PEEL NON-PROFIT HOUSING CORPORATION

BORROWING BY-LAW 4-87

A by-law authorizing the borrowing of money by PEEL NON-PROFIT HOUSING CORPORATION to be secured by a charge granted to MORGUARD TRUST COMPANY.

 

TO BE ENACTED as a by-law of the Corporation as follows:

1. That the Corporation enter into, execute and deliver to Morguard Trust Company a charge in the sum of EIGHT MILLION, NINE HUNDRED AND THIRTY-NINE THOUSAND, ONE HUNDRED AND SEVENTY-FOUR ($8,939,174.00) DOLLARS in the form as set out in the commitment letter received from Morguard Trust Company and as presented to the Board of Directors, subject to such alterations, amendments or additions to which the General Manager, Secretary and Treasurer 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 Morguard Trust Company, all as provided in the commitment letter to the Corporation from Morguard Trust Company dated May 19, 1987 and presented to the Board of Directors.

3. That the execution by the General Manager, Secretary and Treasurer 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 General Manager, Secretary and Treasurer 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 to 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.

PASSED AND ENACTED under the hands of the General Manager, Secretary and Treasurer and the seal of the Corporation has been affixed this 5th day of May, 1987.

 

General Manager Secretary Treasurer