PEEL NON-PROFIT HOUSING CORPORATION

BY-LAW NUMBER 4-88

A by-law authorizing the borrowing of money by Peel Non-Profit Housing Corporation to be secured by a charge granted to the National Life Assurance Company of Canada for the Colonial Drive Project.

 

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

1. That the Corporation enter into, execute and deliver to the National Life Assurance Company of Canada, hereinafter referred to as the "Chargee" a charge in the sum of $ 22,500,000.00 as set out in the Chargee's commitment letter dated December 10, 1987 as amended by December 15, 1987, December 16, 1987 and June 9, 1988, (hereinafter referred to as "the commitment letter") a copy of which is hereto attached and marked "A" and as presented to the Board of Directors, subject to such alterations and amendments as may be agreed to by the authorized signing officers.

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 Chargee, all as provided in the commitment letter to the Corporation.

3. That the charge and any documentation relating thereto be executed in accordance with By- law 2-85.

4. That the execution by the authorized signing officers of the said charge and any documentation relating thereto shall be conclusive proof of their agreement as to any alternations and amendments incorporated therein.

 

PASSED AND ENACTED under the hands of the President and Secretary and the seal of the Corporation has been affixed this 14th day of July, 1988.

President Secretary