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TRUST ACKNOWLEDGMENT AND DIRECTION
INSTRUCTION SHEET
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ACKNOWLEDGMENT AND DIRECTION
THIS ACKNOWLEDGMENT AND DIRECTION dated this day of ,
BETWEEN:
COMPANY NAME, Incorporation No. Incorporation Number, a British Columbia company having its Registered and Records Office address at Street Address, City, British Columbia, Postal Code
OR
TRUSTEE NAME(S), of Trustee Address
(the "Beneficial Owner")
AND:
TRUSTEE NAME(S), of Trustee Address
OR
COMPANY NAME, Incorporation No. Incorporation Number, a British Columbia company having its Registered and Records Office address at Street Address, City, British Columbia, Postal Code
(the "Trustee")
FOR THE BENEFIT OF:
LENDER NAME, of Lender Address
(the "Lender")
WHEREAS:
A. The Trustee is the registered owner of those certain parcels or tracts of land and premises situated in the City of , in the Province of British Columbia, legally described as PID: PID Number Full Legal Description (the "Lands").
B. The Trustee acknowledges that it holds and stands possessed of the Lands in trust for the Beneficial Owner on the terms and conditions set out in a Declaration of Trust dated the day of , , a copy of which is attached as Schedule "A" hereto (the "Trust Declaration").
C. The Lender has agreed to provide a $Loan Amount credit facility to the Beneficial Owner on the security, inter alia, of a $Mortgage Registration Amount mortgage of the Lands (the "Mortgage") and an assignment of rents with respect to the Lands (the "Assignment of Rents"), which facility is to be utilized by the Beneficial Owner.
NOW THEREFORE in consideration of the premises and other good and valuable consideration (the receipt and sufficiency of whereof are hereby acknowledged) the parties agree as follows:
1. The Beneficial Owner and the Trustee hereby consent to the terms and conditions of the Mortgage and Assignment of Rents.
2. The Beneficial Owner hereby acknowledges that it has directed and does hereby irrevocably directs the Trustee to execute and deliver in favour of the Lender the Mortgage, Assignment of Rents and such agreements, loan documentation, security and promissory notes in the forms approved by the Trustee as evidenced by their execution thereof. The Beneficial Owner hereby consents to and confirms the Mortgage and Assignment of Rents with the intent and effect that all the right, title and interest of the Beneficial Owner in and to the Lands shall be mortgaged and charged in favour of the Lender in accordance with their respective terms.
3. The Beneficial Owner and the Trustee hereby represent and warrant in favour of the Lender that:
(a) the Beneficial Owner has full power and authority to borrow funds from the Lender and to mortgage the Lands;
(b) neither the Trustee nor the Beneficial Owner have mortgaged, assigned, pledged, hypothecated, charged or otherwise encumbered the Lands as security for repayment of any indebtedness or obligation to any person, firm, corporation, or other lender;
(c) the Beneficial Owner is the only beneficial owner of the Lands; and
(d) the Trust Declaration is in full force and effect, unamended.
4. The Trustee and the Beneficial Owner hereby covenant in favour of the Lender that:
(a) they will neither cause nor permit the Trust Declaration to be amended without the Lender's prior written consent; and
(b) they will neither transfer nor in any way encumber their respective interests in the Lands without the Lender's prior written consent (other than sales in the ordinary course of business).
5. The Beneficial Owner and the Trustee covenant and agree that they will execute such further documents, instruments and assurances as may be required for the purpose of fully and effectively carrying out the intended purpose of this Acknowledgment and Direction.
6. This Acknowledgment and Direction shall be governed by and construed in accordance with the laws of the Province of British Columbia and the laws of Canada in effect therein.
IN WITNESS WHEREOF the parties have executed this Acknowledgement and Direction as of the date written above.
(For British Columbia Company Beneficial Owner) / SIGNED in the presence of:Signature of Witness
Name of Witness / )
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Per:
Signature of Authorized Signatory
,
Name and Position of Authorized Signatory
(Print)
(For
Individual
Beneficial Owner) / SIGNED in the presence of:
Signature of Witness
Name of Witness (Print)
(As to all Signatures) / )
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TRUSTEE NAME
TRUSTEE NAME
(For British Columbia Company Trustee) / SIGNED in the presence of:
Signature of Witness
Name of Witness / )
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) / COMPANY NAME
Per:
Signature of Authorized Signatory
,
Name and Position of Authorized Signatory
(Print)
(For
Individual
Trustee(s)) / SIGNED in the presence of:
Signature of Witness
Name of Witness (Print)
(As to all Signatures) / )
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TRUSTEE NAME
TRUSTEE NAME
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ACKNOWLEDGMENT AND DIRECTION
THIS ACKNOWLEDGMENT AND DIRECTION dated this 20th day of February, 2013
BETWEEN:
FRASER PRODUCTS INC., Incorporation No.BC1234567, a British Columbia company having its Registered and Records Office address at #201 – 45793 Luckakuck Way, Chilliwack, British Columbia, V2R 5S3
(the "Beneficial Owner")
AND:
JAMES ANDERSON, of 704 Hauser Street, Chilliwack, British Columbia, V2R 0D5
(the "Trustee")
FOR THE BENEFIT OF:
COMMUNITY FUTURES BRITISH COLUMBIA, of Suite 1056 – 409 Granville Street, Vancouver, British Columbia, V6C 1T2
(the "Lender")
WHEREAS:
A. The Trustee is the registered owner of those certain parcels or tracts of land and premises situated in the City of Chilliwack, in the Province of British Columbia, legally described as PID: 123-456-789 Lot 1 Section 2 NWD Plan 12345 (the "Lands").
B. The Trustee acknowledges that it holds and stands possessed of the Lands in trust for the Beneficial Owner on the terms and conditions set out in a Declaration of Trust dated the 11th day of October, 1997, a copy of which is attached as Schedule "A" hereto (the "Trust Declaration").
C. The Lender has agreed to provide a $500,000.00 credit facility to the Beneficial Owner on the security, inter alia, of a $500,000.00 mortgage of the Lands (the "Mortgage") and an assignment of rents with respect to the Lands (the "Assignment of Rents"), which facility is to be utilized by the Beneficial Owner.
NOW THEREFORE in consideration of the premises and other good and valuable consideration (the receipt and sufficiency of whereof are hereby acknowledged) the parties agree as follows:
1. The Beneficial Owner and the Trustee hereby consent to the terms and conditions of the Mortgage and Assignment of Rents.
2. The Beneficial Owner hereby acknowledges that it has directed and does hereby irrevocably directs the Trustee to execute and deliver in favour of the Lender the Mortgage, Assignment of Rents and such agreements, loan documentation, security and promissory notes in the forms approved by the Trustee as evidenced by their execution thereof. The Beneficial Owner hereby consents to and confirms the Mortgage and Assignment of Rents with the intent and effect that all the right, title and interest of the Beneficial Owner in and to the Lands shall be mortgaged and charged in favour of the Lender in accordance with their respective terms.
3. The Beneficial Owner and the Trustee hereby represent and warrant in favour of the Lender that:
(e) the Beneficial Owner has full power and authority to borrow funds from the Lender and to mortgage the Lands;
(f) neither the Trustee nor the Beneficial Owner have mortgaged, assigned, pledged, hypothecated, charged or otherwise encumbered the Lands as security for repayment of any indebtedness or obligation to any person, firm, corporation, or other lender;
(g) the Beneficial Owner is the only beneficial owner of the Lands; and
(h) the Trust Declaration is in full force and effect, unamended.
4. The Trustee and the Beneficial Owner hereby covenant in favour of the Lender that:
(c) they will neither cause nor permit the Trust Declaration to be amended without the Lender's prior written consent; and
(d) they will neither transfer nor in any way encumber their respective interests in the Lands without the Lender's prior written consent (other than sales in the ordinary course of business).
5. The Beneficial Owner and the Trustee covenant and agree that they will execute such further documents, instruments and assurances as may be required for the purpose of fully and effectively carrying out the intended purpose of this Acknowledgment and Direction.
6. This Acknowledgment and Direction shall be governed by and construed in accordance with the laws of the Province of British Columbia and the laws of Canada in effect therein.
IN WITNESS WHEREOF the parties have executed this Acknowledgement and Direction as of the date written above.
(For British Columbia Company Beneficial Owner) / SIGNED in the presence of:Signature of Witness
Name of Witness / )
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)
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) / FRASER PRODUCTS INC.
Per:
Signature of Authorized Signatory
,
Name and Position of Authorized Signatory
(Print)
(For
Individual
Trustee(s)) / SIGNED in the presence of:
Signature of Witness
Name of Witness (Print)
(As to all Signatures) / )
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JAMES ANDERSON