PEEL NON-PROFIT HOUSING CORPORATION
BORROWING BY-LAW NUMBER 2-87
AND TO REPEAL BY-LAW NUMBER 4-86
A by-law authorizing the borrowing of money by PEEL NON-PROFIT HOUSING CORPORATION to be secured by a charge granted to MUTUAL LIFE OF CANADA.
TO BE ENACTED as a by-law of the Corporation as follows:
1. That the Corporation enter into, execute and deliver to Mutual Life of Canada a charge in the sum of EIGHT MILLION, NINE HUNDRED AND FIFTY-SEVEN THOUSAND, SEVEN HUNDRED AND FIFTY-FOUR ($8,957,754.00) DOLLARS in the form as set out in the commitment letter received from Mutual Life of Canada and as presented to the Board of Directors, subject to such alternations, 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, undertaking that all other property and assets as security for its present and future obligations to Mutual Life of Canada, all as provided in the commitment letter to the Corporation from Mutual Life of Canada dated November 28, 1986 and revision letter dated April 14, 1987 and presented to the Board of Directors.
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 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 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.
5. By-law Number 4-86 is hereby repealed.
PASSED AND ENACTED under the hands of the President and General Manager and the seal of the Corporation has been affixed this 5th day of May, 1987.
President General Manager