Fillable Resolution Of The Board Of Directors Form printable pdf download

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RESOLUTION OF THE BOARD OF DIRECTORS

________________________________

Name of Corporation

WHEREAS under the By-Laws of ___________________________________________

Name of Corporation

(hereinafter called the "Corporation") the Director of the Corporation is authorized from

time to time to borrow money upon the credit of the Corporation, and to mortgage,

hypothecate, charge or pledge all or any of the real property of the Corporation to secure

such mortgage, pledge or charge;

AND WHEREAS it is expedient and in the interest of the Corporation that the Director

should exercise such authority;

AND WHEREAS the Corporation has made application for a _____________________

First/Second

mortgage loan to HOME TRUST COMPANY, to be secured by a _________________

First/Second

mortgage against the Corporation's real property known as

________________________________________________________________________

Brief legal description

municipally known as _____________________________________________________

address of property

NOW THEREFORE BE IT AND IT IS HEREBY RESOLVED by virtue of the

authority conferred on the Director by the By-laws of the Corporation and all other

powers that hereunto enabling:

1. THAT the Corporation borrow from HOME TRUST COMPANY, 145 King Street

West,

Suite

2300,

Toronto,

Ontario,

M5H

1J8,

the

principal

sum

$______________, the same to be secured by a _____________________________

First/Second

Mortgage against the Corporation's real property being know as ________________

_________________________________________________________________________________

address of property

The same is hereby authorized in accordance with and subject to the terms, provisions,

covenants, agreements, limitations and conditions contained in their form of mortgage.

2. THAT the said principal sum of $_______________________ bear interest at the

rate of _________% per annum, calculated ___________________. The said

Monthly/half-yearly

Mortgage

shall be repayable by monthly installments of $______________________

on account of __________________________________, together with a monthly

Interest only/principal and interest

tax portion of _____________________ and shall run for a term of _______ months.

3. THAT the said mortgage be executed and delivered for and in the name, and on

behalf of the Corporation by the _____________and the ___________________

office held

of the Corporation under the corporate seal of the Corporation, with such amendments and

variations as the _____________and the ___________________ of the

office held

Corporation may approve and its delivery for and in the name of and on behalf of the

Resolution Of The Board Of Directors Form

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