PEEL NON-PROFIT HOUSING CORPORATION
BY-LAW NUMBER 1-91
A by-law authorizing the borrowing of money by Peel Non-Profit Housing Corporation and the granting of security therefor for the Creditbend Terrace Project.
BE IT ENACTED as a by-law of the Corporation as follows:
1. That the Corporation do borrow from FirstLine Trust, hereinafter referred to as the "Chargee", the sum of $10,867,926.00 as set out in a Loan Commitment dated November 26, 1990 (hereinafter referred to as "the Commitment Letter") a copy of which is hereto attached and marked "A", subject to such alterations and amendments as may be agreed to by the authorized signing officers of the Corporation.
2. That the execution of the Commitment Letter is hereby ratified, confirmed and approved.
3. That to evidence and secure its obligations to the Chargee, the Corporation do execute and deliver to the Chargee a mortgage (hereinafter called the "Mortgage"), mortgaging and charging to the Chargee the lands and premises being part of the west half of Lot 5, Concession 3, west of Hurontario Street, designated as parts 1, 2, 6, 10, 11, 17 and 18 on Reference Plan 43R-16606 in the Regional Municipality of Peel and Province of Ontario (hereinafter called the "Property"), together with such other security documents as may be required by the Chargee pursuant to the Commitment Letter or any amendment thereto (the "Additional Security").
4. That the Mortgage and the Additional Security be in such form as the Chargee shall require.
5. That the authorized signing officers of the Corporation are hereby authorized to execute and deliver on behalf of the Corporation any amendment or amendments to the Commitment Letter, the Mortgage, the Additional Security and all other documents necessary to give effect thereto and to the Commitment Letter, as same may be amended, in the name of and on behalf of the Corporation under its corporate seal or otherwise in such form as the officers of the Corporation executing same may approve, their approval to be conclusively proved by their signatures thereto.
6. That the authorized signing officers of the Corporation are hereby authorized and directed to do all things and execute all instruments and documents necessary or desirable to give effect to this by-law, such authorization to be in addition to the authority specifically granted by this by-law to any officer or officers of the Corporation.
DULY PASSED AND ENACTED at a meeting of the directors of the Corporation duly held on the 10th January, 1991.
Maja Prentice, President
c/s Bonnie Zeran, Secretary