PEEL NON-PROFIT HOUSING CORPORATION

BY-LAW NUMBER 1-90

A by-law authorizing the borrowing of money by Peel Non-Profit Housing Corporation to be secured by a charge granted to Murray & Company Limited for the Lakeshore/Dixie Project.

 

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

1. That the Corporation enter into, execute and deliver to Murray & Company Limited, hereinafter referred to as the "Chargee" a charge in the sum of $16,305,897.00 as set out in the Chargee's commitment letter dated January 16, 1990 (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 30th day of January, 1990.

President Secretary

RESOLUTION OF THE BOARD OF DIRECTORS

OF PEEL NON-PROFIT HOUSING CORPORATION

CORPORATE AUTHORIZING RESOLUTION - LAKESHORE/DIXIE PROJECT

WHEREAS it is in the interest of the Corporation to enter into a mortgage with Murray & Company Limited and therein charge and encumber the interest 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 Murray & Company Limited hereinafter referred to as the "Chargee" a charge in the sum of $ 16,305,897.00 for a period of 5 years at 11.72 percent interest all as set out in the Chargee's commitment letter dated January 16, 1990 (hereinafter referred to as "the commitment letter") as presented to the Board of Directors, subject to such alterations and amendments as may be agreed to by the authorized signing officers.

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

4. 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 alterations and amendments incorporated therein.

 

DATED the 30th day of January, 1990.

President Secretary