR THOUSAND, NINETEEN ($7,824,019.00) DOLLARS in the form as set out in the commitment letter received from Imperial Life Assurance Company of Canada and as presented to the Board of Directors, subject to such alterations, amendments or additions to which the President and Secretary of the Corporation may agree.

2. That the Corporation do mortgage, charge, assign and otherwise transfer and encumber and grant security interests in, all its present and future equipment, inventory, intangibles, undertaking that all other property and assets as security for its present and future obligations to the Imperial Life Assurance Company of Canada, all as provided in the commitment letter to the Corporation from Imperial Life Assurance Company of Canada dated December 21, 1981 and as presented to the Board of Directors.

3. That the execution by the President and Secretary of the Corporation of the said charge shall be conclusive proof of their agreement to any amendments, alterations, or additions incorporated therein.

4. That the President and Secretary of the Corporation be, and they are hereby authorized to execute and deliver the charge aforesaid on behalf of the Corporation and each of the officers of the Corporation are hereby authorized to execute all such other documents and writings and to do other acts and things that may be necessary for fulfilling the Corporation's obligations under the said charge and under the terms of the mortgage commitment as contained in the said letter to the Corporation.

5. That the President and Secretary be, and they are hereby authorized to execute, any document which may alter or amend any existing document relating to the amount of the charge, the amount of the repayments, and the interest adjustment date, provided that such changes reduce the amounts of the charge and the repayments or advance the interest adjustment date.

6. By-law Number 8-81 of the Corporation is hereby repealed.

 

PASSED AND ENACTED under the hands of the President and Secretary and the seal of the Corporation has been affixed this 28th day of January, 1982.

 

E. A. Southorn, President Helen MacRae, Secretary