PEEL NON-PROFIT HOUSING CORPORATION

BORROWING BY-LAW NUMBER 2-88

A by-law authorizing the borrowing of money by PEEL NON-PROFIT HOUSING CORPORATION to be secured by a charge granted to the BANK OF MONTREAL.

 

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

1. That the Corporation enter into, execute and deliver to the Bank of Montreal a charge in the sum of TWENTY-FIVE MILLION ($25,000,000.00) DOLLARS as set out in the commitment letter dated March 28, 1988 (hereinafter referred to as "the commitment letter") a copy of which is hereto attached and marked "A", received from the Bank of Montreal 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, undertakings and all other property and assets as security for its present and future obligations to the Bank of Montreal, all as provided in the commitment letter to the Corporation.

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 these 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 commitment letter.

 

PASSED AND ENACTED under the hands of the President and Secretary and the seal of the Corporation has been affixed this 5th day of April, 1988.

President Secretary

RESOLUTION OF THE BOARD OF DIRECTORS

OF PEEL NON-PROFIT HOUSING CORPORATION

CORPORATE AUTHORIZING RESOLUTION

"WHEREAS it is in the interests of the Corporation to enter into a mortgage with the Bank of Montreal and therein mortgage, charge encumber the interests of the Corporation in its present and future property and assets;

NOW THEREFORE BE IT RESOLVED THAT:

1. the Corporation to enter into, execute and deliver to the Bank of Montreal a charge in the sum of $25,000,000.00 in the form as set out in the commitment letter received from the Bank of Montreal 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. 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 and other property and assets as security for its present and future obligations to the Bank of Montreal, all as provided in the commitment letter to the Corporation from the Bank of Montreal dated March 28, 1988 and as presented to the Board of Directors;

3. 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. 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 as 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 dated March 28, 1988 and being from the Bank of Montreal.

 

DATED the 5th day of April, 1988.

President Secretary