A by-law ratifying the execution of certain documents relating to the mortgage financing of the Parkholme Place Project.


WHEREAS by charge dated the 15th day of March 1985 and registered in the Land Registry Office for the Land Titles Division of Peel "No. 43" at Brampton on the first day of April 1985, as Instrument Number 553647, ("the Charge") Peel Non-Profit Housing Corporation, as charger, charged the lands described in the Charge in favour of Morguard Trust Company, as chargee, to secure payment of the sum of Two Million, Two Hundred and Eighteen Thousand Five Hundred and Twenty Dollars ($2,218,520.00) with interest, as therein set out upon the terms therein mentioned;

AND WHEREAS it is desirable that the interest of the chargee be assigned and set over to the Royal Bank of Canada as assignee and that the charge be amended;

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

1. That the Corporation do ratify, approve and confirm the execution by the General Manager and Secretary of, firstly, a security agreement dated February 27, 1991, a copy of which is attached hereto and marked "A", and secondly, an application, a copy of which is attached hereto and marked "B" to register notice of an agreement amending the Charge, and thirdly, such other documents as it may have been necessary or desirable to execute in connection therewith.


DULY PASSED AND ENACTED at a meeting of the directors of the Corporation duly held on the 5th March, 1991.

Maja Prentice, President
c/s Bonnie Zeran, Secretary

DULY CONFIRMED by a unanimous vote of the members of the Corporation duly on 28th day of March, 1991.

Maja Prentice, Chairman
c/sBonnie Zeran, Secretary